6. (1) The applicant shall have a sound track record and general reputation of fairness and integrity in all its business transactions. (2) For the purposes of sub-regulation (1) "sound track record" shall mean: (a) In case of Registered FME (Retail): (i) The FME, its holding company, or their subsidiaries, shall have at least five (5) years of experience in collectively managing Assets under Management (AUM) of at least USD 200 million with more than twenty-five thousan... ... ...

SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER For the Assessee : Shri R.S. Singhvi, CA & Shri Rajat Garg, CA For the Revenue : Shri Om Parkash, Sr. DR ORDER These two appeals are filed by the assessee against different orders of the Ld. CIT(A)-28, New Delhi for the assessment years 2013-14 and 2014-15. 2. These two appeals are filed with the delay of 1944 and 1596 days respectively. Ld. Counsel for the assessee referring to the affidavit of the Director of the assessee company subm... ... ...

5. (1) The applicant shall be set up in IFSC in the form of a company or LLP or branch thereof or any other form as may be permitted by the Authority: Provided that a Registered FME (Retail) shall not be permitted in the form of an LLP or branch thereof: Provided further that the branch structure is permitted only for a FME which is already registered or regulated by a financial sector regulator in India or a foreign jurisdiction for conducting similar activities. (2) A FME operatin... ... ...

4. For obtaining a certificate of registration under these regulations, the applicant shall meet the requirements and the conditions specified in this Chapter. =============... ... ...

CHAPTER II REGISTRATION OF FUND MANAGEMENT ENTITY (FME) 3. (1) Any entity, desirous to undertake the business of fund management under these regulations shall not commence operations in an IFSC unless it has obtained a certificate of registration from the Authority as a FME under any of the categories mentioned in sub-regulation (4). (2) An entity desirous of obtaining a certificate of registration as a FME in IFSC shall submit an application form including the declarations and unde... ... ...

Fund-management terminology establishes the core legal architecture for fund management entities operating in an IFSC. Investor and scheme classifications distinguish accredited investors, retail schemes, restricted schemes, venture capital schemes, family investment funds, fund of funds schemes, index schemes, sectoral schemes and thematic schemes. Control includes rights to appoint a majority of directors or direct management or policy decisions, including through shareholding, management rights or contractual arrangements. Offer documents govern public invitations for retail schemes, while placement memoranda govern invitations to eligible investors for venture capital schemes, restricted schemes and private placements.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 10th February, 2025 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (FUND MANAGEMENT) REGULATIONS, 2025 F. No. IFSCA/GN/2025/002 .- In exercise of the powers conferred by sub-section (1) of Section 28 read with sub-section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres Authority Act, 2019; Section 28C of the Securities and Exchange Board of India Act, ... ... ...

Fund management in an International Financial Services Centre requires prior registration as a Fund Management Entity under Authorised, Non-Retail, or Retail categories. Applicants must meet legal-form, net-worth, infrastructure, governance, fit-and-proper, and key-personnel requirements. The framework governs venture capital, restricted, retail, special situation, and family investment schemes; ETFs; portfolio management services; and investment trusts. It imposes scheme-specific investor eligibility, investment, leverage, valuation, disclosure, contribution, custody, and governance obligations, supported by fair valuation, asset segregation, conflict-management, AML/CFT, record-keeping, cyber-resilience, risk-management, and investor-protection duties.

Bank employees affiliated with seven unions under the United Forum of Bank Unions undertook a one-day strike to press for implementation of a five-day banking week and resolution of pending employment-related demands. The unions maintained that the proposed workweek was a genuine working-condition measure rather than an attempt to reduce employee responsibilities. They proposed phased escalation, including a further multi-day strike and an indefinite strike, if the government and the Indian Banks' Association did not address the demands.

A direction to consider a representation seeking exemption from Social Welfare Surcharge requires examination of the assessment of Bills of Entry in light of the claimed exemption. It does not mandate that the exemption be granted. The representation must be decided in accordance with law, and consideration was required within six weeks. The clarification confines the operative effect of the direction to lawful consideration of the exemption claim rather than any predetermined entitlement to exemption.

For Part B applicable to NPOs, residual income is computed from total income determined without applying that Part, after deducting regular income and specified income. The resulting balance constitutes residual income for the NPO framework.

Refund functions under section 54 of the Delhi Goods and Services Tax Act, 2017 are assigned to specified proper officers according to pecuniary and territorial jurisdiction. Assistant Commissioners and GSTOs decide claims up to the prescribed lower threshold, while senior proper officers decide claims exceeding it. Online higher-value applications must be placed before the competent senior officer. If refund rejection entails recovery of ineligible input tax credit, the matter must be referred to the jurisdictional proper officer or ward officer.

Goodwill and business or commercial rights acquired when an undertaking is transferred as a going concern through slump sale qualify as depreciable intangible assets under Section 32(1)(ii). Consideration may arise from assuming and discharging liabilities exceeding tangible-asset value, and accounting treatment does not determine tax treatment. The sixth proviso to Section 32(1) does not apply where the goodwill was not a depreciable asset in the transferor's books. Write-offs of transferred receivables, advances and loans require evidence of ordinary-course origin, prior income recognition where relevant, and business-purpose advances; the claim requires fresh factual examination.

Approved resolution plans that result in a change of management or control extinguish a corporate debtor's liability for pre-CIRP offences, preventing continued statutory adjudication and monetary penalties for those defaults. Promoter-directors involved in day-to-day management remain liable for fraudulent financial reporting, an improper buy-back, and a purported acquisition used to settle related-party dues. Non-disposable undertakings, pledges and irrevocable powers restricting dealings in shares constitute encumbrances requiring takeover-law disclosure. Unexplained adjudicatory delay, though not invalidating proceedings, mitigates penalties. Monetary sanctions must be proportionate, supported by material on gain, investor loss, repetitive conduct and existing market-access restrictions.

Inter-State supplies to unregistered persons and composition taxable persons must be reported place of supply-wise in FORM GSTR-3B and FORM GSTR-1, with correct customer State details and tax-invoice disclosures. ITC auto-populated from FORM GSTR-2B must be adjusted for ineligible and reversed credit before net ITC is credited to the electronic credit ledger. Permanent reversals and blocked credit are reported in Table 4B(1), while temporary reclaimable reversals are reported in Table 4B(2) and may be reclaimed after applicable conditions are met.

PFUTP Regulations prohibit transactions that artificially affect securities prices, create a false or misleading appearance of trading, disseminate materially misleading information likely to induce securities dealings, or otherwise employ fraud in securities transactions. A preferential allotment to related shareholders, followed by a buyback announcement at a substantially higher price despite inadequate resources, withdrawal without corresponding public advertisement, dematerialisation and substantial share offloading, was treated as an orchestrated scheme. The resulting abnormal price and volume movements artificially created demand and induced investor purchases, constituting market manipulation, misleading information and unfair trade practices; the participants were restrained from securities-market access and dealings for two years.

Lending of securities under the Securities Lending Scheme, 1997 is a taxable GST service because temporary lending for a fee does not involve disposal of securities. The lender's fee is consideration, while intermediary services facilitating lending and borrowing for commission or fees are separately taxable. For the earlier period, the lender was liable under forward charge; from 1 October 2019, the borrower is liable to pay IGST under the reverse charge mechanism.

Appellate authorities may admit and adjudicate additional grounds for dividend exemption and depreciation on Government securities even where those claims were omitted from the original return and not raised before the Assessing Officer. The restriction recognised in Goetze (India) Ltd. applies to the Assessing Officer's power to accept a fresh claim without a revised return; it does not limit statutory appellate jurisdiction. Because appellate proceedings aim to determine the correct tax liability, the appellate authority has broad power to consider such additional claims on their merits. Refusal to entertain them was unsustainable.

Faceless assessment clearance grievances concerning Bills of Entry filed at Nhava Sheva are channelled through the Facilitation Helpdesk operated by the Turant Suvidha Kendra. Importers, exporters, customs brokers and other stakeholders may approach the Superintendent or Appraising Officer for grievances relating to Bill of Entry clearance within Mumbai Customs Zone-II. A designated Joint/Additional Commissioner serves as the nodal officer and single escalation point for urgent clearance grievances.

BRICS members and partner countries are encouraged to link payment systems, expand local-currency trade settlement, and make digital trade globally accessible. Market-access priorities include opening goods and services markets, reducing non-tariff barriers, simplifying regulatory procedures, and facilitating faster consignment clearance. Proposed cooperation also addresses diversified supply chains, professional qualification recognition, agricultural technology, trade-finance access for micro, small and medium enterprises, digital trade documentation, and platforms for agricultural commodity trading and investment cooperation.