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Losses from One Unit Need Not Offset Profits of Another for Section 80-IB Deduction: ITAT The ITAT ruled that losses from one unit do not need to offset the profits of another…
Extended Limitation Period u/s 11A of Central Excise Act: Books of Accounts Properly Maintained, CESTAT Relief to Coca-Cola The CESTAT granted relief to Coca-Cola by extending the…
The Supreme Court granted bail to Umar Khalid, accused in the Delhi riots case, highlighting concerns over the evidence and his prolonged pre-trial detention. The Court observed…
Disallowance of Rs 4.49 Crore in Management Service Charges as Excessive: ITAT Allows Payment at Arm's Length Using Cost-Plus Method The ITAT ruled on a case involving the…
Disallowance of Rs 31.38 Lakh u/s 37 of Income Tax Act: ITAT Restores Matter to AO The ITAT has restored the matter of disallowance of Rs 31.38 lakh under Section 37 of the Income…
Timely Deposit of Employee PF and ESI Contributions Required for Deduction u/s 36 1 va of Income Tax Act: ITAT The Income Tax Appellate Tribunal ITAT emphasized that timely…
Interest u/s 234C to Be Calculated on Tax Due as per Returned Income: ITAT The ITAT ruled that interest under Section 234C of the Income Tax Act should be calculated based on the…
MCA Registers Over 1.12 Lakh Companies in FY 2024-25 The Ministry of Corporate Affairs MCA has registered over 1.12 lakh companies during the financial year 2024-25. This marks a…
Timely Deposit of Employee PF and ESI Contributions Required for Deduction u/s 36 1 va of Income Tax Act: ITAT The Income Tax Appellate Tribunal ITAT emphasized that timely…
Income Tax Department Recovers Rs 37,000 Crore from Non-Filers through Data Analytics The Income Tax Department used data analytics to recover approximately Rs 37,000 crore from…
The Competition Commission of India CCI has approved the acquisition of a stake in Rebel Foods by KKR. The deal will see KKR, a global investment firm, acquire a significant…
Vivad Se Vishwas Scheme 2024: New FAQs Released on Eligibility and Tax Payment Rules The government has released updated FAQs for the Vivad Se Vishwas Scheme 2024, offering…
Kerala Govt Notifies GST Payment Timeline and Rates under Finance Act 2024 The Kerala government has issued a notification regarding GST payment timelines and applicable rates…
Income Tax Department Conducts Searches at Insecticides India Ltd Premises The Income Tax Department conducted searches at the premises of Insecticides India Ltd. as part of an…
GST Exemption Clarification for Payment Gateways and Aggregators Expected Soon The government is expected to soon release a clarification regarding the GST exemption status for…
GSTN Issues Advisory on Updates to E-way Bill and E-Invoice Systems The GST Network GSTN issued an advisory detailing updates to the E-way bill and E-invoice systems. These…
Aye Finance has filed a Draft Red Herring Prospectus DRHP for its proposed INR 1450 crore IPO. The company, which provides micro-loans to small businesses, aims to raise funds to…
Wakefit, a leading Indian sleep solutions startup, has reduced its losses by 90% to INR 15 crore in FY24. The company’s efforts to streamline operations, reduce costs, and improve…
DPIIT-recognized startups in Bengaluru have created over 1.63 lakh jobs, underscoring the city's growing significance as a hub for innovation and entrepreneurship. The data…
The Allahabad High Court ruled that eviction under the Senior Citizens Act could not proceed while a family dispute regarding larger issues was pending in another suit. The Court…
A recent study revealed that nearly 60% of Indian organizations have been affected by financial and economic fraud in the past few years. The report highlights the growing…
The Supreme Court of India clarified that even after an arbitral tribunal has become functus officio i.e., its authority has ended , it can still issue clarifications or…
Income Tax Department Recovers Rs 37,000 Crore from Non-Filers through Data Analytics The Income Tax Department used data analytics to recover approximately Rs 37,000 crore from…
GSTN Issues Important Advisory on Updates to E-way Bill and E-Invoice Systems The GST Network GSTN has issued an important advisory detailing updates to the E-way bill and…
The Income Tax Department conducted a raid at India Pesticides Ltd., uncovering alleged tax evasion of Rs 300 crore. The raid targeted the company’s financial activities,…
The Kerala High Court ruled that GST refund applications cannot be rejected solely based on a limitation period when deficiencies are later cured by subsequent filings. The court…
The Directorate General of GST Intelligence DGGI recently arrested four individuals involved in a Rs 293 crore fake Input Tax Credit ITC scam across multiple states. The accused…
The Karnataka High Court addressed the issue of whether an FIR can be quashed based on the statements of the victim or witnesses. The Court held that such a decision should not be…
FAAD Capital, a global early-stage investment firm, is expanding its investor network and operations into Dubai. This expansion is part of the firm's strategy to widen its…
After Indian chess prodigy D. Gukesh's impressive victory in the 2023 World Chess Championship, fans raised a demand for a tax exemption on his Rs 4.67 crore earnings. They…
The daily roundup on startup news for December 17, 2024, covers key developments in the Indian startup ecosystem. Among the highlights is the launch of a new venture capital fund…
New data from the banking sector shows a significant increase in trade activity between India and other countries. The report highlights a surge in foreign trade, driven by the…
Indian banks are facing the highest liquidity deficit in six months, as indicated by recent banking data. The shortage of funds is causing concerns in the financial sector, as…
Databricks, a leading AI and data analytics firm, has secured a $62 billion valuation following a funding round aimed at accelerating its AI-focused initiatives. The company plans…
The stock market faced a significant downturn, with the Sensex falling over 1000 points and Nifty dropping below 24,400. The market crash was primarily driven by concerns over…
The Telangana Real Estate Regulatory Authority RERA has imposed a fine of Rs 6.5 lakh on a Hyderabad-based builder for violating the RERA norms. The builder was found guilty of…
The Reserve Bank of India RBI has lifted the restrictions imposed on Edelweiss Asset Reconstruction Company ARC , allowing it to resume its operations. The restrictions were…
India's renewable energy capacity addition reached 15 GW between April and November 2024, marking a significant achievement in the country’s push toward green energy. According to…
Cred, a fintech company, has made its Propeller platform open-source, encouraging developers to contribute to its growth. Propeller is a tool designed for managing large-scale…
The Competition Commission of India CCI has approved the investment of Temasek’s subsidiaries in Speed JVCO, a joint venture aimed at enhancing tech and telecom services in India.…
Shein, the Chinese fashion retailer, has been cleared to resume sales in India through its partnership with Reliance Industries. This development comes after the Indian government…
Gameberry Labs reported a profit after tax PAT of Rs 93 crore, showing significant growth in FY24. However, the company faced disputes with Moonfrog Labs, which led to a…
Cultfit’s income surpassed Rs 1000 crore in FY24, reflecting strong growth in its health and fitness business, driven by both its digital and offline segments. Despite the revenue…
Mokobara's financial performance in FY24 shows Rs 117 crore in revenue, a 44% growth compared to FY23. However, the company faced a Rs 4 crore loss due to high operating costs.…
The Competition Commission of India CCI has approved the acquisition of a stake in Rebel Foods by KKR. The deal will see KKR, a global investment firm, acquire a significant…
Ola is looking to expand its food and beverage segment through the Open Network for Digital Commerce ONDC . By leveraging the ONDC platform, Ola aims to strengthen its presence in…
Dixon Technologies has entered into a partnership with Vivo to manufacture smartphones in India. This collaboration aims to boost the domestic production of mobile devices,…
WarmUp Ventures, the backer of the popular brand Boba Bhai, has launched a second fund worth INR 300 crore. This new fund aims to invest in high-growth startups across various…
Aye Finance has filed a Draft Red Herring Prospectus DRHP for its proposed INR 1450 crore IPO. The company, which provides micro-loans to small businesses, aims to raise funds to…
Wakefit, a leading Indian sleep solutions startup, has reduced its losses by 90% to INR 15 crore in FY24. The company’s efforts to streamline operations, reduce costs, and improve…
Losses from One Unit Need Not Offset Profits of Another for Section 80-IB Deduction: ITAT The ITAT ruled that losses from one unit do not need to offset the profits of another…
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