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Income Tax Govt

ITAT removes tax penalty under Section 271B for unverified share trading accounts

The ITAT deleted a penalty levied under Section 271B for failing to audit share trading accounts. The relief was granted because the tax department previously recorded that the taxpayer engaged in no business activity, meaning share transactions could not be classified as business operations.

Effective Not specified in the update

For professionals: Advise clients that share transactions do not require mandatory tax audits under Section 271B if there are no active business operations. · Verify asset classifications and challenge penalties where tax authorities record contradictory positions regarding business presence.

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Taxscan17m ago 1 min
GST

IIM Raipur foundation consultancy for incubation projects attracts 18 percent GST

The Authority for Advance Rulings determined that consultancy services supplied by the IIM Raipur foundation for incubation projects are taxable at an 18 percent Goods and Services Tax rate. The ruling clarifies that general tax exemptions for government entities do not apply merely because a project receives funding from the Ministry of Rural Development.

Effective Not specified in the update

For professionals: Advise clients that consultancy services provided by educational foundations or research entities to government-backed projects are taxable at an 18 percent Goods and Services Tax rate. Review advisory and consultancy assignments undertaken by educational institutions to ensure tax exemptions are not claimed incorrectly based solely on public funding or government sponsorship. Verify that any claimed tax reliefs fit strictly within the narrow statutory exemptions outlined in the tax notifications rather than relying on the source of project financing.

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Taxscan18m ago 1 min
Banking

Kotak Neo releases seven stock recommendations for Diwali Samvat 2083 trading

Kotak Neo released its Diwali report identifying seven stock picks for Samvat 2083, pointing to improving earnings outlooks and reasonable valuations following market corrections. The recommended equities span the defence, jewellery, consumer technology, building materials, banking, chemicals, and IT sectors.

Effective Not specified in the update

For professionals: Financial advisors must review client portfolios and risk appetites before acting on festive brokerage recommendations during the Muhurat session. · Advisors should analyze macroeconomic trends, corporate earnings growth, and sector-specific tailwinds highlighted in institutional notes.

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LiveMint Markets21m ago 1 min
Economy

Orthodox tea prices decline at Kochi auctions amid subdued West Asian demand

Orthodox tea prices fell during the Kochi auctions because buyers awaited a revival in demand from West Asia. Meanwhile, the dust market experienced a downturn, with liquoring tea prices dropping by ₹2 to ₹3 per kilogram.

Effective Not specified in the update

For professionals: Not specified in the update · Not specified in the update

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Hindu BusinessLine21m ago 1 min
Commodities

Gold and silver futures drop on Multi Commodity Exchange ahead of Dhanteras

Precious metal futures declined on the Multi Commodity Exchange on Friday as Dhanteras celebrations began. December gold futures dropped 1.18 percent to ₹1,42,401 per 10 grams, while silver futures decreased 1.24 percent to ₹1,84,815 per kilogram.

Effective Friday

For professionals: Monitor Multi Commodity Exchange futures rates alongside physical bullion prices to advise clients on festive valuations. · Track market liquidity and valuation corrections during peak festive seasons for accurate pricing assessments.

Scrips: MCX

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LiveMint Markets21m ago 1 min
Markets

Global military contractors report steady demand for conventional weaponry alongside emerging autonomous tech

Major international defense corporations report continuous market demand for conventional military hardware. At the same time, the integration of autonomous drones and artificial intelligence is reshaping modern military conflicts.

Effective Not specified in the update

For professionals: Monitor corporate disclosures and defense spending allocations across different weapon categories. · Review specific company order books and technological investment strategies before adjusting portfolio allocations in the aerospace and defense sector.

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CNBC Global28m ago 1 min
Banking

Motilal Oswal projects domestic gold prices to touch 1.68 lakh rupees soon

Gold values in the country might climb to 1.60 lakh to 1.68 lakh rupees per 10 grams over the coming 6 to 12 months. Motilal Oswal Financial Services views temporary price dips as entry points driven by continuous investment interest and central bank buying.

Effective Not specified in the update

For professionals: Financial professionals and investors should monitor global macroeconomic indicators and central bank acquisition trends when planning commodity weightings. · Track bullion price movements and factor these projections into medium-term asset allocation strategies.

Scrips: Motilal Oswal

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ET Industry29m ago 1 min
Global Finance

World Bank reports external debt for Pakistan approaches 135 billion dollars by 2025

External liabilities for Pakistan are projected to approach 135 billion dollars by the year 2025, based on figures from the World Bank. The data highlights ongoing sovereign fiscal pressures and external financing requirements for the nation.

Effective 2025

For professionals: Risk managers and economists tracking cross-border exposures should review regional sovereign debt updates and credit rating assessments. Keep track of forthcoming World Bank economic bulletins and regional fiscal policy adjustments.

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Rediff MoneyWiz38m ago 1 min
Investment

Anthropic faces investor scrutiny over proposed 100 billion dollar initial public offering

The planned 100 billion dollar initial public offering for Anthropic encounters uncertainty as backers question a 1.5 trillion dollar valuation target. Concerns stem from a worldwide artificial intelligence sell-off, escalating infrastructure expenses, and profitability doubts.

Effective Not specified in the update

For professionals: Evaluate tech sector capital expenditure reports and IPO pipeline disclosures closely. · Monitor upcoming market sentiment indicators and valuation adjustments across artificial intelligence enterprises.

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ET Markets38m ago 1 min
Economy

Tamil Nadu Forms High-Level Investment Promotion Commission Led By Chief Secretary

Tamil Nadu has established an Investment Promotion Commission headed by the Chief Secretary to convert investment commitments into operational projects. The initiative aims to accelerate project implementation, commercial operations, and employment creation within predictable timelines.

Effective Not specified in the update

For professionals: Professionals advising corporate clients in the region should monitor upcoming procedural guidelines and operational frameworks issued by the Investment Promotion Commission. · Advise clients to maintain updated documentation for capital expenditure in Tamil Nadu as the new centralized structure monitors large-scale project progress.

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Hindu BusinessLine39m ago 1 min
Business

Farooq Abdullah denies any internal division within the National Conference

Farooq Abdullah stated that there is no division within the National Conference (NC). The remarks address reports concerning internal friction within the political organization.

Effective Not specified in the update

For professionals: Farooq Abdullah stated publicly that there is no rift within the National Conference NC to address reports and speculation regarding internal disagreements among members of the political party. · Political observers and regional analysts should track official party statements and upcoming organizational meetings and monitor local news updates regarding political alignments and leadership announcements.

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Economic Times51m ago 1 min
Business Govt

Income Tax Appellate Tribunal rules in favor of farmer in land valuation dispute

A farmer secured a favorable ruling in a land valuation tax dispute before the Income Tax Appellate Tribunal (ITAT). The decision resolves contested property valuation metrics applied for taxation purposes.

Effective Not specified in the update

For professionals: Examine the ITAT ruling parameters for future litigation strategy in property assessment cases. · Keep track of upcoming tribunal circulars and judicial precedents involving agricultural asset valuations.

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Economic Times54m ago 1 min

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