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News
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April 1, 2026
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Tax-free spin-off leads Versigent to launch as an independent listed company with shares trading on NYSE.
Versigent PLC announced its launch as an independent, publicly traded company following separation from Aptiv PLC and commencement of trading on the New York Stock Exchange under the ticker VGNT. The separation was implemented through a distribution of Versigent ordinary shares to Aptiv shareholders of record, with cash in lieu of fractional shares, and was completed as a tax-free spin-off for Swiss and U.S. federal income tax purposes. The release also notes the use of carve-out historical financial measures and non-GAAP reporting such as Adjusted EBITDA.
April 1, 2026
Show AI Summary
Advance ruling applications through Form No. 120 govern online filing, fee slabs, admissibility limits, and binding effect on tax questions.
Form No. 120 is the online application for an advance ruling from the Board for Advance Rulings on questions of law, fact, or mixed questions relating to proposed or undertaken transactions. It specifies applicant categories, fee slabs, supporting documents, and the requirement to file only where the issue is not already pending before an income-tax authority, Tribunal, or court, subject to limited relaxation for public sector companies and GAAR matters. The ruling is binding for the specific transaction, may be appealed, may be declared void for fraud or misrepresentation, and remains effective only while facts and law remain unchanged.
April 1, 2026
Show AI Summary
Dispute resolution committee applications through Form 119 require eligibility, supporting evidence, and electronic filing for disputed tax orders.
Application to the Dispute Resolution Committee under section 379 is made in Form No. 119 by an eligible assessee aggrieved by a specified order passed by an Income-tax Authority. The form captures the applicant's particulars, the challenged order, disputed additions or disallowances, statement of facts, grounds of application, and supporting evidence. It is filed electronically through the income-tax e-filing portal with the prescribed annexures and, where applicable, payment of the application fee.
April 1, 2026
Show AI Summary
Biomass tariff revision supports continued renewable power operations and revenue visibility for a Punjab-based 6 MW plant.
A revised tariff has been fixed for DEE Development Engineers Ltd's 6 MW biomass-based Malwa Power Plant under the Punjab State Electricity Regulatory Commission, replacing the interim tariff applied during pendency of the petition. The revised arrangement includes annual escalation on the variable component and extends the plant's operating life for another 10 years after expiry of the earlier power purchase pact, supporting continued biomass-based power generation and revenue visibility.
April 1, 2026
Show AI Summary
Dispute Resolution Committee application framework under Form 119 requires electronic filing, eligibility checks, and structured disclosure.
Form 119 is the prescribed electronic application for seeking dispute resolution before the Dispute Resolution Committee under section 379 of the Income-tax Act, 2025. It is available to an eligible assessee aggrieved by a specified order passed by an Income-tax Authority, subject to statutory eligibility conditions, including payment of tax on returned income where a return has been filed. Filing is optional, separate applications are required for each tax year and each specified order, and the form must be submitted electronically and cannot be revised after submission.
April 1, 2026
Show AI Summary
Deferment of appeal for identical question of law enables later filing after the pending case is finally decided.
Form 118 is prescribed for an application to defer filing an appeal before the High Court or the Income-tax Appellate Tribunal where the relevant case involves an identical question of law already pending in another case. The appellant files the form before the appropriate forum with supporting documents showing the identical question of law and the other pending proceeding. The forum examines whether the statutory conditions for deferment are satisfied, and if accepted, filing of the appeal is deferred until the final decision on the identical question of law in the other case.
April 1, 2026
Show AI Summary
Deferred appeal on identical question of law under Form 118 requires assessee acceptance and collegium review.
Form 118 is used by the Income-tax Department to defer filing of an appeal before the Income-tax Appellate Tribunal or the High Court where the relevant case involves an identical question of law already pending in another case before the High Court or the Supreme Court. The procedure depends on collegium consideration and the assessee's acceptance that the questions are identical. The form is filed manually by the Assessing Officer on directions of the Principal Commissioner or Commissioner, cannot be revised after submission, and operates only until the identical legal issue attains finality.
April 1, 2026
Show AI Summary
GST collections rise on strong domestic demand, higher import revenues, and recovering momentum after rate rationalisation.
GST collections increased in the reported month, with gross receipts rising on the strength of both domestic supplies and import-related revenues. After adjustment for refunds, net GST revenues also recorded year-on-year growth, indicating continued buoyancy in tax mobilisation. The trend was linked to a recent GST rate rationalisation, including lower rates on many goods and a simplified slab structure, with collections initially dipping after the tax cut before recovering in later months.
April 1, 2026
Show AI Summary
Quality-controlled masterbatch manufacturing links R&D, regulatory compliance, and application-specific products across export markets.
Masterbatch and compound manufacturing is presented as a quality-controlled, export-oriented activity built on regulatory compliance, R&D support, and structured batch testing for colour consistency, dispersion, mechanical performance, and stability. The product range is described as application-specific, including laser marking masterbatches, flame retardant masterbatches meeting UL 94 ratings, long glass fibre reinforced compounds for metal replacement, and amber colour masterbatches for pharmaceutical packaging that comply with global regulatory requirements.
April 1, 2026
Show AI Summary
Identical question of law declarations under Form 117 keep pending tax disputes aligned with the final higher court decision.
Form 117 is the prescribed declaration by which an assessee states that a question of law in the assessee's pending case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another tax year. The form is filed before the Assessing Officer or appellate authority, with supporting documents showing the related pending proceedings. If accepted, the assessee is bound by the final decision on the identical question and the pending order may later be amended to conform to that decision.
April 1, 2026
Show AI Summary
Identical question of law declaration streamlines tax disputes by binding pending cases to the higher court's final decision.
Form 117 is the optional declaration used by an assessee to state that a question of law in the relevant case is identical to a question already pending before the High Court or Supreme Court in the assessee's own case for another assessment year. It may be filed before the Assessing Officer or the appellate authority, requires prescribed particulars and supporting documents, and once admitted binds the assessee to the final decision on that identical question while not stopping the pending proceedings.
April 1, 2026
Show AI Summary
Cross-objections before the Income-tax Appellate Tribunal require timely filing, supporting documents, and structured grounds under the prescribed form.
Form 116 is the prescribed memorandum of cross-objections to the Income-tax Appellate Tribunal, enabling a respondent in an appeal to challenge any part of the order appealed against without filing a separate appeal. It may be filed by a respondent, including an assessee, deductor, or the Income-tax Department, only after an appeal has been filed and notice of that appeal has been received. The form is to be furnished within thirty days, accompanied by relevant orders and supporting documents, and may include grounds for condonation of delay where applicable.
April 1, 2026
Show AI Summary
Cross-objections before the Tribunal must be filed in the prescribed form, with separate grounds, tax effect, and timely notice-based filing.
Form 116 is the prescribed memorandum of cross-objections before the Income-tax Appellate Tribunal in response to an appeal already filed by the opposite party. It is available to a respondent such as an assessee, the Income-tax Department, or a government deductor, and must be filed within 30 days of receipt of notice. The form cannot be filed independently of an existing appeal, and each ground of cross-objection must be numbered, stated separately, and accompanied by the corresponding tax effect.
April 1, 2026
Show AI Summary
Income-tax appeal form governs Tribunal filings, prescribed time limits, supporting documents, and electronic submission requirements.
Form No. 115 is the prescribed appeal form for filing an appeal before the Income-tax Appellate Tribunal against appealable orders of income-tax authorities. It is to be filed by an aggrieved assessee or by the Income-tax Department, within two months from the end of the month in which the order is communicated, and may be accompanied by the relevant orders, grounds, statements, and supporting documents. The form is filed electronically, along with the prescribed fee, and is structured to capture appellant details, respondent details, appeal particulars, disputed amounts, grounds of appeal, and verification.
April 1, 2026
Show AI Summary
Income-tax appeal procedure: Form 115 sets out filing requirements, tax effect details, fee payment, and Tribunal jurisdiction.
Form 115 is the prescribed memorandum of appeal for filing an appeal before the Income-tax Appellate Tribunal against specified orders under the Income-tax Act and Rules. It may be filed by an aggrieved assessee or by the Income-tax Department, and must be presented before the Tribunal having jurisdiction over the case. The form requires particulars of the parties, appeal details, disputed amount, grounds of appeal, fee payment, supporting documents, signature and verification, and it is not revisable after filing.
April 1, 2026
Show AI Summary
Donation certificate form generated after donor reporting and processing of donation particulars under the Income Tax Act, 2025.
Form 114 is an acknowledgement and certificate of donation under the Income Tax Act, 2025, generated for a donor only after due filing and successful processing of Form-113 by a registered non-profit organisation. It records voluntary donations made during the relevant reporting period and contains Part A for donee information and Part B for donor information. The guidance also notes simplification of the form and alignment with the Act, including updated tax-year terminology.
April 1, 2026
Show AI Summary
Donation reporting compliance under Form 113 enables electronic filing, donor acknowledgement, and subsequent income tax claim support.
Form 113 is the electronic statement through which a registered non-profit organisation furnishes particulars of donations received during the tax year. It is filed for the reporting period by 31 May of the following tax year and contains Part A for the organisation's details and Part B for donor and donation particulars. Successful filing and processing support donor claim of the reported donation in a subsequent return of income and generation of Form 114 as the donation certificate or acknowledgement.
April 1, 2026
Show AI Summary
Donation reporting and donor certificates require mandatory electronic filing, enabling verified tax claims for voluntary contributions.
Registered non-profit organisations must electronically furnish the donation statement and issue the corresponding donor certificate within the prescribed reporting cycle. FN 113 records particulars of voluntary donations received during the tax year, while FN 114 is the acknowledgement or certificate for the donor. Filing is mandatory, requires a valid PAN, and must be done on the e-filing portal. A correction statement may be filed after submission, and a revised certificate may be issued if needed. The reporting process supports verification of donation claims and enables the donor to claim the relevant exemption or deduction in the return of income.
April 1, 2026
Show AI Summary
GST collections rise on stronger domestic and import revenues, with net receipts also showing steady year-on-year growth.
Gross Goods and Services Tax (GST) collections rose by 8.8 per cent in March 2026 to over Rs 2 lakh crore, supported by higher tax realisations from domestic sales and imports. Refund issuance increased by 13.8 per cent to Rs 22,074 crore, and net GST revenues stood at about Rs 1.78 lakh crore after adjustment for refunds. For the full 2025-26 fiscal year, gross GST revenue rose 8.3 per cent to over Rs 22.27 lakh crore, while net revenues increased 7.1 per cent to Rs 19.34 lakh crore.
April 1, 2026
Show AI Summary
Crypto tax compliance tools expand in India with INR pricing, Schedule VDA reporting, and automated filing support.
India's VDA tax compliance environment requires accurate transaction tracking, timely filing, and Schedule VDA-ready reporting, particularly in light of the flat tax on gains, transaction-level TDS, and the absence of loss offsets. A crypto tax platform has introduced INR-denominated paid plans for Indian users after an initial free rollout, while keeping a free portfolio-tracking option available without tax report downloads. The paid plans are presented as a means of enabling users to obtain filing documents, automate transaction import, and generate India-specific tax reports aligned with the Income Tax framework.

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Corp. Laws / SEBI / IBC

Adani wins US court hearing in push to throw out SEC fraud suit

April 8, 2026

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New York, Apr 8 (PTI) A US judge granted a request from billionaire Gautam Adani to schedule a hearing in his effort to dismiss a US Securities and Exchange Commission fraud case, which he says lacks necessary jurisdiction as well as fails on multiple reasons.

This followed lawyers of Adani and his nephew, Sagar filing a plea seeking dismissal of the case.

"The court has received Defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint. The court GRANTS that request and DIRECTS the parties" to schedule the pre-motion conference, the Eastern District court of New York said in its order.

In the filing, ​the Adanis' lawyers said there was no credible evidence supporting ​the alleged bribery scheme.

The SEC, they said, lacked necessary jurisdiction over the two men and that the alleged misstatements underpinning the case weren't actionable.

The case brought by SEC in November 2024 alongside a criminal complaint by the US Department of Justice, alleges that the Adanis sought to pay over USD 250 million in bribes to Indian officials to secure solar energy contracts and concealed the scheme from US investors and banks when they raised funds.

The Adani Group has denied all allegations, stating that none of its entities or executives have been charged under the US Foreign Corrupt Practices Act, and that Adani Green Energy - the renewable energy arm that raised the funds - is not a party to the proceedings.

While Gautam Adani chairs the Adani Group, Sagar Adani is executive director at Adani Green Energy.

The lawsuits had been stalled for over a year as the defendants, based in India, were not served notices. The group, which spans green energy, ports, realty, mining and news media, has continued to raise funds from global investors, including BlackRock, since the charges were filed.

The Brooklyn, New York court's decision to grant a hearing allows Adani to argue that the regulator's complaint should be thrown out at an early stage, potentially avoiding a protracted discovery process and trial.

In filings, Adani's legal team has argued that the case lacks sufficient jurisdictional basis and fails to establish actionable claims under US securities laws.

NO US JURISDICTION ------------------------ The Adanis argued that the court lacked personal jurisdiction, saying neither of them had sufficient contacts with the US or direct involvement in the bond offering.

The USD 750-million bond sale was conducted outside the United States under Rule 144A and Regulation S exemptions, with securities sold to non-US underwriters and only later resold in part to qualified institutional buyers, they said.

The plea stated that "in September 2021, Adani Green, which is not a US registrant, conducted a USD 750 million bond offering pursuant to SEC Rule 144A and SEC Regulation S, which are registration exemptions for private resales to qualified institutional buyers (QIBs) and for non-US sales, respectively".

"Adani Green sold all of the notes from the Offering outside the United States, via a Subscription Agreement, to non-US underwriters, who later resold the Notes to QIBs. A fraction of those resales -- in transactions to which Adani Green was not a party -- are alleged to have been made to 'investors in the United States'," it said.

The plea through the lawyers added that the complaint does not allege that Gautam Adani approved the issuance, attended key meetings, or directed any activity at US investors.

Stating that the SEC could not charge the two under the US Foreign Corrupt Practices Act, it instead recast its charges as a securities fraud case.

The filing states that the Adanis dispute that there is any credible evidence supporting the purported bribery scheme.

"Notably, the SEC does not allege that there were any investor losses, and there were none. The bonds have matured, and Adani Green repaid all principal and interest in full to investors in 2024," it added.

EXTRATERRITORIAL REACH CHALLENGED --------------------------------------------- The filing also contends the SEC's case is impermissibly extraterritorial, noting the securities were not listed in the United States, the issuer is Indian, and the alleged misconduct occurred entirely in India.

Citing US Supreme Court precedent, Adanis said the SEC failed to show any "domestic transaction", a requirement for applying US securities laws.

Under the sections invoked, the SEC must plausibly allege a "domestic transaction" and it must plead that "irrevocable liability was incurred or title was transferred within the United States".

The SEC charges against Adanis say nothing about where irrevocable liability was incurred, the plea said, adding that the mere fact, taken as true, that some downstream investors were located in the US is irrelevant to the case.

"The SEC's claims here solely involve Indian Defendants, an Indian issuer, securities not registered with the SEC and not traded on any US exchange, and underlying conduct alleged to have occurred exclusively in India," it said. "This case is thus conclusively beyond the reach of the US securities laws." NO INVESTOR LOSSES ------------------------- The defendants said the SEC does not allege any investor losses, adding that the bonds matured and were fully repaid with interest in 2024.

They also disputed the underlying bribery allegations, saying there is no credible evidence supporting such claims.

"The alleged bribery scheme relates to a solar energy project in India for the provision of renewable power in India. There is no allegation that any US company bid on the project, or that any US customer purchased energy in the project. In fact, there was no such US involvement," the plea said.

'PUFFERY' DEFENCE ---------------------- The filing argues that statements cited by the SEC -- relating to ESG commitments, anti-corruption practices, and corporate reputation -- amount to non-actionable "puffery", or general corporate optimism that investors cannot reasonably rely on.

It further said the SEC failed to link either defendant to specific misleading statements or demonstrate intent to defraud.

The defendants are seeking dismissal of the case in full and said they are prepared to appear for a pre-motion conference if required.

Adanis argued that the court lacks personal jurisdiction, saying neither had sufficient contacts with the US or direct involvement in the bond offering.

"The complaint contains no plausible allegation that Gautam Adani was involved in drafting, reviewing, or approving any document containing any alleged misstatement. Indeed, the SEC does not allege that Gautam Adani even knew these statements were being made," the plea said. "Because there are no allegations tying him to any alleged misstatement, the SEC's claims against Gautam Adani fail as a matter of law." The allegations against Sagar Adani are also deficient. "Even if 'multiple drafts' of the Offering Circular 'were provided to [him]', these allegations do not tie him to specific misstatements, much less show that he had 'ultimate authority' over their content," it said.

The SEC also fails to adequately plead that defendants acted with the requisite intent. "The SEC makes no plausible allegation that Defendants acted with knowledge or recklessness," it said.

The defendants intend to move to dismiss the SEC's complaint by April 30, 2026 and, as part of this process, have on April 7, 2026 submitted a letter with the EDNY (Eastern District New York) judge informing the court that the defendants are prepared to attend a pre-motion conference should the court wish to schedule one.

The filing of this letter is a standard procedural step in the legal process for the handling of such matters in accordance with the procedural rules prescribed by the EDNY judge.

In the letter, the defendants have briefly set out their grounds for dismissal of SEC's complaint, including that (i) the court concerned lacks personal jurisdiction over the defendants and the claims against them, (ii) the SEC's claims are impermissibly extraterritorial, (iii) the alleged misstatements by the defendants are too vague and general for any reasonable investor to rely upon as a guarantee of any concrete fact or outcome, making them inactionable, and (iii) the defendants' lack of involvement in the transaction bars the SEC's claims against them.

Gautam Adani is represented by Sullivan & Cromwell LLP, while Sagar Adani's counsel is Nixon Peabody LLP and Hecker Fink LLP.

SEC's CHARGES AGAINST ADANI ------------------------------------ The SEC has alleged that Gautam Adani, Sagar Adani and others orchestrated a USD 250 million-plus bribery scheme between 2020 and 2024 to secure solar energy contracts in India.

Their plea (termed as letter in US legal system) pointed out that SEC does not allege that there were any investor losses as there were none. The bonds have matured and all interest payments were made on time.

The court lacks personal jurisdiction over defendants and the claims against them should be dismissed under Rule 12(b)(2), the letter cited.

The SEC must plead that defendants had sufficient "minimum contacts" with the US and that the claims against them arose out of those activities, the letter pointed out. With respect to Gautam Adani, the SEC does not come close, the lawyers added.

The claims, according to the lawyers, "involve Indian Defendants, an Indian issuer, securities not registered with the SEC and not traded on US exchanges, and underlying conduct alleged to have occurred exclusively in India".

The SEC has not alleged underwriters who purchased the bonds from AGEL were US institutions as they weren't, or that the subscription agreement underlying the purchases was governed by US law as it wasn't.

"This case is thus conclusively beyond the reach of the US securities laws," the lawyers said.

The SEC has also failed to tie Sagar Adani to a single allegedly false or misleading statement, much less one directed at US investors, the letter added. PTI ANZ ANZ ANU ANU

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