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Income Tax Govt

Indore ITAT rules that a declining gross profit margin does not warrant rejecting financial books

The Indore bench of the Income Tax Appellate Tribunal ruled that a simple drop in gross profit or the gross profit rate cannot serve as the sole reason to reject a taxpayer's books of account. This decision protects taxpayers from arbitrary additions made by tax authorities solely based on fluctuating profit margins. Finance professionals should note this precedent when handling assessments involving profit fluctuations.

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Taxguru7m ago 1 min
Markets

Novo upgrades annual financial forecast following strong demand for the Wegovy pill

Novo reported better-than-expected quarterly financial results on Wednesday morning, driven by exceptionally high sales of its Wegovy pill. The impressive performance prompted the company to elevate its financial outlook for the entire fiscal year. Investors welcomed the robust growth in this key pharmaceutical product.

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CNBC Global10m ago 1 min
Income Tax Govt

Income Tax Appellate Tribunal cancels ex parte Commissioner appeals order due to incorrect email delivery

The Income Tax Appellate Tribunal set aside an ex parte order issued by the Commissioner of Income Tax Appeals. This decision came after it was discovered that hearing notices were dispatched to an incorrect email address. The ruling ensures the taxpayer receives a proper opportunity to present their case.

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Taxguru11m ago 1 min
Markets

Awfis Space Solutions shares surge thirteen percent following robust second quarter financial performance

Shares of Awfis Space Solutions climbed thirteen percent after the company posted strong financial results for the second quarter. The stock opened at ₹257 per share on the National Stock Exchange following a previous close of ₹241.20 on Tuesday. Investors reacted positively to the earnings report, driving up the share price from earlier levels.

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LiveMint Markets11m ago 1 min
CA Corner

Analyzing customs claims, moratorium limits, and voting timelines under the insolvency resolution process

Legal experts examine whether Customs authorities can file a late claim after the Request for Resolution Plan stage. The analysis explores Regulation 13 deadlines, Committee of Creditors voting, moratorium restrictions, and the Jaiprakash Associates case. It highlights the complexities of statutory dues during corporate insolvency.

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Taxguru12m ago 1 min
RBI/SEBI Govt Breaking

Reserve Bank of India establishes technical consultative committee to evaluate financial market developments

India's central bank has formed a technical consultative committee comprising seven external members from various financial institutions to engage with market participants. The panel will examine market infrastructure, evaluate the efficiency of money and related derivative markets, and assess domestic and international developments. This initiative aims to address ongoing financial market issues through structured collaboration.

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ET Economy14m ago 1 min
Global Finance

Iranian parliamentary speaker asserts American citizens rejected military conflict as political shift occurs

Iranian parliamentary speaker Ghalibaf stated that American citizens have firmly rejected armed conflict due to moral conscience and economic living costs. He noted that Democrats taking control of Congress reflects this anti-war sentiment. Iran formally endorsed this perceived public stance from the United States.

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CNBC Global20m ago 1 min
Income Tax Govt

Delhi ITAT rules out notional rent for properties utilized in legal practice

The Income Tax Appellate Tribunal in Delhi has decided that properties utilized entirely for an advocate's legal profession are exempt from notional rental income taxation. This ensures legal practitioners are not taxed on theoretical earnings from business premises. Tax professionals should review client assessments to prevent undue additions to income.

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Taxguru22m ago 1 min
Business

Prabhudas Lilladher recommends buying shares of Power Grid Corporation of India with a target price of Rs 321

Brokerage firm Prabhudas Lilladher has issued a buy recommendation for Power Grid Corporation of India. It set a target price of Rs 321 per share. Investors are advised to consider the stock based on the firm's positive valuation outlook.

Scrips: Power Grid

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Moneycontrol.com23m ago 1 min
Business

Bengaluru NCLT dismisses proposal to write back deposits totaling eleven point nine crore rupees

The National Company Law Tribunal bench in Bengaluru has rejected a company scheme proposing a write-back of deposits worth ₹11.90 crore. This ruling prevents the corporate entity from extinguishing the specified liability through the submitted arrangement. Legal and financial practitioners must note this regulatory setback regarding corporate deposit adjustments.

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Taxguru23m ago 1 min
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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Taxguru28m 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 Markets28m ago 1 min

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