Transfer of Leasehold Rights Not Liable to GST | Gujarat HC
Case Details: Saurashtra Tin and Metal Industries vs. Union of India – [2025] 175 taxmann.com 943 (Gujarat) Judiciary and Counsel Details Bhargav D. Karia & P. M. Raval, JJ. Dhaval Shah & Paresh V Sheth for the Petitioner. Pradip D Bhate for the Respondent. Facts of the Case The Petitioner was allotted an industrial plot by the […]
Govt. Notifies Unified Waqf Management Empowerment, Efficiency and Development Rules, 2025
Notification No. G.S.R. 442(E)., Dated: 03.07.2025 The Government has officially notified the Unified Waqf Management Empowerment, Efficiency, and Development Rules, 2025, under the provisions of the Unified Waqf Management Empowerment, Efficiency, and Development Act, 1995. These Rules aim to streamline and digitize the administration and supervision of waqf properties across the country. 1. Objective and […]
SEBI Proposes SSE-EBP Platform for NPO Fundraising
Draft Circular; Dated: 03.07.2025 The Securities and Exchange Board of India (SEBI) has proposed a new framework for a dedicated SSE Electronic Book Provider (SSE-EBP) platform aimed at streamlining fundraising by Not-for-Profit Organisations (NPOs) through the Social Stock Exchange (SSE). This initiative is part of SEBI’s continued efforts to improve transparency, accessibility, and efficiency in […]
[Opinion] Applicability of the Principle of the Peak Credit Theory in Income Tax
1. Introduction The Peak Credit Theory, though not codified under the Income-tax Act, 1961, has evolved through judicial precedents and is widely recognized in income tax assessments and appellate proceedings. It is primarily invoked in cases involving unexplained cash credits or suspicious bank transactions assessed under Section 68 of the Act. The essence of this […]
[Global Financial Insights] IFRS for SMEs | GRI-IFRS S2 | AI in Audit
Editorial Team – [2025] 176 taxmann.com 82 (Article) Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update: 1. IFRS Foundation releases June 2025 update on IFRS […]
SEBI Plans to Relax Lock-In for Private-to-Public InvIT Conversion
Draft Circular; dated: 01.07.2025 The Securities and Exchange Board of India (SEBI) has proposed significant changes aimed at easing the conversion process of private listed Infrastructure Investment Trusts (InvITs) into public InvITs, thereby facilitating broader investor participation and enhancing regulatory clarity. 1. Proposed Removal of Lock-In Requirements SEBI has proposed removal of lock-in restrictions in […]
RBI Eases Export Rules for Offshore Vessels
Notification No. FEMA 23(R)/(6)/2025-RB; Dated: 24.06.2025 The Reserve Bank of India (RBI) has issued a notification introducing the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2025, thereby updating the compliance framework for export transactions under FEMA. 1. Key Amendment to Regulation 4 – Exemptions from Export Declarations The amendment specifically pertains to […]
SEBI Revises RPT Disclosure Norms for Listed Firms from Sept 2025
Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/93, Dated: 26.06.2025 The Securities and Exchange Board of India (SEBI) has issued revised Industry Standards detailing the minimum information that must be furnished to the Audit Committee and shareholders when seeking their approval for Related Party Transactions (RPTs). 1. Mandatory Disclosures to Audit Committee With effect from September 1, 2025, all listed […]
Trust Building Flats for Members Eligible for Section 11 Exemption | HC
Case Details: Commissioner of Income-tax (Exemption) vs. Kutchi Sarvodaya Nagar – [2025] 175 taxmann.com 647 (Bombay) Judiciary and Counsel Details B.P. Colabawalla & Firdosh P. Pooniwalla, JJ. Akhileshwar Sharma, Adv. for the Appellant. Nitesh Joshi & Atul K. Jasani, Advs. for the Respondent. Facts of the Case The assessee-trust was formed to construct flats for its members. It […]
CIRP Admitted for Non-Refunded Advance as Operational Debt | NCLT
Case Details: Cosmo World v. Supereco Automotive Co. LLP – [2025] 175 taxmann.com 717 (NCLT-Indore) Judiciary and Counsel Details Sanjeev Kumar Sharma, Technical Member & Shammi Khan, Judicial Member Mustafa Alam, Adv. for the Applicant. Rohit Dubey, Adv. for the Respondent. Facts of the Case In the instant case, the applicant-operational creditor and respondent-corporate debtor entered into an […]