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Fintech & UPI

PhonePe brings in Ankit Khurana to lead international product expansion efforts

Digital payments firm PhonePe has brought on Ankit Khurana to head product development for its international expansion. The appointment aims to bolster global growth and cross-border product offerings as the company expands its footprint abroad.

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For professionals: Monitor upcoming product rollouts and regulatory filings to gauge the success of these overseas expansion plans. · Evaluate how international operational costs impact overall profitability before advising clients in the digital payments ecosystem.

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https://hrtoday.in/24m ago 1 min
Economy

Lodha Developers posts strong second quarter sales and higher net profit

Lodha Developers reported a ten percent growth in sales bookings to Rs 5,037 crore for the second quarter. Net profit surged twenty eight percent to reach Rs 1,013.5 crore during the same period. The firm maintains an annual sales bookings target of Rs 24,000 crore for this fiscal year.

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For professionals: Review quarterly financial disclosures and debt levels of Lodha Developers to evaluate sector performance and portfolio allocations. · Monitor upcoming project pipelines and inventory absorption rates to advise clients on residential construction investments.

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ET Industry31m ago 1 min
GST

Allahabad High Court Sets Aside Fifty Thousand Rupee Tax Penalty Overstepping Statutory Limits

The Allahabad High Court struck down an administrative penalty order totaling fifty thousand rupees after determining it violated the statutory limits set under the state law. This ruling provides relief to taxpayers facing arbitrary financial demands that surpass legally established boundaries. Legal experts note this decision reinforces strict adherence to legislative bounds by tax authorities.

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For professionals: Review ongoing penalty litigations to identify similar instances where levies surpass statutory limits. · Advise clients against unauthorized fiscal extractions resulting from penalties exceeding legislative mandates. · Ensure penalty calculations strictly mirror the bounds set by the parent statute.

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Taxguru33m ago 1 min
CA Corner

ICAI suspends chartered accountant for one month over non-banking finance company audit lapses

The Institute of Chartered Accountants of India penalised chartered accountant Venugopal Nair for professional misconduct during an audit of a non-banking financial company. The disciplinary action includes a one-month membership suspension and a monetary fine of one lakh rupees concerning related party disclosures.

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For professionals: The Institute of Chartered Accountants of India suspended the membership of CA Venugopal Nair for one month and levied a fine of Rs 1 lakh for audit misconduct and related party disclosure lapses regarding an NBFC audit. · Practicing chartered accountants and audit firms must review their internal quality control checklists and verification protocols for related party disclosures, particularly for non-banking financial companies. · Professionals should monitor ICAI disciplinary announcements for evolving compliance standards and ensure meticulous documentation on all high-risk statutory assignments.

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Taxguru33m ago 1 min
Banking

ICICI Prudential Mutual Fund expert cautions investors against buying assets following massive price rallies

S Naren warns that chasing asset classes after huge price jumps leads to poor results. He highlights how silver attracted massive ETF inflows before falling sharply by twenty-seven percent. Proper portfolio structuring requires purchasing unpopular assets rather than following market momentum.

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For professionals: Financial planners and investors should audit their current asset distribution to ensure exposure is not overly concentrated in recently outperforming segments. · Advise clients to practice contrarian discipline by accumulating out-of-favor assets and avoiding purchases immediately after spectacular market rallies.

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ET Markets34m ago 1 min
Markets

Alaska Air eliminates nearly 200 positions following margin pressure from fuel prices

Alaska Air is eliminating roughly 200 positions, representing under one percent of its total workforce, due to financial pressure from rising fuel costs. The cuts impact 125 workers in Washington and 48 in Hawaii. This workforce reduction aims to protect profitability amid surging operating expenses.

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For professionals: Examine upcoming airline earnings reports to assess fuel hedging strategies and operational cost controls. Track quarterly fuel price indices and capacity guidance to gauge financial resilience across the aviation industry.

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Hindu BusinessLine35m ago 1 min
Economy

Financial Analysts Lift Fiscal Year Twenty Seven Gross Domestic Product Growth Projection to Seven Point Three Percent

Economic forecasters have elevated India growth projections for the financial year twenty seven to seven point three percent despite ongoing international financial headwinds. This upward revision highlights domestic economic resilience amid broader worldwide uncertainties. Investors and corporate planners should factor this robust outlook into medium-term capital allocations.

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For professionals: Integrate the revised 7.3% financial year 2027 GDP growth projection into medium-term capital expenditure budgets and equity portfolio strategies. Monitor upcoming macroeconomic updates to guide client advisory on capital allocation and economic expansion cycles.

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Dalal Street Investment Journal38m ago 1 min
GST

Hyderabad Tribunal Condones Filing Delay for Tax Appeal Due to Professional Medical Leave and Staff Exit

The Hyderabad bench of the Goods and Services Tax Appellate Tribunal accepted a delayed statutory appeal after reviewing valid operational disruptions. The appellant successfully demonstrated that the departure of key accounting personnel and the chartered accountant medical emergency caused the delay. This decision underscores the consideration given to genuine professional hardships in tax litigation.

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For professionals: Appellate tribunals possess the discretion to excuse filing delays if litigants demonstrate sufficient cause that prevented them from approaching the forum within the statutory timeframe. · Practitioners must act promptly upon discovering delays to establish bona fi and tax professionals facing filing delays should compile comprehensive documentation, including medical certificates and resignation records, to support condonation applications before appellate authorities.

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Taxguru38m ago 1 min
Income Tax Govt

ITAT rules missing Form 3CL from DSIR cannot block Section 35(2AB) weighted deduction

Tax authorities cannot deny weighted research and development deductions simply because the formal intimation report is missing. The tribunal held that verified expenditures for approved facilities remain fully eligible for relief.

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For professionals: Review pending research deduction files where Form 3CL issuance is delayed by the department. · Ensure all primary expense proofs, facility approvals, and auditor reports are meticulously maintained for scrutiny or appellate proceedings.

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Taxscan39m ago 1 min
CA Corner

GSTAT Ghaziabad Dismisses Appeal Due to Continuous Absence and Uncorrected Flaws

The GSTAT bench in Ghaziabad has dismissed an appeal because the appellant failed to appear repeatedly and did not fix pointed-out defects. Taxpayers must actively maintain representation and correct procedural errors to keep appeals alive.

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For professionals: Maintain rigorous tracking of hearing dates and prioritize immediate rectification of registry defects upon filing indirect tax appeals. · Advise clients regarding the strict consequences of non-prosecution before appellate authorities and monitor compliance notices closely.

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Taxguru44m ago 1 min
GST

Supreme court permits statutory appeal in a refund dispute involving rupees 1.96 crore under goods and services tax

The Supreme Court has given permission to file a statutory appeal in a dispute involving a goods and services tax refund worth rupees 1.96 crore. This decision provides a legal pathway for resolving the pending tax matter through official channels rather than higher writ proceedings.

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For professionals: Evaluate similar pending litigations where high-value refund rejections require appellate intervention rather than relying solely on extraordinary writ jurisdictions. · Ensure that all procedural prerequisites for filing the statutory appeal for the ₹1.96 crore refund claim are met within the permissible timelines. · Keep track of this Supreme Court appellate proceeding as a precedent for handling high-value refund dispute cases.

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Taxguru49m ago 1 min
CA Corner

ICAI Prepares Guidance Note for MSCARO Audit Framework

The government recently notified MSCARO to establish a standardized, risk-based audit framework for Multi-State Cooperative Societies. Consequently, ICAI will soon issue a guidance note to strengthen the statutory audit process for these entities. Finance professionals should prepare for these upcoming structured evaluation standards.

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For professionals: Transition from traditional voucher checking to the new risk-based methodology mandated by MSCARO. · Review existing audit checklists, update internal audit programs, and monitor announcements from the institute regarding the guidance note release.

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Taxscan50m ago 1 min

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