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Income Tax

Supreme Court rejects Centrica special leave petition on secondment tax dispute

The Supreme Court dismissed the special leave petition filed by Centrica against the Delhi High Court ruling concerning secondment payments. This decision leaves the earlier judicial pronouncement on cross-border employee secondment tax treatment intact. Finance professionals must review ongoing international assignment tax positions in light of this outcome.

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For professionals: Advise multinational corporate clients that the Supreme Court dismissed the special leave petition filed by Centrica against the Delhi High Court ruling concerning secondment payments. · Review existing expatriate deployments and cost-sharing agreements to assess potential tax withholdings and service permanent establishment exposures under domestic tax statutes. · Examine the economic reality of employer-employee relationships and operational control when foreign parent or affiliate entities deploy personnel to Indian subsidiaries.

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Taxguru13m ago 1 min
Business

Supreme Court affirms NCLAT decision on limitation period for share dilution disputes

The Supreme Court upheld the National Company Law Appellate Tribunal ruling stating that claims regarding share dilution and director removal are barred by the limitation period. The judgment provides definitive clarity on statutory timeframes for initiating corporate governance challenges before tribunals. Stakeholders must strictly monitor limitation timelines when filing company law petitions.

Effective Not specified in the update

For professionals: Legal practitioners and corporate advisers must conduct rigorous timeline audits before filing petitions regarding corporate oppression and management disputes. Practitioners should advise clients that legal challenges concerning unauthorized share dilution and the removal of directors are barred by the limitation period if approached outside the statutory timeframe. Advisers must recognize that time-bar provisions serve as a fundamental defense in corporate litigation to protect settled corporate structures. · Businesses and affected stakeholders must challenge management decisions such as equity issuances or board reconstitutions within the prescribed window under company legislation. Companies and stakeholders are protected by statutory limitation periods that ensure commercial certainty and prevent stale claims from disrupting settled corporate structures and shareholder registries. In

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Taxguru16m ago 1 min
Markets

Kissht parent OnEMI Technology shares jump 7.34 percent following major funding round

Kissht parent OnEMI Technology Solutions shares rose 7.34 percent to 338.60 rupees after assets under management crossed 10,000 crore rupees. This growth milestone followed a preferential share issue that successfully raised 832 crore rupees. Investors responded positively to the digital lender's rapid portfolio expansion and capital infusion.

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For professionals: Market analysts and financial advisors should track digital lender valuation multiples, asset quality metrics, and regulatory compliance requirements regarding retail credit portfolios. · Investors evaluating fintech exposures must monitor fundraising dilution impacts and

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LiveMint Markets17m ago 1 min
Income Tax Govt

ITAT Jodhpur upholds ₹2.23 crore rural bank interest deduction under section 80P(2)(d)

The Jodhpur bench of the Income Tax Appellate Tribunal upheld a deduction of ₹2.23 crore under section 80P(2)(d) on interest earned from rural banks. This decision confirms tax relief for cooperative entities holding investments in specific banking institutions. Tax professionals can use this precedent when handling similar interest income claims for cooperative clients.

Effective Not specified in the update

For professionals: ITAT Jodhpur confirmed a tax deduction of ₹2.23 crore under section 80P(2)(d) of the Income Tax Act for interest earned from rural banks · Tax authorities frequently disallow deductions when investments are held with certain cooperative banks or rural banks by arguing they fall outside the strict definition of cooperative societies · The tribunal evaluated statutory language and prior judicial interpretations governing inter-cooperative investments and interest earnings to protect the tax-exempt status · Effective Date: Not specified in the update

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Taxguru25m ago 1 min
GST

Goods and Services Tax penalty sustained for moving twenty-one items without proper documentation

Authorities upheld a penalty under Goods and Services Tax laws for transporting twenty-one goods without an accompanying invoice or e-way bill. The ruling reinforces mandatory compliance regarding transit documentation for commercial shipments across state borders. Businesses must ensure every consignment carries valid electronic permits and tax invoices before dispatch.

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For professionals: Verify that all clients transporting commercial inventory consistently carry both a valid tax invoice and a generated e-way bill prior to transit. Advise clients that informal movement of goods and reliance on retroactive documentation are strictly barred under the digital surveillance framework. Emphasize to clients that liability falls squarely onto the registered person in charge of transport for failing to present statutory documentation.

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Taxguru25m ago 1 min
Income Tax

Calcutta High Court rules section 36(1)(viia) proviso is an independent deduction provision

The Calcutta High Court held that the proviso to section 36(1)(viia) is not merely an alternative to the main deduction provision. This interpretation affects how financial institutions calculate provisions for bad and doubtful debts under the Income Tax Act. Tax practitioners handling bank audits must note this distinct statutory scope during assessments.

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For professionals: Review the computation methodology for provisions made for bad and doubtful debts under section 36(1)(viia) of the Income Tax Act in light of the Calcutta High Court ruling. · Advise banking companies and financial institutions that the proviso operates independently rather than merely as an alternative to the main deduction provision.

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Taxguru26m ago 1 min
Markets

Indian stock exchanges reclaim five trillion dollar market capitalization driven by key equities

India has re-entered the five trillion dollar market capitalization club following a robust stock market rally. Multiple market factors and leading equity counters propelled domestic indices back to this milestone valuation. Investors and financial analysts are tracking the specific sector drivers behind this capital market surge.

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For professionals: Review portfolio allocations across large-cap and mid-cap segments to balance growth exposure and equity risk management. · Advise clients on maintaining balanced portfolios amid steady domestic capital inflows and recovering foreign investor confidence.

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LinkedIn27m ago 1 min
CA Corner

National Company Law Appellate Tribunal dismisses appeal holding share dilution claims time-barred

The National Company Law Appellate Tribunal in Delhi dismissed an appeal regarding share dilution, ruling that known claims are barred by the law of limitation. The bench evaluated timelines for filing corporate disputes concerning equity restructuring and shareholder rights. Corporate legal practitioners must ensure timely filings when challenging company share transactions.

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For professionals: Advise clients that legal challenges against share dilution must be initiated strictly within the statutory limitation period from the date of knowledge. · Ensure corporate counsel and legal advisors conduct rigorous reviews of historical corporate actions to identify and mitigate potential time-barred claims. · Note that appellate tribunals reject the litigation of historical corporate actions years after the fact without valid condonation of delay grounds.

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Taxguru29m ago 1 min
Income Tax Govt

ITAT Delhi rules reassessment notice signed March thirty-first but emailed April first is void

The Delhi bench of the Income Tax Appellate Tribunal ruled that a reassessment notice digitally signed on March 31 but transmitted via email on April 1 is invalid. This decision protects taxpayers from procedural lapses in issuing time-barred tax reassessment notices. Tax professionals should verify the exact dispatch timestamps of statutory notices during assessment reviews.

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For professionals: Chartered accountants and tax practitioners must meticulously cross-verify the digital signature timestamp against the email delivery headers and portal log-in records for all reassessment notices received. Tax authorities must issue reassessment notices within strict statutory limitation periods, often ending on March 31 of a given assessment year, by actual transmission or communication rather than mere internal file noting or digital affixation on the portal.

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Taxguru29m ago 1 min
GST

Madras High Court sets aside tax penalty over dispatch address mismatch in e-way bill

The Madras High Court quashed a Goods and Services Tax penalty imposed due to a minor dispatch address mismatch on an e-way bill. The court recognized that clerical discrepancies without any intent to evade taxes do not warrant penal action. Tax consultants can leverage this ruling to contest arbitrary penalties arising from minor documentation errors.

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For professionals: Cite this Madras High Court ruling when representing clients facing detention or penalties over minor e-way bill clerical mistakes. · Advise clients that the court protected businesses where goods are genuinely accounted for and discrepancies are verifiable clerical errors rather than deliberate attempts at tax evasion.

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Taxguru30m ago 1 min
Business

Karnataka High Court sustains cheque bounce conviction as accused fails to rebut statutory presumption

The Karnataka High Court upheld a cheque bounce conviction after the accused failed to rebut the statutory presumption under section 139. The court emphasized that the drawer must provide probable defense to displace the legal presumption favoring the holder in due course. Legal professionals handling negotiable instrument disputes must note the evidentiary burden required from defendants.

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For professionals: Advocates and corporate legal counsels handling cheque dishonor litigation must focus on building strong rebuttal evidence, such as financial records and ledgers. · The Karnataka High Court confirmed a conviction order under section 138 of the Negotiable Instruments Act because the accused failed to successfully rebut the statutory presumption under section 139. · The accused must raise a probable defense creating a reasonable doubt about the existence of the debt rather than offering bare denials during cross-examination.

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Taxguru30m ago 1 min
Income Tax

Dhanteras 2026 festival schedule and taxation regulations regarding physical gold holdings

The article outlines the scheduled date and ritual timings for Dhanteras in the year 2026. It also details the applicable income tax regulations governing the possession and acquisition of gold. Readers can find guidance on compliance requirements for holding precious metals.

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For professionals: Advise clients to maintain clear purchase invoices and gift deeds for any gold acquired during the festive season to substantiate legitimate acquisitions. · Ensure compliance with statutory thresholds and disclosure norms during tax return filings to prevent scrutiny from revenue authorities.

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CAclubindia31m ago 1 min

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