News & Judgements

The National Company Law Appellate Tribunal NCLAT has ruled that there is no provision under the Insolvency and Bankruptcy Code IBC for set-off, adjustment, or counter-claim. This…

The ITAT has set aside an ex-parte order issued by the CIT A for fresh hearing, emphasizing the principles of natural justice. The appellant, Bhupendra Kumar Phoolchand Bind, had…

The Kerala High Court ruled that a rectification order is invalid if it fails to provide reasons justifying the exercise of rectification power. The court observed that the…

The Punjab and Haryana High Court held that the CBDT circular prescribing monetary limits for filing appeals/SLPs is not applicable to international tax appeals involving the…

An accountant in Jamnagar has been accused of fraudulently claiming Rs 2 crore in Input Tax Credit ITC by misusing the GST number of a closed factory. The police have registered a…

The GST Network GSTN has introduced additional FAQs on the Invoice Management System IMS , which is now available to taxpayers. This system helps taxpayers match their records…

The Authority for Advance Rulings AAR has ruled that GST on corporate guarantees is payable only once under the reverse charge mechanism. The case involved a corporate guarantee…

The Orissa High Court has stayed Income Tax proceedings initiated due to the failure to mention the issuance of notice under section 148A d of the Income Tax Act, 1961, in the GST…

The Goods and Services Tax Network GSTN has released additional FAQs on the Invoice Management System IMS to assist taxpayers with GSTR-2B submissions. Published on October 17,…

The Orissa High Court dismissed a petition challenging an Income Tax order directing re-adjudication by the Assessing Officer AO in the absence of a substantial question of law.…

The Directorate General of Foreign Trade DGFT has eased policy conditions on the export of cough syrup to the USA, UK, Canada, EU, Japan, Australia, Singapore, Republic of Korea,…

The Goods and Services Tax GST interest and penalty waiver applications under section 128A provide taxpayers with an opportunity to seek relief from interest and penalties imposed…

China is targeting the overseas investment gains of its ultra-rich citizens in a bid to reduce wealth inequality. The Chinese government has introduced new regulations requiring…

The Calcutta High Court has stayed a notice issued by the jurisdictional Assessing Officer AO in contravention of the provisions under section 151A of the Income Tax Act. The…

The Central Board of Direct Taxes CBDT has exempted payments from the Reserve Bank of India RBI from the requirement of collecting Tax Collected at Source TCS under section 206C…

The Income Tax Appellate Tribunal ITAT has restored the matter to the Assessing Officer AO for examining the taxability of Annual Maintenance Contract AMC payments by Bharti…

The Ministry of Finance has amended the GST Council Secretariat, Group ‘A’ Executive Posts Recruitment Rules, 2018, through Notification No. 109 dated October 16, 2024. The…

The Delhi Bench of the Income Tax Appellate Tribunal ITAT upheld the Commissioner of Income Tax Appeals CIT A ruling that income received by a non-resident entity should be…

The Orissa High Court has stayed proceedings against Ola, holding that the Directorate General of GST Intelligence DGGSTI is not an adjudicating authority. Ola, represented by Ani…

The Delhi High Court dismissed a petition challenging the recalculation of arbitral fees, upholding the separate fee calculation for claims and counterclaims. The court held that…

The Supreme Court upheld the maintainability of appeals filed by the Airports Economic Regulatory Authority AERA against orders of the Telecom Disputes Settlement and Appellate…

The Indian stock markets rebounded after an initial dip, led by gains in the metals and banking sectors. After opening lower, key indices like the Sensex and Nifty regained…

Rising fiscal deficit and debt in Indian states are causing financial strain, with many states facing unsustainable debt levels, especially post-pandemic. The NSE report…

The Employees’ Provident Fund Organisation EPFO extended the insurance benefits for its members up to ₹7 lakh under the Employees’ Deposit Linked Insurance EDLI scheme. The…

Kotak Mahindra Bank announced its acquisition of Standard Chartered Bank’s personal loan portfolio in India, valued at ₹4,100 crore. The acquisition is part of Kotak Mahindra…

Bharat Forge signed a definitive agreement to acquire AAM India Manufacturing Corporation Pvt Ltd, a subsidiary of American Axle & Manufacturing Holdings Inc. The acquisition,…

Blackstone Group emerged as the highest bidder for Logos India, a logistics and warehousing company, with a bid of ₹1,200 crore. The acquisition is part of Blackstone’s strategy…

Vistara, the Indian full-service airline, will continue to offer its renowned hospitality even after its merger with Air India on November 11, 2024. The airline assured passengers…

Eight equity mutual funds saw their assets under management AUM drop by over ₹100 crore in September 2024. The decline was attributed to market volatility and profit booking by…

RBI Governor Shaktikanta Das stated that an interest rate cut at this stage would be premature, given the current economic conditions. Speaking at a financial summit, Das…

Disgruntled homebuyers held a protest at Jantar Mantar in New Delhi, demanding their rights and action against delayed housing projects. The protesters, representing various…

The BSE Sensex and Nifty 50 indices experienced gains on October 18, 2024, driven by positive global cues and strong domestic earnings reports. The Sensex rose by 300 points to…

Power stocks saw an uptick as the broader market rose on October 18, 2024. Key gainers included NTPC, Power Grid Corporation, and Tata Power, which saw increases of up to 3%. The…

Hyundai Motor India is preparing for its initial public offering IPO in 2024. The company aims to raise funds to support its expansion plans and enhance its market presence in…

Yu Foods raised $6.5 million in a funding round led by Ashish Kacholia and the Asian Paints promoter group. The funds will be used to expand Yu Foods’ product range, enhance…

The Indian government is set to roll out a policy for the social security of gig workers soon. The policy aims to provide benefits such as health insurance, retirement savings,…

8i Ventures exited its investment in M2P Fintech with a 12x return. The venture capital firm had invested in M2P Fintech during its early stages and benefited from the company’s…

Protests erupted in Kalaburagi, Karnataka, demanding a ban on online rummy games. The protesters, including various social and political groups, argued that online rummy leads to…

Edtech unicorn Eruditus raised $150 million around INR 1,260 crore in a Series F funding round led by TPG’s global impact investing platform, The Rise Fund. Existing investors,…

Zomato’s board is set to review and approve a proposal to raise INR 8,500 crore approximately $1 billion through a qualified institutional placement QIP at its meeting on October…

Finance Minister Nirmala Sitharaman urged Mexican firms to explore partnerships with Indian startups and academic institutions to leverage India’s business-friendly policies.…

Wow! Momo, a Kolkata-based fast food chain, aims to achieve INR 650 crore in revenue for the financial year 2024-25 FY25 . The company reported a 14% year-on-year growth in…

Shares of Zomato fell by 5.4% to INR 256 during intraday trading on October 18, 2024, following the announcement that its board would consider raising funds via qualified…

India is considering imposing restrictions on laptop imports to boost local manufacturing. The government aims to reduce dependency on foreign-made laptops and encourage domestic…

The Supreme Court closed a case involving the Isha Foundation, stating that women living there of their own free will cannot be forced to leave. The court emphasized the…

The Supreme Court recalled its judgment that struck down provisions of the Benami Transactions Prohibition Act, 1988. The court had previously declared Sections 3 and 5 of the Act…

The Supreme Court upheld the anticipatory bail granted to Bhavani Revanna in a kidnapping case. The court observed that the allegations against Revanna were not substantiated by…

The Kerala High Court granted bail to an accused in the murder of an RSS worker. The court noted that the investigation was complete and the accused had been in custody for a…

The Bombay High Court ruled that a husband’s niece cannot be implicated in a domestic violence case filed by the wife. The court observed that the Protection of Women from…

The Supreme Court imposed a cost of ₹1 lakh on the State of Jharkhand for filing a frivolous special leave petition SLP . The court criticized the state for wasting judicial time…