News & Judgements

The ITAT set aside an ex-parte order because the Assessing Officer’s AO notices were never served to the assessee. The tribunal emphasized the importance of proper service of…

The ITAT directed a reassessment of a ₹10.3 lakh deposit after the original appeal was dismissed without a full review. The tribunal called for a thorough examination of the case…

The ITAT deleted a ₹6 lakh penalty under Section 271D due to a bona fide claim of long-term capital gains LTCG by the assessee. The tribunal found the claim to be genuine and not…

The ITAT condoned a 236-day delay in filing an appeal, stating that acceptance of delay explanations should be the rule rather than the exception. The tribunal highlighted the…

The Income Tax Appellate Tribunal ITAT remanded an appeal that was dismissed for non-prosecution and non-condonation of delay. The tribunal emphasized the need for a fair hearing…

The Customs, Excise and Service Tax Appellate Tribunal CESTAT reduced the high-pitched redemption fine imposed on goods confiscated under Section 111 d of the Customs Act. The…

The Directorate General of Foreign Trade DGFT issued amendments to the Handbook of Procedures and the Standard Input Output Norms SION for jewellery exports. The amendments,…

The Delhi High Court dismissed a challenge to a transfer pricing addition where the assessee’s foreign associated enterprise AE was not used as the tested party in previous years.…

The National Company Law Appellate Tribunal NCLAT has ruled that the dissolution of a corporate debtor under Section 54 of the Insolvency and Bankruptcy Code IBC can be sought…

The Central Board of Indirect Taxes and Customs CBIC has extended the deadline for filing appeals against orders passed on or before March 31, 2023, under Sections 73 and 74 of…

The Gauhati High Court has ruled that a summary of a show cause notice SCN in GST DRC-01 is not the same as an SCN under Section 73 1 of the CGST Act. This decision came in a case…

The Income Tax Appellate Tribunal ITAT has ruled that the doctrine of merger does not apply to income retained by the Centralized Processing Centre CPC from intimation under…

The Delhi High Court has ruled that salaries paid to seconded employees are not subject to GST, absolving Sony India and other foreign entities from GST liabilities in light of a…

The Income Tax Appellate Tribunal ITAT has ruled that there will be no disallowance for Provident Fund PF and Employees’ State Insurance ESI contributions made before the return…

The Central Board of Direct Taxes CBDT has mandated the electronic submission of specified forms under Rule 131 of the Income Tax Rules, 1962, to enhance compliance and streamline…

The Central Board of Direct Taxes CBDT has issued Circular No. 14/2024, allowing for the condonation of delay in filing income tax returns for Assessment Year AY 2023-24 for…

India is likely to delay the implementation of the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises with global revenues…

India’s fiscal deficit for the first half of FY25 April-September 2024 was ₹4.7 trillion, or 29.4% of the full-year target of ₹16.16 trillion, showing an improvement from 39.3% in…

The Customs, Excise, and Service Tax Appellate Tribunal CESTAT justified reassessing the value of imported goods using existing imports’ value as per NIDB data. The tribunal…

The Madhya Pradesh High Court held that qualifications accepted at the time of appointment cannot be questioned after 30 years unless there is an allegation of fraud. This ruling…

Banks in India experienced a decline in their Net Interest Margin NIM in Q2 due to rising deposit costs and the implementation of the RBI’s penal charge directive. The increased…

A top PSU NBFC is expected to declare a significant dividend on November 4, with analysts recommending a buy for a target price of ₹175. The anticipated dividend declaration…

Foreign Portfolio Investors FPIs withdrew a record ₹94,000 crore from Indian equities in October, driven by attractive valuations in the Chinese market and elevated pricing of…

ONGC’s third attempt to find a partner for the Deen Dayal gas field in the KG basin failed, receiving no bids. The field, acquired from Gujarat State Petroleum Corporation for…

SEBI has proposed new measures to enhance the operational framework for Real Estate Investment Trusts REITs and Infrastructure Investment Trusts InvITs . The proposed changes aim…

Canara Bank aims to recover INR 6,000 Cr in the second half of FY25, focusing on improving asset quality and reducing non-performing assets NPAs . The bank’s recovery efforts are…

The Indian government has extended the bid deadline for its coal gasification scheme, aimed at promoting the use of coal for producing synthetic natural gas, urea, ammonia,…

Peer-to-peer P2P lending platforms in India are experiencing rising customer interest ahead of the T+1 settlement deadline on November 14. The new regulation, which shortens the…

Whatfix, a digital adoption platform, reported a 49% increase in revenue, surpassing INR 400 Cr in FY24. The startup’s growth was driven by its expanding customer base and…

Indian SaaS startups saw a 33% year-on-year increase in funding in the first half of 2024, reflecting growing investor interest in the sector. The total funding reached $2.6…

Rare Rabbit, a Bengaluru-based fashion brand, reported a net profit of INR 74.5 Cr in FY24, more than doubling from INR 32.2 Cr in the previous fiscal year. The startup’s total…

Zypp Electric, a Delhi NCR-based EV two-wheeler startup, saw its revenue surge 2.7 times to INR 292.7 Cr in FY24, up from INR 109.1 Cr the previous fiscal year. Including other…

Kuku FM, a Mumbai-based vernacular audio platform, reported a significant revenue increase of 114% in FY24, reaching INR 104.1 Cr. The startup’s operating revenue stood at INR 88…

The Bombay High Court ruled that emergency parole for prisoners should not be restricted to the death of a relative alone. The court emphasized that other unforeseen…

The Allahabad High Court ordered a Special Investigation Team SIT probe into the lathi charge violence against lawyers in Ghaziabad District Court. The court emphasized the need…

The Delhi High Court ruled that a new employer cannot deny appointment to a selected employee if the previous employer has accepted their resignation. This decision protects…

The Delhi High Court granted promotion to an army officer, ruling that promotion cannot be denied due to reasons beyond the candidate’s control. This decision ensures fairness in…

The Kerala High Court ruled that a challenge to a nine-year-old appointment by new petitioners is not possible if earlier petitions were dismissed for delay. This decision…

The Allahabad High Court criticized the Additional Chief Secretary Finance of Uttar Pradesh for seeking exemption from court appearance to attend a program with the Chief…