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Exemptions to <\/strong>Uttarakhand Pollution Control Board:<\/strong> Uttarakhand Pollution Control Board, a Board constituted under the (i) The Air (Prevention & Control of Pollution) Act 1981 and (ii) Water (Prevention & Control of Pollution) Act 1974, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Act.<\/p>\n\n\n\n (Link: Income Tax Notification 130\/2025 Dated 07\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n HC, Arbitral award for Offshore Supplies is Business Income, not taxable under DTAA:<\/strong> Case of CIT vs Fujitsu Limited, HC Delhi Judgement Dated 8th<\/sup> July 2025<\/em>. High Court has upheld the decision of ITAT, declaring that an arbitral award received by respondent, a Japan-based tax resident, for non- payment of offshore supplies constitutes business income <\/strong>and is therefore not taxable in India under Article 7 of the India-Japan Double Taxation Avoidance Agreement (DTAA). <\/p>\n\n\n\n (Link: HC Delhi Judgement Dated 08\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n E-Way Bill Portals Get Enhanced Interoperability:<\/strong> The National Informatics Centre (NIC) has announced an enhancement of interoperable services between the E-Way Bill 1 and E-Way Bill 2 portals. At present, these services only allow for updating Part B and getting E-Way Bill details. The new functionalities include the first-time updating of Part B for Part A slips, allowing users to complete a bill\u2019s details regardless of the portal it was initiated on. It also now enables the extension of an E-Way Bill\u2019s validity and the updating of transporter details from either portal. <\/p>\n\n\n\n (GST NIC Advisory Dated 05\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n HC, SCN Limitation under Section 73 GST is 3 Months, Not 90 Days:<\/strong> Case of Tata Play Limited vs Sales Tax Officer, HC Delhi Judgement Dated 29th<\/sup> July 2025.<\/em> High Court has ruled on the interpretation of the limitation period for issuing a Show Cause Notice (SCN) under Section 73 of the CGST Act. The court held that Limitation Period for issuance of SCN be interpreted as \u20183 Calendar Months\u2019 and not as 90 days. <\/p>\n\n\n\n (Link: HC Delhi Judgement Dated 29\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n AAAR declares I-Tech Plast Advance Ruling void for Non-Disclosure:<\/strong> Case of I-Tech Plast India Limited, AAAR Gujarat Ruling Dated 31st<\/sup> July 2025.<\/em> The Appellate Authority has dismissed an appeal, upholding the Gujarat Authority for Advance Ruling\u2019s (GAAR) decision to declare an earlier GST advance ruling void. The authority concluded that the company had failed to disclose material facts in its application. <\/p>\n\n\n\n (Link: AAAR Gujarat Ruling Dated 31\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n AAAR allows ITC on Vertical continuous (VCV) Tower Construction: <\/strong>Case of KEI Industries Limited, AAAR Gujarat Ruling Dated 31st<\/sup> July 2025.<\/em> The Appellate Authority set aside the Gujarat Authority for Advance Ruling\u2019s (GAAR), and held that the applicant is eligible to avail ITC on inputs and input services used for construction of concrete tower to support and erect VCV lines at the factory of the applicant, for manufacture of EHV cables.<\/p>\n\n\n\n (Link: AAAR Gujarat Ruling Dated 31\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n AAR, Cake Gel is miscellaneous edible preparation & attracts 18% GST: <\/strong>Case of AB Mauri India Private Limited, AAR Karnataka Ruling Dated 28th<\/sup> July 2025.<\/em> AAR ruled that the product \u2018Cake Gel\u2019 merits classification under HSN 21069099 and thus is exigible to GST @18%, in terms of entry number 23 of Schedule III to notification 01\/2017 (Rate) dated 28th<\/sup> June 2017.<\/p>\n\n\n\n (Link: AAR Karnataka Ruling Dated 28\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n AAR clarifies GST Exemption for Cattle Feed Supplies:<\/strong> Case of Bhageerathi Foods, AAR Karnataka Ruling Dated 28th<\/sup> July 2025.<\/em> AAR ruled that the supply of the product of the applicant being marketed as Cattle feed, which is supplied for directly feeding to animal (i.e. supply to end user as Cattle Feed\/Direct consumption as Cattle Feed) is eligible for exemption in terms of serial number 102 of notification No. 2\/2017 (Rate), dated 28th<\/sup> June 2017. <\/strong> The supply of the product of the applicant being marketed as Cattle feed, which is ready for direct consumption as cattle feed, but used as an ingredient for higher nutritive value is not eligible for exemption.<\/p>\n\n\n\n (Link: AAR Karnataka Ruling Dated 28\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n AAR clarifies GST on Artificial Turf and Sports Flooring:<\/strong> Case of New Horizon Development Company Private Limited, AAR Karnataka Ruling Dated 28th<\/sup> July 2025.<\/em> AAR ruled that the pure supply of Artificial Turf\/Artificial Grass and other sports flooring merits classification under chapter heading 5703 and attracts 12% GST in terms of entry number 144 of notification 1\/2017 (Rate) dated 28th<\/sup> June, 2017. The supply and installation of Artificial Turf\/Artificial Grass and other sports flooring in the nature of works contract merits classification under SAC 9854 and is exigible to GST @18% in terms of entry 3(xii) of the Notification 11\/2017 (Rate) dated 28th<\/sup> June 2017.<\/p>\n\n\n\n (Link: AAR Karnataka Ruling Dated 28\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n AAR, Classification of Motor Vehicle Seat Parts Under GST:<\/strong> Case of Fine Tools India Pvt Ltd, AAR Karnataka Ruling Dated 28th<\/sup> July 2025.<\/em> AAR ruled that the parts of Seats of a kind used for motor vehiclesare classifiable under Tariff heading 9401 (Specifically under Tariff Heading 9401 90 00) and attract GST rate of 18%, in terms of entry number 435A of Schedule III to the Notification 1\/2017 (Rate) dated 28th<\/sup> June 2017. <\/p>\n\n\n\n (Link: AAR Karnataka Ruling Dated 28\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n AAR, GST on Skill Development Services: <\/strong>Case of Ethuns Consultancy Services Private Limited, AAR Karnataka Ruling Dated 28th<\/sup> July 2025.<\/em> AAR ruled that the exemption under entry number 72 of Notification 12\/2017 (Rate) dated 28th<\/sup> June 2017 is not applicable to the applicant. The income earned from Karnataka Skill Development Corporation by implementing skill development program \u201cKalike Jothege Kaushalye\u201d under the CMKKY scheme of Govt. of Karnataka, is a taxable supply of services. <\/p>\n\n\n\n (Link: AAR Karnataka Ruling Dated 28\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n AAR, GST Exemption for Kalvi Career Education Services: <\/strong>Case of Kalvi Career Education Pvt Ltd, AAR Karnataka Ruling Dated 28th<\/sup> July 2025.<\/em> AAR ruled that the applicant is eligible for exemption under entry no. 69 of Notification 12\/2017 (Rate), dated 28th<\/sup> June 2017, on the services provided by the applicant to the students at Kalvium campus\/ at Partner Universities\u2019 campus in relation to the \u201cMarket led Pee-based Services Scheme\u201d implemented by National Skill Development Corporation. <\/p>\n\n\n\n (Link: AAR Karnataka Ruling Dated 28\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n No Notifications\/ Circular during the week.<\/p>\n\n\n\n Anti-dumping Duty on \u2018<\/strong>Black Toner in powder form\u2019<\/strong> originating in or exported from China, Malaysia and Taiwan: <\/strong>Anti-dumping Duty has been imposed on imports of \u2018Black Toner in powder form\u2019 originating in or exported from China, Malaysia and Taiwan and imported into India. The anti-dumping duty shall be effective for a period of five years.<\/p>\n\n\n\n (Link: Customs Notification 26\/2025 (ADD) Dated 04\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Anti-Dumping Duty on Flax Fabric extended:<\/strong> The notification extends the anti-dumping duty on ,Woven Fabric\u2019, also known as \u2018Flax Fabric\u2019, imported from China PR and Hong Kong. The review has been conducted under the Customs Tariff Act. The anti-dumping duty shall remain in effect until 9th<\/sup> February 2026.<\/p>\n\n\n\n (Link: Customs Notification 27\/2025 (ADD) Dated 06\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Customs notifies Authorised Officers and entry points for Food Imports:<\/strong> The new instruction update the list of authorized officers and entry points for food imports. These are based on recent notifications from the Food Safety and Standards Authority of India (FSSAI). The FSSAI has reviewed its policy and added six new entry points for food imports. These new points include LCS Darrangain in Assam, SEZ- MEPZ in Chennai, ICD Raipur in Chhattisgarh, two SEZs in Bharuch, Gujarat (Jubilant and HBS Panoli), and Bhubaneswar Air Cargo in Orissa. The authorized officers at these locations will include FSSAI officials as well as customs personnel e.g. Superintendents, Appraisers, Inspectors, and Examiners. <\/p>\n\n\n\n (Link: Customs Instructions 25\/2025 Dated 06\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n HC upholds CA certificate for Customs Duty Refund:<\/strong> Case of Principal Commissioner of Customs vs Nokia India Sales Pvt Ltd, HC Delhi Judgement Dated 7th<\/sup> July 2025.<\/em> High Court affirmed that an Adjudicating Authority cannot decline a refund of excess customs duty if a Chartered Accountant\u2019s certificate is provided, attesting that the duty\u2019s incidence was not passed on to the consumers. <\/p>\n\n\n\n (Link: HC Delhi Judgement Dated 07\/07\/2025)<\/em><\/p>\n\n\n\n No Notifications\/ Circular during the week.<\/p>\n\n\n\n Amendments to SEBI Research Analysts Regulations:<\/strong> The amendments alter the requirements for deposits maintained by research analysts. It replaces Regulation 8(2), mandating that the form and manner of the deposit be specified by the Board. A new sub-regulation (3) is also inserted, which requires that this deposit be marked with a lien in favour of a body or corporate entity recognized by SEBI for the administration and supervision of research analysts. The deposit can be utilized if a research analyst fails to pay dues arising from arbitration or conciliation proceedings under an Online Dispute Resolution Mechanism or other specified mechanisms. <\/p>\n\n\n\n (Link: SEBI Notification Dated 04\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Amendments to SEBI Investment Advisers Regulations:<\/strong> The notification amends Regulation 8, which deals with the deposits that investment advisers are required to maintain. It provides that the deposit must now be held in a form or manner specified by SEBI. Further, a new sub-regulation (3) has been added, which mandates that the deposit must be marked with a lien in favour of a SEBI-recognized body responsible for the administration and supervision of investment advisers. This deposit can be used to pay for any dues that an investment adviser fails to settle, particularly those arising from online dispute resolution or other specified mechanisms. <\/p>\n\n\n\n (Link: SEBI Notification Dated 04\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Review of Framework for conversion of Private Listed InvIT into Public InvIT: <\/strong>The modified framework align the minimum unitholding and lock-in periods for sponsors and their groups with the requirements specified in Regulations 12(3), 12(3A), and 12(5) of the InvIT Regulations. Further, the circular clarifies that the procedure and disclosure requirements for the public offering of units during this conversion process will now be the same as those for a follow-on offer. <\/p>\n\n\n\n (Link: SEBI Circular Dated 08\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Transaction Fees for Mutual Fund Distributors abolished:<\/strong> SEBI has abolished the transaction charges previously paid to Mutual Fund distributors. The rationale for the removal is the recognition that distributors, acting as agents, are entitled to be remunerated by the AMCs. <\/p>\n\n\n\n (Link: SEBI Circular Dated 08\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n SEBI Mandates Joint Annual Inspections for MIIs:<\/strong> The circular mandate joint annual inspections of stock brokers and other market intermediaries by all Market Infrastructure Institutions (MIIs), including stock exchanges and depositories. It will reduce the frequency of separate inspections that disrupt routine operations. The circular also introduces a new set of criteria for selecting entities for inspection, focusing on the top 25 firms with high and recurring penalties, a high number of investor complaints, or a high-risk score under a risk-based supervision framework. Entities not meeting these criteria will be inspected at least once every three years. <\/p>\n\n\n\n (Link: SEBI Circular Dated 07\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Review, Appeal or Waiver of penalty requests emanating out of actions taken by the Member Committee: <\/strong>The circular modify the procedure for handling requests for review, appeal, or waiver of penalties within Market Infrastructure Institutions (MIIs), which include stock exchanges, clearing corporations, and depositories. Under the revised framework, requests against penalties imposed by an Internal Committee (IC) or through pre-approved policies will continue to be reviewed by the Member Committee (MC). However, any requests for a review, appeal, or waiver of a penalty that was directly imposed by the MC itself will now be handled by a new mechanism established by the MII\u2019s Governing Board. This new body will consist of Public Interest Directors and\/or Independent External Professionals who are not part of the MC.<\/p>\n\n\n\n (Link: SEBI Circular Dated 05\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Consultation Paper on Regulatory Reforms for Investment Advisers (IAs) & Research Analysts (RAs):<\/strong>The key suggestions include allowing IAs and RAs to share certified past performance data with clients on a one- to-one basis, provided a disclaimer is included. It also proposes permitting IAs to offer a second opinion on assets held under existing distribution arrangements for a fee, with client consent. Other proposals focus on simplifying the registration and corporatization process by extending transition timelines, removing the requirement for applicants to submit physical address proof, infrastructure details, and CIBIL credit reports. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n (Link: SEBI Consultation Paper Dated 07\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Consultation Paper on Regulatory Reforms for Registrar to an issue and Share Transfer Agents:<\/strong> The key proposal is to introduce an activity-based regulation that would split the oversight of RTAs. Under this new framework, SEBI would regulate services provided to listed companies, while the Ministry of Corporate Affairs (MCA) would oversee services for unlisted companies, ensuring regulatory protection for all investors. It also suggests doing away with the existing categorization of RTAs (Category-I and Category-II) and establishing a single, uniform category called \u2018Registrar & Transfer Agent\u2019 with a standardized minimum net worth of \u20b950 lakh. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n (Link: SEBI Consultation Paper Dated 07\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Consultation Paper on Changes to Related Party Transaction Rules:<\/strong> It propose amendments to the LODR Regulations, concerning Related Party Transactions (RPTs). The key changes include a new scale- based threshold for determining \u2018material\u2019 RPTs, replacing the existing flat limit of \u20b91,000 crore or 10% of turnover, whichever is lower. The proposed tiered system links materiality to a company\u2019s consolidated annual turnover, with higher turnovers having higher thresholds. It also seeks to clarify RPT provisions for subsidiaries, proposing new thresholds for both subsidiaries with and without a financial track record. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n (Link: SEBI Consultation Paper Dated 04\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Consultation Paper on Separate AIF Schemes for Accredited Investors:<\/strong> It proposes a separate category of Alternative Investment Fund (AIF) schemes exclusively for Accredited Investors (AI). This initiative is a step towards gradually transitioning from a \u2018minimum commitment threshold\u2019 to an \u2018accreditation status\u2019 as the primary metric for investor sophistication in AIFs. The relaxations for these \u201cAI-only schemes\u201d include an exemption from the requirement to maintain pari-passu rights among investors, allowing the fund term to be extended by up to five years with investor consent, and removing the cap on the maximum number of investors. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n (Link: SEBI Consultation Paper Dated 08\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Consultation Paper on Easier Foreign Portfolio Investor (FPI) Rules to Boost Indian Participation:<\/strong> The paper outlines three main proposals. It proposes allowing retail schemes based in International Financial Services Centres (IFSCs) that have resident Indian non- individuals as sponsors or managers to register as FPIs. It also proposes to align the contribution limits for resident Indian non-individuals in IFSC- based funds with the IFSCA\u2019s new regulations. This would increase the maximum contribution limit for these sponsors or managers to 10% of the fund\u2019s corpus, up from the current 2.5% to 5% range, to avoid compliance issues. Further. it suggests permitting Indian mutual funds to be constituents of overseas mutual funds or unit trusts that are registered as FPIs. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n (Link: SEBI Consultation Paper Dated 08\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Consultation Paper on Introduction of SWAGAT-FI for Foreign Portfolio Investors (FPIs) and Foreign Venture Capital Investors (FVCIs):<\/strong> The paper proposes to introduce \u2018Single Window Automatic & Generalised Access for Trusted Foreign Investors (SWAGAT-FI)\u2019 framework. This new system aims to simplify the investment process and ongoing compliance for specific low-risk foreign investors, such as government-owned funds and regulated public retail funds. It also proposes several key relaxations: extending the registration and KYC review period from three to ten years, removing restrictions on contributions from Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and Resident Indian (RI) individuals, and allowing a single demat account for investments across different routes. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n (Link: SEBI Consultation Paper Dated 08\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n Consultation paper on providing flexibilities to Large Value Funds (LVF) for Accredited Investors under SEBI (AIF) Regulations<\/strong>: The LVFs are a type of Alternative Investment Fund (AIF) designed for sophisticated investors. A major change proposed is to lower the minimum investment threshold from \u20b970 crore to \u20b925 crore, which is expected to attract more domestic institutional investors and increase fund-raising for AIFs. It also recommends exempting LVFs from several requirements, including the need to follow a standard Private Placement Memorandum (PPM) template, the mandatory annual audit of PPM terms, and the NISM certification for key investment staff. It also suggests removing the cap on the maximum number of investors in an LVF scheme and providing a transition option for existing AIFs to convert into LVFs if they meet the new criteria. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n (Link: SEBI Consultation Paper Dated 08\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n No Notifications\/ Circular during the week.<\/p>\n\n\n\n Discussion Paper on Measures to enhance integrity of CIRP:<\/strong> The paper outlines three main proposals. It mandates that the Committee of Creditors (CoC) must formally deliberate on a resolution applicant\u2019s eligibility under Section 29A of IBC and record these discussions in the meeting minutes. It suggests requiring resolution applicants to make enhanced disclosures, including a statement of beneficial ownership and an affidavit regarding their eligibility for immunity under Section 32A of the Code. It also recommends the use of a digital platform for inviting and submitting resolution plans, similar to the one already in use for liquidation processes. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n (Link: SEBI Consultation Paper Dated 06\/08\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n SC, Entry in balance sheet amounts to valid acknowledgment of debt:<\/strong> Case of ILFS Financial Srvices Limited vs Adhunik Meghalaya Steels Private Limited, SC Judgement Dated 31st<\/sup> July 2025.<\/em> The apex court ruled that entry in a company\u2019s balance sheet amounts to a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963 and allowed the plea of IL&FS for a default of Rs 55.45 crore. <\/p>\n\n\n\n (Link: SC Judgement Dated 31\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n NCLAT, Application under section 9 of IBC rejected due to pre-existing dispute arising out of contract termination:<\/strong> Case of Morex Corporation Limited vs Jindal Poly Films Ltd, NCLAT Delhi Judgement Dated 24th<\/sup>July 2025.<\/em> The appellate tribunal upheld that the dismissal of section 9 application under the Insolvency and Bankruptcy Code due to a case of pre- existing dispute arises out of termination of contract. Accordingly, the appeal rejected.<\/p>\n\n\n\n (Link: NCLAT Judgement Dated 24\/07\/2025)<\/em><\/a><\/em><\/p>\n\n\n\n\n
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