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Income Tax

Gujarat High Court Sets Aside Reassessment Notices Following Pre-April 2021 Search Procedures

The Gujarat High Court has quashed tax reassessment notices issued under specific statutory provisions. The ruling addresses legal procedures concerning search actions conducted before April 2021. Tax professionals must carefully review past assessment records in light of this judicial outcome.

Effective Not specified in the update

For professionals: Review all pending client litigation involving search cases initiated prior to April 2021. · Advise clients based on the Gujarat High Court ruling that quashed tax reassessment notices issued via specific legal routes for pre-April 2021 searches. · Focus compliance reviews on ensuring strict adherence to statutory timelines and designated routes rather than alternate provisions.

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Taxguru6m ago 1 min
Markets

Nykaa Posts Threefold Jump in Second Quarter Net Profit Driven by Beauty and Fashion Segments

Nykaa reported a threefold increase in its second-quarter net profit, supported by strong performance in beauty and personal care alongside a turnaround in its fashion segment. However, rich valuations and ongoing margin risks leave little room for operational missteps. Investors must weigh these profitability gains against potential market pressures.

Effective Not specified in the update

For professionals: Evaluate whether current valuation multiples align with the company's long-term earnings potential. · Monitor upcoming quarterly disclosures, margin trends, and fashion segment growth metrics.

Scrips: Nykaa

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LiveMint Markets11m ago 1 min
Insurance

Jasleen Kohli Receives Another Woman Leader Award For Marketing Excellence

Jasleen Kohli has once again secured a Woman Leader Award. The recognition highlights achievements within the marketing sector.

Effective Not specified in the update

For professionals: Professional impact is not specified in the update. · Only industry recognitions and leadership benchmarks are mentioned.

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Passionate In Marketing14m ago 1 min
Economy

persistent food inflation challenges india as price pressures remain elevated

india continues to grapple with prolonged food inflation as price pressures stay high across essential items. market analysts indicate that this extended period of elevated costs impacts household budgets throughout the country.

Effective Not specified in the update

For professionals: Financial professionals and analysts must closely monitor food price trends, consumer price index reports, and central bank commentary to assess macroeconomic impacts. · Businesses should evaluate pricing strategies and cost pressures while advising clients on portfolio adjustments amid inflationary environments.

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The Daily Star15m ago 1 min
Global Finance

South Korean defense stocks tumble in 2026 after a strong two-year global rearmament boom

South Korean defense companies experienced a significant decline in their stock values during 2026. This downward movement follows a two-year period where these manufacturers benefited immensely from worldwide rearmament trends. The sector now confronts a shifting operational environment as military technology priorities evolve.

Effective Not specified in the update

For professionals: Monitor upcoming quarterly earnings reports, defense export order books, and technological pivot announcements from major contractors. · Review exposure to changing defense procurement priorities and capital allocation changes within global military supply chains.

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CNBC Global16m ago 1 min
Income Tax

Gujarat High Court sets aside tax reassessment notice due to inadequate response window

The Gujarat High Court has invalidated a tax reassessment proceeding because the tax authority granted a reply period of only five days. The court directed the department to issue a fresh order after giving the assessee adequate time. This judgment reinforces procedural fairness during tax scrutiny.

Effective Not specified in the update

For professionals: Review current scrutiny notices immediately to check for restrictive compliance timeframes and file prompt representations. · Track similar jurisdictional rulings and advise clients to preserve all communication records with tax authorities. · Challenge procedural shortcuts in tax reassessments to safeguard client interests against rushed timelines.

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Taxguru17m ago 1 min 1
Income Tax Govt

Mumbai Tribunal Rules General Objections Cannot Justify Corporate Social Responsibility Tax Revisions

The Mumbai bench of the Income Tax Appellate Tribunal held that a blanket objection against corporate social responsibility donations fails to justify revision proceedings under Section 263. Authorities cannot set aside an assessment without independent verification showing the initial scrutiny order was erroneous and prejudicial to revenue.

Effective Not specified in the update

For professionals: ITAT Mumbai held that a general objection regarding Corporate Social Responsibility donations cannot sustain a revision proceeding under Section 263 of the Income Tax Act. · Tax authorities must conduct concrete examinations rather than expressing generic dissatisfaction with corporate philanthropic outlays to revise assessment orders. · Authorities are required to prove a specific default or incorrect deduction before disturbing a completed assessment.

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Taxguru17m ago 1 min
Crypto & CBDC

NPCI Establishes New Subsidiary for Artificial Intelligence and Blockchain Research

The Unified Payments Interface developer has created a new subsidiary focused on artificial intelligence and blockchain technology. Vishal Kanvaty has been appointed as the chief executive officer of the newly formed entity. The initiative aims to advance digital payment infrastructure through emerging technologies.

Effective Not specified in the update

For professionals: NPCI has established a new entity named NTSL to conduct research and development in artificial intelligence and blockchain technology. Vishal Kanvaty has taken charge as the chief executive officer of this newly formed subsidiary. Specific tax filings, compliance steps, and statutory sections are not stated in the update.

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Indian Startup News18m ago 1 min
CA Corner

Bengaluru tax tribunal sets aside nine crore compensation cess demand on luxury vehicles

The Goods and Services Tax Appellate Tribunal in Bengaluru has set aside a compensation cess demand of nine crore seventy-six lakh rupees against an automotive taxpayer. The dispute centered on whether specific sport utility vehicles met the statutory ground clearance parameters required for higher cess application. This ruling brings relief to taxpayers facing classification challenges regarding vehicle specifications under indirect tax laws.

Effective Not specified in the update

For professionals: Review ongoing classification disputes and pending assessments regarding vehicle specifications and cess liabilities. Examine litigation strategies for automotive clients facing similar ground clearance and compensation cess demands.

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Taxguru18m ago 1 min
CA Corner

Tube Investments Board Approves Unaudited Financial Results and Manufacturing Capacity Expansion Plans

The Board of Directors of Tube Investments of India Limited met on November 5, 2026, to review corporate performance. Directors approved the unaudited financial results alongside new manufacturing capacity expansion proposals. Stakeholders must review these operational updates to gauge the company's future growth trajectory.

Effective November 5, 2026

For professionals: Analyze the approved unaudited financial results of Tube Investments of India Limited. · Review the capital outlay details and governance processes regarding the approved manufacturing capacity expansion.

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Taxguru20m ago 1 min
Banking

Indian Sovereign Bonds Rise For Fourth Session As Crude Prices Fall

Indian government bonds rose for the fourth consecutive session following a Democratic win in the United States midterm elections. The political outcome pushed crude oil prices down and reduced domestic inflation concerns. Additionally, the 10-year US Treasury yield dropped significantly, shaping investor expectations while traders await upcoming inflation data to gauge the Reserve Bank of India rate outlook.

Effective Not specified in the update

For professionals: Monitor upcoming domestic inflation data releases and international yield movements. · Keep track of central bank commentary and crude oil price trends to manage debt.

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ET Markets21m ago 1 min
Commodities

Gold Rates Across Major Indian Cities Tracked on November 5 Amid Market Price Variations

Gold prices across major Indian cities, including Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune, were recorded on November 5. Retail buyers and investors track these daily spot rates to gauge precious metal market movements. Monitoring these city-specific quotes assists in managing bullion allocations effectively.

Effective November 5

For professionals: Financial planners and advisors should maintain a close record of daily gold rates when advising clients on asset allocation and portfolio diversification. · Stakeholders must track macroeconomic indicators, currency movements, and festive demand cycles that influence precious metal valuations.

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BusinessLine22m ago 1 min

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