GST Department Challenges Karnataka High Court Ruling on Tax Rate for Online Gaming Platform

The Goods and Services Tax department has filed a special leave petition in the Supreme Court against a Karnataka High Court ruling in the case of Gameskraft Technologies Pvt. In May this year, the high court quashed a Rs 21,000-crore show cause notice by the GST Department against online gaming platform Gameskraft Technologies. The point of contention […]


Cheque Dishonour – Concurrent Sentencing Rule Only When Cases Arise Out Of Single Transaction: Supreme Court

The Supreme Court observed that it is only when the conviction in a cheque case arise out of the single transaction, concurrent sentence would be merited. But when there are several transactions, the judgment in V.K. Bansal v. State of Haryana (2013) 7 SCC 211 cannot be relied upon, the bench of Justices Hrishikesh Roy and Pankaj Mittal observed. […]


Patanjali Ayurved

Baba Ramdev-led Patanjali Ayurved’s sale of shares of Patanjali Foods got oversubscribed more than two times at the end of the two-day offer on Friday. The non-retail portion was subscribed more than two times while the retail category received over three times subscription, according to latest data available on the BSE. The two-day Offer For […]


Tata Group in advanced stages to acquire Wistron

Tata Group is understood to be in advanced stages to acquire the Karnataka manufacturing unit of Taiwan-based Wistron, a contract manufacturer for Apple, to become the first Indian iPhone maker, sources said. The acquisition will be carried out through Tata Electronics, a wholly-owned subsidiary of Tata Sons, the promoter holding firm of salt-to-software conglomerate Tata […]


Interest on Compulsory Convertible Debentures: Ruling in Favor of Revenue Deduction

The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that interest on compulsory convertible debentures (CCDs) is allowable as a revenue deduction. The tribunal stated that CCDs are considered borrowed funds and continue to be debt until they are converted into shares. The case involved Religare Finvest Ltd. and the Deputy Commissioner of Income-Tax. The […]