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    September 26, 2026   Case Laws Income Tax
    Appellate enhancement limits protect against new income sources, while documented credits and prior-year investments resist unexplained-income additio...
    September 26, 2026   Case Laws Service Tax
    Service tax liability quantified through a pre-cut-off bank lien notice qualified the declarant for Sabka Vishwas Scheme relief.
    September 26, 2026   Case Laws GST
    Rule 86A ledger blocking remains distinct from deemed recovery stay following an appellate pre-deposit, requiring separate unblocking consideration.
    September 26, 2026   Case Laws GST
    Provisional GST bank-account attachments lapse after one year, requiring defreezing where no fresh attachment order exists.
    September 26, 2026   Case Laws GST
    Incorrect GST head payments may be adjusted against IGST liability without duplicate tax payment or interest.
    September 26, 2026   Case Laws GST
    Duplicate GST adjudication on identical issues and periods undermines later State GST assessment and rectification action.
    September 26, 2026   Case Laws GST
    Mandatory e-way bill compliance was not enforceable before nationwide implementation, preventing detention and penalty for non-production.
    September 26, 2026   Case Laws GST
    E-way bill validity requires correct Part B vehicle details; expired bills with mismatched vehicles can support tax-evasion penalty.
    September 26, 2026   Case Laws GST
    Inverted Duty Refund Turnover Requires Verified Treatment of Differently Taxed Outward Supplies Before Refund Computation
    September 26, 2026   Case Laws GST
    Pre-GST service tax refunds for cancelled flat bookings must be claimed in cash, not through GST input tax credit.
    September 26, 2026   Case Laws GST
    Reasoned GST appellate orders required as unaddressed grounds and procedural objections require fresh adjudication in full.
    September 26, 2026   Case Laws GST
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    September 26, 2026   Case Laws GST
    Composite coaching supply keeps study materials taxable, while pure-agent fees require strict conditions and forex differences remain outside GST.
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    September 26, 2026   Case Laws Income Tax
    Change of opinion bars reassessment when original scrutiny examined claims and no fresh tangible material emerges.
    September 26, 2026   Case Laws Income Tax
    Search-assessment limitation requires stay exclusions before TOLA extension, rendering delayed assessments and consequential penalties time-barred.
    September 26, 2026   Case Laws Income Tax
    Change of opinion bars reassessment where audit-report misreading incorrectly treats salary-tax withholding as a claimed deduction.
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    September 26, 2026   Case Laws Income Tax
    Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
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September 26, 2026   Case Laws Income Tax
Appellate enhancement limits protect against new income sources, while documented credits and prior-year investments resist unexplained-income additions.
September 26, 2026   Case Laws Service Tax
Service tax liability quantified through a pre-cut-off bank lien notice qualified the declarant for Sabka Vishwas Scheme relief.
September 26, 2026   Case Laws GST
Rule 86A ledger blocking remains distinct from deemed recovery stay following an appellate pre-deposit, requiring separate unblocking consideration.
September 26, 2026   Case Laws GST
Provisional GST bank-account attachments lapse after one year, requiring defreezing where no fresh attachment order exists.
September 26, 2026   Case Laws GST
Incorrect GST head payments may be adjusted against IGST liability without duplicate tax payment or interest.
September 26, 2026   Case Laws GST
Duplicate GST adjudication on identical issues and periods undermines later State GST assessment and rectification action.
September 26, 2026   Case Laws GST
Mandatory e-way bill compliance was not enforceable before nationwide implementation, preventing detention and penalty for non-production.
September 26, 2026   Case Laws GST
E-way bill validity requires correct Part B vehicle details; expired bills with mismatched vehicles can support tax-evasion penalty.
September 26, 2026   Case Laws GST
Inverted Duty Refund Turnover Requires Verified Treatment of Differently Taxed Outward Supplies Before Refund Computation
September 26, 2026   Case Laws GST
Pre-GST service tax refunds for cancelled flat bookings must be claimed in cash, not through GST input tax credit.
September 26, 2026   Case Laws GST
Reasoned GST appellate orders required as unaddressed grounds and procedural objections require fresh adjudication in full.
September 26, 2026   Case Laws GST
Mixed Supply Classification Applies Highest GST Rate to Bundled Digital Cinema Equipment Leasing Under a Single Rental Agreement
September 26, 2026   Case Laws GST
Psyllium seed GST classification confirms taxability where godown storage gives supplies a dried character, denying claimed exemptions.
September 26, 2026   Case Laws GST
Composite coaching supply keeps study materials taxable, while pure-agent fees require strict conditions and forex differences remain outside GST.
September 26, 2026   Case Laws GST
Agglomerated cork classification permits concessional GST treatment, while inverted-duty refund eligibility remains outside advance-ruling jurisdiction.
September 26, 2026   Case Laws Income Tax
Change of opinion bars reassessment when original scrutiny examined claims and no fresh tangible material emerges.
September 26, 2026   Case Laws Income Tax
Search-assessment limitation requires stay exclusions before TOLA extension, rendering delayed assessments and consequential penalties time-barred.
September 26, 2026   Case Laws Income Tax
Change of opinion bars reassessment where audit-report misreading incorrectly treats salary-tax withholding as a claimed deduction.
September 26, 2026   Case Laws Income Tax
Tax deduction on defective-product rebates fails where uniform credit notes are not consideration for distributor repair work.
September 26, 2026   Case Laws Income Tax
Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income application.

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Home › Highlights › FEMA › 2024 › May, 2024 › This
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The RBI circular dated May 21, 2024, addresses the issuance of...

RBI Allows Partly Paid Units for Non-Residents; AIFs Can Regularize Past Issuances Through FEMA Compounding.

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FEMA May 25, 2024 Circulars
The RBI circular dated May 21, 2024, addresses the issuance of partly paid units to non-residents by investment vehicles as per the Foreign Exchange Management (Non-debt Instruments) Rules, 2019. The rules were amended in 2024 to allow such issuances. Alternative Investment Funds that issued partly paid units to non-residents before the amendment can regularize the same through compounding under the Foreign Exchange Management Act, 1999. AD Category-I banks must ensure necessary administrative actions, reporting through FIRMS Portal, and issue conditional acknowledgments before seeking compounding from the RBI. The circular is issued u/s 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, and does not affect compliance with other laws.
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