Everything a finance person must know - re-brewed every 10 minutes
The central government cleared a ₹14,500-crore financial outlay to build 92 GWh of grid-scale energy storage capacity nationwide. Additionally, the administration sanctioned 850 fast-track courts dedicated to rape and child abuse cases while enabling 25% of Agniveers to join the armed forces.
Open for the full story →
The Kolkata bench of the Customs, Excise and Service Tax Appellate Tribunal ruled that subcontractors engaged in defense housing construction qualify for service tax exemptions. This decision provides critical tax relief for entities operating within the defense infrastructure supply chain.
Open for the full story →
The Kolkata bench of CESTAT ruled that authorities cannot demand service tax from a transporter when the service recipient has already paid it under the reverse charge mechanism. This case specifically involved Indian Oil Corporation Limited discharging the tax liability. The tribunal set aside the contrary demand orders issued against the transport provider.
Open for the full story →
The Kolkata CESTAT set aside a service tax demand on goods transport agency services because authorities failed to produce consignment notes. The tribunal observed that issuing a consignment note is an essential prerequisite for classifying a movement as taxable transportation. Without this foundational document, tax authorities cannot sustain levies on road freight.
Open for the full story →
The Karnataka High Court ruled that disallowance provisions under Section 40(a)(ia) of the Income Tax Act apply to both expenses already paid and those remaining outstanding at the end of the financial year. The court clarified statutory language regarding tax deduction at source defaults. This interpretation settles disputes concerning the timing of deductions.
Open for the full story →
The National Company Law Tribunal admitted a corporate insolvency resolution petition involving an operational debt of 3.96 crore rupees. The tribunal rejected the corporate debtor's defense of a pre-existing dispute, holding that post-petition mediation cannot qualify as a pre-existing dispute under the Insolvency and Bankruptcy Code. This decision clears the path for resolution proceedings.
Open for the full story →
The Visakhapatnam bench of the Income Tax Appellate Tribunal held that a sugar factory is not liable to deduct tax at source on harvesting charges paid on behalf of farmers. The tribunal reviewed the contractual arrangements between the agriculturalists and the processing unit. It ruled that statutory withholding requirements do not apply to these specific operational payments.
Open for the full story →
The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal quashed a customs duty demand that arose from unverified certificates of origin from Malaysia. The tribunal noted that revenue authorities failed to complete proper verification procedures with exporting country authorities. Consequently, the differential duty demand could not be sustained.
Open for the full story →
The Delhi bench of CESTAT ruled that customs demands under the DFIA scheme are time-barred if authorities fail to prove an intent to evade duty. This decision protects importers from extended limitation periods when there is no deliberate suppression or misstatement. Finance professionals must review past duty notices to check if extended timelines were applied incorrectly.
Open for the full story →
Timex Group India has announced a forty seven percent rise in revenue reaching three hundred fifty nine crore rupees for the second quarter of financial year twenty twenty seven. The company experienced strong financial performance during this period. Detailed financial breakdowns are provided in their official filings.
Open for the full story →
CESTAT Mumbai ruled that cocoa powder falls outside the scope of DFIA authorisations issued for flour imports. The tribunal confirmed that dissimilar inputs cannot be claimed under generic export-import licenses without specific matching descriptions. Importers must verify exact input-output norms before filing duty-free claims.
Open for the full story →
Grasim Industries Limited, through Aditya Birla Renewables Limited, signed an MoU with Suzlon Energy Limited to create India's first wind turbines featuring recyclable blades. This collaboration aims to advance sustainable manufacturing within the domestic renewable energy sector. Stakeholders should monitor forthcoming project timelines and technological rollouts.
Open for the full story →
One place for all of finance - tap any card to jump in.