• July 7, 2025

Notification No. G.S.R. 442(E)., Dated: 03.07.2025 The Government has officially notified the Unified Waqf Management Empowerment, Efficiency, and Development Rules, 2025, under the provisions of the Unified Waqf Management Empowerment, Efficiency, and Development Act, 1995. These Rules aim to streamline and digitize the administration and supervision of waqf properties across the country. 1. Objective and […]

• July 6, 2025

Draft Circular; Dated: 03.07.2025 The Securities and Exchange Board of India (SEBI) has proposed a new framework for a dedicated SSE Electronic Book Provider (SSE-EBP) platform aimed at streamlining fundraising by Not-for-Profit Organisations (NPOs) through the Social Stock Exchange (SSE). This initiative is part of SEBI’s continued efforts to improve transparency, accessibility, and efficiency in […]

• July 5, 2025

1. Introduction The Peak Credit Theory, though not codified under the Income-tax Act, 1961, has evolved through judicial precedents and is widely recognized in income tax assessments and appellate proceedings. It is primarily invoked in cases involving unexplained cash credits or suspicious bank transactions assessed under Section 68 of the Act. The essence of this […]

• July 4, 2025

Editorial Team – [2025] 176 taxmann.com 82 (Article) 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 Foundation releases June 2025 update on IFRS […]

• July 3, 2025

Draft Circular; dated: 01.07.2025 The Securities and Exchange Board of India (SEBI) has proposed significant changes aimed at easing the conversion process of private listed Infrastructure Investment Trusts (InvITs) into public InvITs, thereby facilitating broader investor participation and enhancing regulatory clarity. 1. Proposed Removal of Lock-In Requirements SEBI has proposed removal of lock-in restrictions in […]

• July 1, 2025

Notification No. FEMA 23(R)/(6)/2025-RB; Dated: 24.06.2025 The Reserve Bank of India (RBI) has issued a notification introducing the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2025, thereby updating the compliance framework for export transactions under FEMA. 1. Key Amendment to Regulation 4 – Exemptions from Export Declarations The amendment specifically pertains to […]

• June 29, 2025

Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/93, Dated: 26.06.2025 The Securities and Exchange Board of India (SEBI) has issued revised Industry Standards detailing the minimum information that must be furnished to the Audit Committee and shareholders when seeking their approval for Related Party Transactions (RPTs). 1. Mandatory Disclosures to Audit Committee With effect from September 1, 2025, all listed […]

• June 27, 2025

Case Details: Commissioner of Income-tax (Exemption) vs. Kutchi Sarvodaya Nagar - [2025] 175 taxmann.com 647 (Bombay) Judiciary and Counsel Details B.P. Colabawalla & Firdosh P. Pooniwalla, JJ. Akhileshwar Sharma, Adv. for the Appellant. Nitesh Joshi & Atul K. Jasani, Advs. for the Respondent. Facts of the Case The assessee-trust was formed to construct flats for its members. It […]

• June 26, 2025

Case Details: Cosmo World v. Supereco Automotive Co. LLP - [2025] 175 taxmann.com 717 (NCLT-Indore) Judiciary and Counsel Details Sanjeev Kumar Sharma, Technical Member & Shammi Khan, Judicial Member Mustafa Alam, Adv. for the Applicant. Rohit Dubey, Adv. for the Respondent. Facts of the Case In the instant case, the applicant-operational creditor and respondent-corporate debtor entered into an […]