Authorities found Dubai property acquisitions by Indian residents routed through hawala, leading to action for violations of FEMA and seizure of equivalent assets in India.
Finished umbrella imports are now restricted unless the CIF value is ₹100 or above per piece. Export-linked units such as EOUs and SEZs remain exempt from the MIP condition.
The regulator has standardized margin treatment by denying expiry-day calendar spread benefits for single stocks. This provides time for clients to arrange margins or close positions.
The High Court directed removal of a Chartered Accountant s name for one year after finding him guilty of Other Misconduct under the 1949 Act. ICAI implemented the order through official notification.
A government official was arrested for demanding and accepting ₹1.5 lakh to wipe off outstanding tax liabilities. The key takeaway is strict action against corruption in tax administration.
The Registrar held that failure to display the exact registered office address on the company signboard violates Section 12 of the Companies Act. Even after rectification, penalties were upheld for the period during which the default continued.
The amendment clarifies the two-year nil annual value period for unsold stock-in-trade property. It also confirms that prior-period interest is included within the ₹2 lakh deduction limit.
The amendment clarifies that guidelines issued to resolve TDS/TCS difficulties are binding on both tax authorities and deductors. This ensures uniform application and reduces interpretational disputes.
The amendment clarifies that sums allowed as deductions earlier can become taxable in later years even without violation of conditions. This aligns post-repeal taxation with outcomes under the repealed law.
The amendment clarifies how the sixty-day period under transfer pricing law must be calculated. It removes ambiguity that had led to annulment of assessments despite timely action by the TPO.
