RBI notified the Foreign Exchange Management (Authorised Persons) Regulations, 2026 introducing revised eligibility, compliance, and operational conditions for authorised persons. The regulations also restructure forex operations through new categorisation and oversight mechanisms.
Authorities uncovered fraudulent ITC claims based on fake invoices without actual supply of goods or services. The accused was arrested under CGST Act provisions, reinforcing strict action against tax evasion.
CBIC updated tariff values for key commodities including oils, gold, and silver. The revision ensures accurate customs valuation aligned with current market prices.
The issue involved non-filing of Form DIR-12 for appointment of a director. The authority held that failure to comply with Section 170(2) attracts penalty regardless of operational or technical challenges. The ruling emphasizes strict compliance with statutory filing requirements.
The issue involved non-filing of Form DIR-12 to report resignation of a director. The authority held that failure to comply with Section 168(1) attracts penalty despite operational or technical challenges. The ruling emphasizes mandatory compliance with director-related filings.
The issue involved omission of allottee occupation details in Form PAS-3. The authority held that Rule 12(2) mandates complete disclosure, and non-compliance attracts penalty. The ruling emphasizes accuracy in statutory filings.
The issue involved delayed filing of Form MGT-14 for approval of financial statements. The authority held that a 1,951-day delay constituted a continuing default warranting maximum penalty. The ruling highlights strict enforcement of statutory timelines.
The issue involved delayed filing of Form MGT-14 for approval of financial statements. The authority held that a delay of 2,317 days constituted a continuing default attracting maximum penalty. The ruling emphasizes strict timelines and consequences for prolonged non-compliance.
The issue involved whether omission of PAN, email ID, and address in Form PAS-3 violates statutory rules. The authority held that Rule 14(6) mandates complete disclosure of allottee details. The ruling emphasizes strict compliance with corporate filing requirements.
The case examined whether occupation details can be omitted when allottees lack occupation. The authority rejected this interpretation and imposed penalties for non-compliance. The decision clarifies that statutory forms must be filled completely and accurately.
