Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
The RBI issued amendments to the Master Direction on Risk Management and Inter-Bank Dealings, applicable to Standalone Primary Dealers (SPDs) u/s 10(1) of FEMA, 1999. The amendments reflect provisions for SPDs and include updated reporting directions for OTC foreign exchange derivative contracts and foreign currency interest rate derivative contracts to the Trade Repository of Clearing Corporation of India Ltd. These amendments come into force immediately, superseding previous circulars. Authorised Persons, including Authorised Dealer Category-I banks and SPDs u/s 10(1) of FEMA, 1999, must comply with these directions issued u/s 45W of RBI Act, 1934 and sections 10(4) and 11(1) of FEMA, 1999, without prejudice to other legal requirements.
The RBI issued amendments to the Master Direction on Risk Management and Inter-Bank Dealings, applicable to Standalone Primary Dealers (SPDs) u/s 10(1) of FEMA, 1999. The amendments reflect provisions for SPDs and include updated reporting directions for OTC foreign exchange derivative contracts and foreign currency interest rate derivative contracts to the Trade Repository of Clearing Corporation of India Ltd. These amendments come into force immediately, superseding previous circulars. Authorised Persons, including Authorised Dealer Category-I banks and SPDs u/s 10(1) of FEMA, 1999, must comply with these directions issued u/s 45W of RBI Act, 1934 and sections 10(4) and 11(1) of FEMA, 1999, without prejudice to other legal requirements.
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