The Supreme Court of India emphasized the need for courts to exercise greater caution when inconsistencies in oral evidence could lead to the wrongful implication of innocent…
30/08/20241 min read
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The Supreme Court of India emphasized the need for courts to exercise greater caution when inconsistencies in oral evidence could lead to the wrongful implication of innocent…
The Indian government has proposed draft rules concerning the temporary suspension of telecommunication services. These rules outline the conditions under which telecommunication…
The Delhi High Court ruled that the acquisition of shares of Flipkart Singapore by a foreign investor did not constitute tax evasion under the Double Taxation Avoidance Treaty…
The Directorate General of Foreign Trade DGFT has amended the Export Obligation Period EOP with a pre-import condition under Appendix 4J of the Handbook of Procedures HBP . The…
The Institute of Chartered Accountants of India ICAI has approved the Audit Quality Maturity Model Version 2.0, which will be implemented in auditing selected firms. This updated…
The Directorate General of Foreign Trade DGFT has issued a public notice stating that the guidelines on permissible wastages and Standard Input Output Norms SIONs concerning…
Bharat Petroleum Corporation Limited BPCL has announced plans to establish a new refining-cum-petrochemical complex over the next 5-7 years. This ambitious project aims to expand…
Union Bank’s report reveals a notable decline in banking liquidity, which has dropped to Rs 0.95 lakh crore from a previous peak of Rs 2.86 lakh crore. This decrease signifies a…
The Finance Ministry of India has amended the Securities Contracts Regulation Rules, allowing Indian public companies to list directly on the GIFT International Financial Services…
The Income Tax Appellate Tribunal ITAT ruled that proper findings under Section 145 3 of the Income Tax Act are essential for the rejection of books of account. The case involved…
The Institute of Chartered Accountants of India ICAI reprimanded a Chartered Accountant CA for engaging in non-professional activities by supplying building materials. The CA was…
The Income Tax Appellate Tribunal ITAT deleted an addition made by the tax authorities regarding on-money received from the sale of flats. The ITAT ruled that the receipt of…
The Customs, Excise and Service Tax Appellate Tribunal CESTAT ruled that a service tax demand cannot be justified solely based on accounting entries presumed as consideration. The…
The Allahabad High Court has ruled that a GST demand order based solely on the findings of the Income Tax Department, without any independent investigation or finding by the GST…
The ITAT has granted relief to the Bank of Bahrain & Kuwait by allowing a deduction from book profits for reserves withdrawn and credited to the Profit and Loss P&L account under…
The Allahabad High Court has ruled that the non-filing of a certified copy of an order in e-appeals is a technical issue and should not be a ground for dismissing an appeal. The…
The ITAT ruled that tax implications are triggered only upon the actual sale or transfer of an asset, and no additions to income should be made based on anticipated future…
The ITAT upheld the order of the Commissioner of Income Tax Appeals CIT A , which invalidated an addition of unexplained cash credit due to the absence of incriminating evidence.…
The ITAT has quashed an assessment order, ruling that assessments made following a search operation must be conducted under Section 153 of the Income Tax Act, rather than Section…
The Income Tax Appellate Tribunal ITAT has ruled that in the absence of incriminating material, no additions can be made to an already completed assessment. The case involved the…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT has ruled that clinical trials of imported drugs do not attract service tax. The tribunal held that these trials are…
The Bombay High Court has ruled that an income tax notice issued under Section 148 to a deceased person is invalid. The court directed the tax authorities to issue a fresh notice…
SBI Life Insurance has launched a digital film celebrating the resilience and achievements of Indian Paralympic athletes. The film highlights the athletes' remarkable…
The Madras High Court has directed a fresh adjudication in a case where GST notices were only uploaded on the GST portal, without proper physical or digital delivery to the…
The Allahabad High Court has quashed a GST order that imposed a penalty for the expiry of an e-way bill due to the driver taking an uninformed detour. The court ruled that the…
The Allahabad High Court has dismissed a petition challenging the constitutional validity of a GST notification that extended the time limit for issuing orders under Section 73 of…
The Central Bureau of Investigation CBI has arrested an Income Tax Principal Commissioner for allegedly accepting a bribe of Rs. 10 lakh. The official was caught red-handed while…
The Life Insurance Corporation of India LIC has been issued a GST demand order amounting to Rs. 605.5 crore for the financial year 2020. The demand is based on alleged…
Several chocolate companies and bakeries have received GST notices from the Indian tax authorities for allegedly underpaying taxes. The notices claim that these businesses…
Vodafone Idea has been slapped with a GST demand of Rs. 15.19 crore and a penalty of Rs. 1.51 crore by the Indian tax authorities. The demand arose from discrepancies observed in…
The Delhi High Court has rejected a plea challenging the internal elections of the Janata Dal United JD U party, which saw Nitish Kumar elected as the party president. The court's…
The Bombay High Court has imposed a penalty of Rs. 50 lakh on a company for violating an injunction order related to the unauthorized use of the Fevicol trademark. The court's…
New GST provisions included in the Finance Act are set to be enforced following a meeting of the GST Council. These provisions are expected to bring changes to the Goods and…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT has ruled that amounts paid by employees to employers for waiving the notice period are not subject to service tax.…
Justice Hima Kohli’s message, as highlighted by Chief Justice DY Chandrachud, is that women should not feel compelled to forsake their femininity to succeed in the legal…
MP Thol Thirumavalavan has filed a review petition challenging a recent Supreme Court judgment that allows the sub-classification of Scheduled Castes. Thirumavalavan argues that…
India is currently spending over 3% of its Gross Domestic Product GDP on government pensions, reflecting a growing fiscal burden on the states. This significant expenditure on…
The Supreme Court of India has ruled that applications to condone delays in filing written statements cannot be summarily rejected. This decision emphasizes the need for courts to…
In a case involving a fake NCC camp and allegations of sexual abuse, the Madras High Court has requested a report on the mysterious death of the accused's father. The court's…
The GST Council is considering exempting term life insurance from tax relief, although it is unlikely to extend the same to investment-linked insurance plans. This potential…
The Securities and Exchange Board of India SEBI has approved Indian International Holdings Ltd. IIHL acquisition of the portfolio management services PMS business unit of Invesco…
A public sector undertaking PSU in the upstream oil sector has seen its stock price surge by 209% in the calendar year 2024. This remarkable increase is attributed to favorable…
The Indian Renewable Energy Development Agency IREDA has received its first international credit rating from S&P Global, which is expected to enhance its access to global markets.…
The Reserve Bank of India RBI has imposed a penalty of ₹2.68 crore on UCO Bank for violating regulatory provisions. The penalty underscores the RBI's commitment to ensuring…
The MSN Group has announced its foray into the real estate sector, marking a significant diversification of its business interests. This move is part of the group’s strategy to…
The Telangana government has confirmed that the Devadula irrigation project in Hyderabad will be completed by December 2025. This project is crucial for enhancing water supply and…
Residents in Chennai are facing significant delays in their housing projects due to the realtor's failure to adhere to timelines. The delays have left many homebuyers in a state…
Aviva India is under scrutiny for allegedly paying Rs 218 crore to fictitious vendors to avoid paying taxes to the Income Tax Department. This case highlights serious concerns…
On August 30, 2024, the financial markets experienced notable movements. Key indices showed varied performance, influenced by domestic and international economic indicators. The…
Insecticides India Ltd. has announced a share buyback plan at a price of ₹1000 per share. This move is part of the company's strategy to return surplus cash to its shareholders…
The Supreme Court of India emphasized the need for courts to exercise greater caution when inconsistencies in oral evidence could lead to the wrongful implication of innocent…
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