News

IIFL informed stock exchanges that its subsidiaries received tax assessment orders totalling Rs 56.28 crore but expect no significant financial impact and plan to challenge them legally.

IIFL Subsidiaries Receive Income Tax demand worth Rs 56 Crore; Company Confident of Legal Stand

Judgement

HC holds the Section 54 amendment prospective; the refund limitation is counted from the financial year end.

HC: ITC Refund Limitation Runs from Financial Year End

Only sale (credit entries) taxable under Section 68, not purchases; ITAT upheld limited addition and dismissed Revenue’s appeal.

 Addition under Section 68 Restricted to Sale Proceeds; Purchases Not Taxable

HC refuses interference, holds factual issues on foreign remittances must be examined by Assessing Officer.

HC Upholds Reassessment; Factual Issues on Foreign Remittances for AO

Notifications

The central government has authorized the police officers to conduct investigation into the cases concerning online gaming.

MeitY Authorises Police Officers to Investigate Online Gaming Crimes

The authority will regulate the online gaming sector by making sure online games are safe and fair for everyone.

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IIFL Subsidiaries Receive Income Tax demand worth Rs 56 Crore; Company Confident of Legal Stand

HC: ITC Refund Limitation Runs from Financial Year End

Addition under Section 68 Restricted to Sale Proceeds; Purchases Not Taxable

HC Upholds Reassessment; Factual Issues on Foreign Remittances for AO

MeitY Authorises Police Officers to Investigate Online Gaming Crimes

Indian Government Constitutes New Authority to Watch Over Online Gaming