The ITAT remanded a case back to the CIT A for failing to address the key issue of adjusting actual expenditure against provisions. The tribunal found that the CIT A overlooked…
08/08/20241 min read
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The ITAT remanded a case back to the CIT A for failing to address the key issue of adjusting actual expenditure against provisions. The tribunal found that the CIT A overlooked…
The Bombay High Court quashed a VAT Show Cause Notice SCN for non-compliance with statutory requirements, specifically the failure to mention the necessary documents. The court…
The ITAT imposed a cost on an appellant for lack of diligence in filing an appeal, directing the appellant to deposit the amount with the Prime Minister's Relief Fund PMRF . The…
The ITAT remanded a case concerning the provisional registration of a trust, citing the inability to verify the trust's activities due to the non-submission of necessary…
The Income Tax Appellate Tribunal ITAT set aside a revision order under Section 263, emphasizing that an Assessing Officer's AO order must be both erroneous and prejudicial to the…
The Reserve Bank of India RBI has increased the transaction limit for Unified Payments Interface UPI from Rs 2 lakh to Rs 5 lakh for tax payments. This decision aims to enhance…
The Madras High Court dismissed a plea by Anitha Radhakrishnan challenging Enforcement Directorate ED proceedings against her. The court ruled that the proceedings were valid and…
Finance Minister Nirmala Sitharaman has dismissed requests to reduce the GST rate on health insurance premiums, stating that the current 18% rate is appropriate. The minister…
The Board of Control for Cricket in India BCCI paid a substantial amount of Rs 2,038 crore in GST for the fiscal years 2022-23 and 2023-24. This significant tax payment…
The Kerala GST Department has introduced new software to facilitate the filing of returns and tax payments under legacy tax acts like VAT, CST, and Luxury Tax. This move aims to…
The Lok Sabha passed the Finance Bill 2024, incorporating 45 amendments addressing issues like rationalizing personal income tax, streamlining provisions for startups, and…
The Rajasthan High Court ruled in favor of the students of Tirupati Nursing College, whose registrations were denied due to the college's lack of a No Objection Certificate NOC…
The Orissa High Court expressed concern over the abysmally low allowances for Grama Rakhis village watchmen and directed the State Government to consider raising their allowances.…
The Waqf Amendment Bill 2024 grants the Central Government significant powers over Waqf properties, including the authority to supersede state Waqf boards and appoint…
Haryana's Quality Assurance Authority will oversee infrastructure standards to ensure compliance and quality in construction projects. The authority aims to improve the safety,…
The ITAT ruled that proceedings under Section 263 of the Income Tax Act cannot extend beyond the issues identified in the limited scrutiny conducted under the Computer-Assisted…
India is still working towards achieving universal health coverage, facing challenges such as disparities in access to healthcare services and inadequate infrastructure. Despite…
Infibeam Avenues, a digital payment solutions provider, has seen its stock price drop by 24% from its 52-week high, raising questions about whether it remains a good buy. Despite…
Aadhar Housing Finance's shares rose by 5% following strong Q1 earnings results. The company reported robust financial performance, driven by increased loan disbursements and…
Hyundai India is preparing for an IPO, with major banks competing to manage the public offering. The IPO is expected to attract significant investor interest due to Hyundai's…
Shriram General Insurance plans to reenter the crop insurance market, aiming to provide coverage for farmers against crop failures and other agricultural risks. This move is…
Finance Minister Nirmala Sitharaman addressed concerns over the 18% GST rate on health insurance in the Lok Sabha. The high GST rate has been criticized for making health…
A recent report reveals that over 77% of gig workers in India earn less than Rs 2.5 lakh annually. This highlights the financial challenges faced by individuals in the gig…
The Securities and Exchange Board of India SEBI has released a consultation paper on Registered Investment Advisors RIAs , focusing on the National Pension System NPS and…
Mizuho Financial Group is reconsidering its potential deal with Yes Bank, creating a competitive scenario between Sumitomo Mitsui Banking Corporation SMBC and Emirates NDB. This…
The FirstCry IPO, which is being closely watched by investors, has been subscribed 17% on its second day. The subscription levels, along with the Grey Market Premium GMP and other…
The Income Tax Appellate Tribunal ITAT remanded a case due to a delay in filing an appeal caused by the service of the First Appellate Authority FAA notice to an outdated email…
The Rajasthan High Court ruled that challenges to a Section 153C notice of the Income Tax Act, raised after the issuance of the assessment order, must use statutory remedies. The…
The Income Tax Appellate Tribunal ITAT ruled that the Income Tax Department cannot make additions based on retracted statements during a search unless supported by incriminating…
The Income Tax Appellate Tribunal ITAT dismissed an income tax appeal due to an excessive delay in filing without a sufficient cause being shown. The appellant delayed the appeal…
The Indian government has reinstated indexation benefits for real estate transactions, providing taxpayers with the option to adjust the purchase price of property to account for…
The Ministry of Corporate Affairs MCA has announced the Companies Adjudication of Penalties Amendment Rules, 2024, which will take effect on September 16, 2024. These amendments…
The ITAT ruled that failing to issue an income tax notice under Section 143 2 within the stipulated period is a fatal error that cannot be cured under Section 292BB. This decision…
The CESTAT held that discounts or incentives from manufacturers for bulk purchases and achieving sales targets are trade discounts, exempt from service tax. This ruling reinforces…
The Authority for Advance Rulings AAR stated that purchasing raw effluent and supplying treated output constitutes a sale of goods. This classification affects the GST…
The CESTAT ruled that booking cancellation charges are compensation for breach of contract and not consideration for a service, thus not subject to service tax. This clarification…
The CESTAT decided that reimbursements from manufacturers for parts used in warranty services are exempt from service tax. This ruling provides clarity on the tax treatment of…
The Calcutta High Court directed fresh adjudication for a case involving mismatches in the GSTR-9 annual return, caused by unintentional errors. The court's order acknowledges the…
Live updates on BSE Sensex and Nifty indices reflect the current state of the Indian stock market. These updates include information on major stock movements, sector performance,…
JSW Infrastructure's share price is being tracked today with live updates reflecting its performance in the stock market. Investors are analyzing the stock's movement based on…
Adani Enterprises' share price is under scrutiny today, with live updates showing fluctuations based on market conditions and company performance. Key factors affecting the stock…
ONGC's share price updates are being closely monitored today, with live updates reflecting real-time market movements. The company's stock performance is influenced by factors…
CEIGALL India is set to list its shares tomorrow, with market observers closely watching the Grey Market Premium GMP as an indicator of investor sentiment. The GMP reflects the…
The Gauhati High Court ruled that state GST departments cannot utilize benefits from a Central Board of Indirect Taxes and Customs CBIC notification if it is ultra vires beyond…
The Calcutta High Court overturned an order that canceled a GST registration after the taxpayer filed the required returns. The decision highlights the importance of compliance…
Brainbees Solutions, the parent company of FirstCry, has launched its Initial Public Offering IPO , with live updates on its subscription status, price band, and Grey Market…
The ITAT directed Transfer Pricing Officers TPOs to exclude companies with turnovers exceeding or falling below 10 times the tested party's turnover in comparable analysis. This…
The Calcutta High Court instructed fresh adjudication in a case where the proprietor failed to respond to a demand notice under the CGST Act due to ill health. The court's…
Foreign Portfolio Investors FPIs have invested over Rs 11,700 crore in the Indian IT sector in July 2024, reflecting strong confidence in the sector's growth potential. In…
The Income Tax Appellate Tribunal ITAT ruled that an Assessing Officer AO cannot reject the Discounted Cash Flow DCF method for valuing Compulsorily Convertible Preference Shares…
The ITAT remanded a case back to the CIT A for failing to address the key issue of adjusting actual expenditure against provisions. The tribunal found that the CIT A overlooked…
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