Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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AD Category-I banks must shift two FEMA reporting requirements to the CIMS portal from June 30, 2026. The consolidated monthly statement of all BOs, LOs and POs opened and closed during the month is to be filed on CIMS under return code R343, and a NIL report must be uploaded if no data is available. The monthly statement on the number of applicants and total amount remitted from NRO accounts is also moved to CIMS under return code R006. The Master Direction on reporting under FEMA, 1999 will be updated to reflect these changes.
AD Category-I banks must shift two FEMA reporting requirements to the CIMS portal from June 30, 2026. The consolidated monthly statement of all BOs, LOs and POs opened and closed during the month is to be filed on CIMS under return code R343, and a NIL report must be uploaded if no data is available. The monthly statement on the number of applicants and total amount remitted from NRO accounts is also moved to CIMS under return code R006. The Master Direction on reporting under FEMA, 1999 will be updated to reflect these changes.
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