ASB of ICAI Issues Exposure Draft on Ind AS 109 and Ind AS 107 for Electricity Contracts Dependent on Natural Sources
The Accounting Standards Board (ASB) of ICAI has released an Exposure Draft proposing amendments to Ind AS 109 and Ind AS 107, aimed at contracts for electricity generation from natural sources like solar and wind. The draft provides clarity on how such contracts should be accounted for, allowing their inclusion in hedge accounting. It also […]
Supreme Court Instructed Courts to Inform Income-Tax Dept. About Suits Involving Cash Payments Over ₹2 Lakh
Case Details: Correspondence, RBANMS Educational Institution v. B. Gunashekar – [2025] 173 taxmann.com 586 (SC) Judiciary and Counsel Details J.B. Pardiwala & R. Mahadevan, JJ. Facts of the Case The appellant, R.B.A.N.M.S. Educational Institution, was established in 1873 as a public charitable trust. The respondents filed a suit against the appellant, seeking a permanent injunction […]
ED Allowed to Continue Probe Despite Order Quashing Search as Appeal Was Pending and Investigation Couldn’t Be Halted | HC
Case Details: Directorate of Enforcement v. Dr. Natesha D.B. – [2025] 173 taxmann.com 423 (HC-Karnataka) Judiciary and Counsel Details N.V. Anjaria, CJ. & K.V. Aravind, J. Facts of the Case In the instant case, an FIR was registered alleging large-scale illegalities in a matter of allotment of sites by the Mysore Urban Development Authority (MUDA) officials, […]
Waqf Digital Portal – Surveys and Online Registry in UMEED Act
The Waqf Digital Portal, officially known as the Waqf Assets Management System of India (WAMSI), is an integrated online platform developed by the Ministry of Minority Affairs, Government of India. Launched in 2009, WAMSI aims to digitize, manage, and monitor Waqf properties across the country, enhancing transparency and efficiency in their administration . Table of […]
RBI to Mandate Application Submissions for Regulatory Authorisations/Licenses/Approvals via PRAVAAH From May 1, 2025
Press Release No. 2025-2026/96; Dated: 11.04.2025 RBI has directed all applicants, including Regulated Entities (REs), to use PRAVAAH to submit applications for regulatory authorisations, licenses, and approvals to the RBI using the application forms already available in the portal. Applications for which a specific form is unavailable can be submitted using the general-purpose form. In […]
Guide to Core Banking Solutions (CBS) – Overview & Concepts
Core Banking Solutions (CBS) refer to a centralized system that enables banks to provide a unified and real-time platform for processing and managing banking transactions and services across all their branches and delivery channels. Under CBS, customer data and transactions are maintained on a centralized server, allowing customers to access banking services from any branch […]
[Global Financial Insights] IFRS Foundation and TNFD Formalise Strategic Partnership to Elevate Nature-Related Disclosures and More
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 and TNFD formalise partnership to advance nature-related reporting The IFRS Foundation and the Taskforce […]
NCLT Directs Restoration of Petitioners’ Shareholding After Company Fails to Provide Evidence of Valid Share Transfer
Case Details: Rama Hasmukh Sojitra vs. Scanpoint Geomatics Ltd. – [2025] 173 taxmann.com 210 (NCLT-Ahd.) Judiciary and Counsel Details Shammi Khan, Judicial Member & Sameer Kakar, Technical Member Viral Shah, PCS for the Applicant. Ravi Pahwa, Adv. & Umesh Ved, PCS for the Respondent. Facts of the Case In the instant case, the petitioners invested in the […]
CBDT Notifies Bonds Issued by HUDCO as ‘Long-Term Specified Asset’ for Sec. 54EC Exemption
Notification No. 31/2025, dated 07-04-2025 Section 54EC of the Income-tax Act provides an exemption in respect of capital gains. This section provides an exemption with respect to capital gain arising from the transfer of land or building, or both. The exemption is allowed if the assessee invests in the long-term specified asset ‘Long-term specified asset’ […]
Order to Be Quashed as Parallel Proceedings by CGST and SGST Authorities in Relation to Same Year and Same Issue Are Impermissible | HC
Case Details: Fortune Healthcare Services vs. Assistant Commissioner – [2025] 172 taxmann.com 828 (Karnataka) Judiciary and Counsel Details S.R. Krishna Kumar, J. Smt. Vani H., Adv. for the Petitioner. Smt. Jyoti M. Maradi, HCGP for the Respondent Facts of the Case The assessee filed a writ petition before the Hon’ble High Court challenging parallel proceedings initiated […]