ICAI Lens on Big Four Affiliates over their Association with Global Entities
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ICAI Lens on Big Four Affiliates over their Association with Global Entities

The Big Four affiliate firms doing audits are poised for a drawn-out legal clash with The Institute of Chartered Accountants of India (ICAI), centering on association with global entities, resource sharing and control, and referral fees, prompted by the institute’s disciplinary committee directive to EY affiliates to cease existing arrangements with multinational entities (EY Global),…

NCLT Admits Indiabulls Hsg Fin Insolvency Plea against Chandra
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NCLT Admits Indiabulls Hsg Fin Insolvency Plea against Chandra

 The bankruptcy court has ad- mitted Indiabulls Housing Finance Ltd’s (IHFL) application to initiate insolvency resolution proceedings against Essel Group chairman Subhash Chandra for default by a company called Vivek Infracon. Chandra was a personal guarantor against the loans availed by the company. The New Delhi bench of the National Company Law Tribunal (NCLT) presided…

Cong Moves Delhi HC in Tax Penalty Case
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Cong Moves Delhi HC in Tax Penalty Case

Congress on Monday moved the Delhi High Court, challenging the dismissal of its plea by the Income Tax Appellate Tribunal (ITAT) against the imposition of penalties for discrepancies in certain tax returns. The matter was mentioned by senior advocate Vivek Tankha before a bench of acting chief justice Manmohan and justice Tushar Rao Gedela. Tankha…

AAP Govt to Give ₹1,000/M to Women Above 18 Years, Keeps Out I-T Payers
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AAP Govt to Give ₹1,000/M to Women Above 18 Years, Keeps Out I-T Payers

Putting women at the centre of its budget, the Aam Aadmi Party (AAP) government on Monday promised Rs 1,000 per month to all women above 18 years of age for the 2024-25 fiscal in the national capital. Presenting the budget 2024-25, Delhi finance minister Atishi announced the Mukhyamantri Mahila Samman Yojana under which the AAP…

No Customs Duty on Rare Diseases Drugs: Delhi HC
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No Customs Duty on Rare Diseases Drugs: Delhi HC

Customs duties and charges shall not be levied on medicines, drugs and therapies for rare diseases, the Delhi High Court has clarified in a recent order. Justice Pratibha Singh said that whenever medicines are brought in respect of rare diseases, the custom authorities will ensure that the same are cleared quickly and no unnecessary impediments…

Paytm Bank’s Exit from UPI Unlikely to be Disruptive
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Paytm Bank’s Exit from UPI Unlikely to be Disruptive

Paytm Payments Bank’s regulator-mandated virtual exit from the UPI platform may not have as disruptive an impact on the cashless transaction ecosystem as is being currently feared as most users have multiple backend accounts that are out of the scope of the central bank’s curbs. Furthermore, only about a sixth of the 90 million Paytm…

CBI, DRI Told to ‘Meticulously’ Probe Alleged Over-invoicing
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CBI, DRI Told to ‘Meticulously’ Probe Alleged Over-invoicing

The Delhi High Court on Tuesday directed the Centre, the Central Bureau of Investigation (CBI) and the Directorate of Revenue Intelligence (DRI) to “meticulously and expeditiously” look into the allegations of over-invoicing of coal imports and equipment by several companies, including Adani Group and Essar Group, and take appropriate actions in accordance with the law….

HC Levies ₹2 Lakh Fine on Ashneer Grover for Violating Its May Order
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HC Levies ₹2 Lakh Fine on Ashneer Grover for Violating Its May Order

Terming BharatPe former managing director Ashneer Grover’s social media posts as appalling, the Delhi High Court on Tuesday fined him ₹2 lakh for violating its May order that asked both the sides “to avoid recourse to unparliamentary and defamatory publications against each other.” “I am appalled to see the persistent violation of the court’s orders,”…

HC Flays I-T Officials for Delays in Filing Appeals
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HC Flays I-T Officials for Delays in Filing Appeals

The Delhi High Court on Wednesday came down heavily on income tax officials for delays in filing appeals, saying even in this hi-tech “click of mouse “age some of them are yet to come out of their love for” snail pace” style of working. A bench comprising Justices Rajiv Shakdher and Girish Kathpalia said: “Time…

HC Seeks Centre’s View on Treating CAs as Reporting Entities in PMLA

HC Seeks Centre’s View on Treating CAs as Reporting Entities in PMLA

The Delhi High Court on Monday sought the central government’s response on a petition challenging the inclusion of chartered accountants, company secretaries and cost accountants within the ambit of “reporting entities” under the Prevention of Money Laundering Act (PMLA). A division bench comprising Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula asked additional solicitor…