Rule 9 authorizes the Assessing Officer to reasonably estimate non-resident income from Indian assets, property, or business connections when the precise taxable amount cannot be ascertained.
Rule 8 clarifies that for Indian seafarers on foreign-bound ships, the period between joining and signing off as recorded in the Continuous Discharge Certificate is excluded from stay in India for tax residency purposes.
Rule 7 mandates strict eligibility, rating, listing, investment, and compliance conditions for zero coupon bonds, empowering the Central Government to approve, reject, or withdraw notification based on adherence to these requirements.
Rule 6 clarifies how the holding period of capital assets is computed in cases of conversion, IDS 2016 declarations, and branch restructuring, and explains how gains under section 67(10) are classified.
Rule 5 mandates that stock exchanges must apply to the CBDT with SEBI approval and proof of compliance with Rule 4 conditions, and recognition is granted or rejected within six months.
Rule 4 mandates SEBI approval, strict client data maintenance, non-erasure of transactions, and seven-year audit trail reporting for derivative trading recognition under section 2(92).
A mismatch in paid-up capital disclosure in the annual return led to penalty proceedings under Section 454. The decision emphasizes that compliance failures in MCA filings, even if unintentional, invite statutory penalties.
CAS-25 standardizes principles for inventory valuation, including cost components and NRV rules. It applies from 12 February 2026 for cost statement preparation and certification.
The Court ruled that provisional attachment under Section 83(1) cannot continue beyond one year as per Section 83(2). The attachment order was held to have lapsed by operation of law.
SEBI has proposed shifting ETF base price determination from T-2 NAV to T-1 metrics to reduce pricing lag and operational risks. Public comments are invited on the revised framework.
