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Nuvama Wealth forecasts better performance for Indian equities during Samvat 2083. The brokerage highlights reasonable market valuations alongside low foreign investor holdings as key supports. Five specific equities are recommended for the festive trading session.
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Gold and silver rates in India rose after Democrats secured control of both US congressional chambers. Multi Commodity Exchange (MCX) gold gained 2.35 percent while silver climbed 3.85 percent. A softer US dollar aided this recovery, though future gains may face constraints.
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Domestic equity markets closed the trading session in positive territory. The benchmark Nifty 50 index recorded an increase of 0.63 percent at the market close.
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The Bombay High Court cancelled a faceless tax assessment order because the authority ignored a timely response and denied a personal hearing request. This judgment reinforces procedural fairness rules for taxpayers under the tax administration framework.
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The Bangalore bench of the Income Tax Appellate Tribunal applied a turnover filter of two hundred crore rupees to resolve a transfer pricing comparability dispute. This decision sets a precedent for selecting appropriate comparable companies in international taxation cases.
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A detailed compliance guide covers the Goods and Services Tax reverse charge mechanism across twenty goods and services, highlighting recent amendments, tax rates, cash payments, self-invoicing, and input tax credit eligibility.
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The Bombay High Court ruled that the Income Tax Department cannot skip issuing a draft assessment order for eligible taxpayers. The judgment protects statutory rights and ensures proper dispute resolution channels are maintained before final orders are passed.
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The Delhi High Court ruled that a retrospective cancellation of Goods and Services Tax registration does not bar authorities from conducting an audit under Section 65 for the active period. The judgment balances administrative oversight with taxpayer safeguards, distinguishing prior case law like Tvl. Raja Stores.
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The Punjab and Haryana High Court declared a GST arrest illegal because the required reasons under Section 69 were recorded by an Inspector instead of the Commissioner. The court also examined issues related to Document Identification Number (DIN) defects during the proceedings.
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The Delhi bench of the Goods and Services Tax Appellate Tribunal has held that independent business support services supplied to overseas entities do not qualify as intermediary services. This classification protects exporters from unexpected tax demands on foreign remittances. Tax professionals should evaluate similar client arrangements against this ruling.
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The Thiruvananthapuram bench of the Goods and Services Tax Appellate Tribunal ruled that input tax credit on capital goods cannot be denied due to non-compliance with pre-GST Form 25B requirements. Businesses facing historic procedural objections can rely on this decision to secure their transitional tax credits. Tax advisors should examine past credit reversals for affected manufacturing clients.
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State Bank of India is emphasizing sustainable profitability over aggressive risk-taking to elevate earnings for fiscal year 2027. This cautious outlook created a noticeable gap between ongoing performance and official projections, which likely mirrors underlying macroeconomic and operational uncertainties.
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