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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 GST Registration Advisory in Chhattisgarh, Goa, and Mizoram mandates biometric Aadhaar authentication and document verification for obtaining GST registration. This process is…
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 ITAT remanded a case back to the assessing officer AO regarding the addition of ₹21.98 lakh as unexplained deposits under Section 69A of the Income Tax Act. The taxpayer had…
The Supreme Court has deferred a special leave petition SLP involving an alleged ₹38,000 crore tax evasion case, asking the revenue department to file a supplementary affidavit.…
The CGST Department has uncovered ₹4 crore worth of GST evasion through a raid conducted on Gala Developers, a prominent real estate company. The company allegedly evaded tax by…
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…
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…
The Comptroller and Auditor General CAG report highlights a GST revenue loss of ₹755.49 crore in the Commercial Tax Department of India. The report points out gaps in revenue…
The ITAT has remanded a case involving a ₹3.28 crore addition related to short-term capital gains STCG to the assessing officer AO for re-verification. The taxpayer had failed to…
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…
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…
Online learning platform Seekho has raised $8 million in funding from Lightspeed, a prominent venture capital firm. Seekho aims to revolutionize the online education space by…
Aye Finance has reported a 37% increase in profits, reaching INR 108 crore for the first half of FY25. This impressive financial performance was driven by strong growth in the…
The Punjab and Haryana High Court is currently examining a case in which the Income Tax Department is seizing jewelry and bank lockers in connection with suspected tax evasion.…
The Delhi High Court recently dealt with a trademark dispute related to the movie Jigra. The case arose from a disagreement over the use of a trademark associated with the film,…
The Supreme Court of India addressed the alarming trend of civil disputes being escalated into criminal cases, particularly in Uttar Pradesh. The Court emphasized that civil…
The Delhi Government faced severe criticism from the Supreme Court over its inadequate response regarding solid waste management data. The Court highlighted that the Delhi…
The Bombay High Court recently imposed a ₹50,000 fine on a petitioner for filing a baseless application related to an award-contract dispute involving Adani Power. The petition…
The National Consumer Disputes Redressal Commission NCDRC ruled that it cannot function as an appellate court to re-examine the facts of a case. The Commission emphasized that its…
The NCDRC dismissed a petition against ICICI Bank, ruling that completed wrongs with ongoing effects do not constitute a continuing wrong. The petitioner had sought relief based…
The Jharkhand High Court directed the GST Department to allow Input Tax Credit ITC on a delayed GSTR-3B return filed for FY 2019-20. The taxpayer had filed the return after the…
Private equity giant Blackstone is eyeing a significant stake in Haldiram’s, one of India’s largest producers of snack foods, with an investment of around USD 1.6 billion. The…
The Indian stock market opened on a positive note on December 16, 2024, with the BSE Sensex showing an upward trend in early trading. Investors were optimistic about the broader…
A proposed Digital Competition Bill in India could have a detrimental impact on small and medium enterprises SMEs and startups, according to a recent survey. The bill aims to…
LG Electronics is aiming for a USD 15 billion valuation for its Indian subsidiary ahead of a potential listing. The company is considering an initial public offering IPO to raise…
Zerodha, one of India’s largest stock brokerage firms, reported revenue of over ₹1 billion for FY24, with an 89% growth in profits. The company has seen significant growth due to…
Zingbus, a bus ticketing and transportation startup, has secured funding in a new round backed by Info Edge and BP Ventures. The company is focused on expanding its operations and…
UpGrad, an edtech company, reported ₹1,876 crore in gross revenue for FY24, with a 50% reduction in EBITDA losses. The company has been focusing on scaling its operations and…
The startup ecosystem continues to evolve with new initiatives, investments, and product launches across various sectors. Startups in fintech, healthcare, and AI are seeing…
Cashify, an e-commerce platform for buying and selling used electronics, is expected to report ₹1000 crore in revenue for FY24, with a significant reduction in losses by…
The ITAT quashed an addition of ₹3.98 crore on the grounds that the original grounds for reassessment were insufficient and unsupported. The case involved an addition made by the…
The ITAT remanded a case to the Commissioner of Income Tax Appeals CIT A due to the failure to consider service of notices and submissions made by the assessee. The case involved…
The Kerala High Court ruled that an income tax refund application filed under Section 119 2 b after nine years cannot be condoned. The case involved a taxpayer who had applied for…
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…
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