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Economy

Weather pattern risks keeping global rice prices high until early 2027

Experts warn that the ongoing weather pattern could maintain high global rice prices until the first quarter of 2027. There is a specific risk that the current conditions might strengthen, threatening paddy crops across South and South-East Asia. This continuation of adverse weather threatens to sustain elevated costs for major grain markets over the coming years.

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Hindu BusinessLine8m ago 1 min
CA Corner

CESTAT Mumbai rules immediate customs broker licence suspension needs demonstrable urgency

The Mumbai bench of the Customs, Excise and Service Tax Appellate Tribunal ruled that an immediate suspension of a customs broker licence requires demonstrable urgency. The tribunal emphasized that abrupt administrative actions against trade intermediaries cannot stand without clear, pressing justification. This decision safeguards intermediary operations from arbitrary regulatory shutdowns.

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Taxguru11m ago 1 min
Global Finance

Uzbekistan initiates path toward carbon pricing alongside World Bank assistance

Uzbekistan is advancing toward implementing carbon pricing mechanisms with the backing of the World Bank. This initiative aims to help the nation build sustainable economic frameworks and reduce greenhouse gas emissions. The partnership marks a significant step in aligning the country's industrial policy with global environmental standards.

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Trend News Agency12m ago 1 min
CA Corner

CESTAT Delhi classifies foreign supplier commission payments as export of service

The Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal held that commissions paid to foreign suppliers qualify as an export of service. This ruling provides clarity on tax liabilities for cross-border intermediary transactions and service fees. It shields taxpayers from erroneous tax demands on foreign commission payouts.

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Taxguru13m ago 1 min
CA Corner Govt

Delhi High Court questions low-value customs appeals and summons Chief Commissioner

The Delhi High Court questioned customs department appeals filed below the ₹1 crore Central Board of Indirect Taxes and Customs limit and summoned the Chief Commissioner. The judiciary scrutinized the department's persistence with litigation despite internal monetary thresholds meant to curb court congestion. This development highlights judicial frustration over tax authorities ignoring administrative litigation policies.

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Taxguru13m ago 1 min
Crypto & CBDC

Karnataka High Court rules customs may withhold undervalued crypto mining equipment

The Karnataka High Court ruled that customs authorities possess the legal authority to withhold cryptocurrency mining equipment over allegations of undervaluation. The court upheld departmental powers to detain imported goods when declared values do not match market assessments. This ruling strengthens enforcement against misclassification and duty evasion in specialized hardware imports.

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Taxguru14m ago 1 min
Economy

New Mangalore Port announces fifty percent rebate on mainline container ship charges

New Mangalore Port introduced a 50 percent rebate on vessel-related charges for mainline container ships. The revised concessions apply to berth hire, port dues, and pilotage fees. This port authority initiative aims to improve maritime connectivity and attract steady container traffic.

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Hindu BusinessLine16m ago 1 min
Business

Tharoor introduces new terminology for political media and blind followers

Politician Shashi Tharoor has coined new terminology to describe terms commonly known as 'godi' and 'andhbhakts'. The remarks add to ongoing political discourse regarding media partisanship and dedicated partisan supporters. The terminology reflects ongoing shifts in political vocabulary used within public debates.

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Economic Times18m ago 1 min
GST

Agra tribunal rules input tax credit cannot be rejected solely for filing mismatches

Tax authorities cannot deny input tax credit simply because discrepancies exist between monthly summary returns and auto-populated purchase statements. The Goods and Services Tax Appellate Tribunal in Agra delivered this ruling, protecting businesses from adverse tax actions driven purely by software-based data variations.

Scrips: ITC

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Taxguru18m ago 1 min
Income Tax Govt

Bangalore tribunal quashes reassessment proceedings because statutory time limits override procedural compliance

Reassessment notices issued under the Income Tax Act cannot bypass statutory time limits simply because tax authorities followed procedural inquiry steps. The Income Tax Appellate Tribunal in Bangalore set aside the reassessment order, ruling that procedural compliance does not cure a foundational time-bar violation.

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Taxguru20m ago 1 min
Investment

Pashupati Cotspin shares hit ten percent lower circuit following strong monthly gains

Pashupati Cotspin shares dropped to a ten percent lower circuit at ₹133.90 on Wednesday after touching a 52-week peak of ₹155.40. This market correction occurred prior to the upcoming second quarter financial results and a corporate board meeting scheduled to review an interim dividend and a recommended 3:2 bonus issue.

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LiveMint Markets20m ago 1 min
Income Tax Govt

Raipur tribunal deletes income tax addition, ruling primary stock records override audit report clerical errors

Tax additions cannot be sustained when clerical errors in a tax audit report contradict verifiable primary stock records. The Income Tax Appellate Tribunal in Raipur ruled in favor of the assessee, establishing that authentic books of accounts take precedence over inadvertent reporting mistakes.

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Taxguru21m ago 1 min

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