News & Judgements

The NCLT National Company Law Tribunal Mumbai bench has ruled that "amounts reflected in a corporate debtor's records can't be rejected even if no formal claims are filed before…

The NCLT National Company Law Tribunal Mumbai bench has held that the "Adjudicating Authority is mandated to pass a liquidation order under Section 33 4 of IBC upon breach of a…

The ITAT Income Tax Appellate Tribunal has directed the Assessing Officer AO to "verify documents for incomplete analysis of unsecured loans." The tribunal observed that the AO…

The ITAT Income Tax Appellate Tribunal has upheld "depreciation deduction as capital expenditure for expenditure incurred on leasehold premises," satisfying the test of ownership.…

The ITAT Income Tax Appellate Tribunal has allowed the carry forward of loss and deleted a late fee as a partner filed a return within the extended due date under Section 234E.…

The ITAT Income Tax Appellate Tribunal has quashed a PCIT Principal Commissioner of Income Tax order where a show cause notice SCN for property purchase was issued for the wrong…

The Madras High Court has granted 15 days to an assessee to file an appeal before the Appellate Authority after a petition was filed just before the GST appeal deadline ended. The…

The ITAT Income Tax Appellate Tribunal has quashed an assessment addition of ₹46.87 lakhs, based on a partner's seized documents, for bypassing the Section 153C procedure. Section…

A massive tax refund scam has been busted, with the Income Tax Department raiding 18 locations across Tamil Nadu. This large-scale fraud involved the filing of fabricated tax…

The Allahabad High Court has granted bail to masterminds, including an accountant, in a GST ITC scam, as the trial remains pending. The accused were allegedly involved in a…

The Madras High Court has restored a GST appeal, filed late due to the managing partner's illness over an e-way bill issue, on payment of ₹10,000. The petitioner's inability to…

A GST refund under Section 54 was denied for failure to reply to an RFD-08 notice, but the Madras High Court has given a fresh chance to claim it. The RFD-08 notice is issued when…

The ITAT Income Tax Appellate Tribunal has ruled that an Assessing Officer AO cannot make additions for "bogus purchases" without rejecting the books of accounts or reported…

The Allahabad High Court has clarified that the mere absence of activity at a principal business place does not prove a fake invoice or lack of goods ownership under GST. The…

The Allahabad High Court has ruled that a "wrong shipment place in a GST e-way bill is no ground for seizure or penalty." The court quashed a penalty imposed due to a technical…

Relief for Vodafone Idea: The CESTAT Customs, Excise, and Service Tax Appellate Tribunal has allowed CENVAT credit on police booth maintenance, treating it as brand promotion.…

The Income Tax Department is enhancing its monitoring of undisclosed foreign income and assets. This intensified scrutiny aligns with the Black Money Undisclosed Foreign Income…

The CESTAT Customs, Excise, and Service Tax Appellate Tribunal has upheld a penalty for a Pre-Shipment Inspection Certificate PSIC not issued by a DGFT-approved agency for…

The Supreme Court has ruled that "no dissolution of a firm upon the death of a partner if the deed posits continuity," especially when there are more than two partners. The court…

The ITAT Income Tax Appellate Tribunal has upheld an income tax disallowance of ₹7.56 lakh against interest on unsecured loans because the assessee failed to prove the genuineness…

The ITAT Income Tax Appellate Tribunal has quashed a ₹2.53 crore Long Term Capital Gain LTCG addition and ordered a fresh assessment by the AO, citing a lack of proper reasoning…

The Supreme Court has upheld an NCLAT ruling, confirming that an IBC Insolvency and Bankruptcy Code plea was within the limitation period due to "debt acknowledgment." The top…

The Delhi High Court has directed a fresh valuation in a share transfer case after the AO Assessing Officer refused a "nil withholding tax certificate" due to valuation ambiguity.…

The NCLAT National Company Law Appellate Tribunal has declined to interfere in a liquidator's appeal, urging swift disposal of an auction dispute. The liquidator had appealed…

The Delhi High Court has directed the acceptance of an income tax return and refund, as no assessment order was passed after the ITAT's remand. The High Court observed that…

The Delhi High Court has ruled that "no income tax is applicable without actual transfer, even for property worth crores." In a case involving a Memorandum of Understanding MoU…

The CESTAT Customs, Excise, and Service Tax Appellate Tribunal has reduced the penalty from ₹30 lakh to ₹10 lakh in a "3kg gold smuggling case via airport staff," citing the…

The Supreme Court has directed the CBIC Central Board of Indirect Taxes and Customs to "re-examine timelines for correcting bona fide errors in GST filings." This significant…

The Delhi High Court has upheld an arbitral award of approximately ₹229.5 crores against NHAI National Highways Authority of India as "termination payment." The court dismissed…

The Bombay High Court has ruled that a "member of a society can be directed to vacate premises under Section 9 of the Arbitration Act for smooth redevelopment." The court…

The NCLAT National Company Law Appellate Tribunal has ruled that an "intervention application under Section 60 5 of IBC cannot be entertained beyond the limitation period of three…

The NCLAT National Company Law Appellate Tribunal has ruled that a "financial creditor cannot file the same claim twice for the same loan in multiple insolvency proceedings…

Perplexity AI is reportedly targeting an $18 billion valuation in its upcoming 2025 funding round, according to insider sources. This ambitious valuation reflects the company's…

Deeptech startup QpiAI has secured Series A funding, with Avataar Ventures leading the round and participation from the National Quantum Mission. This investment highlights the…

Byju's co-founders, Byju Raveendran and Divya Gokulnath, are reportedly seeking $2.5 billion in damages from Glas Trust, the trustee for Term Loan B lenders, amidst ongoing legal…

Curefit, the fitness and health tech company, has successfully raised $2 million in fresh funding and is now setting its sights on achieving EBITDA profitability in the ongoing…

IndiQube, the managed workspace solutions provider, has set its IPO price band at ₹225-₹237 per equity share. The initial public offering, which aims to raise ₹700 crore, will…

IndiaMART, the leading online B2B marketplace, reported a robust performance in Q1, with its profit soaring 35% year-on-year to ₹154 crore. This impressive growth in profitability…

Space-tech startup Omspace Rocket and Exploration has successfully bagged $3 million in funding, signaling growing investor interest in India's burgeoning private space sector.…

Jio Platforms, the digital arm of Reliance Industries, reported a significant 25% year-on-year surge in its Q1 profits, reaching ₹7,110 crore. This robust financial performance…

Sameer Brij Verma's Northpoint Capital has successfully secured $155 million for its maiden fund, demonstrating strong investor confidence in its investment strategy. This…

The Andhra Pradesh government has formed a high-level panel to fast-track MSME and tourism projects across the state. This strategic initiative aims to streamline approvals,…

Vivendi, the French media conglomerate, has formally rejected EU charges that it breached merger rules during its acquisition of Lagardère. The European Commission had accused…