SEBI Revises Compliance Reporting For SIFs
Circular no. HO/24/13/12(4)2025-IMD-POD-1/I/2062/2026; Dated: 08.01.2026 1. Introduction The Securities and Exchange Board of India (SEBI) has issued compliance reporting formats for Specialised Investment Funds (SIFs) through Circular No. HO/24/13/12(4)2025-IMD-POD-1/I/2062/2026 dated 8 January 2026. This move marks an important step in strengthening the regulatory framework governing SIFs and ensuring enhanced compliance and transparency. 2. Alignment With […]
IRDAI Mandates 1600-Series Numbers for Insurance Calls
Circular No. IRDAI/PP&GR/CIR/MISC/02/01/2026, Dated 06.01.2026 1. Introduction The Insurance Regulatory and Development Authority of India (IRDAI) has issued a circular dated 06-01-2026 directing insurers and insurance intermediaries to adopt the 1600-series numbering for all service and transactional voice calls. 2. Regulatory Background The directive is in furtherance of the mandate issued by the Telecom Regulatory […]
2A–3B Mismatch Demand Remanded Subject to 10% Deposit | HC
Case Details: Elgi Sauer Compressors Ltd. vs. State Tax Officer [2026] 182 taxmann.com 72 (Madras) Judiciary and Counsel Details C. Saravanan, J. G. Vardini Karthik for the Petitioner. Ms. P.Selvi, Govt. Adv. (tax) for the Respondent. Facts of the Case The petitioner challenged an impugned order confirming a demand arising from a mismatch between GSTR-2A […]
No Tax on Unexplained Cash Where Withdrawals Exceed Deposits | ITAT
Case Details: Madhusudan Reddy Pasham vs. ACIT [2025] 181 taxmann.com 537 (Hyderabad – Trib.) Judiciary and Counsel Details Ravish Sood, Judicial Member Manjunatha G., Accountant Member P. Murali Mohan Rao, CA for the Appellant. A.P. Babu, Sr. A.R. & Ms U. Mini Chandran, CIT-DR for the Respondent. Facts of the Case During search proceedings under […]
Refund of Cess ITC on Exported Goods Allowed | HC
Case Details: Aurobindo Pharma Ltd. vs. State of Telangana [2025] 181 taxmann.com 704 (Telangana) Judiciary and Counsel Details Aparesh Kumar Singh, CJ. G.M. Mohiuddin, J. Facts of the Case The petitioner challenged the rejection of its refund claims for accumulated unutilized credit of compensation cess paid on inputs, specifically coal, used in the manufacture of […]
Effectiveness of Independent Directors in Corporate Governance
The effectiveness of independent directors in corporate governance refers to the extent to which independent directors are able to exercise objective judgment, provide robust oversight, and protect the interests of shareholders and other stakeholders by ensuring transparency, accountability, and ethical conduct within a company. Effective independent directors strengthen board governance by monitoring management performance, overseeing […]
AO Cannot Tax Gross Receipts Where Real Income is Service Charges | ITAT
Case Details: Deputy Commissioner of Income-tax vs. MKF Logistics (P.) Ltd. – [2025] 181 taxmann.com 740 (Delhi – Trib.) Judiciary and Counsel Details Yogesh Kumar U.S., Judicial Member & Srifaur Rahman, Accountant Member Om Prakash, Sr DR for the Appellant. Saksham Garg, CA & Ajay Wadhwa, Adv. for the Respondent. Facts of the Case The […]
ICAI Extends Phase IV Peer Review Mandate
1. Introduction The Institute of Chartered Accountants of India (ICAI) has extended the applicability of Phase IV of the Peer Review mandate, providing additional time for Practice Units to comply with the peer review requirements before undertaking specified audit engagements. 2. Applicability Of Peer Review Mandate Under the Peer Review framework, Practice Units proposing to […]
IFSCA Renews Recognition Of India ICC For 3 Years
NOTIFICATION NO. F. NO. IFSCA/INDIA ICC/RENEWAL/2025-26, Dated: 01.01.2026 1. Introduction The International Financial Services Centres Authority (IFSCA) has granted renewal of recognition to India International Clearing Corporation Limited (India ICC) in the interest of trade, the securities market, and the public interest. 2. Notification And Authority The renewal has been accorded vide Notification No. F. […]
RBI Amends NBFC Concentration Risk Norms
PRESS RELEASE: 2025-2026/1824, Dated: 01.01.2026 1. Introduction The Reserve Bank of India (RBI) has amended the concentration risk management framework applicable to Non-Banking Financial Companies (NBFCs) by introducing specific criteria for classifying certain infrastructure lending as high-quality infrastructure projects. 2. Amendment To Concentration Risk Directions The amendment has been notified through the RBI (Non-Banking Financial […]