Priority recovery rights of bullion clearing corporations apply to dues owed by bullion clearing members for clearing and settlement functions. Such dues may be recovered from members' collaterals, deposits and assets, and the recovery right takes priority over every other liability of, or claim against, the relevant bullion clearing member.

Settlement and netting for bullion exchange and bullion clearing corporation transactions must follow the netting or grossing procedures prescribed in their respective bye-laws. Payments and settlements effected under those bye-laws are final, irrevocable and binding. Once settlement is final, the bullion exchange or bullion clearing corporation has priority to appropriate contributed collateral, deposits or margins towards settlement or other obligations. Finality arises when gross or net payable obligations are determined, whether or not actual payment or delivery has occurred.

Regulation 13 requires every bullion clearing corporation to comply with the governing bullion market regulations, its agreement with the concerned bullion exchange, and any further conditions imposed by the Authority. These obligations apply cumulatively and require adherence to regulatory, contractual, and additional supervisory conditions.

Regulation 12 requires the bullion exchange to protect consumer interests, regulate bullion contracts, and promote a transparent and orderly bullion market. Its functions include regulating trading members and intermediaries, enforcing good delivery standards, prohibiting fraudulent and unfair trade practices, conducting inspections, inquiries and audits, and levying fees. It may prescribe standards for bullion quality, quantity, verification, vaulting and transport, and undertake further functions specified by the Authority.

Bullion exchange clearing and settlement arrangements require a bullion exchange to use a bullion clearing corporation under a written agreement defining rights and obligations, conditions for admission of securities, risk-management measures, charges, and related matters. The bullion exchange must extend its arbitration mechanism to disputes or claims arising from clearing and settlement of trades executed on the exchange.

Clearing and settlement of bullion exchange trades must be undertaken through the services of a bullion clearing corporation. Every bullion exchange is required to use those services from the commencement date of its operations.

Bullion exchanges and bullion clearing corporations must comply with the Code of Conduct prescribed in Part A of Schedule I under the International Financial Services Centres Authority (Bullion Market) Regulations, 2025.

Withdrawal of recognition of a bullion exchange or bullion clearing corporation may be undertaken only after the recognised entity has been given an opportunity of being heard. The withdrawal process must follow the statutory procedure prescribed under section 5 of the Securities Contracts (Regulation) Act, 1956.

Renewal of recognition for a bullion exchange or bullion clearing corporation is subject to the provisions applicable to the initial grant of recognition. The recognised entity must continuously comply with the applicable recognition conditions prescribed under regulation 4(2) and regulation 4(3), as relevant.

Recognition of bullion exchanges follows the period prescribed under rule 6 of the applicable rules. Recognition of a bullion clearing corporation, unless granted permanently, must be for a period specified by the Authority and cannot be less than one year.

Recognition as a bullion exchange or bullion clearing corporation may be granted after consideration of an application where the applicant has complied with the applicable recognition conditions and is eligible for recognition. Recognition may be made subject to additional conditions considered appropriate. Refusal of recognition may occur only after the applicant is given an opportunity of being heard under the prescribed statutory procedure.

Recognition as a bullion exchange or bullion clearing corporation requires incorporation as a company limited by shares, demutualisation, fit and proper ownership and management, prescribed governance and net-worth compliance, and adequate financial capacity, expertise and infrastructure. Exchanges require online trading and real-time surveillance, member regulation, connectivity, dispute-resolution, information dissemination, system resilience and qualified personnel. Clearing corporations require timely settlement infrastructure, risk management, netting, novation, settlement guarantee, a guarantee fund, connectivity, resilience, dispute-resolution arrangements and agreements with the bullion depository and exchange.

Recognition of a bullion exchange or bullion clearing corporation requires an application with the applicable fee in the form and manner specified by the Authority. The application must include specified particulars and constitutional, governance and contractual-regulation documents. These materials must cover the governing board's constitution and management powers, office bearers' powers and duties, and membership classes, qualifications, admission, exclusion, suspension, expulsion and re-admission, together with other matters specified by the Authority.

Bullion market terms define regulated exchanges, clearing corporations, depositories, vaults, trading and clearing members, participants, depositors and vault managers in an International Financial Services Centre. Bullion depository receipts are created by depositories, listed on exchanges and backed by underlying bullion. Netting determines net settlement obligations through set-off of claims, while novation makes the clearing corporation the legal counterparty to trades. Governance definitions address control, associates, public interest directors and key management personnel. Foreign jurisdictions must meet regulatory-cooperation and anti-money-laundering eligibility conditions.

International Financial Services Centres Authority (Bullion Market) Regulations, 2025 establish a framework for recognition of bullion exchanges and bullion clearing corporations, and registration of bullion depositories and vault managers in international financial services centres. The Regulations take effect upon notification in the Official Gazette and cover connected and incidental matters.

DGST reimbursement for admission services relating to film "83" is available only where multiplexes and cinema halls retain prevailing ticket prices and seating capacity, do not charge SGST from viewers, and separately deposit the applicable tax through prescribed challans with returns. Claims must be filed with the Proper Officer in the prescribed form with challan copies and are subject to verification. Tickets must state that SGST has not been charged. Tax already collected from viewers is excluded, and reimbursement remains subject to the six-month availability period and budgetary funds.

Sale proceeds from shares cannot be treated as unexplained cash credit merely on the basis of a general penny-stock investigation report where the taxpayer substantiates acquisition, holding and sale through allotment records, banking payments, demat statements, contract notes, broker ledgers and securities transaction tax evidence. Transactions conducted through a registered broker and stock exchange require contrary material specifically linking the taxpayer to accommodation entries, cash payments or price manipulation. Generic material concerning alleged entry operators does not displace the evidentiary burden already met. On these facts, the addition under Section 68 was directed to be deleted.

Insolvency Professionals must examine potential misuse of insolvency proceedings for purposes unrelated to resolution or liquidation. Warning indicators include creditor dominance following a recent debt assignment, connected debtors with overlapping creditor committees, inadequate competition in resolution, unsupported disproportionate creditor realisations, fraud-related regulatory or enforcement links, and unjustified related-party transactions. Indicators are not conclusive and require a holistic assessment. Where reasonable grounds indicate a fraudulent or malicious purpose, the Insolvency Professional must apply to the Adjudicating Authority with the relevant indicators, material and reasons.

Physical verification of an applicant's place of business is compulsory before registration is granted under the DGST Act, 2017. Proper Officers must complete verification within seven days of receiving the application. Under Rule 25, verification may be conducted in the presence of the concerned person, and the report, supporting documents and photographs must be uploaded in Form GST REG-30 within 15 working days following verification. The measure addresses non-existing registrants and concerns regarding registration-based tax evasion.

Section 14A disallowance requires the Assessing Officer to record cogent dissatisfaction with the correctness of the taxpayer's expenditure claim before applying the statutory disallowance mechanism. Without that recorded satisfaction, the disallowance cannot be sustained. Consequently, an unsupported disallowance cannot reduce profits eligible for the Section 80IA deduction or be added back in computing book profit under Section 115JB. The absence of a valid foundational disallowance therefore defeats both consequential adjustments.