SEBI Refutes Hindenburg’s Claims, Highlights Ongoing Adani Probe, and Reaffirms Its Commitment to Transparency
Press Release No.17/2024, Dated: 11.08.2024 SEBI takes note of the Hindenburg Research report dated August 10, 2024, and advises investors to exercise caution. SEBI refutes claims of inaction against Adani Group, citing ongoing and completed investigations, and clarifies that any regulatory changes follow a rigorous consultation process. SEBI also emphasizes its commitment to transparency, investor […]
[World Tax News] UK Publishes Policy Paper on Changes to the Taxation of Non-UK Domiciled Individuals and More
Editorial Team – [2024] 165 taxmann.com 294 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. UK publishes policy paper on changes to the taxation of non-UK domiciled individuals The UK Government announced the implementation […]
HC Allowed Person to Travel Abroad for Business Purposes as He Was on Bail and Had Been Diligent During Inquiry
Case Details: Nitin Kapoor v. State of Odisha (DGGI) – [2024] 165 taxmann.com 60 (Orissa) Judiciary and Counsel Details R.K. Pattanaik, J. R.P. Kar, Sr. Adv. & Saurav Tibrewal, Adv. for the Petitioner. Tushar Kanti Satapathy, Sr. SC for GST and Central Tax for the Respondent. Facts of the Case The petitioner was accused of tax […]
Revenue Recognition and Contracts with Customers under Ind AS 115 – Objective | Scope | Recognition
Ind AS 115, Revenue from Contracts with Customers, is an Indian Accounting Standard that provides a comprehensive framework for recognizing revenue. It requires entities to follow a five-step process: identifying the contract with a customer, identifying the performance obligations, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when […]
SEBI Eases REITs/InvITs Nomination Rules Where Nominee Director Appointment Is Allowed Under Debenture Trustee Norms
Circular No. SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2024/108; Dated: 06.08.2024 Earlier, SEBI notified a master circular for REITs and InvITs dated May 15, 2024, allowing eligible unitholders to nominate only one Unitholder Nominee Director, subject to the unitholding of such eligible unitholders exceeding the specified threshold. Market participants have requested that clarity be provided on the availability of the right […]
MCA Launches E-Adjudication Platform | New Rule 3A Mandates E-Adjudication for Penalty Proceedings Under Cos Act
Notification No. G.S.R. 476(E)., Dated 05.08.2024 The MCA has amended the Companies (Adjudication of Penalties) Rules, 2014, whereby a new rule 3A- “Adjudication Platform” has been inserted. Under new rule, all proceedings (including issuing notices, filing replies or documents, presenting evidence, holding hearings, attending witnesses, passing orders, and paying penalties) of the adjudicating officer and […]
[Opinion] Critical Appreciation of Amendments Proposed in Finance (No. 2) Bill, 2024
CA V K Subramani – [2024] 165 taxmann.com 137 (Article) Every year Budget creates a lot of euphoria among the taxpayers. Social media and TV channels when do not have any other material to munch they invent stories by selecting one narrative or the other. This time the ire of the tax paying middle class […]
Appellant’s Plea to Cross-Examine Witnesses in Forex Manipulation Case Denied as Statements Were Backed by Evidence
Case Details: Suresh Saluja @ Pappy Saluja v. Special Director Directorate of Enforcement – [2024] 165 taxmann.com 56 (SAFEMA – New Delhi) Judiciary and Counsel Details Rajesh Malhotra, Member Deepak Gupta, Adv. for the Appellant. Surender Kumar, Adv. for the Respondent. Facts of the Case In the instant case, during an investigation conducted by ED, it was […]
HC Set Aside Penalty Order Since Demand Can’t Be Imposed on a Ground Not Mentioned in Show Cause Notice
Case Details: Associated Switch Gears and Projects Ltd. v. State of U.P. – [2024] 164 taxmann.com 782 (Allahabad) Judiciary and Counsel Details Shekhar B. Saraf, J. Rishi Raj Kapoor for the Petitioner. C.S.C. for the Respondent. Facts of the Case The petitioner was aggrieved by the penalty order which was passed on the ground that e-way […]
[Analysis] Proposed SEBI Amendments to Index Derivatives Market – Measures to Safeguard Investors
SEBI has introduced several regulatory measures to enhance the safety and stability of the derivatives market. These measures include increasing the minimum contract size for derivative contracts to between Rs 15 lakh to Rs 20 lakh in Phase 1 and Rs 20 lakh to Rs 30 lakh in Phase 2. Mandatory upfront collection of options […]