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Income Tax

CESTAT strikes down extended limitation period for service tax demand when department possessed facts

The Customs, Excise and Service Tax Appellate Tribunal ruled that service tax cannot be demanded beyond the normal limitation period if an earlier show cause notice proves the department already knew the facts. This decision prevents authorities from invoking suppression charges when prior departmental awareness is established. Finance professionals and tax advisors must review past show cause notices to protect clients from delayed tax demands.

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Taxscan6m ago 1 min
Income Tax Govt Breaking

Bombay High Court Rules Out Tax Disallowance When No Exempt Income Arises

The Bombay High Court rejected an income tax appeal from the tax department regarding HCC Concessions. The court ruled that tax deductions under Section 14A cannot be disallowed if there is no exempt income during the relevant period. This decision provides clarity for taxpayers managing their financial accounts.

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Taxscan7m ago 1 min
Global Finance

Kellogg alters breakfast cereal composition and updates boxes with gluten notices

Kellogg has altered the recipe for its breakfast cereal to remove rice grains due to changing weather conditions. The updated products will now feature a contains wheat gluten warning directly on the packaging. These modifications aim to maintain product availability despite agricultural challenges.

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BBC Business9m ago 1 min
Income Tax Govt

Tax authorities cannot apply section 14A disallowances when taxpayers receive zero exempt income

Tax authorities cannot enforce deductions under section 14A when taxpayers earn zero exempt income during the financial period. This legal stance protects commercial entities from arbitrary tax additions on expenses when no tax-free receipts exist. Finance professionals must review past assessments to ensure compliance with this established judicial position.

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Taxscan7m ago 1 min
Markets Breaking

Domestic stock indices finish higher with key benchmarks crossing major milestones

Indian equity markets closed higher as key indices recorded notable gains during the trading session. Leading companies such as GMDC and Emcure Pharma emerged among the top performers on the bourses. Investors displayed positive sentiment as the benchmarks finished in the green.

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Equitymaster10m ago 1 min
Income Tax Govt

Tax department outlines five thousand crore rupees land purchase for offices and housing

The revenue authority is preparing a five thousand crore rupees land acquisition initiative to build tax offices and employee housing across major urban centers. This capital outlay aims to improve infrastructure for tax administration personnel and facilities in key locations.

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Prop News Time10m ago 1 min
Global Finance

World Bank lifts Kenya growth outlook for 2026 while demanding anti-corruption reforms

The international lending institution has upgraded its economic growth forecast for Kenya for the year 2026. Simultaneously, the organization has strongly advised the nation to tackle public corruption issues effectively. Financial stakeholders should monitor these developments as macroeconomic parameters shift.

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Zawya17m ago 1 min
Markets Breaking

Indian equity markets finish positive with the Nifty 50 rising by 0.63 percent

Domestic equity markets closed in positive territory at the end of the trading session. The benchmark Nifty 50 index recorded a gain of 0.63 percent. Investors responded to market movements as trading concluded for the day.

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Investing.com18m ago 1 min
Banking

Brokerage Nuvama Wealth selects five stocks for Samvat 2083 Muhurat Trading

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.

Scrips: Punjab National BankZydus Lifesciences

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LiveMint Markets19m ago 1 min
Business

Kohli Leads India to Victory in First ODI Against New Zealand

India secured a win in the opening one-day international against New Zealand. The performance was driven by a strong batting display from Virat Kohli.

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Economic Times19m ago 1 min
Banking

IREDA pursues international financial partnerships to reduce capital expenses for renewable energy

IREDA is pursuing collaborations with international banks and investors to secure long-term green financing. Renewable energy developers in India currently encounter high borrowing expenses compared to advanced economies. The nation needs substantial capital inflows to hit its renewable energy capacity targets by 2030, while contending with land acquisition and transmission infrastructure hurdles.

Scrips: IREDA

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ET Industry20m ago 1 min
Business

OpenAI Chief Sam Altman Temporarily Adopts Name Ram Altman

Technology executive Sam Altman updated his online display name. The change reflects a brief alteration on his digital profile.

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Economic Times20m ago 1 min

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