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The Reserve Bank of India RBI has enhanced the transaction limits for UPI Lite, which facilitates small-value payments in offline mode. Under this new development, users can make…
The Central Board of Indirect Taxes and Customs CBIC has announced amendments to the Central Excise Rules for 2024, aiming to simplify compliance procedures and streamline the tax…
CBIC has amended its circular related to the adjudication of Directorate General of GST Intelligence DGGI cases under GST. The changes focus on expediting the process of…
The Allahabad High Court directed the deposit of 50% of the disputed tax amount for reconsideration in a case involving the Goods and Services Tax GST Act. The petitioner's plea…
The National Company Law Appellate Tribunal NCLAT ruled that a transaction audit report is sufficient for filing an application for the avoidance of preferential transactions…
The Delhi High Court ruled that no customs duty is applicable on personal jewelry when brought into India by passengers, even if the value exceeds the permissible limit. The court…
The Delhi High Court ruled that “concealment” and “inaccurate particulars” under Section 271 1 c of the Income Tax Act carry different meanings. The court invalidated the penalty…
The Income Tax Appellate Tribunal ITAT upheld the Commissioner of Income Tax CIT ’s decision to disallow Rs. 3 lakh in expenses claimed by a taxpayer for gift boni and chandla.…
The Ministry of Corporate Affairs MCA and the Registrar of Companies ROC imposed a penalty of Rs. 79.4 lakh on a pharmaceutical manufacturer for failing to appoint a Company…
The Delhi High Court upheld the validity of reassessment proceedings, despite the taxpayer challenging the jurisdiction of the assessing officer. The court restored the Income Tax…
The Supreme Court allowed relaxation in restrictions under the Graded Response Action Plan GRAP concerning air pollution in Delhi, permitting activities under GRAP II instead of…
The Delhi High Court upheld the validity of reassessment proceedings, despite the taxpayer challenging the jurisdiction of the assessing officer. The court restored the Income Tax…
The Rajasthan High Court ruled that a bona fide purchaser’s application for land mutation cannot be rejected based on prior ownership issues. The case concerned a land dispute…
The Madras High Court quashed an arbitrary property tax revision by the municipal authorities, stating it violated the principles of natural justice. The revision was found to be…
The ITAT upheld the CIT’s decision to delete a disallowance of Rs. 2.25 crore in a tax matter, stating there was no evidence to question the genuineness of the transaction. The…
The Ministry of Corporate Affairs MCA and the Registrar of Companies ROC imposed a penalty of Rs. 79.4 lakh on a pharmaceutical manufacturer for failing to appoint a Company…
The Madras High Court imposed a ₹20 lakh cost on a PIL petitioner who had been filing numerous frivolous petitions, disrupting the court’s proceedings. The Court criticized the…
The Supreme Court of India recently criticized the delay in delivering judgments, especially in cases where verdicts have been reserved for extended periods. It particularly…
The Kerala High Court directed the Enforcement Directorate ED to investigate the Edamulackal Co-operative Bank fraud case, wherein millions of rupees were allegedly siphoned off…
GSTN issued an advisory mandating the sequential filing of GSTR-7 returns. GSTR-7 pertains to the Tax Deducted at Source TDS under GST, and the advisory stipulates a mandatory…
The Delhi High Court has provided relief to Samsung by granting a stay on a Rs. 1213 crore income tax demand. The tax authorities had issued the demand, citing underreporting of…
The International Financial Services Centres Authority IFSCA has introduced an Informal Guidance Scheme to provide regulatory clarity to market participants and investors. Under…
The Reserve Bank of India RBI has issued a circular concerning inoperative accounts and unclaimed deposits in banks. The circular mandates banks to take necessary actions to…
The Delhi High Court upheld the disallowance of capital gains exemption under section 54 for a taxpayer who claimed a tax exemption for the purchase of two flats on different…
FPIs Return to Domestic Debt Market in December: Foreign Portfolio Investors FPIs have returned to India’s domestic debt market after two months of selling, with positive net…
70% MSMEs and Self-employed Use Loans to Meet Immediate Financial Needs: A study has revealed that 70% of MSMEs Micro, Small, and Medium Enterprises and self-employed individuals…
RBI Set to Announce Key Interest Rate Decision on December 6: The Reserve Bank of India RBI is scheduled to announce its decision on key interest rates on December 6, 2024. This…
The Delhi High Court upheld the exclusion of dissimilar comparables in transfer pricing assessments due to the impact of intangibles, such as goodwill and product development…
The Income Tax Appellate Tribunal ITAT has ruled in favor of allowing sales promotion expenses and discount provisions for a company, highlighting the minimal impact on the…
CBIC has amended its circular related to the adjudication of Directorate General of GST Intelligence DGGI cases under GST. The changes focus on expediting the process of…
The Central Board of Indirect Taxes and Customs CBIC has announced amendments to the Central Excise Rules for 2024, aiming to simplify compliance procedures and streamline the tax…
In Gujarat, over 12,800 GST evasion cases have been booked over the past four years, with 101 individuals arrested for fraudulent activities. These cases are related to the…
India’s power sector will require an estimated Rs 1,454 lakh crore in investments by 2027 to meet the growing demand for electricity. This massive investment is aimed at upgrading…
Allen, a leading coaching institute, is reportedly in talks to acquire the ed-tech platform Unacademy at a valuation of $800 million. This move signals a significant consolidation…
The Allahabad High Court allowed the withdrawal of a Public Interest Litigation PIL concerning the Sambhal violence inquiry, allowing the Uttar Pradesh government to handle the…
The Reserve Bank of India RBI has enhanced the transaction limits for UPI Lite, which facilitates small-value payments in offline mode. Under this new development, users can make…
GSTN has issued an advisory mandating the sequential filing of GSTR-7 returns. GSTR-7, which pertains to the Tax Deducted at Source TDS returns under GST, must be filed in a…
The Central Board of Indirect Taxes and Customs CBIC has rescinded the Central Excise Notification No. 08/2022, which previously provided exemptions on specified goods. This…
The Central Board of Direct Taxes CBDT has granted approval to IIIT Hyderabad for conducting scientific research under section 35 1 ii of the Income Tax Act. This approval enables…
The Supreme Court set aside a directive from the Manipur High Court instructing the Central Bureau of Investigation CBI to trace an absconding rape convict within three months.…
The Supreme Court has issued notice in response to a senior advocate’s plea seeking to quash an FIR alleging that he had taken Rs 7 crore from a client to influence judges. The…
The Central Board of Indirect Taxes and Customs CBIC has revised its circular on the adjudication process concerning notices issued to multiple parties under GST. The revised…
Taxpayers must submit key income tax forms by December 31, 2024, to comply with statutory deadlines. Critical forms include declarations for claiming exemptions, rectifications,…
The court in Budaun, Uttar Pradesh, has dismissed a suit related to the Jama Masjid Shamsi Mosque and Neelkanth Mahadev Temple, ruling that the Places of Worship Act bars such…
The Central Board of Indirect Taxes and Customs CBIC clarified recent media reports regarding alleged GST rate increases, calling them speculative and premature. The CBIC…
The Supreme Court has emphasized that bail should not be granted as a matter of course in serious offences such as rape and murder once the trial has commenced. It highlighted…
The Income Tax Appellate Tribunal ITAT has remanded a case to the Commissioner of Income Tax Appeals for re-examination after ruling that advance tax is not applicable under…
The Ministry of Finance revealed that 75% of GST revenue comes from the 18% tax slab, underscoring its significance to India’s indirect tax collection. The Finance Minister of…
The Delhi High Court ruled that review petitions qualify as "pending litigation" under the Direct Tax Vivad Se Vishwas DTVSV Act, broadening its scope beyond appeals, writs, or…
The Income Tax Appellate Tribunal ITAT remanded a case for de novo assessment under Sections 144 and 147 due to non-compliance by the assessee and lack of prejudice to revenue.…
The Reserve Bank of India RBI has enhanced the transaction limits for UPI Lite, which facilitates small-value payments in offline mode. Under this new development, users can make…
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