NICAI Update

[CA Raj Chawla]

Respected Members,

 

Quotes of the day;

 

1. An intelligent person will open your mind, A beautiful person will open your eyes, But a loving & kind person will open your heart. 

 

2. The greatest mistake we humans make in our relationships; We listen half, understand quarter, think zero, and react double.

 

NICAI Update;

1. The Supreme Court Dismisses Revenue Appeal Due to Lack of Evidence of Bogus LTCG;  No Addition Under Section 68 Without Direct Proof of Accommodation Entries;  Penny Stock Allegation Rejected as Share Transactions Were Through Banking Channels;  Bogus LTCG Addition Deleted as SEBI Did Not Identify Script as Rigged. PCIT Vs Sanjaykumar Damjibhai Gangani. 

 

2. GSTAT Portal has introduced a significant procedural update.  The “Upload Document” and “Checklist” functionalities are now accessible even before payment of court fees.  Revised Process:  Users can now upload documents and complete the checklist at any stage prior to payment.  

3. Reserve Bank of India has cancelled the CoR of 150 Non-Banking Financial Companies (NBFCs) under Section 45-IA(6) of the RBI Act, 1934. These companies are now prohibited from carrying on the business of a Non-Banking Financial Institution. The cancellations were issued mostly in April 2026, with the final ones on April 27, 2026.

 

4. Key Highlights:

• Majority of the companies are based in Kolkata (West Bengal) and Delhi NCR.
• Many had CoRs issued between 1998–2017 and appear to have become non-operational or non-compliant over time.
• The list includes companies like Akin Vincom Pvt Ltd, Abir Traders Pvt Ltd, and several others from various states.

5. Full Press Release: RBI official communication dated May 14, 2026 (Press Release: 2026-2027/257). Important Insight for NBFC Owners, Directors & Compliance Teams:

https://www.linkedin.com/posts/camanishvcfo_nbfc-license-ugcPost-7460718035939606528--dDO?utm_source=share&utm_medium=member_ios&rcm=ACoAAAL_A50BwH3YPhzM_YZyH7soSuVo7R_dAYA

 

6. Follow the CA Raj Chawla NICAI Update Channel on WhatsApp to get the latest ICAI news, announcements, professional updates, and important notifications instantly Link :https://whatsapp.com/channel/0029Vb6q4i8LNSZwQ3bbxY2j

With best regards

CA (Dr) Raj Chawla

B.Com (Hons), FCA, FCS, FCMA, LLB 

MIMA, DISA, MICA, Phd, ASA (Aust), CMP (USA)

712, New Delhi House

27,Barakhamba Road, New Delhi-110001

Ph. Off. 011-43581083

Cell: 98110-81083

rajch...@gmail.com