Delhi HC ruled that charges paid for bandwidth to overseas telecom providers don't constitute royalty under Income Tax Act, dismissing a plea against Airtel. The judgment provides…
04/05/20251 min read
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Delhi HC ruled that charges paid for bandwidth to overseas telecom providers don't constitute royalty under Income Tax Act, dismissing a plea against Airtel. The judgment provides…
Supreme Court observed that if courts can only set aside awards without modification powers, parties face unnecessary re-arbitration. The judgment discusses how this limitation in…
The article highlights concerns about UDIN Unique Document Identification Number requirements for tax audits posing challenges for CA professionals. It discusses how mandatory…
ITAT directed CIT A to condone a 55-day delay in an appeal concerning ₹37.46 lakh deduction claim despite nil income declaration. The tribunal recognized that the technical…
ITAT allowed another final opportunity to justify ₹34 lakh deposits, accepting fresh evidence as reasonable cause for reconsideration. The tribunal demonstrated flexibility in…
Delhi HC held that non-taxable persons, including ex-directors, can appeal GST demands, ordering the department to establish a proper appeal mechanism for such cases. The judgment…
ITAT ruled that non-filing of audit report before the due date cannot be grounds for adjusting exempted income, directing CPC to amend the intimation. The tribunal clarified that…
In a relief to a gas agency, ITAT overturned CIT A 's order and restored the appeal concerning ₹10 lakh demonetization cash deposits. The tribunal found the lower authority's…
The ITAT granted a final opportunity in a case involving additions related to demonetization, remanding the matter back to CIT A while acknowledging the hardships faced during the…
SEBI introduced a new framework allowing stock brokers to operate in GIFT IFSC through separate business units. This liberalized approach aims to develop GIFT City as a global…
Delhi HC refused to entertain a petition in a ₹500 crore GST fake invoice scam, directing the petitioner to seek appellate remedies first. The decision reinforces the hierarchy of…
New rules effective May 1 introduce five major changes impacting households' finances, including revised TDS thresholds, updated power tariff structures, and modified insurance…
Delhi HC ruled Punjab & Sind Bank's income from securities constitutes business profits, not investment returns. This classification allows deductions for related expenses and…
MCA reminded companies to file Form PAS for the half-year ending March 2025 before the deadline. This form discloses share allotments and helps monitor corporate fundraising…
The government has banned all direct/indirect imports from Pakistan, including goods in transit. This trade restriction follows escalating geopolitical tensions and aims to…
Delhi HC directed fresh hearing on GST demand involving ₹100+ crore ITC claims where suppliers' registration was cancelled retrospectively. The court emphasized the need to…
ITAT upheld deletion of ₹200 crore addition in DLF's case, dismissing revenue's appeal. The tribunal found the department failed to substantiate its claims about undisclosed…
ITAT cancelled penalties after finding the assessment order was mechanically approved under Section 153D without proper application of mind. The tribunal stressed that…
A Delhi court has issued notices to Sonia and Rahul Gandhi in the National Herald money laundering case based on ED's chargesheet. The court will examine allegations of financial…
India is tightening steel import controls while supporting PSUs' global acquisitions and planning a green steel manufacturing push, according to Steel Minister Kumaraswamy. This…
The Commerce Ministry has reconstituted the Export Inspection Council, appointing new members to strengthen India's export quality control framework. The revamped council includes…
The Supreme Court has agreed to examine the validity of CBIC notifications issued under Section 168A of the GST Act regarding COVID-19 related deadline extensions. This…
The ITAT ruled that cash deposits properly recorded in books cannot be taxed as unexplained money without rejecting the books of accounts. The tribunal emphasized that mere cash…
SBI, PNB and other Indian banks face over ₹3 lakh crore exposure in the Bhushan Power liquidation aftermath. This massive potential haircut underscores the risks in large…
Orissa HC's rulings under CGST Act have clarified several interpretation issues regarding taxability, exemptions, and procedural matters. These judgments provide important…
CBIC launched a new tech-driven grievance redressal system to expedite GST registration processes. The portal will track and resolve registration-related complaints within strict…
Delhi HC quashed service tax adjudication orders and SCNs pending for 6-11 years, calling the delay unreasonable and violative of natural justice. The judgment highlights the…
CBDT has notified revised ITR forms for AY 2025-26 with additional disclosure requirements. The new forms seek more details about foreign assets, digital transactions, and…
India's bank credit growth slowed to 10.3% while deposit growth remained stable at 12.5%, highlighting emerging liquidity dynamics. The data suggests moderating demand amid…
Minister of State for Finance Pankaj Chaudhary presided over the 69th Foundation Day celebrations of the Enforcement Directorate, releasing its annual report for 2024-25. The…
The Central Board of Direct Taxes has notified a revised ITR-3 form for Assessment Year 2025-26, introducing several new disclosure requirements. Key changes include expanded…
In a significant ruling, the Supreme Court has held that bail should be the norm in cases involving GST offenses under Section 132, except in extraordinary circumstances. The…
Sikkim has introduced mandatory biometric-based Aadhaar authentication for all new GST registrations to combat fraudulent registrations and tax evasion. Applicants must now…
India’s GST collections reached a historic high of ₹2.37 lakh crore in April 2025, registering a 12.6% year-on-year growth. This remarkable surge was driven by a 13.4% increase in…
Starting May 2025, GST Network will implement Phase 3 of HSN code reporting, making 6-digit HSN codes mandatory for businesses with annual turnover exceeding ₹5 crore.…
The Delhi High Court directed GST authorities to re-hear a case where the show cause notice was improperly uploaded under the "Additional Notices" tab instead of the primary…
Delhi High Court directed GST authorities to consider adjournment requests sympathetically when assessees cite genuine medical grounds. The judgment came while quashing an ex…
M1xchange has partnered with the Gujarat government to provide invoice discounting solutions for state MSMEs through its Trade Receivables Discounting System platform. This…
Bank of India has partnered with Sa-Dhan to improve financing access for small and women-led enterprises through a new memorandum of understanding. The collaboration will focus on…
The RBI has imposed monetary penalties totaling ₹45 crore on ICICI Bank, Axis Bank, Bank of Baroda, Maharashtra Bank, and IDBI Bank for various regulatory violations. These…
Amazon's Q1 2025 revenue reached $1557 billion with advertising showing strong growth while AWS expansion slowed. The e-commerce giant's profitable advertising business now…
Private credit investments in AI infrastructure have surged as investors recognize the growing need for specialized computing resources. This trend reflects the capital-intensive…
Apple reported $954 billion in Q2 2025 revenue, driven by strong iPhone sales particularly in emerging markets like India. Services revenue also showed robust growth, though iPad…
Ola Electric has issued clarifications following reports about SEBI examining certain pre-IPO transactions. The company maintains all disclosures were properly made and denies any…
Blusmart's abrupt termination of driver contracts has sparked protests among affected drivers who claim they were given no prior notice. The electric vehicle fleet operator cited…
Urban Company's draft red herring prospectus reveals a diversified shareholding pattern with founders holding about 18%, venture capital firms owning 60%, and the remainder with…
Urban Company has initiated the wind-down of its Saudi Arabia subsidiary following mounting operational losses and challenging market conditions. The home services platform had…
Fintech startup Kaleidofin has secured $5.3 million in a funding round led by existing investors to expand its lending portfolio. The Chennai-based company plans to utilize these…
The Open Network for Digital Commerce ONDC has postponed the implementation of its network participation fees for the third time, now delaying it until at least September 2025.…
Delhi HC referred the Medikabazaar co-founder dispute to arbitration, upholding the parties' contractual dispute resolution mechanism. The decision enforces arbitration clauses…
Delhi HC ruled that charges paid for bandwidth to overseas telecom providers don't constitute royalty under Income Tax Act, dismissing a plea against Airtel. The judgment provides…
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