SEBI circular mandates portfolio rebalancing timelines for all passive breaches in actively managed mutual fund schemes, based on MFAC recommendations.
Delhi High Court dismisses plea against GST Circular 80/54/2018, citing a prior ruling that already set aside the disputed clarification on product classification.
ITAT Mumbai rules in favor of Cable and Wireless, holding that allocating shared employee costs based on headcount is a valid method, overturning the tax officer’s order.
NCLAT Delhi rules on Uttam Galva Steels case, disallowing joint operational creditor applications and lawyer issued demand notices under IBC.
RBI reports 7.2% sales growth for FY25 in private firms, with higher input costs and moderate profit margins across manufacturing, IT, and service sectors.
Delhi High Court held that the benefit of exclusion of time by virtue of Explanation (ix) of Section 153B of the Income Tax Act cannot be available here as reference made for information under Indo-Swiss DTAA was invalid. Accordingly, questions to law as framed are answered against the Revenue.
Additionally, the GST certificate issued by the Superintendent of Central GST confirmed no outstanding dues and that the re-tender order resulted in loss of competitive advantage and investments already made in connection with the lease.
ITAT Indore held that retrospective cancellation of registration granted under section 10(23C)(vi) of the Income Tax Act invalid. Amendment brought in statute via Finance Act, 2022 is prospectively effective from 01.04.2022.
Higher profit per se cannot lead to the conclusion that there is arrangement between the parties. The concept of PLI cannot per se be applied to hold that assessee has earned higher profit
ITAT Delhi held that revision under section 263 of the Income Tax Act not justified as PCIT failed to demonstrate that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, revision order quashed.
