News & Judgements

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

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…

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…

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…

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…

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

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…

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…

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 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…

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 Income Tax Appellate Tribunal ITAT has ruled that there is no due date for employees’ contributions to the National Pension System NPS under the PFRDA Act. The case involved…

The Kerala High Court has ruled that CENVAT credit on Goods Transport Agency GTA services is applicable on services availed up to the place of removal. The case involved a dispute…

The Income Tax Appellate Tribunal ITAT has ruled that the Assessing Officer AO cannot disallow a Section 80IA claim without verifying whether the assessee is a developer or works…

The Supreme Court has ruled that the Assessing Officer AO has no jurisdiction to consider a claim by the assessee in a revised return filed after the time prescribed under Section…

The Central Board of Indirect Taxes and Customs CBIC has introduced Rule 37A, mandating ITC reversals in September GSTR-2B due to non-filing of GSTR-3B by vendors. This rule…

The Central Board of Direct Taxes CBDT has announced amendments to Forms 10A and 10AB, effective from October 1, 2024. These changes aim to simplify the registration process for…

The Central Board of Direct Taxes CBDT has issued Notification No. 112/2024, introducing significant modifications to the Income-tax Eighth Amendment Rules, 2024. These changes…

The Goods and Services Tax Network GSTN will implement hard locking of auto-populated GSTR-3B values by January 2025. This measure aims to enhance accuracy and compliance in GST…

The Central Board of Direct Taxes CBDT has launched Special Campaign 4.0, focusing on cleanliness and efficient use of office space. The campaign, running from October 2 to…

The Income Tax Department is set to launch a new e-filing portal, IEC 3.0, to replace the current platform. The new portal aims to enhance user experience with faster processing,…

The Central Board of Direct Taxes CBDT has amended IT rules to simplify TCS and TDS credit claims for salaried employees and parents of minors. The changes aim to streamline the…

The Income Tax Appellate Tribunal ITAT has canceled a penalty of ₹2,02,93,94 under Section 271AAA, highlighting variations in income assessment calculations. The case involved…

The Income Tax Appellate Tribunal ITAT accepted delayed evidence due to COVID-19 disruptions in a case involving unexplained cash credits. The assessee had failed to submit…

The Goods and Services Tax Network GSTN has issued a warning about the upcoming implementation of hard locking of auto-populated values in GSTR-3B. Starting January 2025,…

The Supreme Court has discharged the former chairman of a central bank in a case involving allegations of credit misuse due to the speedy sanction of loans. The court found that…

The Income Tax Appellate Tribunal ITAT ruled that the higher tax rate under Section 115BBE is not applicable to an assessee based on earlier rulings. The case involved a dispute…

The Surat Bench of the Income Tax Appellate Tribunal ITAT restored an assessment for fresh consideration due to a lack of fair opportunity provided to the assessee, Trupti…

The Kolkata Bench of the Income Tax Appellate Tribunal ITAT deleted an addition of ₹2.30 crore made under Section 68 of the Income Tax Act, 1961. The case involved the assessee…

The Central Board of Indirect Taxes and Customs CBIC has issued compliance requirements for health certificates on food consignments imported from Bhutan, following the…

The Kolkata Bench of the Income Tax Appellate Tribunal ITAT invalidated an addition made under Section 56 2 vii of the Income Tax Act, 1961, and deleted the deemed gift…

The Gujarat High Court ruled that credit cannot be blocked in the electronic credit ledger in the absence of sufficient balance. The case involved a taxpayer who challenged the…

The Institute of Chartered Accountants of India ICAI found a Chartered Accountant CA guilty of professional misconduct for failing to communicate the undertaking of an audit to…

The Punjab and Haryana High Court ordered departmental action against the Income Tax Department for issuing a refund cheque that bounced. The case involved a taxpayer who received…

The Income Tax Appellate Tribunal ITAT deleted an addition of ₹18.25 lakh related to cash deposits made during the demonetization period. The case involved the assessee…

The Income Tax Appellate Tribunal ITAT upheld the disallowance of deductions for delayed deposits of employees’ contributions to the Employees’ State Insurance Corporation ESIC…

The Bombay High Court imposed exemplary costs of ₹5 lakh on an appellant for filing a frivolous writ petition against a GST show cause notice SCN demand. The court found that the…

Hyundai Motor India’s IPO faced challenges with retail investors, but Qualified Institutional Buyers QIBs came to the rescue. The IPO, valued at Rs 1.6 lakh crore $19 billion ,…

The ICAI Board of Discipline reprimanded a Chartered Accountant for allegedly causing a loss to the exchequer through fraudulent activities. The CA was accused of misusing TIN…

Haryana RERA directed Emaar MGF to pay interest to a homebuyer for delayed possession, stating that the execution of a conveyance deed does not end the builder’s liability. The…

The Chandigarh District Commission held Just Dial liable for failing to provide advertisement services despite receiving payment. The complainant paid for an advertisement plan…

MahaRERA rejected a homebuyer’s claim for a refund with interest, filed after project completion and issuance of the Occupancy Certificate. The authority noted the absence of a…

The Gujarat High Court ruled that Section 68 of the Income Tax Act is not applicable when no unexplained amount is found in the bank statement. The court observed that the…

NCLAT New Delhi ruled that assets of a partnership firm are not the personal property of a personal guarantor and are not covered by the interim moratorium under Section 96 due to…

NCLAT New Delhi stated that after the lapse of the extended 90-day period from the insolvency commencement date, the Resolution Professional RP is not obliged to accept any…

NCLT Mumbai held that the non-obtaining of a No Objection Certificate NOC from the applicant does not invalidate security documents executed in favor of respondents. The ruling…

The Bombay High Court ruled that an application under Section 34 of the Arbitration Act to challenge an award passed under Section 18 4 of the MSMED Act would be governed by the…

The Supreme Court upheld the constitutional validity of Section 6A of the Citizenship Act, 1955, which recognizes the Assam Accord. The Court rejected the argument that granting…

The Supreme Court ruled that Section 6A of the Citizenship Act, which allows migrants from Bangladesh who entered Assam before March 25, 1971, to seek Indian citizenship, does not…