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Income Tax Govt

Unregistered Joint Development Agreement Fails to Trigger Transfer Provisions Under Income Tax Law

The Chennai bench of the Income Tax Appellate Tribunal set aside the assessment reopening for the assessment year 2013-14. It determined that an unregistered joint development agreement paired with a power of attorney does not qualify as a transfer under Section 2(47)(v). Other related issues and the underlying merits regarding capital gains remain open for review.

Effective Not specified in the update

For professionals: The ITAT Chennai quashed the assessment reopening for assessment year 2013-14. · The tribunal ruled that an unregistered joint development agreement and associated power of attorney does not constitute a transfer under Section 2(47)(v) of the Income Tax Act. · All other outstanding issues and merits concerning capital gains were left open for future examination.

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Taxguru20m ago 1 min 1
RBI/SEBI Govt Breaking

Securities Market Regulator Extends Know Your Customer Review Timeline for Foreign Portfolio Investors

Eligible foreign portfolio investors receive an extended eight-year review timeline under relaxed identification norms issued by the market regulator. This modification aims to ease compliance obligations for overseas entities participating in domestic financial markets.

Effective Not specified in the update

For professionals: Update onboarding schedules and documentation tracking systems to align with the new eight-year timeline for eligible foreign portfolio investors. · Review client categories to confirm eligibility under the relaxed provisions and adjust internal compliance calendars accordingly.

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Zee Business23m ago 1 min
Business

National Company Law Tribunal Directs Creditor and Shareholder Meetings for Corporate Merger

The Delhi bench of the National Company Law Tribunal issued procedural directions regarding the proposed corporate merger involving Cyber Media. It formally dispensed with the requirement for secured-creditor meetings while mandating separate sessions for shareholders and unsecured creditors. This order advances the corporate restructuring process toward final approval.

Effective Not specified in the update

For professionals: Ensure timely dispatch of notices and convening of the mandated shareholder and unsecured-creditor meetings as directed by the tribunal. · Advise clients that the National Company Law Tribunal in Delhi issued an official order directing mandatory meetings for shareholders and unsecured creditors in connection with the proposed merger involving Cyber Media.

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Taxguru27m ago 1 min
Economy

Government Imposes Strict Shelf-Life Mandates for Imported Pharmaceuticals

The government has established new minimum shelf-life requirements for importing foreign medicines into the country. Under the updated regulations, standard imported drugs must retain at least seventy percent of their total shelf life upon arrival. Meanwhile, biological drugs and radiopharmaceuticals have a separate threshold permitting imports with sixty percent of their labelled shelf life.

Effective Not specified in the update

For professionals: Review supply chain timelines and procurement schedules for imported pharmaceutical products to ensure compliance with the new shelf-life mandates. · Advise clients importing standard medicines that they must possess at least seventy percent of their labelled shelf-life remaining upon entry. · Inform clients importing biological drugs and radiopharmaceuticals that they must meet the separate threshold of sixty percent remaining shelf-life.

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Hindu BusinessLine30m ago 1 min
Business

NCLT Mumbai Rules Borrower Corporate Insolvency Does Not Release Personal Guarantor

The Mumbai bench of the National Company Law Tribunal has admitted an insolvency petition against a personal guarantor. The tribunal ruled that the corporate insolvency resolution process of the primary borrower does not absolve the personal guarantor of liability. Additionally, the tribunal appointed a different resolution professional to oversee the proceedings.

Effective Not specified in the update

For professionals: Review existing client portfolios involving dual corporate and personal liabilities to assess guarantor exposure. Note that the tribunal established that the corporate insolvency resolution process of the principal borrower does not extinguish the obligations of the guarantor. Observe that a different resolution professional was appointed to manage the insolvency process for the guarantor.

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Taxguru32m ago 1 min
Business

Energy Alliance Report Emphasizes LongDuration Storage and Financial Support for National Capacity Goals

Achieving the national goal of 500 gigawatts of renewable energy capacity by 2030 requires expanding long-duration energy storage systems. An industry report identifies viability gap funding by fiscal year 2028 as essential alongside addressing current solar curtailment caused by transmission limits.

Effective Not specified in the update

For professionals: Monitor upcoming policy announcements regarding fiscal support mechanisms and grid infrastructure investments. · Evaluate project cash flows and financial metrics in light of potential viability gap funding interventions for capital-intensive storage infrastructure.

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ET Industry35m ago 1 min
Investment

Renewable Energy Firm Reports Significant Profit and Revenue Growth in Second Quarter of Fiscal Year 2027

NTPC Green Energy posted a 56.2 percent year-on-year increase in net profit to Rs 137.5 crore for the second quarter of fiscal year 2027, supported by a 53.2 percent rise in revenue. Improved operational margins and expanded solar capacity drove this strong financial performance.

Effective Second quarter of fiscal year 2027

For professionals: Examine capacity addition timelines and tariff realizations when reviewing the utility performance metrics of NTPC Green Energy. · Evaluate how margin improvements counterbalance potential risks from grid curtailment and shifting regulatory landscapes during client or portfolio reviews.

Scrips: NTPC

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ET Markets37m ago 1 min
Business

Supreme Audit Institution Head Emphasizes Modernization and Digital Transformation at International Conference

Comptroller and Auditor General K Sanjay Murthy stressed that public audits drive better governance during an international conference in Viet Nam. He discussed modernizing audit methodologies and highlighted India's use of technology to strengthen public financial management.

Effective Not specified in the update

For professionals: Finance professionals dealing with public sector entities should monitor the evolving digital standards and methodologies adopted by audit watchdogs. · Accountants must ensure that enterprise resource planning systems an

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ET Industry36m ago 1 min
Income Tax

Madras High Court Rules MAT Inapplicable to Banks and Grants Higher Depreciation

The Madras High Court has delivered its verdict on the Indian Overseas Bank appeal for assessment year 2007-08. The court held that Section 115JB minimum alternate tax does not apply to banking companies. Additionally, the bench ruled that unpaid leave salary must be disallowed and unabsorbed depreciation on UPS is eligible for a sixty percent rate.

Effective Not specified inankan the update

For professionals: Review past assessment orders for assessment year 2007-08 and open litigations involving banking clients. · Advise banking clients that Section 115JB minimum alternate tax provisions are inapplicable to banking companies based on the Madras High Court ruling. · Note that unpaid leave salary is disallowed as a deduction while unabsorbed depreciation on UPS is eligible for the higher rate of sixty percent.

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Taxguru38m ago 1 min
Crypto & CBDC

Malicious attackers siphon 6.3 billion dollars from Binance exchange in record cyberattack

Bad actors compromised the Binance platform and made off with 6.3 billion dollars in the largest digital asset heist ever recorded. The exchange subsequently initiated recovery operations for the compromised funds after committing to reimburse affected users through its reserve mechanism.

Effective Not specified in the update

For professionals: Finance professionals advising digital asset investors must scrutinize exchange custody practices and reserve fund liquidity · Stakeholders should track platform announcements regarding asset recovery milestones and review portfolio risk exposure to centralized exchanges, ensuring contingency plans account for catastrophic cyber breaches

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CNBC Global39m ago 1 min
CA Corner

Delhi High Court Quashes Service Tax Adjudication Order Over Ignored Extension

The Delhi High Court has quashed a service tax adjudication order because authorities ignored a formal request for an extension. The court found that denying a reasonable opportunity of defense violates principles of natural justice. Consequently, the matter has been set aside for proper reconsideration.

Effective Not specified in the update

For professionals: Practitioners should challenge abrupt adjudication orders passed without a fair hearing based on the Delhi High Court ruling quashing an order for ignoring an extension request. · Tax professionals must meticulously document all formal extension applications and departmental correspondence with proof of delivery. · Practitioners must advise clients that revenue officials are mandatorily required to evaluate procedural requests rather than rushing through ex parte proceedings.

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Taxguru40m ago 1 min
GST Govt

Central Board of Indirect Taxes and Customs Engages Taxpayers in Chandigarh on Recent Reforms

Over 200 industry representatives and taxpayers attended an outreach session in Chandigarh hosted by the Central Board of Indirect Taxes and Customs leadership. The discussions focused on implementing key changes originating from the 57th GST Council meeting, including elevated criminal prosecution thresholds and streamlined procedures for refunds and registrations. This initiative highlights ongoing efforts to improve tax administration transparency.

Effective Not specified in the update

For professionals: Review client advisory protocols to reflect the raised financial threshold for initiating criminal prosecution proceedings under GST 2.0 reforms · Advise businesses on upcoming operational workflow adjustments following administrative upgrades designed to fast-track tax refunds and simplify business registrations

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ET Economy43m ago 1 min

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