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Crypto & CBDC

Malicious attackers siphon 6.3 billion dollars from Binance exchange in record cyberattack

Bad actors compromised the Binance platform and made off with 6.3 billion dollars in the largest digital asset heist ever recorded. The exchange subsequently initiated recovery operations for the compromised funds after committing to reimburse affected users through its reserve mechanism.

Effective Not specified in the update

For professionals: Finance professionals advising digital asset investors must scrutinize exchange custody practices and reserve fund liquidity · Stakeholders should track platform announcements regarding asset recovery milestones and review portfolio risk exposure to centralized exchanges, ensuring contingency plans account for catastrophic cyber breaches

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CNBC Global9m ago 1 min
Income Tax Govt

ITAT Raipur Rules Inadequate Enquiry Fails to Validate Section 263 Revision

ITAT Raipur set aside a Section 263 revision for assessment year 2015-16. The tribunal noted that insufficient investigation alone does not justify revision unless an actual error causing prejudice to the revenue is proven. The assessing officer had previously reviewed the educational institution's registration status.

Effective Not specified in the update

For professionals: Advise clients that tax authorities cannot initiate Section 263 revision proceedings based merely on an inadequate enquiry without establishing an actual error causing prejudice to the revenue. Representing practitioners should demand proof of actual errors rather than broad allegations of inadequate enquiry when facing supervisory revisions. The text does not specify exact filing forms, compliance steps, or specific sections other than Section 263 for assessment year 2015-16. · Tax professionals should note that judicial precedent requires the commissioner to establish a definitive error in the assessment order itself rather than simply disagreeing with the depth of the investigation conducted by the assessing officer.

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Taxguru20m ago 1 min
Income Tax

Delhi High Court Grants Interim Stay on Tax Penalty Recovery

The Delhi High Court granted an interim stay on the recovery of an income tax penalty while the main quantum appeal remains pending. The court observed that the penalty proceedings appeared to violate Section 275(1)(a) of the Income Tax Act.

Effective Not specified in the update

For professionals: Review all pending penalty orders against clients where underlying quantum appeals are active. · Identify cases where penalty proceedings may violate the procedural timelines outlined in Section 275(1)(a) of the Income Tax Act. · Advise clients on seeking interim stays on penalty recovery based on the Delhi High Court ruling when quantum appeals remain undecided.

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Taxguru26m ago 1 min
Economy

Extreme Poverty Drops to 2.6 Percent Amid Widening Wealth Gap

Recent findings show extreme poverty declined to 2.6 percent alongside overall enhancements in living standards. However, the data reveals persistent economic inequality, with the top 10 percent earning 13 times more than the bottom 10 percent across various regions.

Effective Not specified in the update

For professionals: Evaluate consumer-facing sector strategies by factoring in the contrasting trends of mass-market affordability and premium spending. Account for regional, income-bracket, and employment-sector economic disparities in client advisory.

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Hindu BusinessLine30m ago 1 min
Economy

Agricultural scientists discover crop benefits from iron ore waste material

Initial tests conducted by ICAR-IARI using mining waste from ArcelorMittal Nippon Steel indicate improved crop yields. The experiments also reveal a reduction in the required usage of chemical fertilizers.

Effective Not specified in the update

For professionals: Agricultural consultants and researchers should monitor upcoming field trial results and official advisory releases for commercial adoption guidelines. · Watch for expanded pilot programs to gauge long-term soil safety and economic feasibility before altering farm input strategies.

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Hindu BusinessLine32m ago 1 min
Income Tax Govt

Delhi tax tribunal sets aside assessment orders based on electronic chat logs

The Delhi bench of the ITAT nullified tax proceedings initiated under Section 153C. The tribunal cited consolidated and delayed satisfaction notes alongside an improper search date following digital evidence recovery.

Effective Not specified in the update

For professionals: Review pending litigation involving electronic evidence seizure to challenge procedural non-compliance effectively. · Monitor judicial pronouncements on digital chat admissibility and satisfaction note timelines to protect client interests.

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Taxguru32m ago 1 min
Investment

High-Yield US Stocks Carry Hidden Risks Despite Double-Digit Payouts

Several United States equities deliver dividend yields above 10 percent, led by mortgage real estate investment trusts like Annaly Capital Management and AGNC Investment surpassing 16 percent. Nevertheless, sharp share price drops underscore underlying threats to payout sustainability and total investor returns.

Effective Not specified in the update

For professionals: Advisors must caution clients against investing in high-yield equities based solely on headline percentages · Wealth managers need to analyze payout coverage, balance sheet leverage, and underlying cash flows before committing capital

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ET Markets35m ago 1 min
Insurance Govt

Report Emphasizes Commission Cap Calibration for Insurance Expansion

A recent report indicates that properly calibrating commission caps is essential for expanding insurance penetration under the distribution reforms introduced by the Insurance Regulatory and Development Authority of India.

Effective Not specified in the update

For professionals: Compliance officers must review distribution agreements to ensure they conform to evolving IRDAI guidelines. · Insurance professionals and corporate agents should monitor regulatory updates regarding commission structures to adjust their operational models and sales incentives accordingly.

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The Hawk36m ago 1 min
Income Tax

Karnataka High Court Upholds Exclusion of Abnormal Transfer Pricing Comparables

The Karnataka High Court dismissed the revenue's appeal, ruling that functionally dissimilar companies and entities with abnormal profit margins, such as Mold-Tek at 96.66 percent, must be excluded from transfer pricing comparable sets.

Effective Not specified in the update

For professionals: Tax professionals and transfer pricing consultants should cite this judgment when defending multinational enterprise clients against arbitrary inclusion of high-margin outliers by transfer pricing officers. · Practitioners must perform rigorous functional profile analyses to exclude functionally dissimilar entities and abnormal profit margin companies from transfer pricing analyses.

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Taxguru37m ago 1 min
Markets Breaking

Amazon and Intel shares drop significantly during premarket trading due to artificial intelligence costs

Amazon shares dropped 7.4% and Intel shares plummeted 25% during premarket trading sessions. Investors reacted negatively to soft financial outlooks and expanding artificial intelligence expenses.

Effective Not specified in the update

For professionals: Monitor quarterly capital expenditure reports and cash flow statements across major technology holdings to assess financial health. Evaluate portfolio risk exposure following the market sell-off triggered by heavy artificial intelligence infrastructure spending and sluggish business guidance.

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LiveMint Markets43m ago 1 min
Income Tax Govt

ITAT Panaji sets aside specific search assessments by ruling on section 153A time limitations

ITAT Panaji set aside assessment year 2008-09 search assessments. The tribunal determined that the relevant ten-year calculation under section 153A extended from assessment year 2018-19 back to assessment year 2009-10.

Effective Not specified in the update

For professionals: ITAT Panaji quashed search assessments for assessment year 2008-09 by concluding that the ten-year period under section 153A spanned from assessment year 2018-19 to assessment year 2009-10. · Tax practitioners and chartered accountants must review ongoing search assessment files to verify whether disputed years fall within the valid ten-year computation window identified in the ruling.

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Taxguru44m ago 1 min
Banking Breaking

Bank of Baroda reports massive surge in foreign currency non-resident deposits

Bank of Baroda recorded FCNR-B deposits climbing to ₹1.03 lakh crore by September 2026. Total global deposits grew 16.4 percent year-on-year to ₹17.45 lakh crore, alongside a 35.8 percent increase in standalone net profit.

Effective September 2026

For professionals: Financial analysts should track upcoming quarterly disclosures to evaluate deposit cost trends and margin sustainability · Monitor interest rate movements on foreign currency products to assess ongoing mobilization efficacy

Scrips: Bank of Baroda

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ET Industry45m ago 1 min

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