Mumbai, Sep 12 (PTI) The Reserve Bank has rejected Tata Sons' application to surrender its non-banking finance company (NBFC) licence, which will force a public listing of the holding company of the salt-to-software conglomerate Tata Group, sources said on Saturday. In a letter received by the Company Secretary and Chief Financial Officer on Saturday, the RBI specified that the group does not meet the necessary criteria, leading it to reject the March 2024 application for deregistration. T... ... ...

New Delhi, Sep 12 (PTI) BRICS leaders on Saturday opposed unilateral, punitive and discriminatory measures such as carbon border adjustment mechanisms (CBAMs), saying such steps undermine efforts of developing countries to address climate change issues. A CBAM is an additional import duty on carbon-intensive goods based on the emissions generated during their manufacturing. The European Union (EU) and the UK have announced their plans to impose this carbon tax. "We oppose unilateral, punit... ... ...

Reported rejection of Tata Sons' application to surrender its non-banking financial company licence is attributed to failure to satisfy applicable deregistration criteria. The company is consequently described as remaining classified as an upper-layer NBFC, a classification carrying a mandatory public-markets listing requirement. The reported position makes a listing of the holding company imminent.

United States final affirmative determinations in anti-dumping and countervailing duty investigations concerning crystalline silicon photovoltaic cells and panels imported from India, Indonesia and Laos establish dumping margins and countervailing duty rates. A final injury determination remains necessary before duty orders may be issued. An affirmative injury determination will lead to anti-dumping and countervailing duty orders based on the established rates, while a negative determination will terminate the investigations.

New Delhi, Sep 12 (PTI) BRICS on Saturday sharply criticised unilateral tariffs and trade-restrictive measures and opposed carbon border adjustment mechanisms (CBAMs), saying such measures risk becoming discriminatory, protectionist barriers that disproportionately hurt developing economies. BRICS leaders adopted a New Delhi Declaration at their 18th summit that sharply slammed Western trade barriers, explicitly naming carbon border adjustment mechanisms for the first time, and renewing deman... ... ...

The consensus New Delhi Declaration calls for maximum restraint in West Asia, civilian protection, and dialogue and diplomacy for lasting regional peace. It urges cooperation to maintain global trade, supply chains and energy flows under applicable international law. It also commits members to zero tolerance for terrorism, including cross-border terrorism, terrorism financing and safe havens, while rejecting double standards. Unilateral tariff and non-tariff measures, indiscriminate tariff increases, and environmental protectionism are criticised where inconsistent with WTO rules or trade-distorting.

Upper age-limit eligibility prescribed in a recruitment advertisement cannot be relaxed unless an express statutory or advertised power permits relaxation. An erroneous acceptance of an online application, participation in selection, or provisional inclusion in a merit list does not create an indefeasible right to appointment for an ineligible candidate. Where an earlier proceeding has conclusively determined that the candidate exceeded the upper age limit, the same eligibility issue cannot be reopened in a challenge to non-appointment under res judicata. A relaxation plea that should have been raised earlier is also barred by constructive res judicata.

Marketing and technical support services supplied to an overseas group entity for consideration received in convertible foreign exchange are treated as exports of services rather than intermediary services. Consistent treatment of materially similar services supports export classification where the supplier provides the services directly to the overseas recipient. Consequently, denial of refund of accumulated CENVAT credit on the ground that the services are intermediary services is unsustainable.

Cash deposits during demonetisation require verification of bank statements, Form 26AS, the taxpayer's explanation and supporting business records before being treated as unexplained money. Telecom recharge-coupon resale activity reflected in available tax information may be relevant to establishing the source of deposits. Where the Assessing Officer has not obtained bank information through statutory information-gathering powers or reviewed departmental records and documentary material, the source explanation requires fresh examination. The deposit addition is consequently subject to fresh adjudication after consideration of the available evidence.

Bad-debt write-off is allowable where the debt was taken into account in computing the assessee's income in an earlier year, satisfying the requirement under section 36(2)(i) read with section 36(1)(vii) of the Income-tax Act. Ledger accounts, invoices, financial statements and prior income-tax returns established that the debt had been recognised as income. A contrary appellate finding, unsupported by the documentary record and by any remand objection on compliance with section 36(2)(i), could not sustain the addition. The bad-debt deduction was therefore allowable and the addition was deleted.

Penalties for non-compliance with information notices during scrutiny may be limited where later notices substantially duplicate information sought earlier. Failure to comply led to an ex parte assessment, but the explanation for non-compliance supported treating only the first notice as an independent default. The penalty was therefore restricted to the first non-compliance, and penalties imposed for the substantially repetitive later notices were deleted.

Declared agricultural income treated as unexplained money requires examination of relevant supporting material, including executed lease deeds, agreements for sale of rubber trees and teakwood, and bank records evidencing receipt of agricultural proceeds. Where this evidence was not adequately presented before the assessing authorities, verification of land ownership and the source and quantum of agricultural income remains necessary. The addition was restored for fresh examination after granting the taxpayer a reasonable opportunity to produce and substantiate the evidence.

Long-term capital gains from listed-share sales were not treated as unexplained cash credit after the taxpayer established allotment, banking, demat, broker and stock-exchange sale records, including securities transaction tax. A general investigation report, without evidence linking the taxpayer to manipulation or accommodation entries or enquiries disproving those records, did not support the addition. Acceptance of identical transactions in other years and deletion of a comparable same-scrip addition supported judicial consistency. The unexplained cash-credit addition and consequential unexplained-expenditure addition were deleted.

BRICS supports a rules-based multilateral trading system and seeks restoration of an accessible, effective, fully functioning two-tier binding dispute-settlement mechanism, including prompt appointment of Appellate Body members. It opposes unilateral tariff and non-tariff measures, trade restrictions, and economic or secondary sanctions not authorised by the UN Security Council. It also seeks reform of International Monetary Fund and World Bank governance through greater representation, quota and shareholding realignment, and increased voting power for emerging markets and developing economies.

Professional-services TDS treatment concerns determination of the applicable tax-deduction rate and threshold for an invoice issued for Chartered Accountant services under Income Tax 2025. The issue concerns withholding obligations associated with professional fees, without stating a rate, threshold, statutory provision, or substantive response.

GST compliance considerations arise where a Chennai-based registered person imports quality-testing equipment for use at customer locations across India. The equipment is intended for quality-assurance certification and must be transported from Tamil Nadu to customer sites outside the State. The article also raises whether imported equipment may be delivered directly to a customer location in Gujarat for testing and then moved back to Tamil Nadu, with appropriate documentation and compliance precautions for direct delivery, interstate movement, customer-site use, and return transportation.

E-way bill generation from a location other than the registered place of business is considered for a GST-registered business that purchases goods from farmers across villages and dispatches them directly to customers. Clarification is sought on whether billing and e-way bill details should use the "Bill From-Dispatch From" transaction type or a regular transaction type showing the actual dispatching address.

Taxation of a private discretionary trust is considered where beneficiaries' shares are indeterminate or unknown and other income is taxed at the maximum marginal rate. Capital gains were treated as special-rate income in the return, with the special rate applied separately. Return processing instead applied the maximum marginal rate to all income, including capital gains, resulting in a demand. The issue concerns the appropriate response to that demand.

Provisional attachment powers and recovery-related functions under the Delhi Goods and Services Tax Act, 2017 may be exercised by all Assistant Commissioners and Goods and Services Tax Officers only after obtaining prior case-specific approval from the Commissioner, State Tax. The arrangement partially modifies earlier delegation orders and takes effect immediately.

Timely issuance of show cause notices is required to preserve the statutory period available for GST adjudication. In non-fraud cases, notices must be issued at least three months before expiry of the three-year period for issuing an adjudication order. In fraud, wilful misstatement, or suppression cases, notices must be issued at least six months before expiry of the five-year order-making period. Ward and zonal in-charges should identify cases requiring action and ensure time-bound completion of proceedings.