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Newsletter: Where Service Meets Reader Approval. TMI Tax Updates - e-Newsletter April 23, 2025 Case Laws in this Newsletter: GST Income Tax Customs Corporate Laws Insolvency & Bankruptcy Law of Competition Service Tax Central Excise CST, VAT & Sales Tax Indian Laws TMI Short Notes 1. Comprehensive Reform in International Taxation and Treaty Implementation : Clause 159 of Income Tax Bill, 2025 Vs. Section 90 of Income-tax Act, 1961 Bills: Summary: Concise Legal Summary:Clause 159 of the Income Tax Bill, 2025 introduces comprehensive reforms in international taxation, expanding on existing provisions for double taxation relief. The clause empowers the Central Government to enter agreements with foreign jurisdictions and specified associations, focusing on preventing tax evasion, facilitating information exchange, and providing relief mechanisms. Key innovations include broader interpretive rules for treaty terms, stricter non-resident documentation requirements, and explicit anti-abuse provisions. The legislation aims to modernize India's international tax framework, aligning with global best practices and OECD recommendations while maintaining flexibility in cross-border tax cooperation. 2. Addressing Cross-Border Taxation of Foreign Retirement Benefits : Clause 158 of Income Tax Bill, 2025 Vs. Section 89A of Income Tax Act, 1961 Bills: Summary: Concise Legal Summary:The text analyzes Clause 158 of the Income Tax Bill, 2025, addressing cross-border taxation of foreign retirement benefits. The provision aims to prevent double taxation for returning residents with retirement accounts in notified countries. It allows deferral of tax until withdrawal, applying to specified accounts opened while non-resident, with eligibility determined by government notification. The clause provides relief mechanism for individuals who accumulated retirement savings abroad, aligning Indian tax treatment with international practices and mitigating potential financial hardships for cross-border professionals. 3. Continuity and Reform in Tax Relief for Irregular Income : Clause 157 of the Income Tax Bill, 2025 Vs. Section 89 of the Income Tax Act, 1961 Bills: Summary: Clause 157 of the Income Tax Bill, 2025 provides tax relief for employees and pensioners receiving salary or pension in arrears or advance. The provision aims to prevent taxpayers from being pushed into higher tax brackets due to lump-sum income receipts. It covers arrear or advance salary, income for more than twelve months, profits in lieu of salary, and family pension arrears. Relief is granted upon application to the Assessing Officer, ensuring tax equity and fairness by mitigating the adverse tax impact of irregular income receipts. 4. Relief to resident individual taxpayers with lower and middle incomes by reducing their effective tax liability : Clause 156 of the Income Tax Bill, 2025 Vs Section 87A of the Income Tax Act, 1961 Bills: Summary: Concise Legal Summary:The text analyzes Clause 156 of the Income Tax Bill, 2025, which provides tax rebates for resident individual taxpayers with lower and middle incomes. The provision offers a 100% tax rebate up to Rs. 12,500 for incomes not exceeding Rs. 5,00,000, and an enhanced rebate of up to Rs. 60,000 for incomes up to Rs. 12,00,000 under the new tax regime. The clause introduces a tapering mechanism to smoothly reduce rebates for incomes marginally above the threshold, aiming to improve tax equity, simplify compliance, and support economic growth by increasing disposable income for lower and middle-income groups. 5. The Structure and Implications of Income Tax Rebates : Clause 155 of the Income Tax Bill, 2025 Vs. Section 87 of the Income-tax Act, 1961. Bills: Summary: Legal Analysis of Income Tax Rebates in Proposed LegislationThe document examines Clause 155 of the Income Tax Bill, 2025, comparing it with Section 87 of the Income-tax Act, 1961. The proposed clause establishes a statutory mechanism for tax rebates, providing a flexible framework for allowing deductions from computed income tax. Key objectives include ensuring tax equity, encouraging compliance, and offering targeted relief to specific taxpayer categories. The provision introduces a streamlined approach to tax rebates, delegating operational details to a subsequent section while maintaining core policy principles of providing tax relief. 6. Constitutional Limits on GST: Principle of mutuality insulates transactions between clubs/associations and their members GST: Summary: A professional medical association challenged GST applicability on transactions between the organization and its members. The Kerala High Court ruled that statutory amendments attempting to impose GST on such transactions are unconstitutional. The court upheld the principle of mutuality, determining that legislative attempts to artificially create separate entities for tax purposes exceed constitutional limits. The judgment invalidated retrospective tax provisions and affirmed fundamental principles of constitutional interpretation. Articles 1. How to Check the Status of Your 80G(5) Registration Application Online By: Ishita Ramani Summary: Nonprofit organizations seeking tax benefits for donors can track their 80G(5) Registration application online through the Income Tax e-Filing Portal. By logging in with organizational credentials, applicants can view application status, check required documents, and monitor progress. Regular tracking helps ensure timely approval, maintain compliance, and build donor confidence by demonstrating transparency in the registration process. 2. CONSEQUENCES OF NON-RECOVERY AND NON-REMITTANCE OF ‘ESIC’ DUES RECOVERED FROM THE EMPLOYEES BYTHE PRINCIPAL EMPLOYER. By: DR.MARIAPPAN GOVINDARAJAN Summary: Legal summary of the case involving non-remittance of employee insurance contributions:A company failed to remit employee insurance contributions to the Employees State Insurance Corporation (ESIC). The technical coordinator was prosecuted as a principal employer under the Employees State Insurance Act. Despite claiming limited role, the Supreme Court found him responsible for establishment supervision. The court upheld his conviction, emphasizing that organizational designation matters less than actual control. The appellant was sentenced to imprisonment and fined for non-compliance with statutory obligations regarding employee contribution deductions. 3. An Introduction to Customs classification under Indian Customs Laws By: YAGAY andSUN Summary: Legal analysis of customs classification in India reveals a comprehensive regulatory framework governing import and export goods. The system utilizes the Harmonized System of Nomenclature for categorizing products, with classification determined by characteristics, composition, and intended use. Proper classification is crucial for determining applicable customs duties, exemptions, and potential penalties. The process involves specific interpretation rules, advance ruling mechanisms, and alignment with international trade standards. 4. Enforcement Powers of Customs Officers By: YAGAY andSUN Summary: Customs officers in India possess extensive enforcement powers under the Customs Act, 1962, to regulate import and export activities. Their key authorities include searching and seizing goods, arresting individuals suspected of customs violations, summoning persons for investigation, detaining suspicious goods, and conducting premise inspections. These powers aim to prevent smuggling, ensure duty compliance, and protect national security, with safeguards to prevent potential misuse of authority. 5. Understanding the Compounding of Contraventions under FEMA, 1999 By: YAGAY andSUN Summary: The Foreign Exchange Management Act (FEMA), 1999 provides a compounding mechanism for voluntary admission of regulatory violations. Individuals or entities can apply to the Reserve Bank of India to resolve contraventions by submitting a detailed application, paying a fee, and providing necessary documentation. The process allows rectification of inadvertent breaches, with certain sensitive violations excluded from compounding. The RBI aims to resolve applications within 180 days, issuing a compliance certificate upon successful completion. 6. Environmental audits in India By: YAGAY andSUN Summary: Environmental audits in India are systematic evaluations of organizational environmental performance, mandated by law since 1992. They assess compliance with environmental regulations, identify potential risks, and promote sustainable industrial practices. The audits help companies adhere to legal requirements, improve operational efficiency, manage environmental liabilities, and enhance corporate reputation. Key environmental laws provide a comprehensive framework for protecting natural resources and regulating industrial activities across various sectors. 7. Guidelines for Compounding of Contraventions under FEMA, 1999”, based on the latest updates (Compounding Rules, 2024) By: YAGAY andSUN Summary: The guidelines for compounding contraventions under the Foreign Exchange Management Act (FEMA), 1999. Compounding allows entities to voluntarily admit FEMA violations, pay a fee, and settle matters without lengthy legal proceedings. The Reserve Bank of India can compound specific violations related to foreign investments, borrowings, and office operations, excluding serious offenses like money laundering or national security threats. Applicants must submit detailed documentation, pay prescribed fees, and comply with specific procedural requirements. The process aims to promote compliance, reduce litigation, and facilitate business operations while maintaining regulatory oversight. 8. Orange Category Industries in India: Contribution to Industrial Pollution and Climate Change, and Potential Solutions. By: YAGAY andSUN Summary: Legal Analysis Summary:The article examines Orange Category Industries in India, analyzing their environmental impact and pollution contributions. These industries, including food processing, textiles, and manufacturing, generate moderate environmental risks through air and water pollution, waste generation, and energy consumption. The text proposes comprehensive mitigation strategies focusing on cleaner technologies, waste management, resource efficiency, sustainable supply chains, regulatory compliance, and carbon offset initiatives to reduce ecological footprint and support climate change adaptation. 9. Living Animal Species (Reporting andRegistration) Rules, 2024. By: YAGAY andSUN Summary: The Living Animal Species (Reporting and Registration) Rules, 2024 establish a comprehensive regulatory framework in India for monitoring and controlling animal movements, transactions, and welfare. The rules mandate registration, reporting, and identification of living animal species, aiming to prevent illegal wildlife trade, ensure animal welfare, and align with international conservation standards. Key provisions include mandatory transaction reporting, border movement regulations, welfare standards, and penalties for non-compliance. 10. The Wild Life (Transactions and Taxidermy) Rules, 2024: A Detailed Overview. By: YAGAY andSUN Summary: Concise Legal Summary:The Wild Life (Transactions and Taxidermy) Rules, 2024 regulate wildlife product transactions and taxidermy practices in India. These rules aim to control illegal wildlife trade, promote conservation, and establish ethical standards for scientific and educational purposes. Key provisions include licensing taxidermists, defining permissible wildlife product trades, imposing penalties for illegal activities, and ensuring compliance with international conservation agreements. The regulations seek to balance wildlife protection with controlled, responsible use of wildlife resources. 11. Bicycle - Use it for Burning "FAT" Not "FUEL". By: YAGAY andSUN Summary: Bicycles offer a dual-benefit solution for personal health and environmental sustainability. By choosing cycling over fuel-powered transportation, individuals can simultaneously burn fat, reduce carbon emissions, and improve overall well-being. The activity provides a low-impact exercise that enhances cardiovascular health, mental wellness, and contributes to green mobility while offering cost-effective transportation alternatives. 12. Bicycle: A Simple, Sustainable Solution for Urban Mobility ! By: YAGAY andSUN Summary: Urban mobility is transforming through bicycles, offering sustainable solutions to environmental, health, and economic challenges. Bicycles provide zero emissions, reduce traffic congestion, and promote physical fitness. They are cost-effective, create jobs, and improve urban infrastructure. Cities globally are increasingly adopting bicycle-friendly policies, with examples from Amsterdam and Copenhagen demonstrating successful integration. For developing nations like India, bicycles represent a promising strategy to address pollution, traffic, and transportation accessibility while supporting ecological sustainability. 13. Why India Needs State-of-the-Art Infrastructure for Bicycle Riders: A Step Toward Green Mobility and Reducing Carbon Footprints By: YAGAY andSUN Summary: India urgently needs state-of-the-art bicycle infrastructure to address environmental and urban challenges. Promoting cycling can significantly reduce carbon emissions, alleviate traffic congestion, improve public health, and enhance urban mobility. By investing in dedicated bicycle lanes, parking facilities, and supportive policies, the country can create sustainable, eco-friendly transportation solutions that contribute to national and global sustainability goals. News 1. MCA to take necessary action against Gensol Engg after examining Sebi order Summary: The Corporate Affairs Ministry will examine the Sebi order against a technology company following allegations of financial misconduct. Sebi previously barred the company's promoters from the securities market due to suspected loan fund misappropriation and share price manipulation. The ministry indicated it would take necessary action under the Companies Act, 2013, potentially involving company book inspections or a Serious Fraud Investigation Office probe. 2. RSS affiliate's 3-day meet on 'Vision 2047: Prosperous and Great Bharat' in Delhi Summary: A three-day conference titled 'Vision 2047: Prosperous and Great Bharat' will be held in Delhi, organized by a research organization. Over 800 research papers will be presented by 3,000 participants, focusing on national development themes including economic growth, technological advancement, and social values. High-profile government officials, academics, and leaders are expected to attend, aiming to generate strategic insights for the country's future development by its independence centenary. 3. Maharashtra govt grants agriculture status to fisheries sector; 'move will boost production' Summary: The Maharashtra government granted agriculture status to the fisheries sector, enabling fishermen to access facilities and concessions similar to farmers. The decision will benefit approximately 483,000 fishermen by providing subsidies for equipment, insurance, credit cards, and electricity. The state aims to boost fish production, support rural economic development, and create employment opportunities in coastal and inland regions. 4. Bajaj Finserv Introduces Blockbuster EMI Days - Save Up to 55% on Top Appliances Summary: Bajaj Finserv launched Blockbuster EMI Days, a promotional event offering significant discounts on home appliances from 7th April to 31st May. Customers can purchase televisions, air conditioners, and refrigerators from top brands with easy financing options, zero down payment, and up to 55% off. The initiative aims to make home appliance upgrades more accessible through flexible EMI plans and attractive cashback deals. 5. Sensex, Nifty rise for 6th day on foreign fund inflows, buying in banking shares Summary: Benchmark equity indices Sensex and Nifty closed higher on Tuesday, extending gains for the sixth consecutive day. Foreign fund inflows and banking sector purchases drove market performance. The Sensex rose 187.09 points to 79,595.59, while Nifty increased 41.70 points to 24,167.25. Foreign Institutional Investors bought equities worth Rs 1,970.17 crore, supporting market sentiment amid mixed global market conditions. 6. Rupee falls 8 paise to settle at 85.23 against US dollar Summary: The Indian rupee declined 8 paise to close at 85.23 against the US dollar, influenced by dollar short-covering and rising crude oil prices. Despite positive domestic equity markets and foreign fund inflows, economic headwinds and potential US monetary policy impacts tempered investor sentiment. The currency had previously gained 155 paise over five trading sessions, with analysts expecting continued trading within a specific range. 7. SaveSage's Pan-India Survey Reveals 70% of Credit Card Users Fail to Maximise Rewards Summary: A survey by SaveSage reveals significant inefficiencies in credit card usage across India. 70% of credit card holders fail to maximize rewards, with 50% struggling to redeem points and 60% unaware of complimentary card perks. The study highlights a critical gap between available credit card benefits and consumer understanding, suggesting a need for better education and simplified tools to help users optimize their financial rewards. 8. Fibe and Mirae Asset Financial Services join hands to offer personal loans to salaried professionals Summary: A fintech company and a financial services firm have partnered to offer personal loans to salaried professionals. The collaboration aims to expand credit access for middle-income individuals through a digital platform. Borrowers can avail loans up to 500,000 for 36 months, with the partnership focused on providing seamless, quick, and flexible financial solutions across multiple cities in India. 9. Justice K S Hegde Institute of Management: Crafting Global Business Minds for a Changing World Summary: A premier management institute in South India, Justice K S Hegde Institute of Management (JKSHIM) offers comprehensive MBA programs with industry-aligned specializations. Established in 1998, the institute is now a constituent college of a deemed university, featuring world-class infrastructure, highly qualified faculty, and strong industry connections. The institute provides innovative learning experiences, global exposure, and career development opportunities for aspiring business professionals. 10. 19% rise in footfall at Indian heritage sites from 2019 to 2024, ticket revenue drops by 2.83%: Data Summary: Heritage sites in India saw a 19.35% increase in visitor footfall from 2019 to 2024, rising from 4.60 crore to 5.49 crore visitors. Despite higher domestic tourist numbers, ticket revenue dropped by 2.83%, falling from Rs 312.54 crore to Rs 303.70 crore. Foreign tourist visits declined by 16.03%, while domestic visits surged by 21.75%. Performance varied across monuments, with some experiencing significant revenue growth and others facing sharp declines, reflecting the complex post-pandemic tourism recovery landscape. 11. Gold futures breach Rs 1 lakh-mark, surge Rs 2,048/10 g Summary: Gold futures reached a record high of Rs 1,00,000 per 10 grams, surging Rs 2,048 amid global economic uncertainty. The price increase was driven by trade war tensions, potential Federal Reserve policy changes, and investor movement towards safe-haven assets. International gold prices also peaked at USD 3,509.06 per ounce, reflecting ongoing market volatility and geopolitical concerns. 12. InCred Wealth eyes the next phase of growth; ropes in Anu Bora to head the Family Office practice Summary: InCred Wealth, a financial services firm, appointed a new head for its Family Office practice. The executive brings nearly three decades of experience in banking, private wealth, and advisory services. The company aims to expand its offerings for ultra-high-net-worth individuals by leveraging the new leader's expertise. As of March 2025, the firm manages over INR 50,000 Cr across domestic and global businesses, focusing on tailored investment solutions. 13. Bold reforms, enhanced capacities key to India's growth story over next two decades: FM Summary: India's finance minister outlined a comprehensive growth strategy focusing on bold reforms, enhanced domestic capabilities, and strategic institutional collaborations. The approach aims to transform the nation's economic landscape over the next two decades, with goals of becoming a developed country by 2047. Key initiatives include infrastructure development, digital public infrastructure, support for small businesses, and increased women's economic participation through targeted policies and incentives. 14. Gold futures extend bull run for 4th day; jump Rs 1,899 to near Rs 1 lakh Summary: Gold prices surged to an all-time high, reaching nearly Rs 1 lakh per 10 grams on the Multi Commodity Exchange. The increase was driven by safe-haven demand and uncertainty in global financial markets. International gold futures also peaked at USD 3,504.12 per ounce, influenced by tensions surrounding monetary policy and potential interest rate changes. 15. Keynote address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the 24th FIMMDA-PDAI Annual conference, Bali, April 18, 2025 Summary: The keynote address by the central bank governor highlights India's financial market developments and challenges. The markets have shown resilience, with significant growth in trading volumes across money, government securities, forex, and derivative segments. Key focus areas include improving market liquidity, increasing retail participation, enhancing transparency, and developing more sophisticated financial instruments. The address emphasizes the need for continued innovation, risk management, and collaborative efforts to support India's economic aspirations. 16. RBI permits minors above 10 years to operate bank accounts independently Summary: A banking regulatory authority has issued guidelines allowing minors above 10 years to independently operate savings and term deposit accounts. The new rules permit opening accounts through guardians, with specific provisions for account management, risk assessment, and banking facilities. Banks must ensure account credit balance, perform due diligence, and align policies by July 1, 2025, while maintaining appropriate risk management protocols. 17. ED informs Delhi court about UK judge's order denying Sanjay Bhandari's extradition to India Summary: A UK court denied the extradition of a high-profile arms dealer to India, citing human rights concerns. The Enforcement Directorate informed a Delhi court about the dismissal of its appeal and is seeking to declare the individual a "fugitive". The court noted the submission and scheduled further proceedings. The London High Court's order has been referenced in other extradition cases, highlighting potential implications for similar legal challenges. 18. PM's advisers giving him wrong suggestions, people know probe agencies being misused: Priyanka Summary: A prominent political figure criticized the government, alleging probe agencies are being misused for political purposes. She claimed her family is cooperating with investigations and rejected allegations of property misappropriation. The statement comes amid ongoing legal scrutiny of her family members by enforcement agencies, with the politician asserting that the accusations are baseless and politically motivated. 19. J’khand Congress to launch 40-day ‘Samvidhan Bachao’ campaign Summary: The Jharkhand Congress plans to launch a 40-day 'Samvidhan Bachao' campaign across the state to highlight perceived threats to the Constitution. The party will organize rallies at district, division, and assembly levels, claiming the ruling party is undermining constitutional institutions. The campaign will include district-level events, assembly segment rallies, and a door-to-door outreach to raise awareness about constitutional challenges. 20. National Herald case is BJP's invention to divert people's attention from govt's failure: Cong Summary: A political party representative criticized legal proceedings against party leaders as a politically motivated attempt to divert public attention from government failures. The official characterized the case as an invented strategy, alleging selective prosecution and misuse of investigative agencies. He argued the charges lack substantive evidence and represent a systematic effort to target political opponents through fabricated legal actions. 21. National Herald case an attempt by Modi govt to divert attention from failures: Shrinate Summary: A political leader alleged the government is using a legal case to divert attention from national issues. She claimed the enforcement agency is targeting opposition party leaders through a money laundering investigation, characterizing the case as a political conspiracy. The leader rejected the charges, arguing no financial transfer occurred and describing the case as an attempt to suppress political opposition. 22. Nothing comes out of political vendetta: Cong on ED chargesheet against Gandhis Summary: A political party spokesperson criticized the enforcement agency's chargesheet against party leaders in a high-profile case, alleging political motivated actions. The agency accused party leaders of money laundering involving a significant financial transaction related to a historical newspaper. The party denounced the allegations as baseless, claiming the actions were part of a deliberate attempt to malign their leadership's reputation. Party members characterized the legal proceedings as politically driven vendetta without substantive evidence. 23. HIGHLIGHTS Summary: A news compilation highlighting various national and international developments including diplomatic relations between India and Saudi Arabia, political exchanges, legal proceedings, and international visits. Key topics include a Supreme Court hearing on judicial remarks, ED investigations, a high-profile US Vice Presidential visit to Jaipur, and finance minister's global technology engagement in San Francisco. 24. Hyderabad: ED summons actor Mahesh Babu in money laundering case Summary: A prominent actor was summoned by the Enforcement Directorate for questioning in a money laundering investigation related to a real estate fraud case. The agency is examining transactions worth 5.9 crore received as endorsement fees from developers. The case involves allegations of fraudulent land sales, unauthorized layouts, and cheating investors. The actor is not currently considered an accused and may have unknowingly endorsed the projects. 25. Important cases to be heard in Delhi High Court on Apr 22 Summary: A former government official will challenge a trial court's verdict acquitting a journalist in a criminal defamation case related to sexual harassment allegations. Separately, the court will review a bail application for an alleged intermediary in a money laundering investigation involving an international defense contract. 26. Jharkhand: ED raids in Bokaro forest land case Summary: Enforcement Directorate conducted simultaneous raids across 16 locations in Jharkhand and Bihar investigating an alleged forest land scam. The investigation centers on suspected fraudulent acquisition and illegal sale of 103 acres of protected forest land in Bokaro, with potential money laundering implications. 27. RSS part of BJP conspiracy to stifle opposition's voice, alleges Congress Summary: A political party alleges a national organization is conspiring with the ruling party to suppress opposition voices. The spokesperson claims legal actions against party leaders are politically motivated attempts to target a prominent political family. The accusations center on a money laundering case involving senior party members, which the spokesperson describes as an effort to divert public attention from national issues and tarnish the opposition's image. 28. Mahadev betting app case: ED seizes securities, bonds, worth Rs 573 cr Summary: Enforcement Directorate seized securities and bonds worth Rs 573 crore in the Mahadev betting app money laundering case. Searches conducted across multiple cities revealed proceeds of crime invested in stock markets through foreign portfolio investments. The agency found evidence of stock price manipulation, arrested 13 individuals, and filed five chargesheets against 74 accused. Projected proceeds of crime are estimated at Rs 6,000 crore. 29. Abuse of power to dent reputation of Sonia, Rahul: Chidambaram on ED action in National Herald case Summary: A senior political leader accused the Enforcement Directorate of abusing power by filing a money laundering case against opposition party leaders in the National Herald case. He argued there were no crime proceeds and claimed the loan-to-equity conversion was a standard financial practice. The leader defended the party's actions, asserting no money was distributed and the allegations were baseless. The ED had filed a chargesheet alleging laundering of significant funds. 30. India aims to double share of manufacturing in GDP to 23 pc helped by sunrise sectors: FM Summary: India aims to increase manufacturing's GDP share from 12% to 23% by focusing on 14 sunrise sectors like semiconductors, renewable energy, medical devices, and labor-intensive industries. The strategy seeks to absorb the workforce, reduce import dependencies, and build competitive global supply chains. The government is promoting these sectors through production-linked incentive schemes, recognizing manufacturing as a key driver of economic transformation and community development. 31. Modi's approval ratings make me jealous: US Vice President Vance Summary: A US Vice President praised an Indian Prime Minister during a visit, highlighting strong bilateral relations. He commended the leader's high approval ratings, negotiation skills, and leadership. The Vice President emphasized mutual respect and criticized previous administrations' approach towards India. The visit included diplomatic discussions and a dinner, with the Vice President noting positive personal interactions with the host's family. 32. Vance urges India to drop non-tariff barriers; procure more American energy, military hardware Summary: US Vice President urged India to remove trade barriers and increase purchases of American energy and military equipment. He emphasized the strategic importance of US-India partnership for global prosperity and peace. The visit focused on expanding bilateral trade, defense collaboration, and shared interests in the Indo-Pacific region. The leader highlighted potential cooperation in energy, nuclear power, and advanced military technologies while describing the relationship as mutually beneficial. 33. India a great market, confident of multiple players in satcom sector: Scindia on Musk's visit Summary: The Indian Telecom Minister expressed openness to multiple satellite internet service providers, emphasizing the importance of connectivity in rural and underserved areas. The government has already granted licenses to two major telecommunications companies and is considering additional players. The minister welcomed technological innovations and stressed the need to adapt quickly to emerging technologies that can benefit consumers, particularly in expanding connectivity to remote regions. 34. Trade pact with India will help open new markets for American goods: USTR Summary: A proposed trade pact between the United States and India aims to open new markets and create opportunities for workers and entrepreneurs. The US Trade Representative highlighted significant trade imbalances, with the US experiencing a $45.7 billion goods trade deficit in 2024. Both countries are working to finalize the first phase of the Bilateral Trade Agreement by fall, focusing on reducing tariffs, addressing trade barriers, and achieving reciprocal trade relations. 35. Vance's visit takes India-US dialogue a step further: Scindia Summary: A high-level US government official visited India to advance bilateral trade negotiations, focusing on resolving tariff disputes. The two nations are working towards a mutually beneficial trade agreement, with discussions covering economic, strategic, and technological cooperation. Both countries aim to strengthen their partnership, reduce trade barriers, and explore opportunities in various sectors while maintaining positive diplomatic relations. 36. India poised to benefit from supply chain realignments: RBI bulletin Summary: India is positioned to benefit from global supply chain shifts, diversified foreign direct investment, and engagement with international investors seeking resilience. The RBI bulletin highlights the country's strong trade linkages, services exports, and remittance inflows. Despite potential global economic volatility, domestic growth engines like consumption and investment remain robust, with promising agricultural prospects for 2025. 37. Operation Zeppelin -- Inside Adani's Counter to Hindenburg Summary: A financial research firm published a critical report about a major Indian conglomerate, alleging stock manipulation and fraud. The group responded with a strategic counteroffensive dubbed 'Operation Zeppelin', involving international intelligence gathering, legal maneuvers, and diplomatic efforts. Despite initial stock market losses, the company conducted a comprehensive investigation into the research firm's background, allegedly uncovering complex networks. By January 2025, the research firm closed operations, marking what some consider an unprecedented corporate comeback strategy. 38. US, India can accomplish much more together: Vance Summary: A senior US official urged India to expand market access, increase purchases of American energy and defense equipment. He emphasized potential bilateral cooperation in technology, trade, and strategic sectors. The official highlighted shared goals for building a mutually beneficial relationship, noting strong leadership and opportunities for collaborative development in the 21st century. 39. Right to Protein Celebrates the Global Annual 'Soy Month' 2025 Summary: A global campaign 'Right to Protein' celebrated Soy Month 2025, highlighting soy's potential to address protein deficiencies in India. Partnering with a soy association, the campaign hosted an international conference discussing sustainable soy foods and nutrition. The initiative unveiled a report revealing significant protein gaps across rural and urban populations, emphasizing soy as a complete protein source for vegetarian diets and child nutrition. The campaign aims to increase protein awareness and promote sustainable food systems. 40. Rupee falls 4 paise to 85.19 against US dollar in early trade Summary: The Indian rupee depreciated 4 paise to 85.19 against the US dollar in early trade, influenced by dollar short-covering and persistent economic concerns. Forex traders noted potential headwinds from tariffs and US monetary policy. Despite positive domestic equity market performance and foreign institutional investment inflows, currency market volatility remained evident due to ongoing economic uncertainties. 41. India-Saudi Arabia ties have limitless potential: PM Modi Summary: Prime Minister discussed robust India-Saudi Arabia relations, highlighting their strategic partnership with limitless potential. He emphasized economic collaboration, energy cooperation, and the proposed India-Middle East-Europe Economic Corridor. The leader noted complementarities between Saudi Vision 2030 and India's development goals, praising bilateral ties' historical depth and future prospects across multiple sectors. 42. Pride, anticipation envelope US Second Lady Usha Vance’s native village in Andhra Pradesh Summary: A US Second Lady with ancestral roots in Vadluru village, Andhra Pradesh, arrived in India for a four-day personal visit. The village residents expressed pride and anticipation, hoping she would visit her ancestral home. Despite local excitement, the village was not included in her official itinerary. Local officials and villagers were preparing to potentially meet her, with relatives expressing joy about her prominent position. 43. PM Modi, US VP Vance welcome 'significant progress' in negotiations for trade pact Summary: India and the US reported significant progress in bilateral trade negotiations during a meeting between national leaders. The discussions focused on enhancing cooperation in defense, energy, and strategic technologies. Both sides welcomed advancements in the bilateral trade agreement, aiming to create growth opportunities for workers, farmers, and entrepreneurs. The leaders exchanged views on global issues and emphasized dialogue and diplomacy as key approaches to international relations. 44. PM Modi, US VP Vance welcome progress in negotiations for trade pact Summary: High-level diplomatic talks between India and the US focused on advancing bilateral trade negotiations and cooperation. The national leaders discussed potential trade agreements, strategic partnerships in defense and energy, and global issues like the Russia-Ukraine conflict. They welcomed significant progress in negotiations and emphasized dialogue as a pathway forward. A delegation is set to continue trade discussions, with potential agreement finalization expected by autumn. 45. Gujarat: Former APSEZ official gets 5 years in jail in DA case Summary: A former official at Adani Ports and SEZ Ltd was sentenced to five years in prison and fined Rs 80 lakh for possessing disproportionate assets. The CBI investigation revealed assets worth Rs 45,37,178 exceeding the official's known income by 153 percent, accumulated between 2009 and 2015. The court convicted the official after examining 35 witnesses and 101 documents. 46. US Vice President Vance, his family meet PM Modi as they begin 4-day India visit Summary: A high-ranking US government official and his family arrived in India for a four-day visit, meeting the Prime Minister and discussing bilateral trade, strategic cooperation, and regional issues. The delegation visited cultural sites in Delhi, Jaipur, and Agra, focusing on strengthening diplomatic relations. Discussions centered on a potential trade agreement, energy cooperation, and shared global perspectives, with plans to conclude negotiations by autumn. 47. JSW plans to attract Japanese, Korean companies to its Salboni industrial park in Bengal Summary: JSW Group plans to develop a 2,000-acre industrial park in Salboni, West Bengal, targeting Japanese and Korean companies seeking relocation from China due to US-China trade tensions. The project includes a 1,600-MW power plant with an investment of Rs 16,000 crore, expected to generate over 2,000 jobs. The park will offer plug-and-play facilities, discounted utilities, and connectivity, aiming to attract electronics, electrical, and chemical industries. 48. HIGHLIGHTS AT 9 PM Summary: Prime Minister held talks with US Vice President on bilateral trade negotiations. Civil servants were urged to prioritize citizen-centric governance. Eight Naxals were killed in a Jharkhand encounter. Congress leaders defended themselves in a legal case. Flash floods severely impacted villages in Jammu and Kashmir. Supreme Court sought responses in multiple legal matters including a demolition dispute and a corruption case. Pope Francis passed away at 88. 49. PM Modi, US VP Vance welcome progress on US-India trade pact Summary: High-level diplomatic discussions occurred between national leaders focusing on bilateral trade agreement progress. Both parties welcomed advancements in negotiations across multiple cooperation domains including trade, energy, defense, and strategic technologies. The leaders emphasized dialogue and diplomacy while discussing regional and global issues of mutual interest during their meeting. 50. Rupee jumps 23 paise to settle at 85.15 against US dollar on FII inflows Summary: The Indian rupee strengthened by 23 paise, settling at 85.15 against the US dollar, marking its fifth consecutive session of gains. The rise was driven by a weakening US dollar, foreign fund inflows, declining crude oil prices, and robust domestic stock market performance. Forex traders anticipate continued positive momentum, with the rupee expected to trade in a range of 84.80 to 85.35, supported by improved global risk appetite and foreign investments. 51. Gold prices breach record Rs 97,000/10g level in futures trade Summary: Gold prices surged to a record high of Rs 97,365 per 10 grams in futures trade, driven by strong local demand and global market factors. The rally is supported by escalating trade tensions, US economic outlook concerns, and continued buying from China, global central banks, and institutional investors. Global gold futures also reached an all-time high of USD 3,442 per ounce, influenced by a weakening US dollar and geopolitical uncertainties. 52. Following are the top foreign stories at 2015 hours Summary: International news highlights include India's ongoing trade negotiations with the US, with hopes of signing a bilateral agreement by October. China threatened trade countermeasures against countries making deals with the US. In other developments, an Islamist group in Bangladesh demanded abolition of a women's reform commission, while Pakistani security forces neutralized suspected terrorists. The global community mourned the passing of Pope Francis, with tributes from various world leaders, including the UK's King Charles and Russian President Putin. 53. PM Modi meets US Vice President Vance Summary: Prime Minister met with US Vice President to discuss bilateral trade negotiations and strategic ties. The visit marks the first high-level diplomatic engagement after recent trade tensions. Leaders are expected to explore potential trade agreements, market access, and collaborative opportunities. The meeting follows recent tariff developments and aims to strengthen diplomatic relations between the two countries. 54. US Vice President Vance, his family begin 4-day India visit Summary: US Vice President and family began a four-day visit to India, focusing on deepening bilateral relations and potentially concluding a trade deal. The delegation was warmly welcomed in Delhi, visiting cultural sites like Akshardham temple and Central Cottage Industries Emporium. Planned itinerary includes meetings with government officials, visits to Jaipur and Agra, and discussions on trade and strategic partnership between the two countries. 55. Mega makeover for North Block: Govt invites bids for Rs 338-crore project Summary: A major restoration project is underway for the North Block, a historic government building in New Delhi. The Central Public Works Department has invited bids for a Rs 338-crore renovation to transform the structure into a national museum. The project aims to preserve the building's heritage while implementing modern conservation techniques, with plans to restore stone elements, strengthen structural components, and create a new service building. The renovation is part of the Central Vista Redevelopment Project and is expected to be completed within two years. 56. Modi govt 'squeezed' rightful share of states in cess on petrol, diesel: Kharge Summary: Political leader criticizes federal government's taxation policy on petroleum products, alleging unfair revenue collection practices. The government has reportedly collected substantial cess on petrol and diesel since 2014, totaling Rs 38.89 lakh crore, without adequately sharing revenues with states. The leader argues that despite falling global crude oil prices, central excise duties were increased, preventing states from receiving their rightful financial share, contradicting principles of cooperative federalism. 57. FM Sitharaman meets business leaders in San Francisco, discusses bilateral cooperation, investment opportunities Summary: A senior government official met with technology and business leaders in San Francisco, discussing bilateral cooperation between India and the United States. Discussions focused on artificial intelligence, digital infrastructure, and investment opportunities. Meetings involved executives from prominent technology companies and venture capital firms, exploring collaboration in sectors like education, healthcare, and AI. The official highlighted India's digital initiatives, AI potential, and policy frameworks while engaging with potential investors and technology leaders. 58. Union govt appoints five special directors at ED Summary: The Union government appointed five special directors to the Enforcement Directorate, including four Indian Revenue Service and one Indian Police Service officers. The Appointments Committee of the Cabinet selected officers from various service batches to fill SD posts. These special directors will head regional offices, supervise investigations, and report to the ED Director. The appointments complete the agency's sanctioned strength of special director positions. 59. ED chargesheet in National Herald case was timed with AICC session in Ahmedabad: Cong Summary: A political spokesperson from a major opposition party criticized the timing of a financial crime agency's chargesheet in a long-standing legal case. The spokesperson alleged the ruling party is using legal proceedings to tarnish opposition leaders' image and distract from economic issues. The case involves a historical newspaper property transfer, with the agency claiming improper share transactions. The spokesperson argued the investigation is politically motivated and timed to coincide with a party conference. 60. IMF asks Pak govt to remove development projects worth Rs 1.1 trillion from its federal budget Summary: The International Monetary Fund (IMF) has requested Pakistan's government to remove provincially-mandated development projects worth Rs 1.1 trillion from its federal budget. This directive aligns with constitutional responsibilities under the 18th amendment, requiring provinces to finance their own development schemes. The move reflects the IMF's push for fiscal discipline and clarity in expenditure responsibilities as part of Pakistan's ongoing loan program negotiations. 61. US, global economic outlook worsens in face of Trump's tariffs, IMF says Summary: The International Monetary Fund reported a worsening global economic outlook due to trade tariffs, projecting global growth at 2.8% in the current year, down from 3.3%. US economic growth is expected to slow to 1.8%, with recession probability increasing from 25% to 37%. The IMF suggests a significant economic system transformation, reflecting uncertainty in global trade and economic conditions. 62. Relief to Tobacco Farmers: Government Notifies 3-Year Validity for Grower Registrations and Barn Licenses Summary: Government extends Virginia tobacco grower registrations and barn licenses from one to three years across Andhra Pradesh, Karnataka, Telangana, and Odisha. The amendment to Tobacco Board Rules, 1976 aims to reduce administrative burden for approximately 83,500 farmers managing 91,000 barns. This change will streamline renewal processes and facilitate ease of doing business for tobacco cultivators, effective from the 2025-26 crop season. 63. DPIIT and Stride Ventures announce the winner of the Bharat Startup Grand Challenge 2025, with funding of up to INR 10 crore Summary: A startup focused on plastic recycling was selected as the winner of the Bharat Startup Grand Challenge 2025, organized by DPIIT and Stride Ventures. Chosen from over 120 applications across 22 states, the company specializes in ethical plastic waste collection and recycling. Stride Ventures announced potential funding of up to INR 10 crore, along with mentorship and network support to help scale the startup's sustainability efforts in India. 64. CCI Approves Google’s Settlement Proposal in Android TV Case Summary: Competition Commission of India approved Google's settlement proposal in an Android TV case involving alleged anti-competitive practices. The investigation found Google's agreements restricted market competition by requiring pre-installation of services and preventing alternative Android versions. Under the settlement, Google will provide standalone Play Store licensing for smart TVs, remove bundling requirements, and allow OEMs to develop incompatible devices. The settlement involves a penalty of Rs. 20.24 crore with a 15% discount. 65. Data Users Conference: Strengthening the Bridge Between Data Producers and Users Summary: A national statistical conference organized by the National Statistics Office focused on strengthening data production and usage. Representatives from government, academia, and research institutions discussed methodological improvements in household surveys, labor force statistics, GDP estimates, and consumer price indices. The event emphasized data credibility, technological interventions, and collaborative research to enhance statistical ecosystem and evidence-based policymaking. Notifications Customs 1. 01/2025 - dated 21-4-2025 - Safeguard Seeks to impose safeguard duty on “Non-Alloy and Alloy Steel Flat Products” Summary: The notification imposes a provisional 12% safeguard duty on imports of non-alloy and alloy steel flat products, including various types of coils, sheets, and plates. The duty applies to specific tariff headings, with exemptions for certain product categories and developing countries (except China and Vietnam). The safeguard measure is effective for 200 days and includes detailed exclusions for specialized steel products. GST - States 2. S.R.O. No. 463/2025 - dated 21-4-2025 - Kerala SGST Kerala Goods and Services Tax (Second Amendment) Rules, 2025 Summary: The Kerala Goods and Services Tax (Second Amendment) Rules, 2025 modify existing tax regulations, focusing on refund and appeal procedures. The amendment clarifies that no refund is available for taxes already discharged before the rule's commencement, and provides guidance for handling tax demands spanning multiple periods. It allows taxpayers to selectively withdraw appeals for specific time frames while preserving proceedings for other periods. 3. G.O.Ms. No.76 - dated 28-3-2025 - Tamil Nadu SGST Tamil Nadu Goods and Services Tax (Second Amendment) Rules, 2025 Summary: A notification amending the Tamil Nadu Goods and Services Tax Rules, 2025 modifies provisions related to tax refunds and appeals. The amendment clarifies that no refund is available for taxes, interest, and penalties already discharged before the amendment's commencement. It introduces a process for partially withdrawing appeals for specific tax periods, allowing appellate authorities to handle remaining appeal components as deemed appropriate. 4. G.O.Ms.No.72 - dated 18-3-2025 - Tamil Nadu SGST Amendment to the Tamil Nadu Goods and Services Tax Act, 2017.--Erratum to Notification Summary: An official erratum was issued to amend a previous notification for the Tamil Nadu Goods and Services Tax Act, 2017. The amendment adds a paragraph specifying that the original notification shall be deemed to have come into force from October 10, 2024, retroactively establishing its effective date. Circulars / Instructions / Orders SEBI 1. SEBI/HO/IMD/PoD2/P/CIR/2025/56 - dated 22-4-2025 Change in cut-off timings to determine applicable NAV with respect to repurchase/ redemption of units in overnight schemes of Mutual Funds Summary: A regulatory circular modifies cut-off timings for repurchase of units in overnight mutual fund schemes. For applications received up to 3:00 PM, the closing NAV of the preceding business day will apply. Applications after 3:00 PM will use the next business day's closing NAV. Online applications for overnight schemes have an extended 7:00 PM cut-off time. The changes aim to facilitate upstreaming of client funds and will be effective from June 1, 2025, as per regulatory guidelines. 2. SEBI/HO/ISD/ISD-PoD-2/P/CIR/2025/55 - dated 21-4-2025 Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) – Extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of financial results. Summary: Regulatory circular extending trading window closure restrictions to immediate relatives of designated persons in listed companies. SEBI mandates automated implementation of trading restrictions during financial result periods through depositories and stock exchanges. The framework will be implemented in two phases covering top 500 companies by July 2025 and remaining listed companies by October 2025, with detailed procedures for freezing trading activities and reporting requirements. FEMA 3. 02/2025-26 - dated 22-4-2025 Amendments to Directions - Compounding of Contraventions under FEMA, 1999 Summary: A regulatory circular from the Reserve Bank of India amends guidelines for compounding contraventions under the Foreign Exchange Management Act (FEMA), 1999. Key changes include: delinking compounding amounts from previous orders, and requiring additional details in application submissions such as mobile number, payment office, and application submission mode. These modifications aim to improve processing efficiency and reconciliation of compounding applications. DGFT 4. Trade Notice No. 02/2025-26 - dated 21-4-2025 Introduction of ‘Mode of Export of Services’ Field in eBRC Format for Services Exports with effect from May 01, 2025. Summary: The trade notice introduces a new 'Mode of Export of Services' field in the Electronic Bank Realisation Certificates (eBRC) format for services exports, effective May 01, 2025. This enhancement aims to improve data accuracy by capturing export modes defined under the World Trade Organization's General Agreement on Trade in Services. Exporters must now specify one of four service export modes: cross-border supply, consumption abroad, commercial presence, or presence of natural persons when certifying export realizations. Customs 5. Instruction No. 04/2025 - dated 21-4-2025 Recognition of National Food & Feed Reference Laboratory (NFFRL), Kathmandu, Nepal Summary: A memorandum of understanding between India's Food Safety and Standards Authority and Nepal's Department of Food Technology establishes mutual laboratory recognition. The National Food & Feed Reference Laboratory in Kathmandu is authorized to analyze specific food products including juices, jams, jellies, pickles, candies, ginger, fresh produce, and instant noodles. Analysis certificates from this laboratory will be accepted by Indian authorities for food import purposes, valid until the laboratory receives ISO/IEC17025 accreditation. Highlights / Catch Notes GST No GST on UPI Transactions: Government Confirms Zero Taxation for Digital Payments Under Rs. 2,000 High Court Invalidates GST Rule 86A Blocking of Electronic Credit Ledger Due to Procedural Defects and Lack of Fair Hearing Natural Justice Prevails: GST Authorities Penalized for Denying Hearing Rights Under Section 75(4) Government Contractor Wins Tax Dispute: Mega Exemption Notification 25/2012 Shields Services from Extended Limitation Period Legal Challenge Succeeds: Partial Bank Account Release Granted with 10% Security in GST Evasion Case Tax Assessment Overturned: Section 73 Limits Challenged, Demand Invalidated Due to Procedural Discrepancies in Notice Scope Tax Credit Order Nullified: Insufficient Evidence Review Exposes Procedural Flaws in Supplier Invoice Verification Process GST Registration Cancelled for Persistent Non-Compliance: Statutory Obligation Upheld with Potential Reinstatement Pathway GST Proceedings Upheld: Cross-Examination Denial Does Not Invalidate Administrative Process, Statutory Appeal Pathway Confirmed Tax Assessments Require Separate Proceedings: Distinct Notices and Time Limits Mandated for Each Financial Year Under Sections 74(1), (2), and (10) High Court Invalidates Rs. 50,330 Tax Recovery, Orders Verification and Re-crediting of Electronic Cash and Credit Ledgers Under GST Act Petitioner Wins Challenge Against GST Assessment Orders Due to Procedural Flaws and Lack of Fair Hearing Judicial Intervention Nullifies Ex-Parte Order, Reinstates Petitioner's Right to Fair Hearing and Natural Justice Principles Taxpayer Wins Challenge Against Improper GST Refund Rejection, Court Orders Reconsideration Under Rules 89, 90, and 92 High Court Rejects Bail Modification in GST Fraud Case, Upholds Original Order Based on Investigation Completion and Cooperation GST Registration Canceled for Persistent Non-Compliance: Piecemeal Returns Insufficient to Prevent Statutory Penalty Under Rule 22(4) Apartment Allotment Triggers GST Liability Based on Payments Made During Construction Phase Under Section 7 Income Tax Judicial Review Ordered: Expedited Hearing on Tax Assessment Exemption Petition with Four-Week Resolution Timeline Income Tax Assessment Order Quashed: Mechanical Approval Invalidates Proceedings Under Sections 153A/153C Jurisdictional Satisfaction Under Section 153C Requires Substantive Reasoning, Not Mere Perfunctory Recording of Search Details Legal Challenge Overturned: Trust Registration Reinstated After Procedural Errors in Tax Authority's Assessment Land Purchase Cash Payments Validated as Genuine Business Transactions Under Rule 6DD Exceptions Creditor Loans Validated: Section 68 Challenge Dismissed as Insufficient Evidence Fails to Prove Fund Irregularities Customs Customs Rules Updated: Origin Documentation Simplified with New Terminology and Verification Procedures IGST Refund Denied for Manual TR6 Challans: Exporters Blocked from Claiming Duty Refunds Under Section 142(3) Exporters Face Scrutiny: Duty Drawback Challenge Rejected Due to Massive Invoice Value Manipulation and Fraud Evidence DGFT Exporters Must Now Specify Service Trade Mode in New Electronic Bank Realization Certificate Format Corporate Law Corporate Property Dispute: Summons Under Section 452 Upheld, Challenging Party's Revision Application Dismissed for Lack of Substantive Legal Merit IBC UCO Bank Consortium Secures Priority Charge Over Corporate Debtor's Movable Assets Under Section 48 of TP Act Indian Laws Joint Account Holder Cleared: No Vicarious Liability for Cheque Dishonor Under Criminal Complaint Without Direct Involvement Government Can Compulsorily Retire Civil Servants When Public Interest and Service Integrity Are Compromised Under Rule 16(3) Legal Challenge to Cheque Dishonour Case Dismissed: Section 138 Order Quashed Due to Unaddressed Limitation Period Violation Forensic Document Analysis Request Denied Under Section 528 Due to Procedural Defects and Lack of Substantive Evidence Service Tax Service Tax Challenge Dismissed: Subcontractor Fails to Produce Documents Within Statutory Limitation Period Service Tax Dispute Resolved: Voluntary Payment Nullifies Show Cause Notice Under Finance Act Section 73(3) Catering Service Provider Wins Appeal, Secures Tax Benefits Under Notification N/N.12/2003-ST Despite Previous Denials Case Laws: GST 2025 (4) TMI 1170 The HC quashed orders blocking the petitioner's Electronic Credit Ledger (ECL) and provisionally attaching property under CGST Rules. The Court found the orders illegal due to lack of pre-decisional hearing, absence of independent "reasons to believe", and failure to demonstrate necessity for revenue protection. The respondents were directed to unblock the ECL and issue fresh notices in compliance with legal procedural safeguards. 2025 (4) TMI 1169 The HC ruled in favor of the petitioner, a government contractor, finding the service tax demand for royalty deducted in 2016-17 invalid. The court held that the extended limitation period could not be invoked due to absence of deliberate suppression or fraud. The demand notice was barred by limitation, as no invoice was issued by the government department, and the petitioner lacked knowledge of the taxable nature of the royalty payment. The court quashed the demand and penalty order. 2025 (4) TMI 1168 HC invalidated Notifications No. 56/2023-Central Tax and No. 56/2023-State Tax for lacking GST Council recommendation, rendering them ultra vires. Consequently, the impugned Order dated 12th August 2024 under Section 73(9) of MGST Act was quashed as being beyond valid time limits. Interim relief was granted, staying the order's operation pending final disposition. 2025 (4) TMI 1167 The HC set aside an ex-parte GST order against the Petitioner, finding the adjudicating authority erroneously claimed no reply was filed. The Court remanded the matter for fresh hearing, directing the authority to provide multiple hearing opportunities and consider the Petitioner's submissions. The GST rate dispute was left unresolved, with procedural fairness taking precedence. 2025 (4) TMI 1166 SC examined the classification of Roof Mounted Package Unit (RMPU) air conditioning machines for GST purposes. The Court upheld the Department's circular classifying RMPUs under HSN 8415 (attracting 28% GST), while preserving the Petitioners' right to challenge through adjudicatory proceedings. The Court directed that no coercive action would be taken and allowed continued review of the classification, balancing statutory interpretation with procedural fairness. 2025 (4) TMI 1165 The HC examined a tax dispute involving duplicate GST demand orders against a firm for allegedly fraudulent Input Tax Credit claims. The court found prima facie evidence of demand duplication and directed the Appellate Authority to examine the issue. While declining to quash the orders, the HC provided procedural relief by limiting pre-deposit requirements and preserving the firm's appellate rights under the CGST Act. The court emphasized statutory remedies over direct judicial intervention. 2025 (4) TMI 1164 The HC examined the applicability of Section 15(1) and 15(4) of the CGST Act in determining transaction value for a BOOT co-generation project. The court acknowledged the tax authorities' right to reassess transaction value when non-monetary considerations exist. While granting interim relief, the HC directed the Petitioners to deposit Rs. 64 Lakhs and ordered Respondents to file detailed affidavits, indicating a balanced approach to resolving the GST valuation dispute. 2025 (4) TMI 1163 The SC partially allowed the petition challenging a provisional attachment order under the CGST Act. While recognizing the tax authority's right to protect revenue, the court directed partial bank account release, mandating a Rs. 1.5 crore security retention. The ruling balanced revenue protection with business continuity, emphasizing procedural fairness and the need for timely adjudication of tax evasion allegations. 2025 (4) TMI 1162 HC ruled that summary show cause notices under CGST Act Section 73 are invalid without formal notices. The court found procedural defects in tax recovery proceedings, specifically: (1) summary notices cannot replace formal show cause notices, (2) orders must be formally issued with proper authentication, and (3) taxpayers must be given opportunity of hearing. The impugned summary notices and orders were quashed, with liberty to tax authorities to reinitiate proceedings correctly. 2025 (4) TMI 1161 The SC conditionally restored the petitioner's GST registration after cancellation for non-filing of returns. Despite procedural defaults and delayed appeal, the court granted relief subject to strict conditions: filing all pending returns, paying tax dues, interest, and penalties within six weeks. The jurisdictional officer was directed to activate the registration portal within seven working days, balancing revenue interests with business continuity. 2025 (4) TMI 1160 HC allowed the writ petition challenging tax assessment, finding procedural irregularities in GST proceedings. The court held that the assessing authority violated natural justice by not providing opportunity to explain input tax credit discrepancies and reconcile statutory returns. The assessment order was set aside, directing fresh adjudication with proper hearing and evidence consideration. 2025 (4) TMI 1159 HC ruled that tax authorities exceeded the scope of the show cause notice under Section 73 of GST Act by imposing liability on outward supplies not originally mentioned. The court set aside tax determinations related to goods from two suppliers and undisclosed supplies, while preserving authorities' right to initiate fresh proceedings with proper notice. The decision emphasizes procedural fairness in tax assessment, requiring clear and comprehensive show cause notices. 2025 (4) TMI 1158 The SC found the HC's dismissal of the writ petition procedurally flawed. The petition was wrongly tagged with other cases challenging GST Act provisions, causing prejudice to the appellant. Without merit-based adjudication, the Court set aside the dismissal and restored the writ petition for fresh consideration, emphasizing the importance of substantive review over procedural technicalities. 2025 (4) TMI 1157 HC analyzed a GST tax dispute involving input tax credit (ITC) claims. The court found the tax authority's order flawed due to failure to consider prior DGGI proceedings where ITC was already reversed and taxes paid. The HC quashed the impugned order, directing fresh adjudication with full consideration of evidence, emphasizing that double taxation is impermissible and procedural fairness must be maintained in tax assessment proceedings. 2025 (4) TMI 1156 Judicial Outcome Summary:HC addressed GST registration cancellation under Section 29(2)(c) of CGST Act, 2017. Court validated the cancellation for non-filing of returns while recognizing petitioner's procedural challenges. Despite missed statutory timelines, HC granted relief by directing petitioner to approach tax authorities within two months, furnish pending returns, and clear outstanding dues. The ruling emphasizes statutory compliance while providing an equitable opportunity for registration restoration. 2025 (4) TMI 1155 HC disposed of a petition challenging GST-related orders alleging fraudulent Input Tax Credit. Despite limitation period expiry for the first order, court granted petitioner 30 days to file appeals against all three connected orders. The court directed appellate authority to adjudicate appeals on merits, ensuring procedural fairness while allowing legal recourse within specified timeframe. 2025 (4) TMI 1154 HC upheld consolidated Show Cause Notice (SCN) covering multiple financial years under CGST Act. Denied cross-examination request was deemed legally valid, finding no prejudice to petitioner. Court directed statutory appeal under Section 107 instead of writ jurisdiction, emphasizing that cross-examination is not an absolute right and factual disputes should be resolved through appellate mechanisms. 2025 (4) TMI 1153 The SC examined whether an Appellate Authority under the CGST Act can dismiss appeals solely due to non-appearance. The Court held that Section 107(12) mandates merit-based decisions with written reasons, even when an appellant fails to appear. The impugned orders dismissing appeals without substantive adjudication were set aside, and the matter was remanded for fresh consideration with a new hearing opportunity. 2025 (4) TMI 1152 SC analyzed the CGST/SGST Act's Section 74, holding that proper officers cannot issue composite show cause notices spanning multiple assessment years. The court ruled that separate notices are mandatory for each year, preserving procedural fairness and statutory limitation periods. The composite notice was partially set aside, with authorities directed to issue distinct notices for each assessment year in compliance with legal requirements. 2025 (4) TMI 1151 SC ruled that recovery of Rs. 50,330/- from taxpayers' electronic ledgers was unlawful after mandatory pre-deposit was made under Section 112(8) of GST Act. Court directed respondents to verify and re-credit the amounts to petitioners' cash and credit ledgers by May 2025, emphasizing statutory protection against recovery during pending appeal, even when Appellate Tribunal is not operational. Income Tax 2025 (4) TMI 1139 SC reviewed HC's ex-parte order in tax appeal, noting pending review petition challenging service. Court directed HC to decide review within four weeks, preserving petitioner's right to pursue further legal remedies. SC emphasized procedural fairness without definitively ruling on merits of the underlying tax dispute. 2025 (4) TMI 1138 SC dismissed SLP on grounds of delay and merits, finding no satisfactory explanation for late filing. Exercising powers under Article 136, the court held no interference was warranted. The petition was dismissed with pending applications disposed of, effectively upholding the lower court's decision. 2025 (4) TMI 1137 SC dismissed the special leave petition, upholding HC and Tribunal decisions. The Court clarified that an Assessing Officer's discretion in tax investigations cannot be challenged merely on grounds of not making additions after inquiry. Under Section 263 of Income Tax Act, remand is permissible only in cases of significant investigative failure demonstrably prejudicing Revenue, which was not established in this instance. 2025 (4) TMI 1136 The SC examined the revisional power under Section 263 of the Income Tax Act. The court held that the PCIT's revisional order was invalid due to insufficient hearing opportunity for the assessee. The order failed to meet the legal standards of being "erroneous" and "prejudicial to Revenue." The ITAT's quashing of the revisional order was upheld, emphasizing procedural fairness and strict interpretation of revisional jurisdiction. 2025 (4) TMI 1135 The HC examined the validity of a tax reassessment notice under section 148 of the Income Tax Act. The court invalidated the notice issued after four years, ruling that the Assessing Officer's attempt to reopen the assessment was based on a mere change of opinion regarding interest expenditure classification. Since the original assessment was conducted through scrutiny and all material facts were fully disclosed, the reopening was impermissible. The notice was consequently quashed. 2025 (4) TMI 1134 HC quashed income tax reassessment notices and subsequent proceedings due to two critical procedural defects: (1) absence of digital or physical signature on Section 148A(b) notice, and (2) providing less than mandatory seven-day response period. The court invalidated all consequential assessment and penalty orders, preserving authorities' right to issue a fresh notice complying with statutory requirements. 2025 (4) TMI 1133 HC quashed assessment order against a non-existing bank entity under a cancelled PAN. The court found the tax authorities issued notices and passed an order without applying proper mind, targeting an entity that ceased to exist after merger. The assessment was invalid due to procedural irregularities, ignoring submissions about PAN cancellation and merger. The court imposed Rs. 1 Crore costs on tax authorities for passing a high-pitched assessment order without verifying basic facts. 2025 (4) TMI 1132 SC/ITAT resolved a tax appeal concerning the validity of an assessment order under Income Tax Act. The Tribunal found the Joint Commissioner's approval under Section 153D was mechanical and without proper application of mind. Consequently, the assessment order for the relevant assessment year was quashed, as the approval process failed to meet statutory requirements of independent judicial scrutiny, rendering the entire proceeding void ab initio. 2025 (4) TMI 1131 Tribunal ruled that service fees from an Indian affiliate to a US company were not taxable as Fees for Technical Services (FTS) under the India-USA DTAA. Despite services being technical in nature, they did not satisfy the critical "make available" clause, which requires transfer of technical knowledge enabling independent use. The appeal was allowed, deleting INR 77,311,738 from taxable income and directing full TDS credit verification. 2025 (4) TMI 1130 Legal Case Summary:SC examined the validity of jurisdiction under section 153C of Income Tax Act regarding assessment of third-party income following a search operation. The court found the Assessing Officer's 'satisfaction note' legally defective, lacking specificity about incriminating materials and assessment years. The note covered years before the assessee's incorporation and failed to demonstrate proper application of mind. Consequently, the SC invalidated the jurisdictional proceedings, quashed the assessment order, and directed deletion of unexplained cash credit additions. The ruling emphasizes the need for precise, reasoned satisfaction notes in tax proceedings. 2025 (4) TMI 1129 ITAT Kolkata allowed taxpayer's appeal challenging income tax disallowance. The tribunal ruled that since the assessee did not originally claim exemption under section 54, tax authorities cannot make subsequent disallowances in section 143(1)(a) intimation. The tribunal deleted the addition, finding the disallowance procedurally improper and inadmissible for AY 2019-20. 2025 (4) TMI 1128 The HC ruled that the Assessing Officer's reference to cancel the trust's registration for AY 2021-22 was invalid. The court found three key legal defects: (1) the reference was made under a provision not in force during that year, (2) retrospective application of amended provisions was impermissible, and (3) the satisfaction was based on 'borrowed satisfaction' without independent inquiry. The HC set aside the cancellation order and restored the trust's registration. 2025 (4) TMI 1127 The Tribunal addressed cash withdrawal disputes in a jute trading business. It rejected the Assessing Officer's treatment of entire cash withdrawals as unexplained expenditure under section 68 of Income Tax Act. The Tribunal found the assessee's explanation credible, noting the business context of cash payments to jute producers. The 2% disallowance by CIT(A) was deleted, and the revenue's appeal was dismissed as infructuous. 2025 (4) TMI 1126 In this tax appeal, the Income Tax Tribunal examined the disallowance of interest on interest-free advances given to a related party landlord. The Tribunal set aside the Assessing Officer's disallowance under section 36(1)(iii), finding that the advances were capital advances made from the firm's substantial capital base, within family members, and for business expediency. The decision emphasized that interest disallowance requires a clear nexus between borrowed funds and non-business purposes, which was not established in this case. 2025 (4) TMI 1125 SC analyzed legal issues under Income Tax Act regarding cash payments exceeding Rs. 20,000. The court held that Section 40A(3) must be read with Rule 6DD, allowing exceptions for genuine business transactions. Disallowances were set aside as payments were found to be legitimate, made with business expediency, and supported by registered sale deeds and bank records. The court emphasized that the provision aims to prevent tax evasion, not penalize honest business transactions. 2025 (4) TMI 1124 The SC/Tribunal allowed the appeal, deleting an income tax addition of Rs. 1,95,25,000 under section 68. The ruling emphasized that mere suspicion cannot sustain unexplained income additions. The assessee successfully proved creditors' identity and transaction genuineness through PAN, ITRs, and bank statements. The revenue failed to demonstrate that the credited amounts belonged to the assessee, and non-response from some creditors did not automatically invalidate the loans. Customs 2025 (4) TMI 1123 SC dismissed the appeal regarding Solar Panel Modules, finding no merit in the case. The bench, led by CJ Khanna and J. Kumar, upheld the lower court's decision and condoned the procedural delay while disposing of all pending applications. 2025 (4) TMI 1122 The HC examined a complex customs duty drawback case involving allegations of fraudulent export practices. The court rejected the limitation defense, upheld the Show Cause Notices, and found evidence of parallel invoicing with significant valuation discrepancies. While dismissing the writ petition, the HC allowed the petitioner to pursue statutory appellate remedies under Section 128 of the Customs Act, preserving the right to challenge penalties and findings through proper legal channels. 2025 (4) TMI 1121 The SC affirmed that IGST refund claims via manual TR6 challans are inadmissible. Customs officers lack jurisdiction to entertain such claims, as IGST is governed by GST laws. The Court emphasized that input tax credit is a concession, not a vested right, and procedural requirements must be strictly followed. Appeals were dismissed, reinforcing technical compliance in tax refund processes. Corporate Laws 2025 (4) TMI 1120 HC upheld criminal proceedings against former company director for allegedly wrongfully withholding company property, specifically a car. Despite claims of matrimonial disputes and mala fide intent, the Court found prima facie evidence supporting the complaint under Section 452 of Companies Act, 2013. The HC rejected the petition to quash proceedings and discharge the petitioner, determining that the case merits a full trial. Insolvency & Bankruptcy 2025 (4) TMI 1119 The SC/Tribunal resolved a complex priority of charge dispute between a bank consortium and a refinancing entity. The court held that the UCO Bank Consortium maintains the first pari-passu charge over movable assets. The refinancing entity's charge was deemed subordinate due to lack of a No Objection Certificate, failure to properly identify assets, and violation of priority principles under the Transfer of Property Act. The tribunal set aside the lower court's order, ruling in favor of the bank consortium. Law of Competition 2025 (4) TMI 1118 SC upheld CCI's dismissal of application under Section 42 of Competition Act. Court found no non-compliance with CCI orders, as interim order ceased upon final order's closure. Withdrawal of administrative office order did not constitute violation. Petitioners directed to file fresh information if aggrieved, with consideration of prior judicial decisions on External Development Charges levy. Service Tax 2025 (4) TMI 1117 The SC dismissed a writ petition challenging service tax liability for a subcontractor. The court held that the subcontractor remains liable to pay service tax, regardless of tax payments by principal contractors. The petitioner's failure to produce documents, non-compliance with registration requirements, and failure to pursue statutory appellate remedies led to the dismissal. The court emphasized that service tax liability rests with the service provider, and VAT-related precedents do not negate this statutory obligation. 2025 (4) TMI 1116 Legal Case Summary:The SC/Tribunal addressed service tax applicability for expenses incurred by an Indian pharmaceutical exporter on foreign representative offices. The key ruling determined that payments to overseas branches for operational expenses do not constitute taxable services under Section 66A of the Finance Act, 1994. The court found these payments were intra-corporate reimbursements facilitating export operations, not independent taxable services. Consequently, the tax demand was set aside, affirming the appellant's position that branch expenses are not subject to service tax. 2025 (4) TMI 1115 The SC/Tribunal examined the validity of a show cause notice under the Finance Act, 1994, when service tax and interest were voluntarily paid before notice issuance. The Tribunal ruled in favor of the appellant, holding that mere self-assessment or delayed payment does not constitute tax evasion. The court rejected the department's attempt to invoke extended limitation and penalties, emphasizing that voluntary disclosure and payment preclude punitive actions when no deliberate suppression of facts is proven. 2025 (4) TMI 1114 The SC/Tribunal examined whether incentives from media houses constitute a declared service under Section 66E(e) of the Finance Act, 1994. The court determined that volume discounts received by an advertising agency do not attract service tax, as no explicit contractual obligation existed to perform specific acts for media houses. The Commissioner's decision to drop proceedings was upheld, with the Tribunal finding no service tax liability in the agency's commercial interactions. 2025 (4) TMI 1113 The SC/Tribunal addressed two key issues: (1) the tenability of denying service tax exemption under Notification No.12/2003-ST for Outdoor Catering Services, and (2) the validity of invoking an extended limitation period. The Tribunal ruled in favor of the appellant, setting aside the demand for differential service tax and penalties. It held that composite catering contracts can be bifurcated for taxation, documentary proof of goods value is sufficient for exemption, and extended limitation requires explicit proof of willful tax evasion. 2025 (4) TMI 1112 The SC/Tribunal examined whether "Take Away" food services constitute a taxable service under the Finance Act, 1994. The tribunal ruled that "Take Away" food sales are primarily a sale of goods, not a service, and therefore not subject to service tax. The court distinguished between restaurant dining services and packaged food sales, finding no service elements in take-away transactions that would trigger taxation. Central Excise 2025 (4) TMI 1111 The SC/HC/Tribunal examined the constitutional validity of Rule 8(3A) of Central Excise Rules, 2002 regarding CENVAT credit utilization during duty payment defaults. The Tribunal largely ruled in favor of the appellant, invalidating the demand based on unconstitutional rule provisions. However, the liability to pay interest and penalties for delayed returns was upheld, maintaining a balanced approach to revenue compliance while protecting against ultra vires regulatory actions. 2025 (4) TMI 1110 The Tribunal addressed service tax classification for mall advertising space from 2004-2006. It ruled that the appellant's income from selling advertising space was not taxable under "business auxiliary service" before 01.05.2006. The department's introduction of a separate taxable category for advertising space from that date supported this interpretation. Consequently, the Tribunal set aside the service tax demand, interest, and penalties, finding no suppression of facts or intentional tax evasion. 2025 (4) TMI 1109 SC ruling on corporate insolvency resolution affirms that once an NCLT-approved Resolution Plan is implemented, all claims not included in the plan stand extinguished. The Tribunal dismissed excise duty appeals as infructuous, holding that no recovery proceedings can continue against the corporate debtor post-resolution plan. The decision reinforces the binding nature of IBC 2016 proceedings and precludes government authorities from pursuing unresolved claims. CST, VAT & Sales Tax 2025 (4) TMI 1108 Gujarat VAT Tribunal case involving restoration of appeal. HC found the Tribunal's rejection of restoration application improper, primarily due to procedural grounds of long litigation pendency and non-payment of tax demand. Court emphasized the importance of hearing cases on merits, particularly when Form-F declarations could materially impact the tax liability. Restoration was allowed with a cost imposition of Rs. 25,000, balancing procedural discipline with substantive justice. Indian Laws 2025 (4) TMI 1107 Delhi HC partially quashed criminal complaints related to dishonored cheques. The court ruled that complaints involving personal guarantee cheques were an abuse of process due to non-disclosure of prior dishonors. While maintaining proceedings against one party, the court quashed charges against the joint account holder who did not sign the cheques. The decision emphasized the need for legally enforceable debt and proper disclosure in negotiable instrument cases, applying Section 482 Cr.P.C. to prevent procedural misuse. 2025 (4) TMI 1106 SC upheld compulsory retirement order under Rule 16(3) for a government officer with multiple ongoing corruption investigations. The court confirmed that such orders are preventive, not punitive, and can be based on integrity doubts without requiring criminal conviction. The second review was deemed permissible due to exceptional circumstances, and the officer's meritorious ACRs did not negate serious allegations of misconduct. 2025 (4) TMI 1105 The HC examined the legality of affidavit swearing procedures, finding the Registry's practices potentially ultra vires. The Court held that affidavits sworn before Notary Publics should be accepted, the requirement of physical photo identification at the Court centre is improper, and fees charged for affidavit swearing lack legal sanctity. The Court stayed the award and directed further examination of these procedural issues. 2025 (4) TMI 1104 The SC examined a case under the Negotiable Instruments Act involving a cheque dishonor complaint. The Court held that the complaint against the petitioner as proprietor was maintainable, rejecting arguments about partnership firm status. The Court emphasized that vicarious liability under Section 141 applies only when the firm is the principal offender. Since the petitioner admitted issuing the cheque as proprietor, the complaint could not be quashed at the trial stage, and the petition was dismissed. 2025 (4) TMI 1103 The SC examined the limitation period under Section 142 of the NI Act for filing a complaint. The case involved a complaint filed beyond the prescribed 30-day period without formal delay condonation. The HC set aside the summoning order and remanded the matter to the trial court, directing the Magistrate to consider and potentially condone the delay, balancing procedural requirements with the intent to allow genuine litigants to pursue claims. 2025 (4) TMI 1102 Court dismissed an application for forensic signature examination under Section 311 Cr.P.C. The SC held that the accused's delayed request, filed after final arguments without adequate justification, was impermissible. The court emphasized that Section 311 cannot be used to introduce evidence belatedly or compensate for the accused's failure to lead timely defense evidence. The revision petition against the Magistrate's order was also deemed non-maintainable.
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Newsletter: Where Service Meets Reader Approval.

TMI Tax Updates - e-Newsletter April 23, 2025

TMI Short Notes

1. Comprehensive Reform in International Taxation and Treaty Implementation : Clause 159 of Income Tax Bill, 2025 Vs. Section 90 of Income-tax Act, 1961

2. Addressing Cross-Border Taxation of Foreign Retirement Benefits : Clause 158 of Income Tax Bill, 2025 Vs. Section 89A of Income Tax Act, 1961

3. Continuity and Reform in Tax Relief for Irregular Income : Clause 157 of the Income Tax Bill, 2025 Vs. Section 89 of the Income Tax Act, 1961

4. Relief to resident individual taxpayers with lower and middle incomes by reducing their effective tax liability : Clause 156 of the Income Tax Bill, 2025 Vs Section 87A of the Income Tax Act, 1961

5. The Structure and Implications of Income Tax Rebates : Clause 155 of the Income Tax Bill, 2025 Vs. Section 87 of the Income-tax Act, 1961.

6. Constitutional Limits on GST: Principle of mutuality insulates transactions between clubs/associations and their members

Articles

1. How to Check the Status of Your 80G(5) Registration Application Online

2. CONSEQUENCES OF NON-RECOVERY AND NON-REMITTANCE OF ‘ESIC’ DUES RECOVERED FROM THE EMPLOYEES BYTHE PRINCIPAL EMPLOYER.

3. An Introduction to Customs classification under Indian Customs Laws

4. Enforcement Powers of Customs Officers

5. Understanding the Compounding of Contraventions under FEMA, 1999

6. Environmental audits in India

7. Guidelines for Compounding of Contraventions under FEMA, 1999”, based on the latest updates (Compounding Rules, 2024)

8. Orange Category Industries in India: Contribution to Industrial Pollution and Climate Change, and Potential Solutions.

9. Living Animal Species (Reporting andRegistration) Rules, 2024.

10. The Wild Life (Transactions and Taxidermy) Rules, 2024: A Detailed Overview.

11. Bicycle - Use it for Burning "FAT" Not "FUEL".

12. Bicycle: A Simple, Sustainable Solution for Urban Mobility !

13. Why India Needs State-of-the-Art Infrastructure for Bicycle Riders: A Step Toward Green Mobility and Reducing Carbon Footprints

News

1. MCA to take necessary action against Gensol Engg after examining Sebi order

2. RSS affiliate's 3-day meet on 'Vision 2047: Prosperous and Great Bharat' in Delhi

3. Maharashtra govt grants agriculture status to fisheries sector; 'move will boost production'

4. Bajaj Finserv Introduces Blockbuster EMI Days - Save Up to 55% on Top Appliances

5. Sensex, Nifty rise for 6th day on foreign fund inflows, buying in banking shares

6. Rupee falls 8 paise to settle at 85.23 against US dollar

7. SaveSage's Pan-India Survey Reveals 70% of Credit Card Users Fail to Maximise Rewards

8. Fibe and Mirae Asset Financial Services join hands to offer personal loans to salaried professionals

9. Justice K S Hegde Institute of Management: Crafting Global Business Minds for a Changing World

10. 19% rise in footfall at Indian heritage sites from 2019 to 2024, ticket revenue drops by 2.83%: Data

11. Gold futures breach Rs 1 lakh-mark, surge Rs 2,048/10 g

12. InCred Wealth eyes the next phase of growth; ropes in Anu Bora to head the Family Office practice

13. Bold reforms, enhanced capacities key to India's growth story over next two decades: FM

14. Gold futures extend bull run for 4th day; jump Rs 1,899 to near Rs 1 lakh

15. Keynote address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the 24th FIMMDA-PDAI Annual conference, Bali, April 18, 2025

16. RBI permits minors above 10 years to operate bank accounts independently

17. ED informs Delhi court about UK judge's order denying Sanjay Bhandari's extradition to India

18. PM's advisers giving him wrong suggestions, people know probe agencies being misused: Priyanka

19. J’khand Congress to launch 40-day ‘Samvidhan Bachao’ campaign

20. National Herald case is BJP's invention to divert people's attention from govt's failure: Cong

21. National Herald case an attempt by Modi govt to divert attention from failures: Shrinate

22. Nothing comes out of political vendetta: Cong on ED chargesheet against Gandhis

23. HIGHLIGHTS

24. Hyderabad: ED summons actor Mahesh Babu in money laundering case

25. Important cases to be heard in Delhi High Court on Apr 22

26. Jharkhand: ED raids in Bokaro forest land case

27. RSS part of BJP conspiracy to stifle opposition's voice, alleges Congress

28. Mahadev betting app case: ED seizes securities, bonds, worth Rs 573 cr

29. Abuse of power to dent reputation of Sonia, Rahul: Chidambaram on ED action in National Herald case

30. India aims to double share of manufacturing in GDP to 23 pc helped by sunrise sectors: FM

31. Modi's approval ratings make me jealous: US Vice President Vance

32. Vance urges India to drop non-tariff barriers; procure more American energy, military hardware

33. India a great market, confident of multiple players in satcom sector: Scindia on Musk's visit

34. Trade pact with India will help open new markets for American goods: USTR

35. Vance's visit takes India-US dialogue a step further: Scindia

36. India poised to benefit from supply chain realignments: RBI bulletin

37. Operation Zeppelin -- Inside Adani's Counter to Hindenburg

38. US, India can accomplish much more together: Vance

39. Right to Protein Celebrates the Global Annual 'Soy Month' 2025

40. Rupee falls 4 paise to 85.19 against US dollar in early trade

41. India-Saudi Arabia ties have limitless potential: PM Modi

42. Pride, anticipation envelope US Second Lady Usha Vance’s native village in Andhra Pradesh

43. PM Modi, US VP Vance welcome 'significant progress' in negotiations for trade pact

44. PM Modi, US VP Vance welcome progress in negotiations for trade pact

45. Gujarat: Former APSEZ official gets 5 years in jail in DA case

46. US Vice President Vance, his family meet PM Modi as they begin 4-day India visit

47. JSW plans to attract Japanese, Korean companies to its Salboni industrial park in Bengal

48. HIGHLIGHTS AT 9 PM

49. PM Modi, US VP Vance welcome progress on US-India trade pact

50. Rupee jumps 23 paise to settle at 85.15 against US dollar on FII inflows

51. Gold prices breach record Rs 97,000/10g level in futures trade

52. Following are the top foreign stories at 2015 hours

53. PM Modi meets US Vice President Vance

54. US Vice President Vance, his family begin 4-day India visit

55. Mega makeover for North Block: Govt invites bids for Rs 338-crore project

56. Modi govt 'squeezed' rightful share of states in cess on petrol, diesel: Kharge

TMI Tax Updates - e-Newsletter
April 23, 2025