Leasehold Rights Transfer Not Taxable Under GST | HC
Case Details: Life Sciences Chemicals vs. Union of India – [2025] 175 taxmann.com 540 (Gujarat) Judiciary and Counsel Details Bhargav D. Karia & D.N. Ray, JJ. Hardik V. Vora for the Petitioner. Ankit Shah for the Respondent. Facts of the Case The petitioner, a sole proprietorship concern, was assigned leasehold rights in a plot situated in an […]
Global Firms Question ICAI’s Draft Guidelines on Overseas Networks
Global accounting and professional services firms have raised significant concerns regarding the Institute of Chartered Accountants of India’s (ICAI) recent Exposure Draft on ‘Guidelines for Overseas Network’. Issued on June 6, 2025, the draft outlines stricter regulatory provisions for accounting networks, particularly those with international affiliations operating in India. The ICAI aims to bring greater […]
Entrepreneurship in India – Key Government Initiatives
Entrepreneurship in India refers to the process of creating, developing, and scaling innovative business ventures that contribute to the nation’s economic growth, job creation, and social transformation. It involves identifying market opportunities, mobilising resources, managing risks, and delivering value through new or improved products, services, or processes. Table of Contents Make in India Stand up […]
Refund Allowed on Export of Design Services to Foreign Group Companies | HC
Case Details: Sundyne Pumps and Compressors India (P.) Ltd. vs. Union of India – [2025] 175 taxmann.com 685 (Bombay) Judiciary and Counsel Details B.P. Colabawalla & Firdosh P. Pooniwalla, JJ. Prakash Shah, Sr. Adv., Jas Sanghavi, Mohit Raval & Vikas Poojary, Advs. for the Petitioner. Ms S. D. Vyas, Addl. G.P. & Aditya Deolekar, AGP for the Respondent. Facts of […]
SEBI Proposes AIF Investor Onboarding via Manager Due Diligence
Consultation paper; Dated: 17.06.2025 The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing several changes to enhance the existing accreditation framework for Alternative Investment Funds (AIFs). The proposed changes aim to streamline the process, improve regulatory oversight, and facilitate ease of doing business. 1. Current Status of Accreditation Agencies Under […]
Contractor Must Refund GST Differential Despite Rate Cut | J&K HC
Case Details: Kapil Kumar Khattar vs. Union of India – [2025] 173 taxmann.com 629 (Jammu & Kashmir and Ladakh) Judiciary and Counsel Details Sanjeev Kumar & Puneet Gupta, JJ. Ajay Kumar Vali & Raghav Gaind, Advs. for the Petitioner. Vishal Sharma, DSGI for the Respondent. Facts of the Case The petitioner, a government contractor, filed a review […]
Selective PPE Revaluation Not Allowed Under Ind AS 16
1. Question Techworks Manufacturing Limited (hereinafter referred to as “the company”). The company owns several machines classified under the category “Machinery” in its Property, Plant, and Equipment (PPE) register. At the end of the financial year 2024-25 the company decides to revalue one specific machine having a carrying value of Rs. 10,00,000, which has recently […]
AO Can’t Expand Scope Beyond Section 263 Order Issues | Kerala HC
Case Details: Synthite Industries (P.) Ltd. vs. Additional/Joint/Deputy/Assistant Commissioner Of Income Tax/Income Tax Officer, National E-Assessment Centre, New Delhi – [2025] 175 taxmann.com 257 (Kerala) Judiciary and Counsel Details Dr. A.K. Jayasankaran Nambiar & Easwaran S., JJ. Abraham Joseph Markos, Alexander Joseph Markos, Isaac Thomas, Sharad Joseph Kodanthara & V. Abraham Markos, Advs. for the Petitioner. Jose Joseph, Adv. for […]
RBI Allows KYC Updates via Banking Correspondents | Self-Declarations
Circular No. RBI/2025-26/53 DOR.AML.REC.31/14.01.001/2025-26, Dated: 12-06-2025 The Reserve Bank of India (RBI) has revised the Know Your Customer (KYC) norms to make the KYC updation process more accessible, particularly for customers in rural and underserved areas. The new measures are aimed at reducing service delays and ensuring wider financial inclusion. 1. KYC Updation Now Possible […]
SEBI to Launch Validated UPI & “SEBI Check” Tool for Investor Safety
PR No. 31/2025; Dated: 11.06.2025 In a major step toward enhancing investor security and curbing unauthorised fund collection in the securities market, the Securities and Exchange Board of India (SEBI) has announced the rollout of two key initiatives—a validated UPI address mechanism and a new verification tool named “SEBI Check.” 1. Validated UPI Mechanism for […]