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Income Tax Govt

Tribunal rules Section 13 does not apply without proof of benefit

The ITAT held that invoking Section 13 of the Income Tax Act is invalid when authorities fail to establish a direct connection between the assessee and specified persons. Without concrete evidence of undue benefit, tax additions under this provision cannot be sustained.

Effective Not specified in the update

For professionals: Meticulously audit all financial flows involving specified individuals to safeguard trust exemption statuses. · Maintain airtight documentation proving that transactions occur at arm's length and benefit core institutional objectives. · Ensure concrete proof of benefit or lack thereof is established, as tax authorities cannot rely on assumptions or mere suspicions under Section 13.

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Taxscan16m ago 1 min 2
GST

Appellate tribunal upholds transporter penalty for missing e-way bills

The GSTAT dismissed a transporter's defense of an accidental document swap during transit checks. It ruled that submitting invoices after the vehicle's interception cannot rectify the initial lack of valid e-way bills under Section 68 and Rule 138A of the GST Rules.

Effective Not specified in the update

For professionals: Advise clients that arguing clerical mistakes or document mixes will not hold up against statutory interception rules under Section 68 and Rule 138A of the GST Rules. · Institute rigorous pre-dispatch checklists for drivers to verify active e-way bills before shipments depart. · Note that subsequent submission of invoices post-detention fails to cure the initial statutory breach as the moment of interception is the decisive cutoff.

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Taxscan16m ago 1 min
Business

Tribunal denies corporate insolvency resolution extension and orders liquidation following unanimous creditor approval

The tribunal denied an extension for the corporate insolvency resolution process because the creditors unanimously approved liquidation. No resolution plan was accepted, and asset values dropped significantly during the proceedings.

Effective Not specified in the update

For professionals: Insolvency professionals and creditors must immediately collate asset registers and ensure strict adherence to asset preservation standards to prevent further value erosion. · Stakeholders should track liquidation progress reports and prepare claims for submission to the liquidator within the prescribed statutory window.

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Taxscan21m ago 1 min
Banking

Yes Bank stock touches multi-year low after Supreme Court backs AT-1 bond write-off reversal

Shares of the lender dropped 1.15 percent to ₹15.43 on October 29, pushing monthly losses to 29 percent. The downward pressure stems from the Supreme Court upholding the reversal of an ₹8,415 crore additional tier-1 bond write-off.

Effective Not specified in the update

For professionals: Review portfolio exposure to banking equities and monitor regulatory capital disclosures closely. · Track further judicial clarifications regarding coupon payments and debt restructuring impacts on the lender's financial health.

Scrips: Yes Bank

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LiveMint Markets21m ago 1 min
RBI/SEBI Govt Breaking

Supreme Court examines central bank customer identification guidelines to combat digital scams and illegal accounts

The apex court initiated a review of central bank customer identification regulations aimed at curbing digital fraud and fraudulent mule accounts. The judicial examination focuses on tightening verification frameworks across financial institutions.

Effective Not specified in the update

For professionals: Audit existing customer onboarding workflows to prepare for potential regulatory tightening arising from the judicial review. · Upgrade verification protocols and adopt advanced screening technologies and real-time monitoring mechanisms to move away from legacy manual verification processes. · Track upcoming judicial directives and circulars from the central bank for new compliance mandates regarding identity, address, and beneficial ownership checks.

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India Today22m ago 1 min
CA Corner

Motilal Oswal Financial Services posts a twenty nine percent rise in operating PAT for Q2FY27

Motilal Oswal Financial Services Ltd. announced strong financial results for the second quarter and half-year ending September 30, 2026. The firm recorded a twenty nine percent increase in operating PAT, showcasing robust performance across its business segments during the period.

Effective October 29, 2026

For professionals: Review the detailed earnings disclosures, asset management metrics, and segment-wise revenue breakdown released by the company. · Gauges underlying profitability by examining operating profit after tax rather than relying solely on total net profit.

Scrips: Motilal Oswal

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Taxguru26m ago 1 min
Economy

Karnataka government increases state milk rates by eight rupees per litre

The Karnataka cabinet decided to raise milk prices by eight rupees per litre starting November 1. This adjustment responds directly to ongoing protests by dairy producers and demands from cooperatives requesting higher payouts during a severe farming crisis.

Effective November 1

For professionals: Review billing structures, inventory expenses, and dairy supply agreements to account for the revised per-litre pricing. · Advise dairy-linked clients to update invoicing software and retail pricing sheets ahead of the November 1 implementation date.

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Hindu BusinessLine32m ago 1 min
Crypto & CBDC

The digital asset sector in India transitions into a new operational phase

India's cryptocurrency market has officially entered its next phase of evolution. Industry participants are observing shifting trends in digital asset adoption and regulatory landscapes across the country.

Effective Not specified in the update

For professionals: Maintain meticulous records of all virtual digital asset transactions, wallet transfers, and exchange trades to ensure seamless reporting. · Keep track of official regulatory updates, tax compliance requirements, and reporting guidelines issued by relevant authorities.

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The Economic Times33m ago 1 min
Business

IKEA prepares to launch an eighty thousand square foot urban retail store in Bengaluru next month

IKEA is launching a new city centre store in Bengaluru next month, featuring an eighty thousand square foot retail space with over five thousand two hundred products. This urban outlet follows the June 2022 launch of their large-format store in Nagasandra to enhance accessibility.

Effective Next month

For professionals: Monitor consumer response figures, foot traffic metrics, and retail rental trends surrounding the new urban launch in Bengaluru. · Analyze the impact of compact retail footprints on commercial leasing dynamics and urban accessibility.

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ET Industry34m ago 1 min
Fintech & UPI

An Indian traveller expresses delight after successfully using UPI payments in Sri Lanka

An Indian traveller shared a video expressing joy after discovering that the Unified Payments Interface functions seamlessly in Sri Lanka. The user highlighted the convenience of cross-border digital transactions during their international trip.

Effective Not specified in the update

For professionals: Frequent international travellers and corporate professionals should check supported destination lists and transaction limits before depending on UPI abroad. · Cross-border retail payments rely on bilateral central bank arrangements and payment network integrations that link domestic UPI rails with foreign merchant acquiring systems.

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NDTV34m ago 1 min
Economy

Central government raises dearness allowance and relief by three percent

The central administration increased dearness allowance and dearness relief by three percent for active and retired personnel. This revision takes effect retrospectively from July 1 and positively impacts forty-eight lakh employees alongside sixty-eight lakh pensioners.

Effective July 1

For professionals: Payroll administrators, auditors, and financial planners must recalculate salary structures, tax deductions, and pension disbursements to reflect the retrospective effective date. · Compliance teams should verify that arrears are correctly computed and credited in subsequent payroll cycles for all eligible staff and retirees.

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Hindu BusinessLine35m ago 1 min 1
Business

Examining Christine Lagarde's tenure as head of the European Central Bank

This piece reviews the career path of Christine Lagarde as she took charge of the European Central Bank. Operating without a traditional central banking background, she carved out her own distinct leadership methodology. Investors tracking global monetary policy shifts must understand how unique leadership backgrounds influence central bank decisions.

Effective Not specified in the update

For professionals: Not specified in the update · businesses are advised to monitor leadership styles and upcoming institutional announcements when evaluating future monetary policy trajectories and currency movements · executives should track upcoming institutional announcements and executive speeches for clues on policy continuity

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Economic Times36m ago 1 min

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