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A Special PMLA Court granted bail to a businessman accused in a ₹915 crore money laundering case. The businessman was alleged to have laundered proceeds from illegal activities,…
The Abu Dhabi Accountability Authority and the Government Enablement Department launched a Community of Practice CoP for internal auditors, fostering collaboration and…
The Income Tax Appellate Tribunal ITAT remanded a case involving an ₹8.82 lakh fixed deposit FD investment to the Commissioner of Income Tax Appeals for fresh adjudication. The…
Cipla and IL&FS Transportation were served a GST demand of ₹8 crore for alleged tax non-compliance. The demand pertains to discrepancies in GST filings and potential underpayment…
The Finance Ministry updated customs tariff values for products including palm oil, soybean oil, gold, silver, and areca nuts through a notification. These adjustments reflect…
The ITAT allowed a ₹4,78,966 Provident Fund PF contribution claim after the Assessing Officer AO disallowed it for exceeding 27% of the employer’s salary, neglecting wage…
GSTN issued a detailed advisory on GST e-invoicing, providing clarity on glossary terms and compliance steps. The advisory serves as a guide for businesses to understand key…
The Income Tax Department uncovered a ₹700 crore tax evasion involving undisclosed properties owned by NRIs in Dubai and other foreign locations. The evasion came to light during…
Larsen & Toubro L&T faced a ₹173.24 crore GST penalty and demand order after authorities identified alleged tax discrepancies in its filings. The company plans to contest the…
The Madras High Court upheld Rule 86A of the CGST Rules, allowing GST authorities to block Input Tax Credit ITC even when the electronic credit ledger ECL shows a zero balance.…
The Directorate General of Foreign Trade DGFT amended the import policy conditions for electronic integrated circuits ICs , including processors, controllers, memories, and…
Income tax authorities imposed a penalty of ₹2.3 crore on Torrent Pharmaceuticals for alleged tax non-compliance. The penalty arose from discrepancies identified during…
The Madras High Court ruled that State GST proceedings are valid even after the Central Department conducts a search, provided the quantum of demand and the period of assessment…
The Bombay High Court granted conditional bail to a Customs House Agent CHA accused in a 191.60 kg heroin seizure case after being imprisoned for over three years. The court noted…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that Mandap Keeper Services, which involve renting spaces for events, do not qualify as taxable “support…
The CBDT extended the deadline for filing Income Tax Returns ITR for taxpayers requiring transfer pricing reports under Section 92E. The new due date provides businesses…
The ITAT condoned a 611-day delay in an appeal due to the assessee’s limited familiarity with the e-portal system for filing. The tribunal acknowledged the technical challenges…
The ITAT ruled that an opportunity to be heard ensures no prejudice to revenue authorities in cases where taxpayers provide submissions or clarifications. The tribunal emphasized…
A fact-check clarified the confusion around whether senior citizens above 75 years of age are exempt from paying income tax. According to the clarification, senior citizens aged…
The Kerala High Court ruled that Input Tax Credit ITC reversal is not required when taxpayers mistakenly claim IGST instead of CGST and SGST. The court emphasized that such errors…
The Delhi High Court directed authorities to refund amounts withheld from an assessee following objections raised during the assessment or audit of EXIM goods under Section 99A of…
Taxscan Academy launched a Master Course on Provident Fund PF and Employee State Insurance ESI , aimed at enhancing professionals’ understanding of labour law compliance. The…
The National Company Law Appellate Tribunal NCLAT ruled that applications under Section 9 of the Insolvency and Bankruptcy Code IBC must be rejected if there is evidence of a…
The National Company Law Appellate Tribunal NCLAT ruled that applications under Section 7 of the Insolvency and Bankruptcy Code IBC cannot be admitted in the absence of debt and…
SEBI issued a circular on business continuity plans for interoperable stock exchange segments, detailing measures to ensure uninterrupted trading. The circular mandates exchanges…
Former Chief Economic Advisor Arvind Subramanian advocated for simplifying the GST framework and slashing cess rates to improve compliance and efficiency. Speaking at a policy…
The NCLAT ruled that a guarantor cannot claim the status of a financial creditor under the Insolvency and Bankruptcy Code IBC without making payments towards the discharge of a…
The Income Tax Appellate Tribunal ITAT set aside an order by the Commissioner of Income Tax Appeals in a case involving unexplained income linked to suspicious transactions…
The ITAT remanded a case to the Commissioner of Income Tax Appeals for fresh consideration after imposing a penalty of ₹10,000 on the assessee for failing to comply with issued…
The ITAT allowed ₹2.44 lakh as a deductible expense toward the "cost of improvement" in a capital gains case, providing relief to the assessee. The tribunal held that the…
The NCLAT ruled that petitions under Section 9 of the Insolvency and Bankruptcy Code IBC cannot be rejected solely on the grounds of raising a purportedly fake claim of a…
The NCLAT permitted the impleadment of a party after the closure of the initial insolvency plea against a corporate debtor, marking a significant development in the insolvency…
The NCLT ruled that possession over a corporate debtor's assets under the SARFAESI Act does not bar creditors from filing petitions under Section 7 of the Insolvency and…
The NCLT clarified that the threshold limit for initiating insolvency proceedings against personal guarantors under Section 4 of the Insolvency and Bankruptcy Code IBC is the same…
The NCLT ruled that the liabilities of a corporate debtor should be settled in the order of priority specified under Section 53 of the Insolvency and Bankruptcy Code IBC . The…
The ITAT ruled that delays in filing income tax returns due to technical defects in filing systems are condonable, allowing the assessee to claim benefits under Section 115BAA.…
The ITAT upheld the reassessment of income under Section 147 in a case involving bogus purchases, allowing it to be applied interchangeably with Section 153C of the Income Tax…
The ITAT deleted a ₹38.18 lakh disallowance under Section 37 of the Income Tax Act due to insufficient evidence of cash expenses and their negligible impact on turnover. The…
IRS officers Pranesh Pathak and Ram Nivas have been appointed to senior positions in the Customs and Indirect Taxes Department. The appointments are part of the government’s…
The ITAT deleted an addition of ₹19.6 lakh for the assessment year 2018-19 by applying a retrospective 10% safe harbor limit, citing a curative amendment. The tribunal held that…
The ITAT set aside an income tax addition involving an egg trader due to the lack of proper persuasion before tax authorities. The tribunal found procedural lapses in the…
The ITAT deleted an income tax addition under Section 69C, citing denial of a fair hearing opportunity to the assessee. The tribunal found that the assessing officer failed to…
The Petroleum Ministry is advocating for the inclusion of natural gas within the GST framework to simplify the tax structure and encourage its usage as a cleaner energy source.…
GSTN issued an advisory explaining the e-invoice system's glossary, functionalities, and compliance steps to help taxpayers understand the process. The document highlights key…
The Finance Ministry issued a corrigendum to amend the jurisdictions of GST Appellate Tribunal GSTAT State Benches, aiming to address procedural challenges and improve…
Finance Minister Nirmala Sitharaman urged Regional Rural Banks RRBs to adopt advanced technology to improve operational efficiency and customer service. Speaking at a financial…
The Andhra Pradesh High Court quashed a show-cause notice SCN issued to Bharat Heavy Electricals Limited BHEL for non-payment of stamp duty, citing lack of jurisdiction. The court…
The number of women taxpayers in India has surged by 25.3% over the last four years, reflecting increasing financial independence and participation in the country’s economy.…
The Orissa High Court ruled that proceedings under Section 41 4 of the OVAT Act, based on delayed audit reports, cannot be initiated by the tax department. The court emphasized…
The National Consumer Disputes Redressal Commission NCDRC upheld SBI Life Insurance’s rejection of insurance claims due to the policyholder’s non-disclosure of material facts. The…
A Special PMLA Court granted bail to a businessman accused in a ₹915 crore money laundering case. The businessman was alleged to have laundered proceeds from illegal activities,…
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