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March 27, 2026
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Safe Harbour compliance through Form No. 49 now consolidates transaction disclosures, eligibility conditions, and online filing requirements.
Form No. 49 is the electronic application for opting for Safe Harbour under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It merges the earlier Forms 3CEFA, 3CEFB and 3CEFC into a single smart e-form for eligible international transactions, eligible specified domestic transactions and eligible business. The FAQs state that filing is mandatory only for assessees intending to opt for Safe Harbour, it must be filed online through the e-filing portal, and it requires disclosure of associated enterprises, transaction-specific details, supporting documents, accountant reports, and prescribed e-verification.
March 27, 2026
Show AI Summary
Transfer pricing reporting requires structured transaction-wise disclosure, arm's length price details, and accountant certification under Form 48.
Form No. 48 requires an accountant's report to be furnished under the Income-tax Act, 2025 for international transactions and specified domestic transactions with associated enterprises. The form is filed annually by the prescribed due date and uses a structured, transaction-wise format covering the assessee's particulars, associated enterprises or persons, transaction details, advance pricing agreement information, arm's length price determination, and any adjustment. Part F contains the accountant's certification of maintenance of the required information and documents.
March 27, 2026
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Form No. 48 reporting rules for international and specified domestic transactions, online filing, PAN requirement, and arm's length pricing.
Form No. 48 is the mandatory accountant's report for international transactions and specified domestic transactions under section 172 of the Income-tax Act, 2025. It must be filed annually, only online through the Income Tax e-Filing portal, and requires a valid PAN. The form contains six parts covering assessee details, transaction aggregates, international and specified domestic transaction particulars, arm's length price computation, and threshold-based reporting. The FAQs also explain transaction identifiers, relationship coding, aggregation treatment, arm's length price auto-population, and the computation rules for transfer pricing methods.
March 27, 2026
Show AI Summary
Excise duty cut on petrol and diesel eases fuel cost pressure amid rising global crude prices.
Excise duty on petrol has been reduced and diesel has been exempted from the levy with immediate effect to cushion consumers and fuel retailers from the impact of rising global crude prices. The notification lowers the duty on petrol and brings the diesel duty to nil, reflecting a policy response to volatility in international oil markets and the strain created by unchanged retail pump prices. The duty reduction is intended to provide headroom to fuel retailers by easing input-cost pressure and supporting price stability in the domestic market.
March 27, 2026
Show AI Summary
Energy security and import dependence drive debate as fuel supply assurances counter claims of shortages and misinformation
Rising dependence on crude oil, LPG and natural gas imports is presented as an energy-security concern, alongside criticism that the promised push toward self-reliance has not been realised. The discussion also refers to earlier claims about a major gas discovery in the Krishna-Godavari basin and allegations that later audit reports treated the episode as a large-scale irregularity. Government and oil marketing companies, however, state that petrol, diesel and LPG supplies remain stable and adequately stocked.
March 27, 2026
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Excise duty cut on petrol and diesel aims to ease pressure on fuel retailers amid rising global crude prices.
Excise duty on petrol has been reduced to Rs 3 a litre from Rs 13 a litre, while excise duty on diesel has been reduced to nil from Rs 10 a litre, with immediate effect. The duty cuts are intended to ease pressure on oil marketing companies facing elevated global crude prices and frozen retail fuel prices amid geopolitical disruption in oil markets.
March 26, 2026
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WTO dispute settlement and e-commerce duty moratorium face renewed calls for reform and careful reconsideration.
A dysfunctional WTO dispute settlement system is described as having deprived members of effective redressal, and restoration of an automatic and binding dispute settlement mechanism is called for. Careful reconsideration of the continued extension of the moratorium on customs duties on electronic transmissions is urged because its scope remains unsettled and may have significant revenue implications. WTO reform is presented as needing to be transparent, inclusive and member-driven, anchored in development, non-discrimination, consensus-based decision-making, equity and effective special and differential treatment.
March 26, 2026
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Transatlantic trade safeguards shape EU approval of the US deal, allowing suspension if the agreement is undermined.
European lawmakers approved the transatlantic trade agreement with safeguard amendments that permit suspension if the United States undermines the deal, discriminates against EU economic operators, threatens territorial integrity or foreign and defence policies, or engages in economic coercion. The agreement retains a 15 per cent tariff on most goods and proceeds to further negotiation between EU and US trade representatives, with the added language intended to preserve European interests and provide greater certainty for businesses.
March 26, 2026
Show AI Summary
Accountant certificate filing for international and specified domestic transactions must follow the prescribed online process and timeline.
Form No. 47 is the accountant's certificate for international transactions or specified domestic transactions meeting the conditions in rule 82(5). It is to be furnished with Form No. 46 within the prescribed filing window, beginning from the end of the third tax year and ending on 30 June following that year. The form can be submitted only online through the Income Tax e-Filing portal, and no supporting documents are required.
March 26, 2026
Show AI Summary
Arm's length price option filing through Forms 46 and 47 under rule 82 for multiple-year determination.
Rule 82 prescribes Form No. 46 and Form No. 47 for exercise of the option for determination of arm's length price under section 166(9) of the Income-tax Act, 2025. Form No. 46 is furnished by an assessee for determining arm's length price in respect of international transactions or specified domestic transactions for multiple years in a single proceeding, covering the second and third tax years immediately following the first tax year in which reference has been made under section 166. Form No. 47 is the accompanying accountant's certificate.
March 26, 2026
Show AI Summary
Arm's length price option through Form No. 46 covers multiple years, online filing, and accountant certification.
Exercise of option for determination of arm's length price under section 166(9) is made through Form No. 46 for international transactions or specified domestic transactions for multiple years in a single proceeding. The option covers the second and third tax years immediately following the first tax year in which a reference has been made under section 166. Form No. 46 must be filed between the end of the third tax year and 30 June following that year, only online through the Income Tax e-Filing portal, and accompanied by the accountant's certificate in Form No. 47.
March 26, 2026
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Foreign tax credit filing rules for Form 44 require resident assessees to report foreign income, refunds, and supporting documents.
Form No. 44 is required for a resident assessee claiming foreign tax credit under Rule 76 or intimating refund of foreign tax arising from carry backward of loss, revision of return, or similar changes. It must generally be filed within 12 months from the end of the relevant tax year, or by the date of furnishing an updated return where applicable. The form covers particulars of the person, foreign income and credit claimed, and any refund of foreign tax, and must be supported by documents on income, foreign tax paid, disputes, and refund particulars. Filing is made through the e-filing portal with e-verification, and accountant verification applies in specified cases.
March 26, 2026
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Digital housing loan access expands through a unified marketplace for defence and government personnel.
The Gruh Sugam Portal streamlines digital housing loan access for Defence personnel, members of paramilitary forces, and State and Central Government employees through their administrative units. It functions as a unified digital marketplace that relays minimal loan requests to registered lending institutions, enables comparison of competing offers, and supports seamless digital integration, online query resolution, grievance redressal, and consumer protection. The initiative is aimed at improving transparency, efficiency, financial inclusion, and affordable home ownership.
March 26, 2026
Show AI Summary
Foreign tax credit filing requires Form 44, with online submission, supporting documents, and accountant verification in specified cases.
Form No. 44 is the prescribed electronic statement for a resident assessee claiming foreign tax credit on income from a country or specified territory outside India. It is mandatory where foreign income is involved and credit is sought for foreign tax paid, and it also applies where a refund of foreign tax arises after credit has already been claimed. The form must be filed online through the e-filing portal within the specified time, and it includes particulars of the person, foreign income and credit details, and refund-related details. Supporting certificates, proof of payment or deduction, and accountant verification in specified cases are required.
March 26, 2026
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Cashless health insurance claims timelines and fair pricing measures aim to improve settlement efficiency and policyholder trust.
IRDAI has prescribed timelines for cashless health insurance claims, requiring pre-authorisation within one hour and final authorisation within three hours to reduce delays and support timely medical care. The sector has also seen strong growth in premiums, while fair pricing under 2024 regulations is linked to relevant risk factors, periodic actuarial review, credible data and customer feedback. Claims settlement data, grievance disposal figures and common grounds for disallowance or repudiation are also noted.
March 26, 2026
Show AI Summary
Tax residency certificate enables DTAA benefits and is issued by the Assessing Officer on application with supporting documents.
Form 43 is the tax residency certificate issued by the Assessing Officer for the purposes of section 159 of the Income-tax Act, 2025. It certifies that a person is resident in India for a stated period and enables the taxpayer to claim benefits under a Double Taxation Avoidance Agreement. The certificate is issued on an application made in Form 42 with the supporting documents required by the Assessing Officer and is not subject to statutory due dates or an ordinary taxpayer filing process.
March 26, 2026
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Tax Residency Certificate issued on request supports residence proof for DTAA benefits and section 159 purposes.
Form 43 is the Tax Residency Certificate issued by the Assessing Officer to certify residence in India for the purposes of section 159 and Double Taxation Avoidance Agreement benefits. It is not filed by the taxpayer; it is issued on request when Form 42 is submitted with the required documents. The certificate is generated through the ITBA and made available on the e-filing portal, and no specific statutory limit is stated on the number of certificates that may be issued in a year for distinct valid periods.
March 26, 2026
Show AI Summary
Tax residency certificate application streamlined through Form 42, with electronic filing, document upload, and issuance of Form 43.
Form 42 is the application for a tax residency certificate in India for the purposes of section 159 of the Income-tax Act, 2025 and treaty benefits under a Double Taxation Avoidance Agreement. It is filed electronically by a resident claiming Indian tax residency, with supporting identity, incorporation, and other documents, and may be verified through electronic verification code, Aadhaar OTP, net banking, bank or demat account mechanisms, or digital signature. Processing of the form results in issue of Form 43.
March 26, 2026
Show AI Summary
Tax Residency Certificate application Form 42 governs online filing, supporting documents, and DTAA benefit access.
Form 42 is the prescribed application for obtaining a Tax Residency Certificate in India for the purposes of claiming benefits under Double Taxation Avoidance Agreements. It is filed online through the e-filing portal, requires a valid PAN, and is not mandatory in every case. The form cannot be edited after submission, though withdrawal may be enabled, and supporting documents such as passport, incorporation records, and proof of stay in India may be required.
March 26, 2026
Show AI Summary
Petroleum and LPG supply security remains intact as the government rejects shortage claims and cites ample stock cover.
India's petroleum and LPG supply position is described as secure, with about 60 days of fuel stock cover and no rationing or shortage at retail outlets. The government says crude supplies for the next 60 days have been tied up from multiple international sources, refinery utilisation is above full capacity, and alternative imports have offset disruption linked to tensions around the Strait of Hormuz. It also states that 800,000 tonnes of LPG cargoes have been secured, about one month of LPG supply is arranged, and measures have been taken to prevent hoarding and keep deliveries steady.

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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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