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  • August 15, 2024

RBI Mandates Deposit-Taking Housing Finance Companies to Maintain Liquid Assets to Extent of 15% of Public Deposits

Circular No. RBI/2024-25/61 DOR.FIN.REC.No.34/03.10.136/2024-25, Dated: 12.08.2024 Earlier, the RBI advised that further harmonisation of regulations applicable to Housing Finance Companies (HFCs) & Non-Banking Finance Companies (NBFCs) would be undertaken in a phased manner. Accordingly, based on a review of the extant regulations applicable to HFCs, the RBI has now decided to issue the revised regulations. […]

  • August 14, 2024

SEBI Refutes Hindenburg’s Claims, Highlights Ongoing Adani Probe, and Reaffirms Its Commitment to Transparency

Press Release No.17/2024, Dated: 11.08.2024 SEBI takes note of the Hindenburg Research report dated August 10, 2024, and advises investors to exercise caution. SEBI refutes claims of inaction against Adani Group, citing ongoing and completed investigations, and clarifies that any regulatory changes follow a rigorous consultation process. SEBI also emphasizes its commitment to transparency, investor […]

  • August 13, 2024

[World Tax News] UK Publishes Policy Paper on Changes to the Taxation of Non-UK Domiciled Individuals and More

Editorial Team – [2024] 165 taxmann.com 294 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. UK publishes policy paper on changes to the taxation of non-UK domiciled individuals The UK Government announced the implementation […]

  • August 11, 2024

HC Allowed Person to Travel Abroad for Business Purposes as He Was on Bail and Had Been Diligent During Inquiry

Case Details: Nitin Kapoor v. State of Odisha (DGGI) - [2024] 165 taxmann.com 60 (Orissa) Judiciary and Counsel Details R.K. Pattanaik, J. R.P. Kar, Sr. Adv. & Saurav Tibrewal, Adv. for the Petitioner. Tushar Kanti Satapathy, Sr. SC for GST and Central Tax for the Respondent. Facts of the Case The petitioner was accused of tax […]

  • August 10, 2024

Revenue Recognition and Contracts with Customers under Ind AS 115 – Objective | Scope | Recognition

Ind AS 115, Revenue from Contracts with Customers, is an Indian Accounting Standard that provides a comprehensive framework for recognizing revenue. It requires entities to follow a five-step process: identifying the contract with a customer, identifying the performance obligations, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when […]

  • August 9, 2024

SEBI Eases REITs/InvITs Nomination Rules Where Nominee Director Appointment Is Allowed Under Debenture Trustee Norms

Circular No. SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2024/108; Dated: 06.08.2024 Earlier, SEBI notified a master circular for REITs and InvITs dated May 15, 2024, allowing eligible unitholders to nominate only one Unitholder Nominee Director, subject to the unitholding of such eligible unitholders exceeding the specified threshold. Market participants have requested that clarity be provided on the availability of the right […]

  • August 8, 2024

MCA Launches E-Adjudication Platform | New Rule 3A Mandates E-Adjudication for Penalty Proceedings Under Cos Act

Notification No. G.S.R. 476(E)., Dated 05.08.2024 The MCA has amended the Companies (Adjudication of Penalties) Rules, 2014, whereby a new rule 3A- “Adjudication Platform” has been inserted. Under new rule, all proceedings (including issuing notices, filing replies or documents, presenting evidence, holding hearings, attending witnesses, passing orders, and paying penalties) of the adjudicating officer and […]

  • August 7, 2024

[Opinion] Critical Appreciation of Amendments Proposed in Finance (No. 2) Bill, 2024

CA V K Subramani – [2024] 165 taxmann.com 137 (Article) Every year Budget creates a lot of euphoria among the taxpayers. Social media and TV channels when do not have any other material to munch they invent stories by selecting one narrative or the other. This time the ire of the tax paying middle class […]

  • August 6, 2024

Appellant’s Plea to Cross-Examine Witnesses in Forex Manipulation Case Denied as Statements Were Backed by Evidence

Case Details: Suresh Saluja @ Pappy Saluja v. Special Director Directorate of Enforcement - [2024] 165 taxmann.com 56 (SAFEMA - New Delhi) Judiciary and Counsel Details Rajesh Malhotra, Member Deepak Gupta, Adv. for the Appellant. Surender Kumar, Adv. for the Respondent. Facts of the Case In the instant case, during an investigation conducted by ED, it was […]

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