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The ITAT upheld the CIT A ’s deletion of a ₹149.29 crore addition, confirming that an amalgamation qualifies for exemption under Section 47 vi of the Income Tax Act. This section…
The Delhi High Court clarified the powers under Section 37 of the Arbitration and Conciliation Act, highlighting that appeals under this section are limited. The ruling…
The Supreme Court reaffirmed that authorities lack the power to seize currency under the GST Act, reiterating the importance of adhering to legal provisions when exercising…
In a case where the Principal Commissioner of Income Tax PCIT sought to invoke revisionary jurisdiction under Section 263, the ITAT ruled that mere differences in interpretation…
CBIC has imposed a five-year anti-dumping duty on thermoplastic polyurethane TPU imports to address price undercutting that was harming domestic manufacturers. TPU, used in…
The Central Information Commission ruled that GST return details cannot be disclosed under Section 158 1 of the CGST Act. The decision came after an RTI applicant sought…
The CBIC has amended Passenger Name Record PNR regulations, requiring aircraft operators to transfer passenger data 24 hours before departure and again at "wheels-off" time. This…
The ITAT provided relief to ICICI by deleting the disallowance of dividend income, ruling that Section 44, which deals with insurance company income, overrides Section 14A of the…
The Telangana High Court held that investments made before June 1998 in purchasing shares of infrastructure facilities cannot be considered income under Section 10 23G of the…
The ITAT granted registration under Section 12AB to a charitable organization, clarifying that Section 131 b applies only at the assessment stage. This decision provides relief to…
The AAR ruled that GST is not payable by Distribution Companies DISCOM on materials and installation of distribution systems when deposit work is undertaken by consumers. This…
The Patna High Court emphasized that a GST Appellate Authority must consider all grounds raised in the memorandum of appeal, even when deciding ex-parte. The court criticized the…
The Patna High Court stayed the recovery proceedings under Section 112 9 of the Bihar Goods and Services Tax BGST Act due to the non-constitution of the GST Tribunal. The court…
The Central Board of Indirect Taxes and Customs CBIC issued a corrigendum to the reverse charge mechanism RCM notification on renting immovable property under GST. The corrigendum…
The ITAT has remanded a case concerning the disallowance of interest expenses for fresh adjudication. The taxpayer’s interest expenses were disallowed, but ITAT found that the…
The Delhi High Court ruled that an Assessing Officer AO is not at fault for completing an income tax assessment once the jurisdiction to issue a notice under Section 143 2 is…
In a ruling by the Income Tax Appellate Tribunal ITAT , extended working hours were not considered a valid reason for assuming additional income as commission. The taxpayer was…
Pam Kaur, a Chartered Accountant of Indian origin, has become HSBC’s first female CFO in its 160-year history. Her journey began as a Chartered Accountant, and she climbed the…
The GST Network GSTN has introduced a validation process for bank account details in the GST portal. New and existing taxpayers must verify their bank account information within a…
GSTN has issued an advisory regarding GST REG-07 for buyers of metal scrap. The advisory outlines specific registration requirements and documentation for businesses involved in…
The GST Council is considering removing the tax on life and health insurance premiums, which could provide significant relief to policyholders. The move is aimed at making…
In a GST dispute, Akzo Nobel India received partial relief as the demand for ₹7 lakh was reduced after an appeal. The case involved a discrepancy in the company's GST filings, but…
The Delhi High Court granted bail to an accused involved in a PMLA case of cattle smuggling after a long period of incarceration. The accused had been in jail for several months,…
The income tax department reports a fivefold increase in the number of "crorepati" taxpayers over the past decade, showcasing the country's rising prosperity and improved tax…
A new mandate from the government requires e-invoicing across businesses registered under the same PAN but different GSTINs. This change is aimed at standardizing reporting and…
In a recent ruling, ITAT allowed a deduction for bad debts under Section 36 1 vii , ruling that merely writing off the debt in the books of accounts is sufficient compliance. The…
The Income Tax Department introduced an updated Common Offline Utility for Forms 3CA-3CD and 3CB-3CD. This tool is aimed at streamlining the audit process for taxpayers who need…
A surge in the number of high-income taxpayers reflects India's growing economy and improved tax compliance. Over the past decade, there has been a significant increase in the…
Shiprocket’s FY24 revenue increased by 21% to INR 1,316 crore, up from INR 1,089 crore in FY23. Despite this growth, the logistics unicorn reported a net loss of INR 595 crore, a…
GSTN introduced a bank account validation process for non-core amendments to facilitate more secure and seamless updates to business details. This validation process requires…
The Delhi High Court confirmed that it can exercise its power of superintendence under Article 227 to review orders from commercial courts. This decision stemmed from an erroneous…
The Karnataka High Court canceled an October 26 Kambala race scheduled by a Bengaluru Kambala Samithi, citing administrative irregularities. Kambala, a traditional buffalo race,…
Following Zomato’s lead, Swiggy increased its platform fee to INR 10 per order. The hike aims to offset rising operational costs and enhance service quality. Swiggy’s decision…
The Delhi High Court ruled that it can exercise its power of superintendence under Article 227 of the Constitution to interfere with orders of commercial courts at the district…
The Income Tax Department released an updated utility for ITR-3, designed for individuals and professionals earning income from a business or profession. The new version is…
The IMF has retained India’s FY25 growth forecast at 7%, citing strong domestic demand and investment, despite global challenges. India is projected to remain one of the…
The Patna High Court emphasized that gender-based employment prioritization must align with objective criteria, ensuring fairness in recruitment processes. The court ruled that…
The Kerala High Court ruled that a school principal's insistence on wearing a uniform is not cruelty under the Juvenile Justice Act. The court found no abuse or mistreatment in…
The ITAT upheld the CIT A ’s deletion of a ₹149.29 crore addition, confirming that an amalgamation qualifies for exemption under Section 47 vi of the Income Tax Act. This section…
The Supreme Court of India set aside a remission condition requiring convicts to behave decently to be eligible for release. This judgment underscores that behavioral conditions…
The Delhi High Court ruled that a wife sharing a household is not entitled to exclusive ownership or possession of the property. This judgment clarifies that marital arrangements…
Sonam Wangchuk withdrew his plea from the Delhi High Court, ending his protest after an agreement was reached on the environmental concerns he raised. This decision marks a…
The NCLT Mumbai held that issuing a demand notice to change the default date during the prohibited period is not allowed. This ruling protects creditors by ensuring that no…
GST panels propose major rate changes for 100 products: The GST Council's panels have recommended significant rate changes for around 100 products to rectify anomalies and…
GST scam exposes 35 accused Chartered Accountants in the spotlight: A major GST scam involving 35 Chartered Accountants has been uncovered, revealing extensive misuse of the GST…
Softy ice cream mix classified as sugar-based, will attract 18% GST: AAR ruling: The Authority for Advance Rulings AAR has classified softy ice cream mix as a sugar-based product,…
ITAT upholds legitimacy of cash deposits, rejects unexplained classification under Section 68 of Income Tax Act: The Income Tax Appellate Tribunal ITAT has upheld the legitimacy…
Once cash withdrawals are proven, burden shifts to Income Tax Dept to disprove their use for deposits: ITAT: The ITAT has ruled that once cash withdrawals are proven, the burden…
Failure to prove loan credibility: ITAT remands case to AO for fresh adjudication: The ITAT has remanded a case back to the Assessing Officer AO for fresh adjudication due to the…
ITAT directs DRP to reconsider assessee's objection over signature irregularity: The ITAT has instructed the Dispute Resolution Panel DRP to reconsider an assessee's objection…
The ITAT upheld the CIT A ’s deletion of a ₹149.29 crore addition, confirming that an amalgamation qualifies for exemption under Section 47 vi of the Income Tax Act. This section…
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