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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 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 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 Supreme Court ruled that an Aadhaar card is not valid proof for establishing a person’s date of birth. This decision stemmed from the limited documentary reliability of the…
The Supreme Court set aside a High Court order that dismissed objections to a decree due to procedural irregularity. The Court clarified that procedural defects should not defeat…
The Uttarakhand State Consumer Commission held Punjab National Bank liable for failing to reverse unauthorized transactions. Despite the customer's timely alerts, the bank did not…
The Uttar Pradesh State Consumer Commission held Oriental Insurance Co. liable for wrongfully rejecting a genuine claim. The insurer had repudiated the claim on flimsy grounds,…
The Supreme Court of India urged government lawyers to avoid relying on oral instructions, emphasizing the need for written instructions to ensure accuracy in court…
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 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 Bombay High Court directed the Brihanmumbai Municipal Corporation BMC to take strict action against illegal hawkers obstructing public spaces. The court emphasized that…
Bizongo has signed a Memorandum of Understanding MoU with National Aluminium Company Limited NALCO to distribute aluminium products. This partnership aims to leverage Bizongo’s…
Fino Payments Bank’s shares dropped by 7% following the release of its Q2 financial results. The bank reported a decline in net profit, which fell short of market expectations.…
Blinkit has introduced an EMI option for purchases over INR 3,000, aiming to make its services more accessible to a broader customer base. This new payment option allows customers…
Nvidia has partnered with Reliance to build AI infrastructure in India. This collaboration aims to leverage Nvidia’s advanced AI technology and Reliance’s extensive network to…
Infosys has partnered with Meta to integrate enterprise AI solutions. This collaboration aims to leverage Meta’s advanced AI capabilities and Infosys’ expertise in digital…
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 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 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 BSE Sensex and Nifty indices experienced fluctuations on October 24, 2024, influenced by various market factors. Key sectors such as banking, IT, and pharmaceuticals showed…
The latest market updates from Livemint on October 24, 2024, highlighted key movements in the stock market. The report covered significant gains and losses in various sectors,…
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…
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…
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…
The Delhi High Court limited the scope of reviewing interlocutory orders, ruling that such orders should only be revisited in exceptional circumstances. The court emphasized that…
The National Financial Reporting Authority NFRA has introduced new standards for audits, aiming to enhance the reliability and transparency of financial reporting. These standards…
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 Income Tax Appellate Tribunal ITAT set aside a Dispute Resolution Panel DRP order, citing a curable defect in Form 35A filed by the taxpayer. The Tribunal recognized that such…
In a relief to Coca-Cola India, the Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that service tax is not applicable on reimbursable expenses incurred for…
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 Punjab and Haryana High Court directed strict action against an Assistant Commissioner in the CGST department for insubordination. The officer had ignored the directions…
The Finance Ministry announced retrospective duty-free import provisions for simply sawn diamonds, allowing importers to bring in such diamonds without paying customs duty. The…
The Central Bureau of Investigation CBI arrested an Assistant Registrar of Companies ARoC in Pune for allegedly accepting a Rs. 3 lakh bribe from a company director based in…
The Income Tax Appellate Tribunal ITAT quashed a revision order passed by the Principal Commissioner of Income Tax PCIT without showing any prejudice to the revenue or an error by…
A Jalgaon EPFO Enforcement Officer was caught by the Central Bureau of Investigation CBI for demanding and accepting a Rs. 25,000 bribe. The officer allegedly sought the bribe…
The Income Tax Appellate Tribunal ITAT ruled that Section 115BAC of the Income Tax Act does not prevent an assessee from carrying forward and setting off losses under capital…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that there is no provision under the Central Excise Act of 1944 or its rules that allows an assessee to pay…
The Finance Ministry revised the customs tariff values for silver medallions and coins. This adjustment considers global market fluctuations and aims to bring clarity to import…
The Rajasthan High Court stayed an order blocking Input Tax Credit ITC under Section 86A of the GST Act, citing the authorities' failure to provide the taxpayer with an…
The Kerala High Court directed customs authorities to allow a company to rectify the wrongful mention of the Duty Drawback Scheme instead of the Advance Authorization AA Scheme.…
The Supreme Court ruled that Parliament does not have legislative competence to enact laws taking control of the intoxicating liquor industry, reinforcing the constitutional…
A cooperative society's eligibility for income tax deductions was clarified by the ITAT, which ruled that such societies are entitled to deductions under Section 80P of the Income…
The NCLAT ruled that a litigant who does not apply for a certified copy of an order cannot claim the benefit of the limitation period for filing an appeal. The decision reinforces…
The National Company Law Appellate Tribunal NCLAT ruled that the Corporate Insolvency Resolution Process CIRP cannot be initiated against Jaypee Healthcare Ltd after it fully…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled in favor of Micromax Informatics, stating that LCD panels imported as Liquid Crystal Device panels attract…
The ITAT set aside a Commissioner of Income Tax Appeals CIT A order and directed the National Faceless Appeal Centre NFAC to resolve the appeal alongside an ongoing assessment…
The ITAT ruled that Section 56 2 x of the Income Tax Act, which deals with the taxation of gifts and property received without adequate consideration, does not apply to a property…
The Delhi High Court quashed a show-cause notice and order that canceled a GST registration, stating that authorities had violated due process by failing to specify the…
The Authority for Advance Rulings AAR ruled that a power distribution company DISCOM must pay GST on the materials and services used for developing distribution systems for…
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 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…
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