The Bombay High Court has granted bail to a Kenyan national accused in a Prevention of Money Laundering Act (PMLA) case, holding that his arrest by the Enforcement Directorate (ED) was illegal…
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal, holding that the huge cash sales recorded on 08.11.2016, on the day demonetisation was announced were genuine…
The Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) Bench at Mumbai, has upheld the Commissioner’s decision dropping the demands raised against Bigtree Entertainment Pvt. Ltd., the operator…
The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI), ruled that no professional misconduct was established under Item (7) of Part I of the Second Schedule to…
Guarantees are essential in commercial transactions, providing creditors with assurance that obligations will be fulfilled even if the principal debtor defaults. In India, the law of guarantees is governed by…
The Reserve Bank of India (RBI) has amended the Foreign Exchange Management Act, 1999 (FEMA) regulations governing export and import of Indian currency to and from its neighbouring countries. The amendment,…
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently granted substantial relief to Bollywood actress Preity Zinta by deleting an income tax addition of ₹10.84 crore made under Section…
In a recent ruling, the Supreme Court has held that when multiple units collectively contribute to a continuous and integrated manufacturing process that results in one final product, excise duty…
The National Financial Reporting Authority ( NFRA ), India’s auditing regulator has not issued a single disciplinary action for the last 10 months, with its latest publicly published order dating…
GST is a destination-based tax on the consumption of goods and services. The Goods and Service Tax ( GST ) regime, introduced in 2017, has brought a revelation in the…