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The Kerala High Court held that tax authorities cannot reject Input Tax Credit solely due to discrepancies with Form GSTR-2A. The court ordered a fresh reassessment of the matter. This decision protects taxpayers from denial based strictly on automated portal mismatches.
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The Securities and Exchange Board of India imposed a total penalty of Rs 40 lakh on four entities, including Woodstock Broking and Marfatia Stock Broking. The action follows an investigation into front-running trades between April 1, 2021, and March 31, 2022. Evidence showed brokers supported these illicit trades through infrastructure and assistance.
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BLS International reported a record second-quarter financial performance for fiscal year 2027 with revenue touching Rs 973 crore, marking a 32 percent year-on-year increase. First-half revenue grew 28.7 percent to reach Rs 1,863 crore, supported by expansion in visa, consular, and digital services. Quarterly earnings before interest, taxes, depreciation, and amortization rose 16.6 percent while profit after tax climbed 8.6 percent.
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The Income Tax Appellate Tribunal Delhi ruled that granting Section 12AA registration during appellate proceedings permits tax exemptions for earlier assessment years. The decision clarifies the retroactive benefit of charitable registration orders. Tax authorities must now evaluate past claims in light of the later-granted certificate.
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The Income Tax Appellate Tribunal Delhi deleted additions made under Section 153A that relied solely on uncorroborated statements. The tribunal emphasized the need for tangible evidence during search assessments. This ruling reinforces taxpayer protections against arbitrary additions without supporting documents.
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Utkarsh Small Finance Bank posted a net loss of Rs 70 crore for the second quarter, marking its sixth consecutive quarter of financial decline. The lender recorded an operating profit of Rs 85 crore, but high provisions of Rs 166 crore pushed it into a net loss. The gross non-performing asset ratio improved slightly to 5.96 percent as of September end, while the gross loan portfolio grew 7.5 percent year-on-year to Rs 20,062 crore.
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The Income Tax Appellate Tribunal Surat ruled that cheque discounting turnover cannot be taxed entirely as unexplained income. The tribunal clarified that only the commission or profit earned from such transactions should be brought to tax, not the gross turnover amount. This decision prevents disproportionate tax assessments on financial intermediaries.
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An office assistant of Punjab National Bank in Greater Noida and a private individual from Pune were arrested for an alleged fraud involving Rs 10.24 crore. The fraudulent withdrawals spanned multiple customer accounts over a three-year period. Punjab National Bank launched its internal investigation after a customer reported suspicious debit transactions.
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The Ahmedabad bench of the Income Tax Appellate Tribunal reduced the estimated profit margin on undisclosed cash payments in a real estate transaction. By adjusting the rate from 17 percent down to 13 percent, the tribunal offered relief to the taxpayer in the property sector.
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The Mumbai bench of the Income Tax Appellate Tribunal held that digital chat logs alone do not constitute sufficient evidence to establish unrecorded cash exchanges. The tribunal emphasized that corroborative proof is necessary before tax authorities can make additions for undisclosed income.
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The Supreme Court detailed the specific legal criteria required for courts to dismiss criminal defamation complaints using inherent powers. The ruling provides clarity on when judicial intervention is appropriate to prevent the misuse of defamation proceedings.
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A recent industry report titled Vision 2047: Solar Manufacturing from Polysilicon to Power Plant outlines India's potential to expand its solar sector. The study indicates that establishing comprehensive manufacturing capabilities across the entire value chain can create millions of jobs and attract substantial foreign capital.
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