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Three businessmen from Mumbai have been arrested for their involvement in a major GST fraud case. They allegedly created eight shell companies to fraudulently claim Input Tax…
The Bombay High Court rejected an affidavit submitted by a customs officer in a case due to factual errors and inconsistencies. The court ordered the officer to file a fresh…
GST evasion has skyrocketed to ₹2.01 lakh crore in FY24, with sectors like online gaming, Banking, Financial Services, and Insurance BFSI contributing significantly to the surge.…
The National Financial Reporting Authority NFRA has issued revised audit standards seeking public input to align with the International Standard on Auditing ISA 600. This revision…
The Bombay Stock Exchange BSE has issued a notice that significantly alters the trading dynamics for SME IPOs on their listing day. Previously, there was a considerable gap…
The Tuticorin International Container Terminal TICT has been inaugurated with the aim of reducing logistics costs and saving foreign exchange for India. This state-of-the-art…
Non-Banking Financial Companies NBFCs are increasingly turning to the bond market to raise funds in anticipation of higher demand during the festive season. This surge in bond…
Non-Banking Financial Companies NBFCs have experienced a remarkable 21% increase in deposit growth for the fiscal year 2024, surpassing the growth rates of traditional banks. This…
Zomato, the online food delivery platform, plans to challenge a ₹5.6 crore GST demand issued by the West Bengal government for the financial year 2020-21. This sum includes GST,…
Former Telangana Chief Secretary Somesh Kumar is under investigation by the CID for his alleged involvement in a massive ₹1,400 crore GST evasion case. The case, involving…
The Crime Investigation Department CID has taken over the investigation into a massive ₹1,400 crore GST fraud that involves a former chief secretary, an IIT-H professor, and…
The Securities and Exchange Board of India SEBI has proposed new regulations for merchant banking, which could potentially consolidate the market and favor larger entities. These…
The Madras High Court dealt with a situation where an accused under the Prevention of Money Laundering Act PMLA was not produced before a magistrate within 24 hours of arrest, as…
The Karnataka High Court upheld the ruling of the Income Tax Appellate Tribunal ITAT allowing the deduction of Employee Stock Option Plan ESOP expenses as legitimate business…
The Madras High Court has quashed an income tax addition where the tax authorities had wrongly applied Section 194-IB instead of Section 194-C for a tax deduction at source.…
The Authority for Advance Rulings AAR has confirmed that royalty payments received by leaseholders of mining quarries will be subject to an 18% Goods and Services Tax GST . This…
Minister of State for Finance Pankaj Chaudhry is expected to convene a new Group of Ministers GoM to address the GST compensation cess issue. With states demanding compensation…
The Income Tax Appellate Tribunal ITAT has ruled that income accumulated under Section 11 6 of the Income Tax Act can be used for the acquisition of fixed assets. This decision…
The Madras High Court dismissed a petition challenging income reassessment under the condition that income had escaped assessment. The court ruled that reassessment within the…
The Central Board of Indirect Taxes and Customs CBIC , under the Ministry of Finance, recently issued a notification adjusting the customs tariff values for several essential…
The Bombay High Court rejected an affidavit submitted by a customs officer in a case due to factual errors and inconsistencies. The court ordered the officer to file a fresh…
The Karnataka High Court overturned an income tax assessment order that was based on stock exchange and bank data but issued without providing the taxpayer an opportunity for a…
Minister of State for Finance Pankaj Chaudhry is expected to convene a new Group of Ministers GoM to address the GST compensation cess issue. With states demanding compensation…
The Madras High Court set aside a GST assessment order that was sent to an old address instead of the new one provided by the taxpayer. The court ruled that this oversight denied…
The Madras High Court has ruled that CENVAT credit is permissible for electricity supplied to sister units from a captive power plant, provided it complies with the amended CENVAT…
The Madras High Court recently ruled that investigating authorities cannot freeze bank accounts beyond the amount allegedly involved in financial fraud. The court emphasized that…
The Authority for Advance Rulings AAR has confirmed that royalty payments received by leaseholders of mining quarries will be subject to an 18% Goods and Services Tax GST . This…
The Crime Investigation Department CID has taken over the investigation into a massive ₹1,400 crore GST fraud that involves a former chief secretary, an IIT-H professor, and…
The Directorate General of Foreign Trade DGFT has announced that yellow pea imports will be allowed freely for bills of lading issued on or before December 31, 2024, without…
The Authority for Advance Rulings AAR confirmed that a 5% GST rate applies to the supply of aggregates made from boulders. Aggregates, a construction material, undergo minimal…
The Delhi High Court upheld the disallowance under Section 14A of the Income Tax Act, dismissing an appeal that sought the retrospective application of a 2022 amendment. The…
The Madras High Court recently ruled that investigating authorities cannot freeze bank accounts beyond the amount allegedly involved in financial fraud. The court emphasized that…
The Bombay High Court ruled that once a resolution plan is approved under the Insolvency and Bankruptcy Code IBC , it extinguishes past tax claims and demands. This decision is a…
The Authority for Advance Rulings AAR confirmed that a 5% GST rate applies to the supply of aggregates made from boulders. Aggregates, a construction material, undergo minimal…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT has ruled that penalties imposed in service tax cases are unjustified when the proceedings are time-barred. In this…
The Madras High Court dismissed a petition challenging income reassessment under the condition that income had escaped assessment. The court ruled that reassessment within the…
The Financial Action Task Force FATF has flagged concerns regarding the sluggish pace of terror funding and money laundering trials in various jurisdictions. The FATF’s report…
Indian banks are facing significant underperformance issues due to various factors, including high non-performing assets NPAs , regulatory challenges, and slow credit growth. The…
Indian banks and financial institutions have collectively committed Rs 32.5 trillion for investments in renewable energy projects. This substantial commitment marks a significant…
A Delhi Consumer Court has ruled in favor of a complainant in a case against a car manufacturer and its dealer. The case revolved around allegations of misconduct, including…
The Securities and Exchange Board of India SEBI has dropped charges against Chitra Ramkrishna, former Managing Director and CEO of the National Stock Exchange NSE , in relation to…
The BSE Sensex and Nifty indices have shown notable movements in the stock market on September 16, 2024. The live updates provide real-time information on market trends, including…
The Jammu and Kashmir High Court has imposed a ₹9 lakh cost on the government for its failure to comply with court orders, which led to a 'hide and seek' situation regarding the…
The Delhi High Court has clarified that challenging decisions of the National Consumer Disputes Redressal Commission NCDRC in the Delhi High Court is not always appropriate. The…
The Supreme Court has addressed issues concerning final-year law students and the All India Bar Examination AIBE . The Court’s decision likely involves clarifying the requirements…
The Delhi High Court has overturned a ₹129 crore penalty imposed on footballer Anwar Ali by East Bengal FC. The Court's decision was based on findings that the penalty was…
The Income Tax Appellate Tribunal ITAT has ruled that income accumulated under Section 11 6 of the Income Tax Act can be used for the acquisition of fixed assets. This decision…
GST evasion has skyrocketed to ₹2.01 lakh crore in FY24, with sectors like online gaming, Banking, Financial Services, and Insurance BFSI contributing significantly to the surge.…
Three businessmen from Mumbai have been arrested for their involvement in a major GST fraud case. They allegedly created eight shell companies to fraudulently claim Input Tax…
Former Telangana Chief Secretary Somesh Kumar is under investigation by the CID for his alleged involvement in a massive ₹1,400 crore GST evasion case. The case, involving…
Three businessmen from Mumbai have been arrested for their involvement in a major GST fraud case. They allegedly created eight shell companies to fraudulently claim Input Tax…
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