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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 […]
Weekly Round-up on Tax and Corporate Laws | 31st March to 5th April 2025
This weekly newsletter analytically summarises the key stories reported at taxmann.com during the previous week from March 31st to April 05th, 2025, namely: Step-siblings are relatives under Income Tax Act; gifts received from them are exempt: ITAT; RBI issues draft unified export-import norms; ITC not to be denied to purchasing dealer on selling dealer’s failure […]
Writ Dismissed as Assessee Had Alternative Remedy by Way of Appeal Against Ex Parte Order | HC
Case Details: Satyendra Nath Biswas vs. State of Chhattisgarh - [2025] 173 taxmann.com 71 (Chhattisgarh) Judiciary and Counsel Details Deepak Kumar Tiwari, J. Anurag Tripathi, Adv. for the Petitioner. Dilman Rati Minj, GA for the Respondent. Facts of the Case The assessee, a proprietorship firm, was engaged in providing construction services for commercial, industrial buildings and […]
Discrepancy in Shipping Address on E-Way Bill Cannot Be Sole Basis for Seizure of Goods | HC
Case Details: Zhuzoor Infratech (P.) Ltd. v. Additional Commissioner Grade - [2025] 172 taxmann.com 759 (Allahabad) Judiciary and Counsel Details Piyush Agrawal, J. Nitin Kumar Kesarwani, for the Petitioner. Ravi Shanker Pandey, ACSC, for the Respondent. Facts of the Case The petitioner placed an order for 16mm TMT Bars with delivery to New Delhi, and the […]
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