HONOURABLE MR. JUSTICE J.B. PARDIWALA AND HONOURABLE MS. JUSTICE NISHA M. THAKORE Appearance: For the Petitioner(s) No. 1: Mr Dhinal A Shah (12077). For the Respondent(s) No. 1: None. ORAL ORDER (PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA) 1. We have heard Mr. S.N. Soparkar, the learned Senior Counsel assisted by Mr. Dhinal Shah, the learned counsel appearing for the writ applicant. 2. The subject matter of challenge in each of the captioned writ applications is to the asses... ... ...

SHRI GEORGE MATHAN, JUDICIAL MEMBER AND MANISH AGARWAL, ACCOUNTANT MEMBER For the Assessee : Shri S.K.Sarangi, CA For the Revenue : Shri Sanjay Kumar, CIT DR ORDER Per Bench This is an appeal filed by the revenue against the order of the Id Addl/JCIT(A)-1, Vadodara dated 19.1.2024 in Appeal No.NFAC/2021- 22/10235479 for the assessment year 2022-23. 2. Brief facts of the case are that the assessee has filed its return of income on 2.11.2022, which was pr... ... ...

Registration of insurance business in an International Financial Services Centre is evidenced through prescribed certificates issued under the IFSCA Act, 2019, read with the Insurance Act, 1938. Form A grants registration to a named entity for specified classes of insurance business. Form B provides joint registration for a relevant foreign insurer or foreign reinsurer and its managing general agent, recognising the MGA as acting for that insurer or reinsurer in relation to scheduled business classes. Both certificates remain subject to the applicable statutory and regulatory framework.

THIRD SCHEDULE [Refer Regulations 4] 1. Norms for establishing MGA in an IFSC: An MGA registered under Companies Act, 2013, desirous to transact insurance business in an IFSC, shall set up a company with the following norms: (1) The MGA may establish a private or a public company registered with Registrar of Companies in India, with a minimum paid up capital of INR five lakh; (2) The main objects of Memorandum of Association and Article of Association shall be to prov... ... ...

SECOND SCHEDULE [Refer Regulations 4] Provisions applicable for Lloyd's and Lloyd's IFSC: 1. Definitions applicable for Lloyd's and Lloyd's IFSC: (a) "administrator", for the purposes of these Regulations means Lloyd's IFSC, except "members of Lloyd's" (b) "binding authority" means an agreement between a Service Company and a cover-holder under which the Service Company authorises the cover-holder to enter into a contract of insurance on behalf of the members of a synd... ... ...

FIRST SCHEDULE [Refer Regulations 4 (2)] FORM - A APPLICATION BY AN INDIAN INSURER OR INDIAN RE-INSURER FOR GRANT OF CERTIFICATE OF REGISTRATION AS IIO Sr. No. Particulars Applicant's Response Remarks Section A : Company Profile 1 Name of the Applicant     2 Address of its registered office     3 Date of incorporation: [DD/MM/YYYY]     4 Registration No. and date of first registration [DD/MM/YYYY] ... ... ...

FORM GSTR-1 filing deadlines for reporting outward supplies are extended for specified Goa GST registered persons. Taxpayers required to furnish monthly returns for the December 2024 tax period may furnish FORM GSTR-1 up to 13 January 2025. Taxpayers required to furnish quarterly returns for the October-December 2024 tax period may furnish FORM GSTR-1 up to 15 January 2025. The extension is deemed effective from 10 January 2025.

Regulation 22 repeals the specified insurance business guideline governing International Financial Services Centres from publication of the Registration of Insurance Business Regulations, 2021 in the Official Gazette. Actions taken under the repealed guideline are preserved and deemed to have been taken under corresponding provisions. An Insurance Office operating in an International Financial Services Centre before notification must meet any additional requirements within three months, subject to an extension permitted by the Authority.

Surrender of Certificate of Registration for closure of an Insurance Intermediary Office (IIO) is permissible only with prior approval of the Authority and subject to conditions specified by the Authority.

Disciplinary action may be taken against an IIO whose operations fail to comply with applicable legal requirements or whose activities are adverse to the insurance market or public interest. Available measures include suspension or cancellation of the certificate of registration, after allowing the IIO an opportunity to make submissions. Other appropriate action may also be taken under applicable laws.

The Authority may inspect or investigate the affairs of an International Financial Services Centre Insurance Office and call for relevant information from the IIO, its employees and an applicant. These powers extend only to information relating to the entity's activities as an IIO.

Regulation 18 empowers the Authority to issue guidelines or circulars specifying norms, procedures, processes and manners for implementing the regulations and incidental matters. It may issue clarifications and grant relaxations considered fit to facilitate and regulate insurance and reinsurance-related financial services within an IFSC.

Insurance International Offices must continuously satisfy applicable capital, solvency, governance and compliance conditions. Assigned capital must be maintained in freely convertible foreign currency and, for relevant branches and places of business, held and invested under home-country regulatory requirements. Solvency backing assets must remain unencumbered, supported by quarterly actuarial certification. IIOs must commence approved business within the prescribed period, appoint resident and fit-and-proper officers or key managerial personnel, maintain records, meet KYC and AML obligations, report operational information and financial data as required, and comply with shareholding approval and prudential requirements.

Public charitable trusts whose trustees or members have no entitlement to a share of income are not subject to the maximum marginal rate merely because their shares are indeterminate or unknown. The rule for indeterminate member shares applies to associations of persons or bodies of individuals, but CBDT clarification treats charitable or religious trusts without beneficiary income rights as taxable at normal association-of-persons rates. Accordingly, a public charitable trust not registered under section 12A is assessable at normal rates rather than the maximum marginal rate; where its income remains below the basic exemption limit, no tax is payable.

An IIO may provide other insurance- or reinsurance-business-related services specified by the Authority only after obtaining prior approval. The approval is subject to conditions specified by the Authority.

An IIO undertaking re-insurance business may accept cessions from IFSC-based cedents concerning risks emanating from other special economic zones, as well as re-insurance business from outside India. It may also accept re-insurance business from insurers operating in the domestic tariff area, subject to the prescribed order of preference for cession.

An International Financial Services Centre Insurance Office registered to transact direct insurance business cannot write direct insurance business from the Domestic Tariff Area except in accordance with section 2CB of the Insurance Act, 1938.

Direct insurance business by an IIO registered under the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 may be permitted within an IFSC, from other special economic zones, and from outside India. Regulation 13 defines the permissible territorial channels for transacting such business.

Regulation 12 restricts an International Insurance Office (IIO) to the insurance business for which registration has been granted by the Authority. An IIO must not undertake other business outside the scope of its authorised registration, confining permissible activities to the approved registration purpose under the framework for registration of insurance business.

Regulation 11 requires an IIO to conduct its business in freely convertible foreign currencies other than INR. Such business may be conducted with persons resident in India or otherwise, subject to the Authority's permission regarding the persons with whom the business is permitted.