Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
AT upheld the provisional attachment order under the Prevention of Money Laundering Act against the appellant NBFC and associated entities operating instant micro-loan mobile applications. AT found that the business model-charging 30-40% processing fees on very short-term loans, resulting in effective interest rates exceeding 1500% per annum, coupled with abusive recovery practices and misuse of personal data-constituted unfair practices and violated RBI's regulatory framework and fair practice requirements. AT rejected the appellant's contention that core NBFC functions were lawfully outsourced, holding that key management functions had impermissibly been delegated to service providers. Considering the exploitative nature of the operations and reported borrower suicides, AT concluded that the revenue constituted proceeds of crime and dismissed the appeal, confirming the attachment.
AT upheld the provisional attachment order under the Prevention of Money Laundering Act against the appellant NBFC and associated entities operating instant micro-loan mobile applications. AT found that the business model-charging 30-40% processing fees on very short-term loans, resulting in effective interest rates exceeding 1500% per annum, coupled with abusive recovery practices and misuse of personal data-constituted unfair practices and violated RBI's regulatory framework and fair practice requirements. AT rejected the appellant's contention that core NBFC functions were lawfully outsourced, holding that key management functions had impermissibly been delegated to service providers. Considering the exploitative nature of the operations and reported borrower suicides, AT concluded that the revenue constituted proceeds of crime and dismissed the appeal, confirming the attachment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
