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Income Tax

Karnataka High Court rules Infosys and Wipro cannot benchmark smaller software firms in transfer pricing

The Karnataka High Court has ruled that industry giants like Infosys and Wipro cannot be compared to smaller software enterprises for transfer pricing assessments. The decision establishes that disparities in scale, brand value, and turnover disqualify large IT firms from serving as valid comparables for boutique operators. Finance professionals must review benchmarking studies to ensure compliance with this judicial precedent.

Scrips: InfosysWipro

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Taxguru5m ago 1 min
Investment

CleanMax shares surge following robust second quarter financial results and portfolio expansion

CleanMax shares climbed after the renewable energy enterprise announced an eighty-two percent net profit growth for the second quarter of financial year twenty-seven. Earnings before interest, taxes, depreciation, and amortization surpassed analyst predictions while revenue climbed thirty-seven percent. The firm maintained its financial year twenty-eight earnings before interest, taxes, depreciation, and amortization target of three thousand crore rupees.

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LiveMint Markets5m ago 1 min
Business

National Company Law Tribunal allows Serious Fraud Investigation Office petition against Bhushan Group despite resolution

The National Company Law Tribunal has permitted the Serious Fraud Investigation Office to pursue fraud proceedings against the Bhushan Group despite the completion of a corporate insolvency resolution process. The tribunal determined that concluding insolvency proceedings does not absolve corporate entities or former management from liability regarding systemic financial misconduct. Legal practitioners must note that resolution approvals do not provide blanket immunity against statutory fraud in

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Taxguru7m ago 1 min
Fintech & UPI

OneStack secures one point three two million dollars to integrate cooperative banks into payment networks

Fintech enterprise OneStack has secured one point three two million dollars in funding to connect India cooperative banks to the Unified Payments Interface. The capital infusion will accelerate technological upgrades across regional financial institutions, enabling rural and semi-urban depositors to access digital payment infrastructure. Industry observers note this development bridges the digital divide for cooperative lenders.

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Dealroom8m ago 1 min
GST

Gujarat High Court rules goods and services tax amnesty benefits remain accessible following adjustments

The Gujarat High Court has ruled that statutory goods and services tax amnesty benefits cannot be denied to taxpayers simply because payments or adjustments were executed through Form DRC-03A. The judiciary established that procedural filings must not override substantive legislative relief intended to resolve legacy tax disputes. Tax professionals can now rely on this precedent to contest arbitrary rejections of amnesty applications.

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Taxguru9m ago 1 min
GST

Madras High Court mandates refund of goods and services tax collected during inspections without statutory acknowledgements

The Madras High Court has ordered the refund of goods and services tax amounts collected from taxpayers during departmental inspections in the absence of Form DRC-04 acknowledgements. The court held that coercive recovery of funds without issuing proper statutory documentation violates due process. Tax professionals must challenge forcible spot recoveries that lack formal procedural backing.

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Taxguru9m ago 1 min
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 BusinessLine14m 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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Taxguru18m 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 Agency18m 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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Taxguru19m 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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Taxguru20m 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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Taxguru21m ago 1 min

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