The Karnataka High Court ruled that criminal proceedings can be initiated against an assessee for not filing income tax returns. The case involved an assessee who failed to file…
03/02/20251 min read
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The Karnataka High Court ruled that criminal proceedings can be initiated against an assessee for not filing income tax returns. The case involved an assessee who failed to file…
The Delhi RERA remanded a case to reconsider whether a homebuyer who booked a flat under a buy-back scheme is an allottee. The case centered on a homebuyer’s right to be…
The Telangana RERA penalized a builder for unilaterally canceling a homebuyer’s allotment, holding the real estate agent liable. The builder had canceled the allotment without due…
The MCA imposed penalties on a company and its directors for omitting the web address from the annual report. The omission of important details, such as the company's web address,…
The ITAT dismissed an appeal for lack of sufficient cause in filing the appeal. The taxpayer failed to provide adequate reasoning for missing the filing deadline, and the tribunal…
The Delhi High Court ruled that the person benefiting from house property income, not just the registered owner, should pay income tax on it. The case clarified that individuals…
Amazon has partnered with the Indian government to support women entrepreneurs in Gonda district, Uttar Pradesh. The collaboration aims to empower women by providing them with the…
The Budget 2025 proposes the removal of obsolete GST provisions on gift vouchers. The proposal aims to simplify the tax treatment of gift vouchers by eliminating outdated…
The CESTAT ruled that quick lime is properly classified under the Harmonized System HS Code, siding with Jindal Stainless Ltd. The company had disputed the classification of quick…
The ITAT ruled that cash deposits made during the demonetization period cannot be added to taxable income under the Income Tax Act. The tribunal found that there was no sufficient…
The MCA imposed penalties for the failure to constitute an audit remuneration committee despite a breach in loan-related provisions. The company’s non-compliance with corporate…
The ITAT dismissed a revenue appeal due to the tax effect being below the threshold limit set by the Central Board of Direct Taxes CBDT . The case involved the revenue department…
The ITAT directed the Transfer Pricing Officer TPO to reassess intra-group service payments and arms-length pricing due to insufficient evidence. The tribunal found that the TPO’s…
Shares of Honasa Consumer, the parent company of Mamaearth, saw a decline of over 3% during intraday trading. The fall in stock price is attributed to concerns over the company’s…
The Gujarat High Court ruled that the Directorate General of GST Intelligence DGGI can transfer the adjudication of show-cause notices SCNs related to GST evasion. The case…
The Income Tax Appellate Tribunal ITAT has issued rulings on the disallowance of interest under the Income Tax Act. The tribunal clarified situations where interest paid on…
The Ministry of Corporate Affairs MCA imposed penalties on a company for failing to comply with borrowing resolution requirements. The company did not follow necessary corporate…
The Madras High Court ruled that post-inspection GST registration and tax payment are not voluntary. The case involved a taxpayer disputing the need to register for GST and pay…
The Bombay High Court is hearing a tax demand case against Volkswagen VW for importing unassembled car kits. The case involves a dispute over the tax liability associated with the…
The Supreme Court rejected a PIL against TDS on salaried class income, reinforcing the legality of TDS deductions. The PIL challenged the tax deduction at source TDS provisions…
ITAT upheld the CIT A 's decision on eligibility for Section 10AA deduction on voluntary transfer pricing adjustments under an APA. The Tribunal upheld the decision of the…
ITAT upheld the PCIT's order for failure by AO to verify key issues during reassessment. The Tribunal supported the decision of the Principal Commissioner of Income Tax PCIT in…
ITAT ruled that IT support payments are not taxable as fees for technical services under the India-UK Double Taxation Avoidance Agreement DTAA . The case involved the…
ITAT quashed reassessment orders due to lack of material disclosure. The Tribunal ruled that the reassessment order passed by the tax authorities was invalid because it did not…
The Budget proposes to include retail schemes and exchange-traded funds ETFs in the relocation regime of funds within the International Financial Services Centre IFSC . This…
ITAT quashed the reassessment of long-term capital gains LTCG as bogus, citing lack of tangible evidence. The Tribunal ruled that the reassessment made by tax authorities was…
The ITAT directed the TPO to re-evaluate arms-length price for foreign AEs in the trading segment. The case involved the determination of the arms-length price for transactions…
ITAT quashes search assessments due to the lack of proper approval under Section 132D. The Tribunal ruled that the assessments made by the tax authorities were invalid as they…
MCA has imposed penalties on company directors for non-filing of annual returns for two consecutive years. The move aims to enforce strict compliance with corporate filing…
The Budget proposal includes a marginal relief calculation that aims to provide tax relief to individuals in specific income brackets. The proposal focuses on reducing the tax…
India’s capital markets have surged, with IPO listings rising and funds tripling in FY25. The Indian stock market is witnessing a record number of initial public offerings IPOs ,…
The Ministry of Corporate Affairs MCA has introduced penalties for company directors for non-filing of the MGT report. The penalty provisions aim to enforce compliance with…
Property tax relief and simplified annual value rules for homeowners will be implemented starting in 2025. These reforms aim to ease the tax burden on property owners by…
Section 80CCA amendments provide tax relief on National Savings Scheme NSS withdrawals starting from August 29, 2024. The amendment ensures that investors withdrawing funds from…
The NPS Vatsalya Scheme introduces new tax deductions under Section 80CCD, benefiting parents with children under 21 years. The scheme allows for additional tax deductions,…
The Supreme Court issued a notice on a plea challenging the appointment of the chairperson of the Bihar Public Service Commission BPSC . The petitioner raised concerns about the…
Amendments to Section 17 propose higher income limits for perquisite exemptions starting in 2026. These amendments are designed to offer more tax relief to salaried individuals by…
ICAI is leading initiatives to establish India as a global hub for accountancy by 2030. The Institute of Chartered Accountants of India ICAI aims to drive growth by upskilling…
The Budget 2025-26 proposes amendments to GST laws aimed at boosting trade facilitation, making the system more efficient. Key proposed changes include simplifying compliance…
GST collections surged by 12.3% in January 2025, marking a robust performance driven by strong domestic growth. This growth highlights the effectiveness of the government’s…
Stand-Up India, a government scheme aimed at supporting women entrepreneurs, has sanctioned loans to nearly 2 lakh women across India. The initiative focuses on providing…
Paytm has made its debut in the Brazilian fintech market, marking its expansion into Latin America. The company is set to explore new opportunities in Brazil’s rapidly growing…
India’s manufacturing sector has started 2025 with a strong performance, driven by a surge in exports. The growth in demand from international markets has boosted production and…
The Indian government is working on modalities to extend the Pradhan Mantri Jan Arogya Yojana PM-JAY coverage to gig workers. The aim is to ensure that workers in the gig economy,…
SoftBank and OpenAI have entered into a partnership to create a 50-50 joint venture focused on AI services. This collaboration combines SoftBank’s expertise in telecommunications…
Niyogin Fintech has announced plans to demerge its Non-Banking Financial Company NBFC business, IserveU, with plans for an independent listing in the future. The company intends…
Finance Minister Nirmala Sitharaman is set to address the RBI board regarding India’s fiscal roadmap and the implications of the 2025 Union Budget. The discussion will focus on…
TVS Holdings has acquired an 80.74% stake in Home Credit India for ₹554 crore, marking a significant move in the Indian financial services sector. This acquisition strengthens TVS…
Pepperfry, an omnichannel furniture retailer, has reported lower revenues and losses for the financial year 2024. The company faced challenges in managing operational costs and…
As of February 3, 2025, the Indian stock market is showing mixed trends with volatility in key indices. The global economic outlook, coupled with domestic factors like inflation…
The Karnataka High Court ruled that criminal proceedings can be initiated against an assessee for not filing income tax returns. The case involved an assessee who failed to file…
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