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232 stories
GST

High court quashes goods and services tax permit termination due to missing notice

The Karnataka High Court nullified the termination of a taxpayer's GST registration. The action was overturned because authorities failed to issue a proper notice regarding an alleged violation concerning bank account information under Rule 10A of the CGST Rules. Chartered accountants and tax practitioners must ensure all procedural show-cause requirements are strictly followed by authorities.

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Taxscan9m ago 1 min
Income Tax Govt

Delhi high court strikes down arbitrary eight percent addition on unexplained cash

The Delhi High Court dismissed an ad hoc eight percent estimation of unexplained cash transactions previously upheld by the Income Tax Appellate Tribunal. The court ruled that tax additions cannot be sustained without concrete corroborative evidence or proper judicial reasoning. Tax practitioners should use this ruling to contest arbitrary estimations during assessment proceedings.

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Taxguru11m ago 1 min
Income Tax Govt

Mumbai tribunal rules corporate social responsibility donations qualify for deductions under section 80G

The Mumbai bench of the Income Tax Appellate Tribunal held that eligible corporate social responsibility donations qualify for deductions under Section 80G. The tribunal ruled that the statutory bar preventing such expenses from being claimed as business deductions does not block charitable deductions. Companies can claim these benefits if they meet all specified criteria.

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Taxguru12m ago 1 min
Crypto & CBDC

Cybersecurity agency alerts digital asset platforms about artificial intelligence powered security threats

India’s Indian Computer Emergency Response Team issued a cybersecurity alert regarding artificial intelligence assisted cyberattacks targeting cryptocurrency exchanges. The agency highlighted how sophisticated threat actors leverage advanced technologies to bypass existing defense mechanisms. Digital asset platforms must reinforce their security infrastructure to protect user funds and data.

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CryptoRank14m ago 1 min
Income Tax

Gujarat high court rules fund accounting errors do not permit reopening investor assessments

The Gujarat High Court ruled that accounting irregularities committed by mutual fund entities cannot serve as the sole legal basis to reopen an individual investor's tax assessment. The court emphasized that tax authorities must establish independent escapement of income tied directly to the assessee. This protects investors from reassessment notices triggered by third-party errors.

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Taxguru15m ago 1 min
Income Tax Govt

Jodhpur tribunal quashes reassessment notice for two lakh rupee political contribution

The Jodhpur bench of the Income Tax Appellate Tribunal quashed a reassessment proceeding concerning a two lakh rupee political donation, ruling it time-barred. The tribunal held that tax authorities initiated the action beyond the permissible statutory timeframe. This decision provides relief to taxpayers facing delayed scrutiny over historical donations.

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Taxguru16m ago 1 min
Economy

US Treasury Penalizes Indian and Turkish Entities Over Alleged Iran Deals

The United States Treasury has introduced new sanctions targeting Indian and Turkish entities for supposedly engaging in transactions with Iran. Meanwhile, the Ministry of External Affairs noted the penalties, while sources indicated limited intervention options for entities linked to shadow fleets.

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Hindu BusinessLine20m ago 1 min
Income Tax

Delhi High Court Rules Export Overvaluation Allegations Do Not Bar Appeals

The Delhi High Court held that claims of inflated export values do not block judicial appeals under Section 130 of the Customs Act. This applies unless the core dispute focuses directly on assessing goods valuation.

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Taxscan19m ago 1 min
RBI/SEBI Govt Breaking

Market regulator modifies foreign exchange derivative exposure thresholds for local and foreign participants

The Securities and Exchange Board of India revised the currency derivative trading limits applicable to domestic investors and foreign portfolio investors. The regulatory update alters exposure caps in the currency futures and options segments. Market participants must adjust their trading positions to comply with the revised thresholds.

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Zee Business22m ago 1 min
Banking

Central bank raises benchmark interest rate to four percent citing persistent price pressures

The Bank of England increased its benchmark interest rate to four percent, marking its first rate hike since 2023, driven by high inflation projected to reach 4.8 percent in the second quarter next year. Governor Andrew Bailey warned that further increases remain possible due to ongoing global conflicts. Financial markets responded positively, with the British pound strengthening against the US dollar.

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ET Markets24m ago 1 min
GST

Allahabad High Court Grants Bail in Fake Input Tax Credit Passing Case

The Allahabad High Court granted bail to an individual charged under Section 132(1)(b) of the GST Act for passing Input Tax Credit without underlying inward supplies. The court emphasized that pre-trial incarceration must not serve as a punitive measure.

Scrips: ITC

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Taxscan30m ago 1 min
Investment Breaking

Guide to SFC Environmental Technologies Initial Public Offering Structure and Financials

This primary-source guide details the initial public offering for SFC Environmental Technologies, highlighting the price band set at ₹313 to ₹330. It covers the offer structure, deployment of fresh capital, financial results, and associated post-closing risks.

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Taxguru32m ago 1 min

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