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Income Tax Govt

Hyderabad ITAT Rules Missing Section 143(2) Notice Voids Reassessment After Section 148 Filing

The Income Tax Appellate Tribunal in Hyderabad has determined that a reassessment proceeding becomes legally invalid if authorities fail to issue a scrutiny notice under Section 143(2) following the filing of a return under Section 148. This decision protects taxpayers from procedural lapses by the tax administration during reassessment proceedings.

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Taxguru2m ago 1 min
Income Tax

Bombay High Court penalises tax official twenty five thousand rupees for disregarding settled judicial precedent

The Bombay High Court has penalised a tax official twenty-five thousand rupees for ignoring a binding judicial precedent. This decision reinforces the duty of revenue authorities to follow established legal rulings rather than repeatedly contesting settled matters. Finance professionals must note this strict stance against avoidable litigation.

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Taxguru2m ago 1 min
CA Corner

Exporters barred from retrospectively altering service tax rebate methods after rejection

The Customs, Excise and Service Tax Appellate Tribunal in Chennai ruled that exporters cannot shift their service tax rebate mechanism after an initial claim faces rejection. Businesses must adhere to their chosen procedural path from the outset without seeking retrospective modifications. This decision impacts how exporters handle administrative filings and tax refund disputes.

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Taxguru3m ago 1 min
GST

Delhi tribunal rules tax refund application filed in leap day 2024 falls within extended deadline

The Delhi bench of the Goods and Services Tax Appellate Tribunal has ruled that a tax refund application submitted on 29 February 2024 was completed within the permitted extended timeframe. This decision clarifies timelines for businesses seeking financial reimbursements under indirect tax regulations.

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Taxguru4m ago 1 min
CA Corner

Bangalore CESTAT Exonerates Non-Commercial Garment Samples Bearing Corporate Names from Excise Duty

The Customs, Excise and Service Tax Appellate Tribunal in Bangalore has ruled that excise duty is not applicable on non-commercial garment samples that display a corporate name. Such promotional items distributed without commercial intent do not attract manufacturing levies.

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Taxguru6m ago 1 min
CA Corner

Bangalore CESTAT Quashes Service Tax Demands on Shared Advertisement Costs and Employee Deputation

The Customs, Excise and Service Tax Appellate Tribunal in Bangalore has set aside service tax demands levied on advertisement cost-sharing arrangements and employee deputation transactions. The tribunal ruled that these inter-company financial adjustments do not constitute taxable services.

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Taxguru8m ago 1 min
Business

Rising Consumer Borrowing Fuels India's Middle-Class Spending Boom Amid Growing Financial Risk

Consumer borrowing in India has surged significantly as easy credit access expands across the population. Individuals like Navjot Singh illustrate the financial burdens incurred from widespread loans, leaving many vulnerable to default as interest rates climb. Additionally, borrowing against gold and informal loans has intensified in recent years.

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ET Industry9m ago 1 min
Investment Breaking

SFC Environmental Tech Shares Surge 12% Following IPO Listing as Experts Debate Profit Booking

SFC Environmental Technologies shares opened at ₹448.80 on the National Stock Exchange, rising from a previous close of ₹426.10 on Tuesday and reaching an intraday high of ₹478.40 on 4 November. Market experts are currently weighing whether investors should book profits or hold the stock for further gains.

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LiveMint Markets12m ago 1 min
Business

Hornbill and NBCUniversal back Indian platform EloElo in eighty million dollar funding round

Hornbill Capital and NBCUniversal's Global Defiant Fund have backed Indian social media startup EloElo in an eighty million dollar funding round. The fresh capital will support the company's expansion into phone dramas and mobile entertainment.

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Business Standard13m ago 1 min
Markets Breaking

GNG Electronics Posts Strong Second Quarter Earnings As Refurbished Device Demand Climbs

GNG Electronics reported a 72.5 percent surge in net profit to ₹56.4 crore for Q2FY27. Revenue expanded by 42 percent to reach ₹624.8 crore alongside a doubling of EBITDA. Strong market demand for refurbished information and communication technology devices drove the financial expansion.

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LiveMint Markets20m ago 1 min
RBI/SEBI Govt Breaking

Market Regulator Partners With Digital India BHASHINI Division For Regional Language Support

The Securities and Exchange Board of India signed a memorandum of understanding with the Digital India BHASHINI Division. The initiative integrates artificial intelligence translation and speech tools to improve regional language accessibility. The collaboration also incorporates specific securities market terminology into the BHASHINI language models.

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LiveMint Markets20m ago 1 min
GST Govt

CBIC issues guidance on the 50 percent input tax credit option for financial entities

The Central Board of Indirect Taxes and Customs has released CBIC Circular 261/07/2026-GST addressing the 50 percent Input Tax Credit option under Section 17(4). The update covers banking companies, Non-Banking Financial Companies, financial institutions, inter-branch supplies, and related compliance procedures.

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Taxguru23m ago 1 min

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