Judgement

The ITAT Ahmedabad rules state prior losses cannot be set off before the initial assessment year under Section 80-IA; capital subsidies are held non-taxable.

ITAT Sends Back 80-IA Issue; Capital Subsidy Treated as Non-Taxable

Circulars

SEBI permits fund netting for FPIs, reducing liquidity burden and settlement inefficiencies in trades.

SEBI Permits Net Settlement Mechanism for FPIs in Cash Segment Trades

Articles

The Unique Identification Authority of India clarifies that Aadhaar is valid proof of identity and address, but not proof of date of birth.

Aadhaar Valid as ID, Not as Proof of Birth Date, Clarifies UIDAI

News

The Reserve Bank of India imposed an Rs 80,000 penalty on Muthoot Housing Finance Company Limited for violating the Fair Practice Code by not disclosing the risk grading method and interest rate differences to borrowers.

RBI Fines Muthoot Housing Finance Fair Practice Code Violation

The Reserve Bank of India penalised Bandhan Bank Limited for KYC non-compliance and regulatory violations, including failure to review risk categories and sanctioning director-related loans, following supervisory inspection and due process.

RBI imposes monetary penalty on Bandhan Bank for violation of Banking Regulations

A routine tax filing turned into a dispute when the appellant, despite eligible income, was denied the Section 87A rebate by CPC. Rectification and first appeal failed, pushing the matter to the ITAT.

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ITAT Sends Back 80-IA Issue; Capital Subsidy Treated as Non-Taxable

SEBI Permits Net Settlement Mechanism for FPIs in Cash Segment Trades

Aadhaar Valid as ID, Not as Proof of Birth Date, Clarifies UIDAI

RBI Fines Muthoot Housing Finance Fair Practice Code Violation

RBI imposes monetary penalty on Bandhan Bank for violation of Banking Regulations

Rebate under Sec 87A cannot be denied just because income includes STCG (Sec 111A), if total income is below Rs. 7 lakh: ITAT