Indeed, political parties have been receiving Unlimited funds, a term that implies ‘boundless’. The introduction of Electoral bonds six years ago facilitated this influx of "unlimited funds" into political coffers. Contrary to expectations, these sums

This weekly round-up analytically summarizes the key stories related to the Supreme Court and High Court reported at Taxscan.in from May 04th, 2024 to May 10th, 2024. SUPREME COURT Amounts covered by Security deposits under

In a recent ruling, the Madras High Court set aside the Goods and Services Tax ( GST ) demand order which confirmed the demand claiming the Input Tax Credit ( ITC ) wrongly availed on

The Madras High Court ordered a pre-deposit of 10% for contesting the Goods and Services Tax ( GST ) demand which confirmed failure to respond to the Goods and Services Tax ( GST ) proceedings

The Madras High Court directed the Income Tax department to open the portal for the petitioner. The bench quashed the assessment order adding Rs. 16 crores as unexplained expenditure without providing reasonable time to explain.

The Reserve Bank of India ( RBI) threw a curveball at Non-Bank Financial Companies ( NBFCs ) recently by slapping a Rs 20,000/- limit on cash payouts for gold loans. Aimed at controlling cash flow

The  Kolkata bench of Income Tax Appellate Tribunal (ITAT) deleted the disallowance of payment  made on account of the  Forward Contract Loss incurred towards hedging  Foreign Exchange Fluctuation Loss on the  FCNRB Loan Account. The

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled in favor of the taxpayer, deleting an addition of 28 lakhs after the taxpayer successfully substantiated the source of a cash deposit with sufficient

GST registration is the pivotal process of acquiring a distinct identification number for businesses obligated to pay Goods and Services Tax ( GST ). Introduced in 2017, the GST has simplified indirect taxes. Prior to

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition made under Section 69 of the Income Tax Act, 1961 when finding that capital gains earned from the sale of shares of

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) held that no disallowance shall be made on interest expense claimed in respect of ST RRB Credit Refinance Fund of National Bank for Agriculture &

Indian tax authorities are investigating wealthy individuals ( HNIs ) who invested in Special Purpose Acquisition Companies ( SPACs ), also known as "blank cheque" firms. Sources say at least four individuals have received notices

The Central Board of Direct Taxes ( CBDT ) has granted the Income tax exemption to Tamil Nadu Electricity Regulatory Commission under Section 10(46) of Income Tax Act. The following income are exempted: Government Grants;

The Reserve Bank of India ( RBI ), India's central bank, is taking a stricter stance on cash transactions involving Non-Banking Financial Companies (NBFCs). In a recent move, the RBI reportedly directed NBFCs to strictly

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) while providing relief to National Bank for Agriculture & Rural Development ( NABARD ) allowed Interest Expenditure incurred from the Government set up fund of RIDF