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Ixigo's Q2 profit halved to ₹13 crore, primarily due to tax expenses. Despite a strong revenue performance, the company’s profits were hit by higher taxes, affecting its overall…
The Rajasthan High Court held that non-disclosure of information per se was not a ground for disqualification under Section 12 of the Arbitration Act before the 2015 amendment.…
The Jharkhand High Court granted bail to a member of a terrorist gang charged under the Unlawful Activities Prevention Act UAPA . The court found that the prosecution failed to…
The National Company Law Appellate Tribunal NCLAT ruled that resolution professionals managing corporate debtor assets are responsible for the payment of pre-CIRP dues. The case…
The Delhi High Court ruled that entities operating on an economic upscale cannot be included as comparables for those working on a cost-plus pricing basis in transfer pricing…
The Andhra Pradesh High Court ruled that the usage of chemicals as raw materials does not change their categorization as chemicals, which should be taxed at 8%. The case involved…
The Delhi State Consumer Disputes Redressal Commission held New India Assurance Co. liable for repudiating a genuine insurance claim based on technicalities. The complainant, an…
The Delhi State Consumer Disputes Redressal Commission held Ansal Properties & Infrastructure Ltd. liable for failing to deliver possession of a flat within the stipulated time.…
The Madhya Pradesh High Court directed the state government to take appropriate action based on the Jain Commission Report on the 2017 Mandsaur farmer shooting incident. The court…
The Madras High Court reiterated that the provisions of the Maternity Benefits Act prevail over any contractual conditions set by employers to deny maternity benefits to women.…
The Kerala High Court ruled that depression does not qualify as legal insanity under Section 84 of the IPC. The court rejected the defense of unsoundness of mind in a murder case,…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that CENVAT credit cannot be denied when the duty is accepted by the department for manufactured products. The…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT has quashed an order invoking extended limitation for alleged short payment of service tax due to the absence of new…
The Income Tax Appellate Tribunal ITAT upheld the deletion of a ₹1.67 crore addition under Section 14A due to the absence of exempt income. The case involved an assessee who had…
The Finance Ministry has declared Joint Liability Group JLG micro-enterprises as eligible borrowers under the Credit Guarantee Fund Scheme. This decision aims to enhance credit…
The Income Tax Appellate Tribunal ITAT has quashed the reopening of an assessment due to procedural flaws in the issuance of notice. The case involved an assessee whose assessment…
The Allahabad High Court ordered a District Magistrate to personally appear in a case involving the issuance of a sale certificate for a property auction. The court criticized the…
The Bombay High Court directed the Brihanmumbai Municipal Corporation BMC to take strict action against illegal hawkers obstructing public spaces. The court emphasized that…
The Madras High Court ruled that cross-examination by the Excise Department is necessary only when the demand is based solely on witness statements. In the case, the department…
The Kerala GST Department has issued adjudication instructions for non-filing and short payment of the Kerala Flood Cess. The instructions outline the procedures for adjudicating…
The Income Tax Appellate Tribunal ITAT upheld the deletion of a ₹6.43 crore addition, ruling that a loan from a wholly-owned subsidiary is not deemed a dividend. The case involved…
The Income Tax Appellate Tribunal ITAT has deleted a ₹4.96 crore addition to an assessee’s income, citing the need for a fresh valuation. The case involved the valuation of a…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT has remanded a classification dispute involving imported cashews back to the adjudicating authority. The case…
The New Delhi Patiala House Court has ruled that the Directorate of Enforcement ED can conduct questioning of individuals through video conferencing, eliminating the need for…
The Income Tax Appellate Tribunal ITAT quashed an income tax assessment due to a lack of approval from higher authorities under Section 151 of the Income Tax Act for reopening the…
The Income Tax Appellate Tribunal ITAT remanded a case back to the Assessing Officer AO for fresh assessment, allowing the consideration of additional evidence. The case involved…
The ITAT upheld the Assessing Officer's AO decision that filing fees for an increased share capital should be classified as revenue expenditure, not capital expenditure. This…
The Goods and Services Tax GST Portal will be unavailable from October 26, 2024, at 10:00 PM until 6:00 AM on October 27, 2024, due to a scheduled Disaster Recovery Drill. During…
The Income Tax Appellate Tribunal ITAT upheld the Commissioner of Income Tax Appeals CIT A 's decision to delete a ₹2 crore addition to TCGL’s income for non-accrued grants. The…
The Hyderabad Office of the Commissioner of Indirect Taxes and Customs has imposed a penalty of ₹4,158 on Suzlon Energy Limited for the short reversal of input tax credit ITC .…
The Income Tax Appellate Tribunal ITAT website has migrated to a new server to enhance user experience and functionality. The migration process, which began this week, is expected…
The Directorate General of Foreign Trade DGFT has notified the procedure for filing the annual RoDTEP Remission of Duties and Taxes on Exported Products return. The notification…
The ITAT quashed a ₹4.27 crore addition made by the tax department in a case involving alleged bogus long-term capital gains LTCG from penny stock transactions. The tribunal ruled…
The India Oilseeds Produce Export Council IOPEC has issued export certificates required for exporting sesame seeds to the USA, as per a notification from the Directorate General…
The Income Tax Appellate Tribunal ITAT remanded a case to the Assessing Officer AO for verification after the Commissioner of Income Tax Appeals CIT A accepted additional evidence…
The Income Tax Appellate Tribunal ITAT upheld the deletion of an ₹8 crore addition due to lack of evidence for unexplained credit. The case involved an assessee who had received a…
The Income Tax Appellate Tribunal ITAT remanded a case involving ad-hoc addition of unexplained receipts without calling for records back to the Assessing Officer AO for…
The Income Tax Appellate Tribunal ITAT upheld the reduction of land cost in a case involving inflated transactions and lack of evidence. The assessee had claimed a higher land…
The Maharashtra Jeevan Authority MJA has been deemed a service receiver under Section 2 93 of the CGST Act for grant amounts received and later paid to a technical consultant. The…
The Allahabad High Court ruled that bail pleas should not be rejected to make the accused “taste imprisonment as a lesson.” The case involved a bail application where the lower…
The Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal CESTAT reduced the redemption fine and penalty to 10% and 5%, respectively, for the unlicensed import…
The Bombay High Court recently imposed a cost of Rs.15,000 on the Deputy Commissioner of Customs, CRC-I, and directed the Customs department to pay interest at the rate of 6% per…
In a surprise operation, the State GST SGST department conducted one of Kerala’s largest-ever raids on gold jewellers in Thrissur, seizing 108kg of gold linked to tax evasion. The…
The number of Indian taxpayers with taxable incomes exceeding ₹1 crore has surged more than fivefold, reaching nearly 2.3 lakh in the assessment year AY 2023-24, compared to just…
The Corporate Affairs Ministry appointed Samir Ashwin Vakil as the new Director of the Serious Fraud Investigation Office SFIO . Vakil's appointment is seen as a key move to…
According to ICRA, the credit growth for banks and non-bank financial companies NBFCs is expected to slow down in FY25. Incremental bank credit growth is projected to decrease to…
The National Financial Reporting Authority NFRA has introduced new standards for audits, aiming to enhance the reliability and transparency of financial reporting. These standards…
Elon Musk’s X India, formerly known as Twitter India, has experienced a significant 90% decline in revenue for FY24. The drop is attributed to major operational changes and…
Alternative Investment Funds AIFs in India are grappling with land bordering rules, even as the Securities and Exchange Board of India SEBI has eased some norms. These rules…
Investment bankers are seeking a dilution of SEBI’s proposed merchant banking norms. The new regulations aim to enhance transparency and accountability in the merchant banking…
Ixigo's Q2 profit halved to ₹13 crore, primarily due to tax expenses. Despite a strong revenue performance, the company’s profits were hit by higher taxes, affecting its overall…
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