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The ITAT has ruled on the genuineness of share capital in a case where the addition was challenged. The tribunal emphasized that the taxpayer’s explanation regarding the source of…
According to a recent report, Indian banks have seen a drop in their bad loan ratios to a 13-year low. The reduction in bad loans is attributed to improved asset quality and more…
Indiqube, a co-working space provider backed by Westbridge Capital, has filed a Draft Red Herring Prospectus DRHP for an IPO worth Rs 850 crores. The company aims to raise capital…
The CESTAT ruled that cost parts supplied by a principal manufacturer are excluded from the assessable value of job workers. In this case, the principal manufacturer supplied…
The NCDRC dismissed an appeal against Cryoviva Biotech, ruling that the duty to collect specimens was not supported by contract terms. The case involved a consumer complaint…
The Supreme Court clarified that hiring vehicles and cranes for work where the contractor retains control is not subject to VAT or sales tax, as it is a service, not a sale of…
According to a recent report, Indian banks have seen a drop in their bad loan ratios to a 13-year low. The reduction in bad loans is attributed to improved asset quality and more…
In its daily roundup, YourStory covers key updates in the startup ecosystem, including new product launches, funding rounds, and industry trends. The latest news includes several…
The Madras High Court set aside an assessment and penalty order due to the failure of the taxpayer to respond to an income tax notice. The case involved a taxpayer who could not…
The ITAT upheld a 20% addition for cash deposits from business income during demonetization, rejecting the entire amount as unexplained. The case involved a taxpayer who had made…
The ITAT remitted a case involving a ₹11.45 lakh unexplained money addition due to inadequate decision-making by the CIT A . The case involved a taxpayer who had deposited ₹11.45…
NCLAT on Status Report in Criminal Proceedings: The NCLAT ruled that a status report submitted in criminal proceedings cannot influence decisions made regarding an application…
The NCLAT allowed the withdrawal of an application under Section 12A of the Insolvency and Bankruptcy Code before it was heard. The case involved a resolution professional seeking…
The NCDRC dismissed a medical negligence claim against KIMS Al Shifa Hospital, stating no evidence of negligence. The case involved a patient who alleged negligence during medical…
The Thrissur District Commission held State Bank of India liable for the delay in delivering a debit card. The case involved a customer who had applied for a debit card but did…
The NCDRC held doctors at Fortis Hospital liable for medical negligence after a patient died during treatment. The case involved a patient who passed away due to alleged…
The ITAT quashed an addition made to the taxpayer's income, holding that share profit from an LLP is exempt under Section 10 2A of the Income Tax Act. In this case, the taxpayer…
Tata Sons is planning to inject funds into its digital arm by mid-2025. This move is part of the conglomerate’s broader strategy to expand its digital footprint, which includes…
The NCDRC held doctors at Fortis Hospital liable for medical negligence after a patient died during treatment. The case involved a patient who passed away due to alleged…
The CESTAT ruled that an employee cannot be penalized for the company's inadvertent mistake in claiming Cenvat credit. In this case, the company had made an error in its Cenvat…
The National Consumer Disputes Redressal Commission NCDRC held TDI Infrastructure liable for failure to deliver possession within the stipulated period, citing deficiency in…
Motilal Oswal has invested Rs 100 crore in Captain Fresh, an emerging leader in the fresh seafood and aquaculture space. The investment will help Captain Fresh scale its…
The Delhi State Commission held National Insurance Company liable for rejecting a claim due to bariatric surgery. The case involved a policyholder whose claim for medical expenses…
The ITAT has directed the Transfer Pricing Officer TPO to apply the LIBOR rate for interest on foreign currency receivables in transfer pricing assessments. The case concerned the…
NCLAT on Status Report in Criminal Proceedings: The NCLAT ruled that a status report submitted in criminal proceedings cannot influence decisions made regarding an application…
No Claim After Possession and Conveyance Deed Execution: The NCLAT ruled that no claim can survive once the possession of a property has been handed over to the buyer and the…
Arbitration Reference Application Must Be Filed Within 120 Days: The Karnataka High Court ruled that a reference application under Section 8 of the Arbitration and Conciliation…
The CESTAT has ruled that customs duty must be calculated based on actual crude oil received into the shore tank at a port in India. The case concerned Philips Carbon Black, where…
The CESTAT ruled that long adjournments during the pandemic affected the timely justice delivery in the case of Ambuja Cements regarding denied CENVAT credit. The tribunal…
The Ministry of Finance has launched an e-payment platform through ICEGATE for voluntary self-initiated payments. This new system allows businesses and individuals to make…
In a case involving job workers, the CESTAT has ruled that employees working for principal manufacturers are not liable for excise duty. The case focused on the issue of excise…
The Madras High Court ruled that the GST proper officer must consider replies submitted by the assessee, even after multiple hearings. The case concerned a dispute over whether…
Calcutta HC Denies Bail to Former Education Minister in Scam Case: The Calcutta High Court denied bail to former Education Minister Partha Chatterjee and others involved in a…
Employee Entitled to Annual Increment During Suspension: The Rajasthan High Court ruled that an employee is entitled to annual grade increments and arrears of salary during the…
The Madras High Court granted interim bail to an activist who made vituperative comments against women on social media. The activist had been arrested for his derogatory remarks,…
The Enforcement Directorate ED has filed a Money Laundering case under PMLA against an ex-transport official in Madhya Pradesh. The case involves allegations of money laundering…
The ITAT has ruled on the genuineness of share capital in a case where the addition was challenged. The tribunal emphasized that the taxpayer’s explanation regarding the source of…
The proposed GST hike on used vehicles is raising concerns about increased informal transactions. Used car dealers, industry players, and consumers fear that the increase in tax…
A new GST registration mechanism aims to simplify the process for small businesses and new applicants. This initiative will reduce the compliance burden for smaller players by…
The CESTAT dismissed an appeal regarding the reversal of credit lying in stock for returned goods under SSI notification with Rule 11 of the CENVAT Credit Rules. The case involved…
The Delhi High Court has directed Ambience Group to deposit Rs 638 crores in connection with its dispute with Indiabulls. The court’s decision comes as a part of an ongoing…
The ITAT has quashed a reopening of assessment under Section 148 for verification purposes, stating it was legally invalid. The case involved the reopening of a tax assessment…
The NFRA has imposed a ₹2 crore penalty on Deloitte for audit lapses related to Zee Entertainment's financial statements. The penalty stems from significant failings in the…
The ITAT quashed a reassessment order, finding the reasons for reopening to be inconsistent and without valid grounds. The case involved a taxpayer challenging the reassessment of…
The ITAT quashed an addition made to the taxpayer's income, holding that share profit from an LLP is exempt under Section 10 2A of the Income Tax Act. In this case, the taxpayer…
The ITAT allowed a reasonable estimate of construction costs in the absence of clear evidence for indexed construction costs. In this case, the taxpayer claimed a deduction for…
The Ministry of Finance has highlighted several key milestones in its Year-End 2024 review, with a focus on revenue generation and economic stability. The department has made…
State Failed to Discharge Obligation in Pension Case: The Calcutta High Court ruled that the state failed to discharge its obligation in ensuring the disbursement of pension to an…
GST collections in 2024 have reached record-breaking figures, driven by robust revenue generation despite ongoing enforcement measures. The government’s proactive steps, including…
SaaS and ride-hailing platforms are seeking clarity on GST treatment, as the delay in a decision by the GST Council continues. The ambiguity regarding taxability of services like…
The ITAT has ruled on the genuineness of share capital in a case where the addition was challenged. The tribunal emphasized that the taxpayer’s explanation regarding the source of…
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