Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
SEBI's updated Master Circular for Mutual Funds aligns operational requirements with the SEBI (Mutual Funds) Regulations, 2026, effective 1 April 2026, and rescinds specified earlier circulars to the extent applicable to the mutual fund industry. It consolidates filing, disclosure, scheme categorisation, benchmark, valuation, risk management, governance, trading, and reporting requirements for mutual funds and AMCs, while preserving actions taken and rights, obligations, liabilities, and proceedings arising under rescinded circulars. It also requires periodic or continuous reporting by regulated entities, and confirms that mutual fund-specific directions continue to apply alongside other law. The circular replaces the June 27, 2024 Master Circular for Mutual Funds.
SEBI's updated Master Circular for Mutual Funds aligns operational requirements with the SEBI (Mutual Funds) Regulations, 2026, effective 1 April 2026, and rescinds specified earlier circulars to the extent applicable to the mutual fund industry. It consolidates filing, disclosure, scheme categorisation, benchmark, valuation, risk management, governance, trading, and reporting requirements for mutual funds and AMCs, while preserving actions taken and rights, obligations, liabilities, and proceedings arising under rescinded circulars. It also requires periodic or continuous reporting by regulated entities, and confirms that mutual fund-specific directions continue to apply alongside other law. The circular replaces the June 27, 2024 Master Circular for Mutual Funds.
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