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The Indian government plans to sell up to ₹1.3 crore shares of Cochin Shipyard through an offer for sale OFS . The floor price for the OFS has been set at ₹350 per share. The sale…
IBM has acquired Bengaluru-based SaaS startup Prescinto, which specializes in renewable energy solutions. The acquisition is part of IBM’s strategy to expand its presence in the…
Navi has closed a $24.5 million loan securitization deal with Goldman Sachs. This deal marks a significant milestone for Navi as it continues to expand its financial services…
The Jammu and Kashmir High Court upheld the state government’s decision to withdraw the Budgetary Support Scheme, 2018, which provided reimbursement of Integrated Goods and…
The Gujarat High Court ruled that an assessee who forgot to claim long-term capital loss in their income tax return can seek revision under Section 264 of the Income Tax Act. The…
The Calcutta High Court ruled that an industrial undertaking engaged in infrastructure development activities performed with a state government’s nodal agency is eligible for…
The Bombay High Court ruled that a taxpayer cannot be denied input tax credit ITC merely because the GST form was manually filed due to functionality issues attributable to the…
The Gujarat High Court directed the Commissioner of Income Tax to condone a one-year delay in filing a tax return under Section 119 2 b of the Income Tax Act. The case involved an…
The Kerala High Court ruled that an assessee cannot claim input tax credit ITC for transportation services if transportation costs are not included in the assessable value of…
The Central Bank of India has received approval from the Competition Commission of India CCI to acquire stakes in two Future Generali entities. This acquisition is part of the…
The Kolkata Bench of the Income Tax Appellate Tribunal ITAT ruled that an allotment letter by a developer should be treated as ‘construction’ for the purpose of set-off of capital…
The Haryana Real Estate Regulatory Authority RERA directed Signature Global India Private Limited to pay interest to three homebuyers for delayed possession of flats in the…
The Punjab Real Estate Regulatory Authority RERA held the Bathinda Development Authority liable for the delayed possession of a residential plot and ordered compensation to the…
The Delhi State Consumer Disputes Redressal Commission held Punjab National Bank liable for opening a bank account without proper verification. The case involved a complainant who…
The GST Compensation Cess Panel held its first meeting to consider reducing the tax bracket for certain luxury items. The panel discussed various proposals to adjust the…
The Income Tax Appellate Tribunal ITAT remanded a case for fresh adjudication after finding that the Commissioner of Income Tax Appeals CIT A had decided the appeal without…
The Income Tax Appellate Tribunal ITAT upheld a revision order under Section 263 of the Income Tax Act, correcting an error where the Assessing Officer AO added Rs. 12.10 lakh to…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that non-mentioning of tobacco gradation in invoices is not a valid ground for defending the confirmation of…
The Income Tax Appellate Tribunal ITAT remanded a case for fresh consideration due to the lack of material evidence supporting the earlier rejection of income tax exemption…
The Madhya Pradesh High Court reiterated that reinstatement is not automatic in cases of wrongful termination, especially for daily-wage workers. The court emphasized that…
The Karnataka High Court upheld the Bangalore Development Authority’s BDA power to reject auction bids without providing reasons, as per the BDA Disposal of Corner Sites and…
The Karnataka High Court quashed a criminal case against two men accused of shouting “Jai Sriram” inside a mosque, ruling that the act did not outrage religious feelings under IPC…
The Supreme Court questioned the legal authority of the West Bengal government to recruit civic volunteers in the police force in the RG Kar case. The case involved allegations of…
The Supreme Court set a three-week deadline for the National Task Force NTF on doctors’ safety to make substantial progress. The case involved concerns over the safety and…
The Mumbai Bench of the Income Tax Appellate Tribunal ITAT ruled that any addition made as undisclosed foreign income and assets under the Black Money Act BMA should not be…
The Kerala High Court ruled that summons issued under Section 70 of the Central Goods and Services Tax CGST Act, 2017, do not initiate proceedings under Section 6 2 b of the Act.…
The Kerala High Court upheld a Rs. 1 lakh penalty for non-declaration of consignment in Form 8FA under the Kerala Value Added Tax KVAT Act, 2005. The court set aside the Appellate…
The Mumbai Bench of the Income Tax Appellate Tribunal ITAT held that capital gains arising from the transfer of shares of an Indian entity cannot be taxed in India if the foreign…
The Reserve Bank of India RBI will conduct a government securities G-sec buyback worth Rs 25,000 crore via the RBI’s e-Kuber platform on October 17, 2024. This move aims to manage…
The Goods and Services Tax Network GSTN has released an offline utility for GST annual return and reconciliation statements for the financial year 2023-24. This tool aims to…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that non-payment of Basic Customs Duty BCD and Integrated GST IGST at the time of filing the Bill of Entry BoE…
The Income Tax Appellate Tribunal ITAT ruled that unit-wise deductions under Section 80IA must be granted without considering losses from other eligible units. The case involved a…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that packaging activity amounts to manufacturing, and therefore, service tax is not payable. The case involved…
The Income Tax Appellate Tribunal ITAT invalidated the Principal Commissioner of Income Tax’s PCIT hasty revision under Section 263 and remanded the case for fresh hearing. The…
The Goods and Services Tax Network GSTN has announced the launch of the Invoice Management System IMS , effective October 14, 2024, and released an advisory for taxpayers. IMS…
The Reserve Bank of India RBI has issued a directive urging Payment Service Providers PSPs , including banks and authorized non-bank entities, to review and modify their payment…
Receiving a GST Show Cause Notice SCN for the reversal of Input Tax Credit ITC due to non-payment within 180 days can be challenging for businesses. This guide provides a…
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 Ahmedabad Bench of the Income Tax Appellate Tribunal ITAT addressed non-compliance by the assessee, granting an opportunity to present the case with a nominal cost of Rs.…
The Central GST authorities uncovered a GST fraud of Rs 760 crores, leading to the arrest of two individuals for issuing bogus invoices and misusing KYC documents. The…
The ITAT upheld Sun Pharma Labs Ltd.'s deduction for consultancy fees paid to McKinsey & Company, classifying it as revenue expenditure. The case involved a dispute over the…
The Income Tax Appellate Tribunal ITAT ruled that the registration of a house 24 months after its sale is not a ground to deny exemptions under Section 54F of the Income-tax Act.…
The Karnataka High Court ruled that a challenge against the genuineness of a transaction not raised before the Income Tax Appellate Tribunal ITAT does not survive before the High…
A Chartered Accountant CA lost Rs 1.5 lakh in a fraudulent transfer after clicking on an Instagram investment ad. The CA was lured by promises of high returns and clicked on the…
The GST portal has introduced auto-populated Input Tax Credit ITC in GSTR-9 for the financial year 2023-24. This feature aims to simplify the annual return filing process for…
The Ministry of Corporate Affairs MCA has notified the Companies Adjudication of Penalties Second Amendment Rules, 2024. These amendments aim to streamline the adjudication…
The Central Board of Direct Taxes CBDT has notified income tax exemptions for various public authorities under Section 10 46 of the Income-tax Act, 1961. These exemptions apply to…
India is set to include a 15% minimum corporate tax rule in the ongoing review of the Income Tax Act, 1961, aligning with the OECD/G20 Inclusive Framework on Base Erosion and…
The GST Network GSTN has launched the Invoice Management System IMS to streamline Input Tax Credit ITC claims for taxpayers. Effective from October 14, 2024, IMS allows taxpayers…
The Institute of Chartered Accountants of India ICAI has issued new Quality Management Standards, SQM 1 and SQM 2, for auditing and assurance. SQM 1 focuses on quality management…
The Indian government plans to sell up to ₹1.3 crore shares of Cochin Shipyard through an offer for sale OFS . The floor price for the OFS has been set at ₹350 per share. The sale…
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