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Non-life insurance companies in India reported a 6.5% year-on-year decline in premiums for September 2024, primarily due to underperformance by state-owned insurers and a slowdown…
The Gujarat High Court ruled that the findings of an industrial tribunal regarding a railway employee's alleged misconduct were unsustainable without considering the inquiry…
The Madras High Court refused to interfere with the leasing of temple land for establishing a college, emphasizing the benevolent nature of the proposal. The court highlighted…
The NCDRC held the Greater Noida Industrial Development Authority GNIDA liable for deficiency in service, citing their failure to complete the construction of a residential…
The Maharashtra Real Estate Appellate Tribunal MahaREAT ruled that the non-execution of a sale agreement does not bar homebuyers from seeking relief under Section 18 of the Real…
The National Consumer Disputes Redressal Commission NCDRC ruled against PAN Realtors for unreasonable delays in handing over possession of a flat to a homebuyer. The Commission…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that compensation paid for short-lifting of electricity does not qualify as a taxable service under Section…
The Ahmedabad ITAT ruled that reopening assessments under Section 147 of the Income Tax Act due to a mere change of opinion by the Assessing Officer AO is unlawful. The AO had…
The Patna High Court ruled that the seven-day limitation period under Section 129 3 of the CGST Act is mandatory when passing penalty orders. The case arose after a penalty was…
The Ahmedabad ITAT ruled that reopening assessments under Section 147 of the Income Tax Act due to a mere change of opinion by the Assessing Officer AO is unlawful. The AO had…
Assessment u/s 147 Requires Substantive Assessment: The Income Tax Appellate Tribunal ITAT ruled that assessments made under Section 147 of the Income Tax Act, 1961, must have a…
No Depreciation Allowed on BOT Toll Roads: The ITAT ruled that no depreciation is allowed on toll roads developed under Build-Operate-Transfer BOT models as they are not…
No Import Authorization for Exhibits and Samples: The DGFT clarified that no import authorization is required for the import and re-import of exhibits and samples used for…
Kerala CM Calls for Stricter Labour Laws: Following the death of an EY employee in Kerala, the state’s Chief Minister demanded stricter enforcement of labour laws, focusing on…
DGFT Expands GAIC Policy for Export of SCOMET Items: The Directorate General of Foreign Trade DGFT expanded the Global Authorisation for Intra-Company Transfer GAICT policy for…
NCLT Rules on Creditor Claims: The National Company Law Tribunal NCLT ruled that legitimate claims by creditors cannot be nullified by invoking a moratorium under the Insolvency…
The ITAT ruled that Section 13 of the Income Tax Act, which pertains to taxation of certain income for trusts and charitable organizations, can only be invoked during the…
The Income Tax Appellate Tribunal ITAT quashed a ?58 lakh addition to a taxpayer's capital investment due to a name discrepancy in the tax records. The case arose when the…
The Income Tax Appellate Tribunal ITAT ruled in favor of a taxpayer in a penny stock transaction case under Section 1038, exempting the gains from tax. The Assessing Officer AO…
Income Tax Deduction on Port Infrastructure: The Calcutta High Court allowed a deduction under Section 80IA of the Income Tax Act for companies engaged in port infrastructure…
Purchases Not Bogus, ITAT Quashes Revision: The ITAT ruled in favor of the taxpayer, rejecting the revenue department’s claim of bogus purchases. Using the ratio from a CESTAT…
Severance Compensation Deemed Non-Taxable: The ITAT ruled that severance compensation of ?15.5 lakhs is a capital receipt and therefore not taxable under Section 173 of the Income…
Assessment u/s 147 Requires Substantive Assessment: The Income Tax Appellate Tribunal ITAT ruled that assessments made under Section 147 of the Income Tax Act, 1961, must have a…
Handling Charges Not Liable to Service Tax: The Customs, Excise and Service Tax Appellate Tribunal CESTAT ruled in favor of Kajaria Ceramics, stating that handling charges…
The Allahabad High Court ruled that the Central Bureau of Investigation CBI only requires the nod from the Centre to probe crimes committed abroad by Indians, without needing…
Royalty Not a Tax: The Supreme Court dismissed multiple review petitions challenging its earlier ruling that royalty payments for mineral rights are not in the nature of a tax.…
Panasonic Liable to Reverse GST ITC: The Authority for Advance Rulings AAR ruled that Panasonic is liable to reverse the Input Tax Credit ITC on goods supplied before clearance…
The Gujarat High Court ruled that issuing a pre-consultation notice in Form DRC-01A before initiating recovery proceedings under GST is not mandatory after October 15, 2020. The…
In a significant ruling, the Customs, Excise, and Service Tax Appellate Tribunal CESTAT confirmed that Ashok Leyland is entitled to CENVAT credit for Goods Transport Agency GTA…
The ITAT ruled that Section 13 of the Income Tax Act, which pertains to taxation of certain income for trusts and charitable organizations, can only be invoked during the…
The Central Board of Indirect Taxes and Customs CBIC has clarified that delivery charges paid by Zomato Gold Card members are exempt from GST. This exemption applies when the…
The Income Tax Appellate Tribunal ITAT quashed a ?58 lakh addition to a taxpayer's capital investment due to a name discrepancy in the tax records. The case arose when the…
The Central Board of Direct Taxes CBDT has created an internal committee to review and overhaul the Income Tax Act, 1961. The objective is to streamline the tax law, make it more…
India and the UAE have signed a Bilateral Investment Treaty BIT , which aims to protect investments between the two countries while excluding any claims linked to corruption or…
The Income Tax Appellate Tribunal ITAT ruled in favor of a taxpayer in a penny stock transaction case under Section 1038, exempting the gains from tax. The Assessing Officer AO…
Discussions are underway between the government and Alternative Investment Funds AIFs regarding the taxation of carry income, a portion of profits earned by AIF managers. AIFs…
The Central Board of Direct Taxes CBDT has established a committee to review the Income Tax Act, 1961. The initiative is aligned with the Union Budget 2024-25 announcement, aiming…
The Jammu and Kashmir High Court criticized the GST authorities for wrongfully withholding tax refunds owed to an entrepreneur. The case revolved around the petitioner’s claim for…
The BSE Sensex and Nifty indices experienced significant volatility on October 8, 2024, driven by mixed global cues and domestic economic data. The Sensex fluctuated between gains…
Magicpin, the largest food delivery app on the Open Network for Digital Commerce ONDC , has achieved a milestone of logging 150,000 orders daily. This growth is attributed to the…
The Indian rupee remained steady at 83.96 against the US dollar, supported by the Reserve Bank of India’s RBI intervention to prevent further depreciation. The RBI’s measures…
A state-owned steel Public Sector Undertaking PSU in India is on the verge of becoming a Non-Performing Asset NPA due to financial distress. The government has intervened to…
Sheela Foam, the parent company of Sleepwell, is set to acquire a 10.5% stake in Furlenco, a leading furniture rental company. This strategic investment aims to diversify Sheela…
Private equity investment in Indian real estate increased to $2.2 billion in the July-September 2024 quarter, according to Savills India. This marks a significant rise from…
Private equity investment inflows into Indian real estate reached 2023 levels within the first nine months of 2024, totaling $2.2 billion. This surge is attributed to increased…
Non-life insurance companies in India reported a 6.5% year-on-year decline in premiums for September 2024, primarily due to underperformance by state-owned insurers and a slowdown…
The Life Insurance Corporation of India LIC has reduced the first-year commission for agents from 35% to 28% following changes in surrender value norms. The Insurance Regulatory…
Bank of Baroda has launched the Masterstroke Savings Account, targeting High Net Worth Individuals HNIs . This account offers a range of benefits, including higher interest rates,…
Nuvama Wealth Management’s share price dropped following a SEBI warning regarding its merchant banking activities. SEBI’s notice highlighted compliance issues and potential…
Banking shares, including HDFC Bank, ICICI Bank, and Axis Bank, are soaring due to better-than-expected Q2FY25 business updates and speculation of a rate cut by the RBI. The Nifty…
Non-life insurance companies in India reported a 6.5% year-on-year decline in premiums for September 2024, primarily due to underperformance by state-owned insurers and a slowdown…
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