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The Income Tax Appellate Tribunal has overturned Rs. 1.2 crore in tax additions from penny stock sales, citing violation of human probability principles. The tribunal found…
The ITAT declared a reopening under Section 147 invalid due to the lack of fresh tangible material. The tribunal found that the reassessment was not based on new evidence,…
The government is considering implementing an arbitration mechanism to resolve tax disputes in Budget 2025. This initiative aims to streamline dispute resolution and reduce…
The Gauhati High Court has directed that an application be filed under Section 249 4 of the Income Tax Act, as the tax dues mentioned in the Income Tax Return ITR were paid. The…
The ITAT has ruled that a widow should be given a fresh opportunity to prove the genuineness of her income for the assessment year 2010-11. The case involved an assessment of…
The Central Board of Direct Taxes CBDT has approved the SKAN Research Trust for income tax benefits under Section 35 of the Income Tax Act for scientific research. This approval…
The Income Tax Appellate Tribunal ITAT has ruled that failure to file Form 10-IE on time does not impact eligibility for concessional tax rates under Section 115BAC of the Income…
The article discusses the importance of understanding taxation within India's Constitution, highlighting key aspects related to tax powers and provisions under the Constitution.…
The Income Tax Department has announced a reduction in the time limit for claiming tax refunds from seven to five years. This significant change aims to streamline the refund…
Fifteen individuals have been booked for assaulting three men over false accusations of being fake GST officials. The incident highlights the growing tension around GST…
The Calcutta High Court has ruled that factual examination of unexplained cash credit additions under the Income Tax Act is beyond the scope of appeals under Section 260A. The…
The Gujarat High Court's Chief Justice inaugurated a 'Mitti Cafe,' which employs specially-abled staff, highlighting the importance of inclusivity and accessibility. This…
The Institute of Chartered Accountants of India ICAI has launched CA GPT, an innovative platform that offers access to annual reports of over 5,000 listed companies. This platform…
The Union Cabinet has approved the PAN 2.0 project, a major step towards revamping India's Permanent Account Number PAN system. The project aims to improve the ease of access,…
The Central Board of Indirect Taxes and Customs CBIC has empowered additional and joint commissioners to adjudicate notices under key GST sections from 1st December 2024. This…
The Kerala High Court ruled that daily expenses provided to an assessee are not considered as payment for services rendered, thus exempting them from taxation. The court clarified…
The Income Tax Case Digest discusses the addition on bogus purchases under the Income Tax Act. The article highlights the criteria and evidence required for tax authorities to…
The Supreme Court has ruled that no legal action can be taken against GST officers acting in good faith, expunging the Gujarat High Court's tentative opinion. The decision…
The Delhi High Court has ruled that concealment of income and furnishing inaccurate income particulars are distinct grounds for penalty under Section 271 1 c of the Income Tax…
The Supreme Court was informed that the mediation between Tamil Nadu and Karnataka over the Pennaiyar River dispute has failed. Both state governments had agreed to attempt…
The Madras High Court dismissed a plea against the indictment of Adani in a corruption case, allowing the probe to continue unimpeded. The court ruled that the ongoing…
The Karnataka High Court ruled on the denial of 120 days of child care leave to a nurse working at NIMHANS. The nurse had requested the leave under the Civil Services Leave Rules,…
SUGAR Cosmetics is set to raise $4–5 million in funding from Anicut Capital and Malabar Investments at a flat valuation. The funding is aimed at supporting the cosmetics brand’s…
Prime Minister Narendra Modi emphasized the need for a collaborative financial model to ensure easy and transparent financing for cooperatives. This model would involve…
The Madhya Pradesh High Court has issued an order regarding the NEET-PG counseling results, directing the use of a normalization process to ensure fairness. The court's…
The Kerala High Court has addressed the consequences of administrative delays and bureaucratic indecision in the promotion of government servants. The court's ruling emphasizes…
The Goods and Services Tax GST collected from healthcare and life insurance services in FY24 exceeded Rs 16,000 crore. This significant revenue generation reflects the expanding…
HDFC Life has initiated an investigation after discovering that customer data was shared with malicious intent. The insurance company is taking stringent measures to protect…
France's Total has halted new investments in Adani group companies due to concerns over the group's financial health and governance issues. This decision follows a period of…
Apple's iPhone production in India has surpassed $10 billion in terms of Free on Board FOB value and is projected to reach $15 billion in market value. This significant milestone…
On November 25, 2024, the Indian stock market saw a positive trend, with both the Sensex and Nifty indices closing higher. The market was driven by gains in various sectors,…
Following strictures from the Reserve Bank of India RBI , microfinance institutions MFIs are tightening their lending norms to ensure more responsible lending practices. The RBI's…
The Reserve Bank of India's RBI Deputy Governor emphasized that MSMEs Micro, Small, and Medium Enterprises can significantly improve their financial health through formal…
Government-owned banks in India are planning to enter the insurance business to diversify their revenue streams and offer comprehensive financial services to their customers. This…
The Nifty PSU Bank index saw a significant boost over two days, driven by strong gains from major public sector banks such as SBI, Central Bank, PNB, and BOB. This surge was…
HealthKart reported Rs. 1,021 crore revenue and Rs. 37 crore PAT in FY24, showcasing significant financial performance. The robust financial results indicate the company's strong…
On November 25, 2024, the Indian stock market witnessed a positive session, with the BSE Sensex and Nifty indices closing higher. The market was driven by gains in various…
The daily roundup of startup news on November 25, 2024, includes several key developments. Multiple startups across various sectors, including fintech, healthtech, and e-commerce,…
Tata Digital has launched a quick-commerce offering called Neu Flash, aimed at providing fast and convenient delivery services to customers. Neu Flash leverages Tata Digital's…
According to a report by NASSCOM, funding for Indian genAI generative AI startups has seen a six-fold growth in the second quarter of FY 2025. This surge is driven by increasing…
SolarWorld Energy Solutions has secured Rs 110 crore in a pre-IPO placement round, marking a significant milestone for the renewable energy company. The funding will be used to…
Lendingkart, a fintech company, reported a revenue of Rs 1,090 crore for the financial year 2024, but saw a decline in profits. Despite the revenue growth, the company faced…
Smart kitchen brand Beyond Appliances received funding to enhance its technology stack. The investment indicates growing investor interest in innovative kitchen technology…
The Competition Commission of India CCI rejected Apple's plea to put an antitrust report on hold. The decision demonstrates the regulatory body's commitment to investigating…
Innov8 aims to raise INR 100 crore to double its coworking centers. The funding strategy reflects the company's expansion plans in the flexible workspace market. By seeking…
EV firm Bounce is on track to report over Rs. 150 crore revenue by FY25, indicating strong growth in the electric vehicle sector. The projected revenue highlights the company's…
Primus Partners and iSPIRT have collaborated to create a roadmap for the adoption of digital public infrastructure DPI in India. This initiative aims to enhance the country's…
The Delhi High Court quashed an FIR with the condition of serving at a Gurudwara. This nuanced approach demonstrates the court's ability to balance legal principles with…
The NCLAT has ruled that property in possession of a corporate debtor, sold during a petition under Section 7 of the IBC, cannot be excluded from the debtor’s assets. This…
The Delhi High Court has ruled that concealment of income and furnishing inaccurate income particulars are distinct grounds for penalty under Section 271 1 c of the Income Tax…
The Income Tax Appellate Tribunal has overturned Rs. 1.2 crore in tax additions from penny stock sales, citing violation of human probability principles. The tribunal found…
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