SEBI to Launch Verified UPI IDs for Fund Transfers by Intermediaries
Circular No. SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86; Dated: 11.06.2025 In a move aimed at enhancing transparency and investor protection, the Securities and Exchange Board of India (SEBI) has announced the implementation of a structured Unified Payment Interface (UPI) mechanism. This system is designed specifically for SEBI-registered intermediaries to collect funds from investors in a secure and verified manner. 1. […]
Compensation for Not Suing Is Capital Receipt—Not Taxable | ITAT
Case Details: Pankaj Inder Wadhwa vs. Income-tax Officer – [2025] 175 taxmann.com 144 (Mumbai-Trib.) Judiciary and Counsel Details Saktijit Dey, Vice President & Bijayananda Pruseth, Accountant Member Vijay Mehta & Harsh Bafna for the Appellant. Rajendra Joshi, Sr. DR for the Respondent. Facts of the Case The assessee, an individual, along with other family members, was involved […]
CBDT Extends Time-Frame for Processing of ITRs for AY 2023-24
Order F. No. 225/205/2024/ITA-II The Central Board of Direct Taxes (CBDT) has extended the deadline prescribed in the second proviso to Section 143(1) of the Income-tax Act, 1961. This extension relates to the processing of valid income tax returns (ITRs) filed electronically for Assessment Year (AY) 2023–24 under Section 139. 1. Extended Processing Timeline for […]
No ITC on Imported Parts Used for Free Warranty Services | AAR
Case Details: Enerzi Microwave Systems (P) Ltd., In re – [2025] 174 taxmann.com 960 (AAR–GUJARAT) Judiciary and Counsel Details P.B. Meena & Kamal Shukla, Member Rupesh Agashimani, Director for the Applicant. Facts of the Case The applicant entered into a dealership and service representation agreement with a foreign supplier to provide warranty services to the latter’s […]
ICAI Issues Draft Guidelines for CA Firms in Overseas Networks
The Institute of Chartered Accountants of India (ICAI), through its Committee for Aggregation of CA Firms (CACAF), has released an Exposure Draft of the proposed Guidelines for Overseas Network. This draft is open for public comments until 27th June 2025, and marks a significant regulatory development aimed at fostering cross-border professional collaboration while ensuring accountability […]
Section 130 Not Applicable for Excess Stock Cases | HC
Case Details: Raj Steel vs. State of U.P. – [2025] 175 taxmann.com 111 (Allahabad) Judiciary and Counsel Details Piyush Agrawal, J. Sanyukta Singh & Chhaya Gautam for the Petitioner. Facts of the Case The petitioner filed a writ petition challenging two impugned orders issued by jurisdictional GST authorities under Section 130 of the CGST and Uttar […]
Recruitment and Selection—Sources | Process | Role of AI
The recruitment and selection process is a vital component of human resource management that ensures an organisation attracts and hires the most suitable candidates for its job vacancies. Recruitment is the initial phase, focused on identifying and encouraging a pool of qualified individuals to apply for open positions. It involves sourcing candidates through various internal […]
Forfeiture Valid for Buyer’s Default Under Sale Agreement | SC
Case Details: K.R. Suresh v. R. Poornima – [2025] 174 taxmann.com 1145 (SC) Judiciary and Counsel Details J.B. Pardiwala & R. Mahadevan, JJ. Facts of the Case In the instant case, Respondent Nos. 1 to 4 (vendors) entered into an agreement to sell (ATS) in favour of the appellant for the sale of the suit […]
MCA Updates MGT-7 | MGT-7A | MGT-15 Forms with New Disclosure Norms
Notification No. G.S.R 358(E); Dated: 30.05.2025 The Ministry of Corporate Affairs (MCA) has notified the Companies (Management and Administration) Amendment Rules, 2025, introducing significant revisions to Forms MGT-7, MGT-7A, and MGT-15. These revised forms will come into effect from 14th July 2025 and will be made available on the MCA V3 portal from the same […]
No IGST on HO to BO Services Without Cross-Charge if Full ITC Available | HC
Case Detaiuls: KEI Industries Ltd. vs. Union of India – [2025] 174 taxmann.com 1205 (Delhi) Judiciary and Counsel Details Pratibha M. Singh & Rajneesh Kumar Gupta, JJ. V. Lakshmikumaran, Yogendra A., Kund Kapoor & Ms Purvi Sinha, Advs. for the Petitioner. Kshitij Chhabra, Senior Panel Counsel, Shlok Chandra, SSC & Ujjwal Jain, Advs. for the Respondent. Facts of the Case […]