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Income Tax Govt

Jaipur Tax Tribunal Accepts Auditor Confusion as Valid Delay Excuse

The Jaipur bench of the Income Tax Appellate Tribunal held that administrative delays and confusion regarding auditor appointments constitute sufficient cause for filing lapses. This ruling offers relief to taxpayers facing penalties due to operational hurdles during tax filings. Finance professionals can cite this precedent when handling delayed submissions caused by genuine internal office hurdles.

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Taxguru7m ago 1 min
GST

Karnataka High Court Restores GST Registration Following Accountant Failure

The Karnataka High Court ordered the restoration of a GST registration that was cancelled for non-filing of returns. The taxpayer argued that the cancellation notice was never communicated because his accountant failed to inform him before passing away. This ruling provides crucial legal protection for businesses facing adverse tax actions due to professional negligence or sudden demise.

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Taxscan7m ago 1 min
RBI/SEBI Govt Breaking

Sebi Clears Category III Fund Manager Following Settlement Payment

The Securities and Exchange Board of India closed proceedings against a Category III Alternative Investment Fund manager after receiving a settlement amount of nine lakh thirty-seven thousand five hundred rupees. The manager paid the sum voluntarily without admitting or denying the alleged continuing interest lapse. This resolution highlights the regulatory framework for settling compliance lapses through financial payments.

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Taxscan7m ago 1 min
Business

Mumbai Tribunal Admits Corporate Guarantor Insolvency Plea Worth Crores

The Mumbai bench of the National Company Law Tribunal admitted a voluntary insolvency petition filed by a corporate guarantor for an amount of one thousand three hundred seventy-six crore rupees. The tribunal held that a surety's liability is co-extensive with the principal borrower, establishing a default under Section 10. This decision clarifies the legal standing of corporate guarantors under the insolvency framework.

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Taxscan7m ago 1 min
Income Tax Govt

Lucknow Tax Tribunal Cancels Penalty Due to Mismatched Charges in Notices

The Lucknow bench of the Income Tax Appellate Tribunal quashed a penalty levied under Section 271(1)(c) because the initial show-cause notice and the final penalty order cited different charges. The tribunal noted that such discrepancies violate the principles of natural justice by failing to give the taxpayer a clear case to answer. Tax professionals can use this precedent to challenge flawed penalty orders.

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Taxguru8m ago 1 min
Income Tax Govt

Chennai Tax Tribunal Rules Unrelated Hundi Inquiries Cannot Trigger Revisions

The Chennai bench of the Income Tax Appellate Tribunal ruled that an unrelated hundi inquiry cannot justify a revision proceeding under Section 263. The tribunal set aside the commissioner's order, noting that generalized or unconnected investigations cannot invalidate original assessment orders. This decision protects completed assessments from arbitrary supervisory interference.

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Taxguru9m ago 1 min
Global Finance

Democratic Congressional Victories Push Financial Futures Into Positive Territory

Financial futures turned positive as Democrats flipped the Senate following their victory in the House, delivering a political rebuke to President Trump. The legislative shift altered market expectations regarding future fiscal policies and regulatory directions. Investors responded by adjusting their portfolios to reflect the new political landscape.

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CNBC Global12m ago 1 min
Income Tax

Gujarat High Court Quashes Tax Reopening Order Over New Grounds

The Gujarat High Court quashed a tax reopening order because the final assessment travelled beyond the grounds stated in the original show-cause notice, denying the taxpayer a fair opportunity to respond. The court reaffirmed that tax authorities cannot introduce new reasons for reassessment without prior notice. This ruling reinforces procedural fairness in tax reassessment proceedings.

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Taxguru10m ago 1 min
Personal Finance

Track your Sahara India refund claim online through CRCS and fix pending application errors

Investors awaiting stuck funds in Sahara India can check their refund status online through the official CRCS portal. The platform allows users to track pending payments and correct errors in their submitted applications. Knowing the right online steps helps applicants resolve deficiencies and secure their payouts.

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Livemint13m ago 1 min
CA Corner

Torrent Power records twenty four percent revenue growth in second quarter of fiscal twenty seven

Torrent Power Limited reported a 24 percent growth in revenue for the second quarter of fiscal year 2027 ending September 30, 2026. The energy sector company released its unaudited consolidated financial results for the quarter and half-year period. This performance highlights the firm's expanding financial footprint in the domestic market.

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Taxguru16m ago 1 min
Business

EloElo secures eighty million dollars in funding to expand globally and build micro drama platform

EloElo Group raised $80 million in a Series C funding round led by Hornbill Capital and NBCUniversal. The parent company of Story TV plans to scale its micro-drama platform and enter international markets. Strong user growth and AI-driven production efficiencies fueled the investment and valuation increase.

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ET Industry16m ago 1 min
Income Tax Govt

Tax tribunal strikes down substantial transfer pricing adjustment on compulsory convertible debentures

The Income Tax Appellate Tribunal deleted a transfer pricing addition of ₹37.95 crore related to compulsory convertible debentures interest. It also remanded a ₹6.53 crore service charge adjustment back for fresh verification. Finance professionals must note how the tribunal handled these complex corporate transactions.

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Taxguru17m ago 1 min

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