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The Delhi High Court quashed a Show Cause Notice SCN that alleged wrongful availment of Input Tax Credit ITC under Section 73 of the CGST Act. The Court observed that the…
The Appellate Authority for Advance Ruling AAAR ruled that no Input Tax Credit ITC is available for the purchase of a rotary car parking system under Section 17 5 d of the CGST…
The government has extended the time limit for employers to deposit TDS from October 1, 2024. This extension provides employers with additional time to comply with tax deduction…
The Reserve Bank of India RBI issued a directive urging banks to improve group-level risk management practices. This comes in light of concerns over rising systemic risks from…
Small finance banks SFBs are increasingly limiting loan amounts to reduce default risks as delinquencies rise among borrowers. These banks, which serve underserved and financially…
Indian banks face challenges in transitioning to the new non-performing asset NPA framework due to a lack of comprehensive data. The framework requires banks to adopt new methods…
The Delhi government has ordered an audit of the capital's power companies following complaints about inflated electricity bills. The audit will assess the companies' billing…
The RBI has emphasized that the principal auditor remains responsible for overseeing group audits and ensuring accuracy in financial reporting, even when subsidiary audits are…
The Income Tax Appellate Tribunal ITAT ruled that the Principal Commissioner of Income Tax PCIT 's action under Section 263 was invalid, as it constituted a second opinion on the…
The Delhi High Court ruled that the Commissioner issuing a reassessment notice under Section 151 of the Income Tax Act must provide detailed reasons for sanction. The court…
The Jammu & Kashmir High Court clarified that the limitation period for claiming a GST refund should be calculated from the date of the original application, not from the date of…
Interest earned on Non-Resident External NRE accounts is exempt from Indian income tax as long as the account holder remains a non-resident Indian NRI . NRE accounts are a popular…
Yes Bank has garnered attention from major global investors, with Japan’s MUFG Bank re-entering the race to acquire a majority stake. The bank, which has been working to rebuild…
The Calcutta High Court ruled on the timelines for arbitration proceedings under the MSMED Act. The court emphasized that arbitration must adhere to the strict timelines set out…
SAMHI Hotels has approved the acquisition of 100% of Innmar Tourism and Hotels for ?205 crore. The acquisition is part of SAMHI’s strategy to expand its footprint in the Indian…
The Reserve Bank of India RBI has issued a directive stating that banks cannot use their group entities to bypass regulatory requirements. The RBI's new guidelines aim to ensure…
The Supreme Court formed a Special Investigation Team SIT to probe allegations of ghee adulteration in Tirupati Laddu, a famous religious offering. The decision came after reports…
The Karnataka High Court heard a case concerning a woman who was allegedly sexually harassed by an Ola cab driver. The court ordered Ola to pay ?5 lakh as compensation to the…
The Rajasthan High Court ruled on the importance of determining the admissibility of documents at the preliminary stage of the proceedings. The court held that admissibility could…
India’s foreign exchange reserves have surpassed the USD 700 billion mark for the first time, reflecting the country’s strong economic fundamentals and steady inflows of foreign…
Johnson Controls-Hitachi has partnered with the Department for Promotion of Industry and Internal Trade DPIIT to launch a startup incubator in Gujarat. This initiative aims to…
The Securities and Exchange Board of India SEBI is considering several measures to enhance retail participation in government securities G-Secs . Historically, retail investors…
The National Stock Exchange NSE has agreed to pay $76.5 million to settle the long-standing algorithmic trading software case with SEBI. This case involved the misuse of an…
The Delhi High Court has disposed of a lawsuit between Bhavik Koladiya and Ashneer Grover after the parties reached a settlement. The suit was related to a dispute over business…
The Kerala High Court ruled on a dispute regarding the tender process for the Pottukuthal ceremony at the Erumely Dharma Shastha Temple. The court observed that private agencies…
The Delhi High Court heard a unique case where grandparents sought permission to use their deceased son's frozen egg and sperm for posthumous reproduction. The son, who had no…
The Punjab and Haryana High Court ruled that a mother can seek maintenance for her child without making the child a party to the case. The court emphasized that the child’s…
The ITAT clarified that under Rule 11UA, a 10% tolerance limit is allowed for differences between the issue price and Fair Market Value FMV of shares. The ruling dismissed the tax…
In a landmark judgment, the Delhi High Court addressed the conflict between the Micro, Small and Medium Enterprises Development MSMED Act and the Arbitration and Conciliation Act.…
The Kerala High Court called for the reactivation of vigilance monitoring committees at the state, district, and divisional levels to prevent unauthorized quarrying activities.…
SEBI has shortened the listing process for debt securities and non-convertible redeemable preference shares from T+6 days to T+3 days. This new directive aims to enhance the…
The Delhi High Court was informed by Solicitor General Tushar Mehta that climate activist Sonam Wangchuk and his associates from Ladakh had been released and set free after their…
India’s foreign exchange reserves have surpassed the USD 700 billion mark for the first time, reflecting the country’s strong economic fundamentals and steady inflows of foreign…
SAMHI Hotels has approved the acquisition of 100% of Innmar Tourism and Hotels for ?205 crore. The acquisition is part of SAMHI’s strategy to expand its footprint in the Indian…
The ITAT clarified that under Rule 11UA, a 10% tolerance limit is allowed for differences between the issue price and Fair Market Value FMV of shares. The ruling dismissed the tax…
Justice IP Mukherji, of the Calcutta High Court, expressed optimism that his move as Chief Justice of the Meghalaya High Court would bring about long-expected changes in the…
The Reserve Bank of India RBI announced that 98% of ?2,000 notes have been returned following the central bank's withdrawal order. The decision to withdraw the notes was part of…
The CESTAT ruled that sitting fees paid to non-employed directors do not constitute salary and are, therefore, liable to service tax. The issue revolved around whether such fees…
The Madras High Court clarified that, under Section 70 of the Prevention of Money Laundering Act PMLA , property seized by authorities does not need to originate from the direct…
The Kerala High Court ruled that attempts to commit suicide are not considered an offense under the Mental Healthcare Act, 2017. The court noted that individuals who attempt…
The Jharkhand High Court reiterated that defendants cannot be transposed as plaintiffs under Order XXIII Rule 1A of the Civil Procedure Code CPC unless there is a substantial…
The Karnataka High Court quashed a murder case after witnesses turned hostile, leading to the collapse of the prosecution's case. The court noted that without credible testimony…
The Gauhati High Court reaffirmed its stance on Section 14A of the Income Tax Act, reiterating that the explanation to this section applies prospectively. The court criticized the…
The Delhi High Court ruled that self-assessment under Section 143 1 of the Income Tax Act does not qualify as an assessment by the Assessing Officer AO , and therefore, there is…
The Delhi High Court ruled that reopening a tax assessment under Section 148 of the Income Tax Act is not permitted when the issues were already decided in favor of the taxpayer…
Karnataka RERA dismissed a complaint from a homebuyers' association seeking the completion of pending work, citing a lack of jurisdiction. The tribunal stated that while RERA…
In a case involving ?54.52 lakh in unexplained income from sugar sales, the ITAT ordered a fresh assessment under Section 69 of the Income Tax Act. The Tribunal found…
The Income Tax Appellate Tribunal ITAT ruled that an assessee can raise additional claims during an appeal, even if such claims were not made in the returns filed. The Tribunal…
The Delhi High Court quashed a reassessment notice issued under Section 148 of the Income Tax Act to a deceased person. The court ruled that such a notice is legally unsustainable…
The Delhi High Court quashed the blocking of the electronic credit ledger under Rule 86A of the CGST Rules, where the blocked amount exceeded the available Input Tax Credit ITC .…
The Delhi High Court quashed a Show Cause Notice SCN that alleged wrongful availment of Input Tax Credit ITC under Section 73 of the CGST Act. The Court observed that the…
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