The Allahabad High Court has reiterated that the "burden of proof to prove a 'best judgment assessment' as perverse lies with the assessee." This ruling clarifies the legal…
31/07/20251 min read
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The Allahabad High Court has reiterated that the "burden of proof to prove a 'best judgment assessment' as perverse lies with the assessee." This ruling clarifies the legal…
The Calcutta High Court has ruled that a "scheme of arrangement/compromise sanctioned by a company court cannot be unilaterally frustrated by invoking the provisions of the…
The ITAT has ruled in favor of a co-operative society, confirming that its "bank interest income is eligible for an 80P deduction." This decision provides significant relief to…
The CESTAT Customs, Excise, and Service Tax Appellate Tribunal has quashed a customs duty demand on "re-imported rejected diesel generator sets," citing a "lack of suppression."…
The ITAT has allowed a "foreign exchange loss as a revenue expenditure," deleting the disallowance by the tax authorities. The tribunal's ruling likely hinged on the fact that the…
The ITAT has dismissed a tax appeal by the Income Tax Department after it "failed to place on record the alleged accommodation entries" that led to an addition under Section 69A.…
The ITAT Income Tax Appellate Tribunal has struck down a reassessment proceeding for a co-operative society, citing that the approval was granted by the "wrong authority." This…
The ITAT Income Tax Appellate Tribunal has ruled that a Section 14A disallowance should be "restricted to exempt income and investments," upholding a CIT A order and rejecting the…
The ITAT Income Tax Appellate Tribunal has restricted an addition on "bogus purchases" to 12.5% of the gross profit, upholding a CIT A order and citing judicial precedents. This…
Reliance is reportedly in advanced talks to lead a $50 million funding round in the spacetech startup Digantara. The company, which specializes in space situational awareness and…
The ITAT Income Tax Appellate Tribunal has upheld the deletion of a ₹30 lakh addition made under Section 69C, after the taxpayer successfully reconciled unaccounted cash sales…
The ITAT has quashed a "₹2.11 crore addition" to income, citing that a "combined satisfaction note" was invalid for a Section 153C assessment. The tribunal ruled that for such…
The CESTAT Customs, Excise, and Service Tax Appellate Tribunal has granted relief to Bosch, ruling that the "notional cost of free designs" provided by Maruti "cannot be included…
The ITAT has provided relief to a "housewife taxpayer" by ruling that her stock transactions, for which she had duly complied with all notices, could not be treated as…
The ITAT has restored a "₹2.55 crore matter for fresh adjudication," setting aside an ex-parte appellate order. The tribunal's decision was based on the fact that the taxpayer did…
The CBI has "nabbed an Income Tax Inspector and a middleman" in a "₹70,000 bribery case" in Vijayawada. The officials were caught demanding and accepting a bribe from a…
The Supreme Court has affirmed a High Court order, ruling that a "change in GST registration or ownership will not disqualify units from the Budgetary Support Scheme." The court…
The ITAT Income Tax Appellate Tribunal has ruled that a reassessment is "invalid due to a lack of new tangible material and credible information." The tribunal's decision…
A firm in Chhattisgarh received a shocking penalty of "₹50,000 for non-filing of GST returns just 18 days after registration." The penalty was for the month of June, even though…
The Delhi High Court has "set aside an invisible Show Cause Notice SCN " under GST, ruling that the tax portal's functionality cannot be a detriment to taxpayers. The court found…
The Delhi High Court has "rejected a delayed petition" regarding a customs seizure memo and has directed the provisional release of goods. The court noted that the petition was…
The Madras High Court has ruled that the GST Act "does not permit duplicate proceedings" and has permitted the tax authorities to "include a differential amount in original…
The Gauhati High Court has rejected a plea for anticipatory bail for a taxpayer who received a GST appearance notice, stating there is "no apprehension of arrest." The court…
The Calcutta High Court has ordered a GST Appellate Authority to "reconsider an appeal" where it had "ignored an ITC Input Tax Credit claim" based on a bank misclassification. The…
The SEBI has extended the deadline for implementing its new regulatory framework for retail participation in algorithmic algo trading to October 1, 2025. This extension, requested…
The Gauhati High Court has ruled that GST authorities are "empowered to drop cancellation proceedings" if a taxpayer "intimate their compliance" by paying all pending dues. This…
The Delhi High Court has ruled that "Customs cannot detain gold without issuing a Show Cause Notice SCN " and has ordered the provisional release of three gold bars detained from…
The Delhi High Court has directed the Commissioner Appeals of the Customs Department to "expedite the hearing" of a pending appeal, which has resulted in the continued detention…
The Delhi High Court has clarified the limitation period for reassessment notices issued under the amended Section 149 of the Income Tax Act, especially in light of the TOLA…
The Ministry of Finance has introduced an amendment to the National Bank for Financing Infrastructure and Development NBFD General Rules, 2022, introducing a "0.1% concessional…
Arivihan, an edtech startup, has secured $4.2 million in a funding round led by Prosus and Accel. The Indore-based company provides an AI-powered tutoring platform for school…
The Delhi High Court has interpreted GST Rule 101 4 , ruling that a GST audit "cannot be finalised without the reply from the taxpayer being duly considered." This decision…
The Himachal Pradesh High Court has stayed reassessment proceedings under Section 148, pending the Supreme Court's verdict in the Technical Textiles case. This decision reflects a…
The Chhattisgarh High Court has dismissed a tax case against SECL South Eastern Coalfields Ltd. but granted "cure for procedural default." This ruling signifies a balanced…
SEBI has settled with 10 entities and barred four others in an alleged stock market tips case involving "Zee Business guest experts." The market regulator alleged that certain…
The Calcutta High Court has set aside an arbitration order due to a "lack of jurisdiction," stressing the need for "adherence to the commercial court roster." The court ruled that…
The DGFT Directorate General of Foreign Trade has notified the "fixation of three new SIONs Standard Input Output Norms under the Chemical and Allied Products product code." SIONs…
The SEBI has confirmed its interim order to ban Gensol Engineering and the Jaggi brothers, Anmol Singh and Puneet Singh, from the securities market. The ban was upheld based on…
The SEBI Securities and Exchange Board of India has mandated "daily monitoring and auto-redemption for any breach of the ₹10 lakh minimum investment in specialized investment…
The Delhi High Court has granted an extension for remaining payment after a pre-deposit waiver was granted by CESTAT under the Excise Act. This decision showcases a practical…
The AAR Authority for Advance Ruling has ruled that "bus transport availed by students and staff on hire is not a service provided to the school," and thus "no GST exemption" is…
The AAR Authority for Advance Ruling has ruled that "tapioca flour GST residues/waste" should be taxed at the same rate as the main product in the food industry. This…
The Finance Ministry has brought "Executive Directors under the General Insurance Pension Scheme." This move extends the benefits of the pension scheme to a key leadership cadre…
The Rajasthan High Court has expunged the views of the AAAR Appellate Authority for Advance Ruling on the valuation of refurbished used cars under GST notification, ruling that…
The Ambani family, through promoter group firms, has infused ₹15,825 crore into Jio Financial Services JFS via a preferential issue of convertible warrants. This significant…
The ITAT Income Tax Appellate Tribunal has upheld the deletion of a penalty in an "unabated assessment without incriminating material." An unabated assessment is one that…
The ITAT Income Tax Appellate Tribunal has deleted the disallowance of agricultural income in revisionary proceedings, confirming that "acres were under cultivation, including…
The ITAT Income Tax Appellate Tribunal has quashed a part of an income tax addition under Section 69A on cash deposits made during demonetization. The tribunal's decision was…
The Finance Ministry is reportedly pushing for 100% Foreign Direct Investment FDI in the insurance sector to spur faster sectoral growth. This proposal aims to attract greater…
The Centre has notified a concessional guarantee fee for borrowings by the India Infrastructure Finance Company Ltd. IIFCL from global institutions. This policy measure is…
The Allahabad High Court has reiterated that the "burden of proof to prove a 'best judgment assessment' as perverse lies with the assessee." This ruling clarifies the legal…
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