The Goods and Services Tax Network GSTN issued an advisory, giving taxpayers a final opportunity to report pending Input Tax Credit ITC reversals and adjust the opening balance…
17/09/20241 min read
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The Goods and Services Tax Network GSTN issued an advisory, giving taxpayers a final opportunity to report pending Input Tax Credit ITC reversals and adjust the opening balance…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT granted partial relief to Godrej Consumer Products Ltd. GCPL in a dispute over CENVAT credit related to advertising…
The Income Tax Appellate Tribunal ITAT ruled that when the transfer value of a capital asset, such as land or a building, cannot be determined, the guidance value or market rate…
In a landmark case, the Delhi High Court annulled the retrospective cancellation of GST registration, citing a violation of natural justice. The petitioner’s registration was…
The Delhi High Court quashed income tax reassessment notices issued after the completion of the original assessment proceedings, ruling them invalid. The court found that once the…
The Rajasthan High Court ruled that an assessee's admission during an income tax proceeding is not sufficient grounds for making an addition to taxable income. The court held that…
In a case before ITAT, the tribunal upheld the addition of sundry creditors' balances due to the non-filing of evidence by the taxpayer. Despite being given multiple…
The Delhi High Court ruled that customs authorities cannot deny preferential duty or detain goods based on an alleged forgery unless there is a formal opinion of forgery. The…
SEBI has issued a circular outlining a new format for reporting by Foreign Venture Capital Investors FVCIs . The circular aims to standardize reporting procedures, ensuring…
The Madras High Court rejected a petition seeking to quash the transfer of an income tax case from Tamil Nadu to Kolkata after incriminating evidence was discovered during a…
In a case involving Reliance Life Science, the Customs, Excise, and Service Tax Appellate Tribunal CESTAT ordered a cash refund of ₹49 lakh due to an excess reversal of Cenvat…
In a ruling by ITAT, an addition made by the Assessing Officer AO concerning sundry creditors was deleted due to insufficient verification efforts. The tribunal criticized the…
The ITAT ruled that a taxpayer is entitled to a Section 54F deduction on capital gains, even if the reinvestment is made with a proforma purchaser. The tribunal held that the…
The ITAT ruled that distribution revenue received by an Indian company from a US broadcasting company does not constitute royalty under the India-US Double Taxation Avoidance…
The Madras High Court ruled that income from leasing out properties within an IT Park should be classified as business income rather than rental income. The court held that…
The Central Board of Direct Taxes CBDT released a Standard Operating Procedure SOP detailing how to address internal audit objections raised during assessments. The SOP mandates…
SEBI issued a circular announcing the implementation of T+2 day trading for bonus shares, starting October 1. This change allows bonus shares to be available for trading within…
The Supreme Court dismissed a special leave petition filed by the Income Tax Department, affirming that payments received for providing access to computer software by member firms…
In a setback to Nayara Energy, the Income Tax Appellate Tribunal ITAT upheld the disallowance of ₹2,513 crore in losses related to inter-corporate deposits. ITAT found the…
The Karnataka High Court condoned a delay of 2 hours and 38 minutes in filing an Income Tax Return ITR , citing genuine hardship as the reason. The court quashed the order issued…
The Madras High Court criticized the harshness of cancelling GST registrations, calling it akin to "capital punishment" for small traders. The court recommended adopting a more…
The Madras High Court ruled in favor of a petitioner seeking exemption from Countervailing Duty CVD on silk fabric imports from China under Section 149 of the Customs Act. The…
The Delhi High Court issued an interim order to halt the transfer of shares belonging to the late PRS Oberoi while it considers a lawsuit filed by his daughter. The Court's…
The Delhi High Court granted bail to Amit Katyal, an aide to Lalu Yadav, in connection with the land-for-jobs scam. This case involves allegations of corruption and misuse of…
The Supreme Court expressed alarm over disturbing revelations in the Central Bureau of Investigation’s CBI report on the RG Kar Hospital rape-murder case. The Court's reaction…
The Supreme Court addressed the controversy surrounding the use of bulldozers for demolitions, particularly in the context of recent comments by a minister. The Court expressed…
In India, inherited property is not considered taxable under the Income Tax Act, as it is not treated as income. However, any future income earned from such property, like rent or…
The Supreme Court directed Wikipedia to remove the name of the victim in the RG Kar Hospital rape-murder case, citing concerns about privacy and the potential for additional…
Journalist Siddique Kappan, who was granted bail in a case related to charges under the Unlawful Activities Prevention Act UAPA , approached the Supreme Court seeking relaxation…
The Supreme Court of India quashed an FIR filed against 30 Indian Army personnel in connection with civilian killings in Nagaland. The Court's decision was based on the absence of…
The Supreme Court of India granted bail to Pulsar Suni, the main accused in a high-profile sexual assault case involving a prominent actress. The Court acknowledged that the trial…
The Madras High Court ruled that deemed assessment orders under Section 22 4 of the Tamil Nadu VAT Act can be issued if no returns are filed. The court emphasized that such orders…
Finance Minister Nirmala Sitharaman confirmed that there will be no reduction in tax rates for the old tax regime, despite requests from various stakeholders. The decision…
India's banking liquidity is expected to tighten due to significant outflows linked to advance tax payments and GST collections. This comes at a crucial time, as businesses settle…
The GST Council has set up a Group of Ministers GoM to assess the taxation rates on health and life insurance premiums. This decision comes amidst industry requests to reduce the…
GST evasion in India has surged to Rs 2.01 lakh crore in FY24, with Mumbai emerging as the leading city for evasion detection. The increase is attributed to enhanced monitoring…
The Indian government is considering establishing an inter-departmental committee to enforce regulatory compliance on online gaming platforms. This panel would include…
The Allahabad High Court ruled that a Hindu marriage cannot be terminated like a contract. This decision reinforces the view that marriage under Hindu law is a sacred bond rather…
The Karnataka High Court refused to quash a cheating case against former MLA Lingesh K.S. The case involves allegations of fraud and deceit, and the court’s decision to not quash…
The Karnataka High Court granted bail to an accused in the high-profile Gauri Lankesh murder case. This decision indicates that the evidence against the accused may not be strong…
The Supreme Court expressed surprise over the Debt Recovery Tribunal’s DRT decision to adjourn a case, citing that its officers were occupied with preparing statements for the…
The Supreme Court issued a notice regarding the bail plea of Amandeep Singh Dhall in connection with the Delhi liquor policy case. The Court’s decision to review the bail plea…
The Supreme Court expressed concerns regarding the lengthy cross-examination of the victim by Dileep, an influential accused in a sexual assault case involving an actress. The…
The Supreme Court issued a notice in response to a plea challenging the Karnataka government’s withdrawal of consent for a CBI probe into allegations against DK Shivakumar. The…
The Supreme Court rejected the West Bengal government’s plea to halt the live streaming of the RG Kar Hospital case, deciding instead to implement measures to protect lawyers from…
The Supreme Court rebuked an applicant who sought the resignation of West Bengal Chief Minister Mamata Banerjee over the RG Kar Hospital case. The Court emphasized that it is not…
Junior doctors in West Bengal agreed to resume their duties following the Supreme Court's intervention, which mandated the state government to implement confidence-building…
In the RG Kar Hospital case, the Supreme Court rebuked the West Bengal government for suggesting that women doctors should not work at night due to security concerns. The Court…
Bajaj Housing Finance saw a 10% surge in its stock price, hitting the upper circuit limit following a strong market debut. This performance reflects positive investor sentiment…
The Madras High Court addressed the rampant use of banned Cool Lip tobacco products among school students. The court’s intervention highlights concerns about the public health…
The Goods and Services Tax Network GSTN issued an advisory, giving taxpayers a final opportunity to report pending Input Tax Credit ITC reversals and adjust the opening balance…
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