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Income Tax

Supreme Court refuses to interfere with ruling that controlled transactions cannot dictate arm's length price

The Supreme Court declined to interfere with a judicial decision holding that controlled transactions cannot establish the arm's length price for tax assessments. This ruling impacts how transfer pricing adjustments are evaluated in cross-border and related-party commercial dealings. Finance professionals must review active litigation strategies in light of this judicial stance.

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Taxguru2m ago 1 min
Business

Madras High Court quashes tax reassessment proceedings initiated beyond the six-year limitation period

The Madras High Court quashed a tax reassessment proceeding because authorities initiated it after the expiration of the statutory six-year limitation period. This judgment provides clear relief to taxpayers facing delayed tax reopening notices under legacy state tax statutes. Finance professionals should verify limitation timelines before responding to historical assessment notices.

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Taxguru4m ago 1 min
Economy

DGFT invites fresh applications to allocate tariff-rate quotas for specific goods under trade agreement

The Directorate General of Foreign Trade invited fresh applications from eligible importers to allocate import quotas for certain goods under the India-United Kingdom Free Trade Agreement. This process occurs as authorities wrap up quota allocations for United Kingdom-origin auto imports. Importers dealing in these specified categories must submit their applications within the designated regulatory framework.

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Hindu BusinessLine9m ago 1 min
Business

Supreme Court Dismisses Gujarat High Court Ruling Following Arbitrator Voluntary Withdrawal

The Supreme Court has set aside a previous Gujarat High Court order after the arbitrator in question chose to withdraw from the ongoing proceedings. This development resolves the dispute surrounding the composition of the arbitral tribunal without a formal adjudication on the merits. Legal practitioners must note how voluntary exits impact pending appellate challenges.

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Taxguru10m ago 1 min
CA Corner

Gujarat High Court Rules Prior Judicial Role Does Not Disqualify Arbitrator

The Gujarat High Court held that a nominated arbitrator's previous judicial role does not automatically disqualify them from serving. This judgment provides essential clarity on arbitrator appointments and eligibility standards for legal professionals in dispute resolution proceedings.

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Taxguru12m ago 1 min
Income Tax Govt

ITAT Mumbai Grants Section 10(23C)(iiiab) Tax Exemption to University of Mumbai

The Income Tax Appellate Tribunal in Mumbai ruled that the University of Mumbai qualifies for tax exemption under Section 10(23C)(iiiab) of the Income Tax Act. The ruling was issued because government funding accounted for 50.76 percent of its financial backing.

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Taxguru13m ago 1 min
Business

Obayashi Deepens Focus on India Infrastructure Using Sustainable Construction Expertise

Obayashi is expanding its footprint in India's infrastructure sector by leveraging its global engineering capabilities and sustainable building methods. The firm aims to support large-scale development projects through advanced construction techniques and environmental standards.

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The Tribune17m ago 1 min
Markets

NSE and BSE Announce Special Muhurat Trading Schedule for November 2026

The National Stock Exchange and Bombay Stock Exchange will host a special Muhurat trading session on Sunday, November 8, 2026, from 2:20 pm to 3:30 pm, preceded by a pre-open session at 2:05 pm. Markets will remain closed on November 10 for Diwali-Balipratipada.

Scrips: BSE

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LiveMint Markets21m ago 1 min
Income Tax Govt

Tribunal rules entire remuneration received from limited liability partnership is taxable under specific statutory provision

The Income Tax Appellate Tribunal held that the entire remuneration received by a partner from a limited liability partnership is taxable under Section 28(v), rejecting the application of Section 50. This decision clarifies the correct tax head and computation mechanism for partner compensation from business entities. Tax professionals must verify partnership assessment filings against this ruling.

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Taxguru22m ago 1 min
Crypto & CBDC

Coinswitch chief executive discusses industry regulations, market events, and domestic virtual asset prospects

Coinswitch Chief Executive Officer Ashish Singhal discussed virtual digital asset regulations, recent exchange incidents involving WazirX, and the trajectory of India's crypto sector in a recent interview. The discussion highlights the urgent need for clear compliance frameworks and robust consumer protection standards in the domestic digital asset ecosystem. Industry participants should monitor forthcoming regulatory developments closely.

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The Crypto Times24m ago 1 min
Investment

ONGC redirects blocked Russian dividends toward Sakhalin obligations and targets Venezuelan project operations

Oil and Natural Gas Corporation (ONGC) has utilized trapped dividend funds from Russia to satisfy its payment obligations for the Sakhalin-1 abandonment fund. Simultaneously, the state-run producer is in talks with Venezuelan state company PDVSA to secure operational control of the San Cristobal and PetroCarabobo ventures. These strategic steps aim to optimize cash flow management and recover historical financial dues.

Scrips: ONGC

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ET Industry33m ago 1 min
Business

Supreme Court Orders Mandatory Register for Plaints Rejected Before Suit Registration

The Supreme Court has mandated the maintenance of a specific register for plaints that are rejected prior to formal suit registration. This directive aims to bring transparency and accountability to judicial procedures regarding rejected plaints across courts. Finance professionals and legal practitioners must note this procedural update.

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Taxguru39m ago 1 min

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