News & Judgements

The Madras High Court has demanded a pre-deposit of 25% from a taxpayer who claimed excess GST input tax credit ITC due to reconciliation issues. The taxpayer had discrepancies…

Union Minister Amit Shah responded to a question in Rajya Sabha regarding income tax relief for cooperative societies. He highlighted key changes under Section 269T, including…

The Madras High Court has ordered a hearing for a taxpayer regarding discrepancies between GSTR-01 and GSTR-3B filings, which led to mismatches in tax reporting. The taxpayer had…

The Income Tax Appellate Tribunal ITAT has granted condonation of a delay of 1,809 days in filing an appeal regarding FTC disallowance. The delay was caused by the taxpayer's…

The ITAT has ruled that a gift of Rs 3 crore from an NRI son to his mother is valid and non-taxable. The tribunal found that the donor had sufficient funds to make the gift, and…

The Indian Overseas Bank IOB is set to receive an income tax refund of Rs 1,359 crore for the assessment year 2015-16. The refund pertains to tax payments made by the bank in…

Bluestone, an online jewelry brand, reported a loss of INR 59 crore in Q1 FY25. This financial setback comes after the company faced challenges in achieving expected growth…

The Madras High Court has ruled that a company cannot reclassify an expenditure initially claimed as capital expenditure to revenue expenditure in its books. The case arose when a…

The Central Board of Direct Taxes CBDT has reported that a total of Rs 3.08 lakh crore in income tax refunds have been issued. The refunds are part of the government's ongoing…

The daily startup news roundup by YourStory covers various significant events in the startup ecosystem. Notably, it highlights funding rounds, strategic investments, and business…

The Punjab and Haryana High Court has ruled that non-payment of the requisite fee under the CGST Act is not a valid ground to dismiss a GST appeal. In this case, the taxpayer had…

The Madras High Court has granted a final opportunity for a taxpayer to explain discrepancies arising from a mismatch in GST returns and the non-payment of interest on delayed GST…

The Jharkhand High Court has ruled that GST input tax credit ITC is allowable on delayed returns for the financial year 2017-18. The court directed the refund of penalty and…

The Bombay High Court ruled that keeping a minor child away from their mother constitutes mental cruelty. The case involved a father who was not allowing his child to be in…

The Finance Minister recently met with representatives from the MSME sector for pre-budget consultations. Discussions focused on key challenges facing small and medium…

The Supreme Court of India has emphasized that preventive detention is a harsh measure and can only be invoked when there is a disturbance to public order. The Court stated that…

The Ministry of Corporate Affairs MCA has introduced e-adjudication and e-consultation systems to enhance ease of doing business in India. These digital platforms allow businesses…

The Supreme Court of India is considering the fate of the West Bengal teacher recruitment scam, determining whether the entire recruitment process should be canceled or only…

The Special Court has acquitted a former coal secretary in a case involving alleged corruption in the allocation of coal blocks. The court found insufficient evidence to prove the…

The Supreme Court has reiterated that disputes falling exclusively within the jurisdiction of statutory authorities cannot be resolved through arbitration. The Court emphasized…

The NCLAT has ruled that a secured creditor is liable to pay the liquidator's fees if the option under Section 52 of the IBC is exercised. The case involved the creditor’s…

The National Company Law Appellate Tribunal NCLAT has ruled that a petition under Section 7 of the Insolvency and Bankruptcy Code IBC cannot be barred for defaults committed…

The Delhi District Commission has imposed punitive damages of Rs 15 lakh on Emami for engaging in unfair trade practices and misleading advertisements. The company had been found…

The Haryana RERA has directed Ansal Builders to refund the booking amount paid by a complainant for purchasing a shop. The complainant had entered into an agreement with Ansal…

The Delhi District Commission has ruled that doctors cannot be held liable for medical negligence without reliable evidence. In a case involving allegations of medical negligence,…

The 55th GST Council meeting is expected to address several key issues, including potential changes in GST rates, compliance procedures, and the introduction of new measures to…

The Madras High Court has quashed a revenue demand of Rs 14.58 crore, which was based on allegations of undisclosed land sale receipts. The court ruled that the revenue department…

A pharmaceutical trader who failed to file GST annual returns has been granted another opportunity for a hearing by the Madras High Court. The trader's non-compliance with GST…

The Madras High Court has granted a hearing in a case involving GST input tax credit ITC claims from canceled dealers, return defaulters, and non-taxpayers. The case pertains to…

The Madras High Court has granted a hearing to a taxpayer who was facing short payment of taxes due to an excessive input tax credit ITC claim. The taxpayer had claimed more ITC…

India's cryptocurrency sector has been caught in a major GST evasion case involving Rs 824 crore. The authorities uncovered fraudulent claims related to goods and services tax GST…

The Income Tax Review Committee is working to simplify the Income Tax Act, aiming to ease the tax compliance process without altering tax rates. The committee's focus is on…

The Madras High Court has ruled that entities claiming charitable status under the Goods and Services Tax GST regime cannot exceed 20% of their gross receipts from commercial…

The Income Tax Appellate Tribunal ITAT has remitted a case regarding the denial of deduction under Section 80P 2 a i for a Souharda Cooperative Society. The denial was based on…

The deadline for the advance tax payment for the financial year 2024-25 falls on December 15, 2024, a Sunday. However, taxpayers can still make their payment on December 16, 2024,…

Noida International Airport has partnered with Mahindra Logistics to enhance its mobility and logistics services. The collaboration aims to streamline airport operations, focusing…

The Madras High Court has ordered a fresh hearing for a taxpayer facing a mismatch in tax amounts arising from discrepancies between GSTR-2A and GSTR-3B. The taxpayer had failed…

Equentis, a wealth management firm, has launched a new angel fund of Rs 500 crore to empower Indian startups. The fund aims to provide financial support and strategic guidance to…

HDFC Bank has received an administrative warning from the Securities and Exchange Board of India SEBI over non-compliance with merchant banking regulations. SEBI raised concerns…

Private equity firm KKR is set to invest $50-75 million in Rebel Foods, valuing the cloud kitchen startup at $860 million. The investment comes as Rebel Foods continues to expand…

Qatar's F&J Global and its investment arm have acquired a 10% stake in Kerala Industrial Infrastructure Development Corporation KICL , signaling a deepening of the Gulf country's…

A consumer from the National Consumer Disputes Redressal Commission NCDRC has successfully won a case against a builder who delayed property possession. The builder was ordered to…

The gross non-performing assets NPA of public sector banks PSBs have decreased significantly, dropping to 3.12% in September 2024 from a peak of 14.58% in March 2018. This…

Tonetag, a digital payment solutions provider backed by Amazon, has turned profitable after ten years of operations. The company’s transition to profitability marks a significant…

Zetwerk, an industrial manufacturing startup, is set to raise $67 million at a $3 billion valuation. The funding round is led by prominent investors, with the company looking to…

Rebel Foods, the parent company of brands like Faasos, has raised $210 million in a Series G funding round led by Temasek. The funds will help the company expand its cloud kitchen…

Zomato has received a GST demand notice for INR 803 crore, based on alleged discrepancies in its tax filings. The notice pertains to taxes owed over several years, with the…

Swiggy has expanded its events and entertainment division by launching a new offering called “Scenes.” This new venture is aimed at providing event management services, targeting…

The ITAT has ruled that a delay in filing an appeal due to medical reasons could justify condoning the delay. The taxpayer had failed to file the appeal within the stipulated time…

Zomato is facing a GST demand notice of INR 402 crore for alleged non-compliance. The tax authorities have raised the issue based on discrepancies found in the company’s GST…