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Perceptyne, a robotics startup, has secured $3 million in seed funding from Endiya Partners, Yali Capital, Whiteboard Capital, and angel investors. Founded by Raviteja Chivukula,…
The Supreme Court has ruled that once a transaction is hit by lis pendens under Section 52 of the Transfer of Property Act, bona fide purchase or lack of notice of the agreement…
The Allahabad High Court has observed that a second FIR for the same incident is permissible where there is a different version of evidence and discovery is made on the factual…
The Calcutta High Court reaffirmed the discretion of tendering authorities and restricted judicial interference in tender qualifications. The court emphasized that tendering…
The Hindu reports that the Sensex rose by 592 points, and the Nifty settled above 25,000, driven by gains in IT and banking shares. The positive market performance was attributed…
Business Standard reports that JC Flowers Asset Reconstruction Company ARC has invited counterbids for Rs. 1,351 crore of bad debts. The move is part of JC Flowers’ strategy to…
Business Standard reports that the Reserve Bank of India RBI Governor has emphasized the need for financial institutions to implement adequate risk mitigation measures against…
Business Standard reports that CRED has launched new features as it expands its financial services products. The new offerings include a range of financial tools and services…
The Delhi High Court has held that the power to issue notice for scrutiny assessment under Section 143 2 of the Income Tax Act, 1961 is not restricted to the Assessing Officer or…
The Orissa High Court ruled that all claims prior to the approval of a resolution plan are extinguished once the plan is approved under Section 31 of the Insolvency and Bankruptcy…
The NCLAT ruled that arbitral proceedings are subject to an interim moratorium under Section 95 of the Insolvency and Bankruptcy Code IBC . The tribunal held that once an…
The Delhi High Court reaffirmed the principle of judicial non-interference in arbitral proceedings, emphasizing that the Arbitration and Conciliation Act is a self-contained code.…
The Jammu & Kashmir High Court sought the government’s response to a plea challenging the preventive detention of Senior Advocate NA Ronga under the Jammu & Kashmir Public Safety…
The Rajasthan High Court took suo motu cognizance of a report about the planned cutting of 1 lakh trees for a state project. The court has sought a detailed report from the state…
The Bombay High Court heard a PIL advocating for the implementation of the ‘One Nation, One Ration Card’ scheme. The petition argues that the scheme would ensure food security for…
Despite a broader market decline, new-age tech stocks showed gains, with Yudiz Solutions emerging as the biggest gainer. The article highlights the resilience of tech stocks and…
The Kerala High Court ruled that the issuance of summons under Section 70 of the CGST Act does not initiate proceedings under Section 62 b of the CGST Act. The court held that the…
The Mumbai ITAT ruled that a capital reserve created on amalgamation is not taxable as a perquisite under Section 28 iv of the Income Tax Act. The case involved a company that had…
The Allahabad High Court ruled that non-submission of a reply to a show cause notice SCN cannot be a ground for the cancellation of GST registration. The court emphasized that the…
The Income Tax Appellate Tribunal ITAT ruled that circular transactions within group entities should not be considered income for the assessee. The case involved an assessee who…
Star Health Insurance released a chronology of events following a data leak incident. The insurer detailed the steps taken to mitigate the breach, including notifying affected…
The Income Tax Appellate Tribunal ITAT remanded a case dismissed in limine by the National Faceless Appeal Centre NFAC for non-appearance. The case involved an assessee whose…
The National Financial Reporting Authority NFRA imposed a Rs. 2 crore fine on the statutory auditor and Rs. 15 lakh on two chartered accountants for professional misconduct during…
The Directorate General of GST Intelligence DGGI arrested two masterminds, Manish and Amit, for orchestrating a Rs.700 crore fake billing GST fraud. They created fictitious firms…
The Andhra Pradesh High Court has ruled that Section 81 of the CGST Act cannot be invoked to declare a transfer of property void without determining the nature of the transaction.…
The GST portal’s Invoice Management System IMS facility has gone live, offering features like real-time invoice tracking and validation. This system aims to enhance compliance and…
As of October 10, 2024, India’s net direct tax collections for the fiscal year 2024-25 have surged by 18.35%, amounting to Rs. 11.25 lakh crore. This increase is attributed to…
In September 2024, India’s e-way bill generation hit a record 109 million, an 18% increase from the previous year, signaling a boost in supply chain activity ahead of the festive…
The anti-evasion team of Thane Central Excise & CGST Commissionerate Mumbai Zone uncovered a Rs.48 crore fake Input Tax Credit ITC racket. Hitesh Shantilal Vasa, the mastermind,…
The Mumbai bench of the National Company Law Tribunal NCLT ruled that a corporate debtor acting as an agent is not responsible for the non-supply of materials by third parties.…
The Customs, Excise and Service Tax Appellate Tribunal CESTAT set aside a service tax demand as the taxable value fell below the exemption limit. The case involved a service…
The CEO of Mercedes-Benz India expressed concerns over the recent GST hike on luxury electric vehicles EVs . The GST rate on luxury EVs was increased from 5% to 18%, significantly…
The Ministry of Corporate Affairs MCA amended the Companies Adjudication of Penalties Rules, 2024, stating that pending proceedings on or before September 16, 2024, will continue…
Kerala Chief Minister Pinarayi Vijayan urged the Governor to ensure that the state is not held responsible for customs negligence in gold smuggling cases. The CM highlighted…
The Income Tax Appellate Tribunal ITAT ruled that no adjustments are required for intangible asset amortization under Section 115JB for Sun Pharma Labs Ltd. The case involved the…
The Income Tax Appellate Tribunal ITAT disallowed deductions under Sections 80-IB and 80-IE for Sun Pharma Labs Ltd., ruling that there was no direct link between the company’s…
The Pune Municipal Corporation PMC faces a Rs. 200 crore deficit due to unsettled GST dues, with total GST dues amounting to ?1,400 crores. The PMC has been struggling to meet its…
The Income Tax Appellate Tribunal ITAT , Visakhapatnam, directed the Assessing Officer AO to delete additions made under Section 69A read with Section 115BBE of the Income Tax…
The Ministry of Environment, Forest and Climate Change has notified the Liquid Waste Management Rules, 2024, applicable to Special Economic Zones SEZs . These rules aim to improve…
Section 128A was introduced into the Central Goods and Services Tax CGST Act, 2017, by the Finance Act No.2 of 2024. This section provides a conditional waiver of interest and…
The Madras High Court rejected musician Harris Jayaraj’s plea to quash a service tax notice, ruling that his status as a musician falls under the definition of “service” as per…
The Allahabad High Court directed tax authorities to provide supporting documents for a show cause notice SCN issued to cancel GST registration. The petitioner, Baba Industries,…
The Income Tax Appellate Tribunal ITAT condoned a delay of 395 days in filing an appeal related to a joint development agreement to avoid double addition of income. The case…
The Delhi High Court upheld the Income Tax Appellate Tribunal’s ITAT decision on profit attribution to a Permanent Establishment PE in India due to a lack of new evidence. The…
The Income Tax Appellate Tribunal ITAT upheld the taxation of a taxpayer as a resident of India, enforcing global income tax liability. The case involved a tax residency dispute…
The Income Tax Appellate Tribunal ITAT quashed an Rs. 84 lakh penalty under Section 270A of the Income Tax Act for misreporting of income related to Provident Fund PF and cess…
The Customs, Excise and Service Tax Appellate Tribunal CESTAT upheld the rejection of time-barred service tax refund claims. The case involved a service provider who had filed for…
The Income Tax Appellate Tribunal ITAT deleted an addition of Rs. 15 lakh made by the Assessing Officer AO for an alleged fake loan based on third-party information. The taxpayer…
The Income Tax Appellate Tribunal ITAT remanded an ex-parte assessment for verification of a claim related to pre-demonetization cash deposits by an agriculturist. The taxpayer…
The Income Tax Appellate Tribunal ITAT in Surat ruled that serving a notice through email, despite the assessee opting out, is improper. The case involved Akshaykumar Lathiya, who…
Perceptyne, a robotics startup, has secured $3 million in seed funding from Endiya Partners, Yali Capital, Whiteboard Capital, and angel investors. Founded by Raviteja Chivukula,…
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