The Income Tax Appellate Tribunal ITAT granted relief to the publisher of the Harry Potter series by remitting a transfer pricing and corporate tax matter back to the tax…
31/01/20251 min read
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The Income Tax Appellate Tribunal ITAT granted relief to the publisher of the Harry Potter series by remitting a transfer pricing and corporate tax matter back to the tax…
The Ministry of Corporate Affairs MCA imposed a penalty on a company and its directors for failing to disclose the Directors Identification Number DIN in the financial statements.…
The Directorate General of GST Intelligence DGGI uncovered a large-scale GST fraud in Bengaluru involving fake invoices and stock market manipulation. The fraud was carried out…
The Enforcement Directorate ED conducted a raid on a former commissioner from the MUDA Mysuru Urban Development Authority , but the Karnataka High Court declared the action…
The Income Tax Appellate Tribunal ITAT ruled that the reassessment of a taxpayer’s income is invalid if it is not approved properly by the appropriate authority. The ruling came…
The MCA imposed a penalty on a director for failing to declare his interests in related parties. The director violated the Companies Act's provisions requiring transparency in the…
President Droupadi Murmu's speech in the Parliament's joint session highlighted the government's focus on economic growth, fiscal discipline, and long-term stability. The speech…
The Ministry of Corporate Affairs MCA imposed a penalty on a private company for failing to disclose its significant beneficial owner. The violation of disclosure requirements…
The Calcutta High Court ruled that non-disclosure of sensitive information by the DGGI during search operations does not breach the principles of natural justice. The case…
The NCLAT upheld the rejection of an insolvency petition against Hindustan Unilever Limited under the Insolvency and Bankruptcy Code IBC . The petition, filed by a creditor,…
The Delhi High Court issued interim directions on customs baggage rules for tourists carrying gold. The court's order aims to simplify the process for declaring gold at customs…
The ITAT ruled that additional income disclosed during a survey should be treated as business income, not subject to section 68 or 69A. In this case, a taxpayer voluntarily…
The Directorate General of GST Intelligence DGGI uncovered a major GST fraud in Bengaluru involving bogus firms, fake invoices, and stock market manipulation. The fraud involved a…
The Karnataka High Court declared an Enforcement Directorate ED raid on a former MUDA commissioner illegal. The raid, carried out in connection with an alleged corruption…
The ITAT ruled that reassessments for tax purposes are invalid when made without proper approval and application of mind. The ruling emphasized that tax authorities must follow…
The Finance Ministry has confirmed that there will be no 18% GST on penal charges, clarifying that penalties for non-compliance will not attract the 18% Goods and Services Tax…
The CBIC clarified the applicability of late fees for GSTR-9C filing, aiming to resolve confusion among taxpayers. The clarification specifies that businesses failing to submit…
The real estate sector has called for a revision of the affordable housing limit in the Budget 2025 to enable more tax benefits. The current limit restricts the number of…
The Finance Bill 2025 is expected to amend the CGST Act to introduce a track-and-trace mechanism aimed at curbing high evasion of goods movement. This mechanism will require goods…
The Institute of Chartered Accountants of India ICAI has made available the draft of the Bank Branch Auditors’ Panel MEF for the 2024-25 period. The panel is essential for…
The Supreme Court declined to entertain a Public Interest Litigation PIL seeking special treatment for temple entries, such as VIP darshans. The court noted that such issues…
India’s GDP is expected to grow by 6.3% to 6.8% in FY26, according to the Economic Survey ahead of the Union Budget 2025. The report highlighted that India’s economic growth is…
The Economic Survey 2024-25 highlighted India's economic growth, sectoral performance, and fiscal outlook. It showed resilience despite challenges like inflation and supply chain…
Paras Chopra, the founder of a prominent tech company, announced plans to launch an advanced AI lab in India following his $200 million exit. The new initiative is expected to…
The Economic Survey for 2024-25 projected stable economic growth for India, with GDP growth expected to remain steady. Key drivers of this growth include increased government…
Sankar Bora’s footwear startup, CHK, secured $2.5 million in funding to scale its production. The startup’s innovative approach to footwear, coupled with this investment, is…
The ICAI has published background material on GST to help professionals understand the complexities of Goods and Services Tax laws and practices. The material serves as a…
The Karnataka High Court allowed the filing of an FIR against Infosys co-founder Krish Gopalkrishnan in a case involving SC/ST Act violations. The court held that there were…
SuperOps, a software company focused on IT workflow automation, has raised $25 million in its latest funding round. The company aims to simplify and streamline IT service…
The Delhi High Court sought the National Investigation Agency's NIA stance on a plea for interim bail filed by MP engineer Rashid, accused in a UAPA case. The Court's…
The ITAT directed Air India to use an average value approach under Rule 8D for accurately calculating investments for tax purposes, replacing the market value approach previously…
The Delhi High Court ruled that a co-owner of a property not receiving income from it cannot be held liable to pay tax on the property’s income. The Court clarified that tax…
Honda joined Hero and Bajaj in calling for a lower GST rate on two-wheelers. The manufacturers argue that reducing the tax burden on two-wheelers would increase affordability,…
The ITAT dismissed the revenue's appeal on cash deposits and cessation of liabilities due to low tax effect. The Tribunal ruled that the revenue's appeal lacked substantial…
The Kerala High Court issued a notice regarding the blacklisting and debarment of a contractor. The case concerns the legal process for excluding a party from further contract…
The ITAT remanded a case involving the eligibility of a co-operative bank for a deduction under Section 80P for interest income back to the AO for a detailed examination. The case…
The Kerala High Court examined the retrospective application of Section 479-BNSS in a case involving a convicted person. The Court found that applying the provision…
In a case involving unexplained income, the ITAT ordered the AO to delete an addition based on past savings explanation. The taxpayer had shown substantial savings from earlier…
The ITAT upheld the CITA's decision to delete an addition regarding unexplained cash credit. The taxpayer had satisfactorily explained the source of the cash credit, and the…
BonV Aero, a startup specializing in drone technology, has secured funding from Unicorn India Ventures. The company plans to use the funds to further develop its drone-based…
Zepto, the quick-commerce startup, has launched a 10-minute instant exchange and return service for its customers. This service is aimed at enhancing the shopping experience and…
PB Fintech, the parent company of PolicyBazaar and Paisabazaar, reported a significant 92% year-on-year increase in its Q3 profits, reaching INR 72 crore. This growth is…
Deepseek, an AI company, is working to address privacy concerns by moving its operations to Indian servers, as confirmed by the Union Minister. This move aims to strengthen data…
Storia, a leading content and storytelling platform, reported a remarkable 51% increase in its revenue for FY24, reaching INR 169 crore. The company’s growth is attributed to a…
Meta, formerly Facebook, is set to invest hundreds of billions of dollars in artificial intelligence AI as part of its efforts to remain at the forefront of technology innovation.…
OfBusiness, a B2B commerce platform, has transitioned into a public company in preparation for its upcoming IPO. This move is aimed at expanding its operations and tapping into…
Trifecta, a venture capital firm, marked the first close of its INR 2000 crore venture debt fund IV . This fund aims to support startups and high-growth companies, providing them…
SEBI issued clarifications on the guidelines for 'finfluencers' financial influencers to ensure compliance with securities laws. The updated guidelines aim to regulate the growing…
PB Fintech, the parent company of Policybazaar, posted a revenue of Rs 1,292 crore and a profit of Rs 72 crore in Q3 FY25. The company’s positive financial performance reflects…
OfBusiness has converted into a public company ahead of its upcoming initial public offering IPO . This restructuring is seen as a step to attract investors and streamline its…
The Income Tax Appellate Tribunal ITAT granted relief to the publisher of the Harry Potter series by remitting a transfer pricing and corporate tax matter back to the tax…
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