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CA Corner

CESTAT Chennai rules that machinery installation services are eligible for CENVAT credit

The Customs, Excise and Service Tax Appellate Tribunal in Chennai ruled that CENVAT credit on machinery installation services is not automatically excluded. This decision provides clarity for businesses utilizing such services under the excise duty framework.

Effective Not specified in the update

For professionals: Review past credit reversals on equipment installation services to evaluate potential refund claims or defense strategies. Maintain detailed documentation linking machinery setup activities directly or indirectly to manufacturing operations. Advise clients that input duties paid on services related to capital equipment installation do not stand automatically barred.

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Taxguru10m ago 1 min
Banking

Patna High Court refuses bail in cyber fraud case involving huge bank transfers

The Patna High Court has rejected a bail plea for an individual connected to bank accounts that processed sixty-two lakh rupees linked to cyber crimes. The bench emphasized the severity of digital financial crimes and the movement of illicit funds through formal banking channels. Legal counsel must note the strict judicial stance on offenses involving large-scale online fraud networks.

Effective Not specified in the update

For professionals: Legal advisors representing clients in banking investigations must ensure rigorous verification of account usage and trace all inbound and outbound fund transfers immediately. · Practitioners should advise clients and business owners to implement strict internal controls over corporate accounts to prevent involvement in layering scam proceeds. · The Patna High Court dismissed a regular bail application connected to suspicious financial movements totaling sixty-two lakh rupees routed through a compromised bank account.

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Taxguru11m ago 1 min
Business

Tribunal admits ₹38.84 crore insolvency petition, dismissing pandemic defence due to ongoing default

The tribunal admitted an insolvency petition worth ₹38.84 crore, rejecting a pandemic-related debt defence because the default persisted beyond that timeframe. Furthermore, the appellate authority dismissed a deposit plea by citing specific legal restrictions, forum shopping concerns, and the lender's refusal to settle.

Effective Not specified in the update

For professionals: Practitioners should carefully review ongoing default timelines before relying on historical moratorium arguments for corporate clients. · Robust documentation of continuing defaults remains the deciding factor in securing corporate insolvency admissions.

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Taxscan12m ago 1 min
Income Tax

Appellate Tribunal Dismisses Deposit Plea to Stop Insolvency Proceedings

The appellate tribunal refused an eighty-nine point nine four crore rupee deposit offer intended to halt corporate insolvency resolution proceedings. It ruled that lenders cannot be forced into settlements and noted issues with forum shopping and statutory restrictions.

Effective Not specified in the update

For professionals: Legal practitioners and resolution professionals must review existing insolvency strategies to ensure compliance with strict statutory withdrawal frameworks under Section 12A. · Practitioners should note that financial creditors cannot be compelled to accept financial settlements against their commercial wisdom.

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Taxscan12m ago 1 min
Global Finance

Hurun report records fifty-one Indian startups crossing the five hundred million valuation mark in 2026

A recent Hurun report indicates that the count of Indian startups valued above five hundred million dollars has reached fifty-one in the year 2026. These high-value enterprises span multiple business sectors, geographic cities, and international markets. Investors and market analysts can utilize these metrics to gauge the expansion of India's entrepreneurial landscape.

Effective Not specified in the update

For professionals: Analyze sectoral distributions to identify emerging asset classes and co-investment opportunities within high-growth private firms. Track the 51 Indian startups valued above five hundred million dollars in 2026 as detailed in the latest Hurun index.

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Hindu BusinessLine16m ago 1 min
Markets

ITC Stock Climbs Three Percent Following Latest Financial Performance Figures

Equity shares of the company began trading lower at two hundred seventy-two rupees and ninety paise on the National Stock Exchange. During the session on the fourth of November, the security reached a peak price of two hundred seventy-six rupees and fifteen paise. The upward movement follows the release of quarterly financial outcomes for the second period.

Effective fourth of November

For professionals: Maintain updated transaction records and review brokerage reports carefully. · Align portfolios based on reported corporate earnings, macro conditions, and investor demand. · Monitor financial results for the second quarter of the fiscal year 2026 and subsequent market price movements.

Scrips: ITC

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LiveMint Markets18m ago 1 min
Income Tax Govt

Insurance Agent Faces Tax Department Scrutiny After Depositing Thirty Five Lakh Rupees Cash

An insurance agent received an income tax notice after depositing thirty-five lakh rupees in cash collected from policyholders into his personal bank account. Tax authorities routinely flag high-value cash deposits that do not align with declared professional income.

Effective Not specified in the update

For professionals: Tax practitioners representing field agents must advise clients to maintain clear ledgers, receipts, and direct corporate deposit slips for all premium collections. · Accountants should assist recipients of tax notices in establishing the fiduciary nature of the funds to prevent them from being treated as taxable personal income.

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The Economic Times19m ago 1 min
Investment

Private equity leaders defend continuation funds against rising investor skepticism

Global private equity executives are strongly pushing back against mounting investor skepticism regarding continuation funds. Leaders defended the growing popularity of these structures at the flagship investment summit held in Hong Kong on Wednesday.

Effective Not specified in the update

For professionals: Fund managers must carefully review disclosure practices and valuation methodologies when structuring continuation funds to maintain investor trust. Stakeholders should track upcoming regulatory guidelines and summit outcomes regarding alternative liquidity options. Clear communication on asset valuation directly protects portfolio relationships during fund restructuring.

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LiveMint Markets20m ago 1 min
CA Corner

Bombay High Court Concludes Twenty Year Old ICAI Disciplinary Case Against Retired Chartered Accountant

The Bombay High Court has officially ended disciplinary proceedings that spanned two decades against a retired chartered accountant. The long-running case originated from actions tied to the professional practices of the practitioner before retirement. This legal closure provides finality to the elderly professional after twenty years of regulatory scrutiny.

Effective Not specified in the update

For professionals: The Bombay High Court formally closed disciplinary proceedings lasting for twenty years against a retired chartered accountant involving ICAI regulatory actions. · The case involved professional regulatory actions initiated by the Institute of Chartered Accountants of India regarding matters that arose before the practitioner stepped away from active practice. · The conclusion of this long-pending dispute underscores the importance of timely adjudication in professional accountability frameworks to avoid severe mental, reputational, and financial stress on practitioners after retirement.

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Taxguru22m ago 1 min
Crypto & CBDC

Binance details security breach mechanisms behind massive digital asset theft

Cryptocurrency exchange platform Binance has provided details regarding how hackers managed to breach its security systems during a massive theft. The incident involved a staggering loss valued at $6.3 billion across the affected network.

Effective Not specified in the update

For professionals: Audit platform integrations and review custodial security protocols. · Verify proof-of-reserves statements and track regulatory advisories regarding digital asset custody standards. · Strengthen digital asset risk assessments and safeguard client portfolios.

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Fortune India22m ago 1 min
CA Corner

Bombay High Court Closes ICAI Disciplinary Case After Permanent Membership Surrender

The Bombay High Court has closed disciplinary references involving a chartered accountant after the individual offered to surrender their membership permanently. This resolution brings an end to the regulatory proceedings initiated by the professional body. Such surrender actions impact the professional standing and practice rights of the member involved.

Effective Not specified in the update

For professionals: The Bombay High Court formally terminated disciplinary references from the Institute of Chartered Accountants of India after a chartered accountant offered to permanently surrender their professional membership. · This judicial closure concludes the ongoing regulatory examination and professional conduct scrutiny managed through official ICAI channels. · Permanent surrender of membership alters a practitioner's legal ability to practice or represent clients under the professional title, resulting in permanent disqualification from practice.

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Taxguru23m ago 1 min
Markets Breaking

Indian equity benchmarks trade higher with Nifty crossing 23,800 and FMCG stocks gaining

Indian equity benchmarks traded higher during the session with the Nifty index crossing the 23,800 mark. Fast-moving consumer goods stocks performed exceptionally well to lead the market gains alongside the Sensex.

Effective Not specified in the update

For professionals: Review sectoral weightings, monitor intraday volume indicators, and assess margin exposures as noted for equity market participants. · Track upcoming macroeconomic data releases and quarterly earnings reports that influence index direction.

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Equitymaster24m ago 1 min

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