RBI has replaced the existing TReDS guidelines with a comprehensive Master Direction that streamlines regulations, simplifies MSME onboarding, and strengthens the framework for trade receivables financing. The new rules also permit credit guarantee cover for financiers.
The Bombay High Court held that the 2019 amendment to Section 54(1) of the GST Act applies prospectively and does not govern refund claims relating to periods before 1 February 2019. The refund applications were directed to be processed.
The ITAT held that penalty under Section 270A could not be sustained because the Assessing Officer failed to clearly distinguish between under-reporting and misreporting of income. The penalty was deleted for lack of a specific finding.
The Delhi High Court held that immunity under Section 270AA could not be denied when the penalty notice did not specify whether the proceedings were for under-reporting or misreporting of income. The impugned order was set aside.
Tribunal ruled that an unsigned and uncorroborated loose sheet lacking essential transaction details could not form the sole basis for an addition. It held that documentary evidence and purchasers’ statements rebutted the presumption arising from the seized document.
The Tribunal held that an addition under Section 69 could not be sustained solely on the basis of a seized loose sheet without independent evidence proving payment of on-money. It upheld the deletion after finding that the Revenue failed to corroborate the alleged unexplained investment.
The High Court upheld the Tribunals finding that an uncorroborated loose Excel sheet could not sustain an addition of alleged on-money. It ruled that the Tribunal’s factual findings disclosed no perversity or substantial question of law.
The article traces Justice Tejas Karia’s journey from an arbitration specialist to a Delhi High Court judge while highlighting his judicial decisions and professional achievements. It discusses his legal background, landmark rulings, and contributions to arbitration law.
RBI has clarified that pre-sanctioned UPI credit lines will be regulated based on the nature of the underlying credit facility, not the payment channel. The amendment also requires banks to align such products with their credit policies and existing regulations.
RBI has amended the Small Finance Banks Credit Facilities Directions to clarify that pre-sanctioned UPI credit lines will be regulated based on the nature of the underlying credit facility. The amendment also mandates compliance with applicable prudential norms and bank credit policies.
