16 March 2023 News and Updates

📰√ Corporate Snippets

📝 Govt clears smartphone PLI incentives worth Rs765 cr, Wistron to get Rs 601.93 cr

📝 ATC plans stake sale in India operations, cites weak customer financials

📝 Banks may pump MCLR pricing by 100-150 bps in FY24 as funds gap widens

📝 India Inc's dealmaking value falls 60% in Feb, second lowest since 2014: Grant Thornton

📝 Mindspace Business Parks raises Rs 550 crore via debut green bond

📝 India exports wheat worth Rs 11,728.36 crore during Apr-Jan of this fiscal: Goverment

📝 Wholesale inflation eases to 25-month low of 3.85% in February

📝 Saudi Arabia places order with Boeing for up to 121 planes

📝 Bandhan Group mulls foray into insurance business: Report

📝 NTPC mulls 5.4 million tonnes coal import in first half of 2023-24

📝 CCI clears Reliance's $344 million buy of Metro's local business

📝 FPIs seek six more months from FinMin to comply with PMLA tweaks

📝 SVB collapse: Start-ups seek Govt's help to bring money to India

📝 Govt's new security testing plan targets pre-installed phone apps

📝 Ola Electric offers buyers to upgrade S1 scooters with new front fork

📝 Vedanta Aluminium signs pact with Dalmia cement to supply industrial wastes

📝 HCC, MEI bag INR 3,681 Cr bullet train station project from NHSRC

📝 Bikano sets up new plant in Greater Noida, seeks INR 1,800 Cr turnover

📝 Deals plunge by 60% to $1.8 billion in February on deepening funding winter

📝 Jaguar Land Rover join hands with Tata Tech for digital transformation

📝 Unified tariff structure for gas pipelines to start from April 1

📝 Bank borrowings jump 64% in FY-23, cross INR 5 trillion mark for first time

📝 PNB signs deal with warehousing body for financing against e-NWR

📝 Federal Bank weighs NBFC arm stake sale

📝 SBI raises prime lending rate, base rate by 70 bps

📝 Suzuki Motor buys shares worth INR 300 Cr in Maruti Suzuki

📝 Tax arrears top INR 26.15 trillion by January, 94% non-recoverable

📝 Non-tax receipts in sync with revised estimates, says FM Nirmala Sitharaman

📝 Highway construction set to miss ’23 target

📝 Ciena to invest $100 million for manufacturing in India

📝 Govt. plans more InvITs to monetize infra assets

📝 Russian jet collides with US drone over Black Sea

📝 GMR Airports board to consider fundraising on March 17, 2023

📝 Cipla inks pact to sell 51% stake in Uganda-based unit

📝 Facebook parent Meta plans 10,000 job cuts in new round of layoffs

📝 Google adds generative AI in Gmail and Docs, offers API for developers

📝 Credit Suisse plans to take First Boston IPO by 2025 amid investor search

📝 CIL to supply 156 mn tonnes coal to power units in Apr-Jun.

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📝 FY-23 exports to cross $750 billion: Piyush Goyal

📝 Retail inflation slows to 6.4% in Feb, stays above RBI's tolerance limit

📝 Parliament panel recommends resumption of senior citizen concession in rail fare

📝 Pfizer buys Seagen for $43B, boosts access to cancer drugs

📝 India bats for sovereign rating upgrade in review with global agencies

📝 Centre seeks Lok Sabha nod for additional spending of INR 1.48 lakh Cr 2022-23 fiscal

📝 Centre approves INR 1,816 Cr to 5 states as disaster relief

📝 L&T Finance invites bids for ₹880 Cr Xrbia loans

📝 Kedaara Capital acquires majority stake in Oliva Skin & Hair Clinic

📝 The Ayurveda Co raises INR 100 Cr in funding led by Sixth Sense Ventures

📝 Airtel wraps up hike in entry-level plans in all 22 circles: Morgan Stanley

📝 Welspun One Logistics Parks launches second fund of INR 2,000 Cr

📝 RCap insolvency: SC agrees to hear Torrent plea against NCLAT order

📝 LIC's debt exposure in Adani group companies dips marginally to INR 6,183 Cr

📝 Hyundai inks pact to acquire General Motors India's Talegaon factory

📝 Govt. will take a call on who can access Indian datasets, says MoS IT

📝 India, US, and Japan talk greater cooperation on 5G, telecom stacks

📝 E-rupee worth over INR 130 Cr in circulation: FM Nirmala Sitharaman

📝 PNB Housing Finance's INR 2,500 Cr Rights issue gets SEBI's nod

📝 Blackstone sells 20.50% stake in Sona BLW Precision for INR 4,917 Cr

📝 GAIL declares interim dividend of 40% for financial year ending 2022-23

📝 Average interest rate paid by manufacturers in January-March rises to 9.38%: FICCI Survey

📝 Shriram Finance aims to raise 200 billion rupees in FY-24: Official

📝 BrightNight, ACEN ink pact for India renewables buildout

📝 Government to procure 1.5 MT of mustard as prices fall below MSP

📝 Rupee falls 17 paise to close at 82.23 against US dollar on FII outflows

📝 Europe mulls shorter T+1 settlement cycle

📝 NLC to pick up 51% in green JV with APDCL for ₹1k Cr

📝 India to set up AIIMS-like institutes to train nurses

📝 Pentagon refocuses spending on weapons to deter China

📝 RBI accords ‘infra finance company’ status to IREDA

📝 LIC increases stake in Dr Reddy’s Laboratories by 2%

📝 Govt. preparing regulations for e-pharmacy stores with stringent actions

📝 Indian Immunologicals signs MoU with ICAR-CIFA for commercial development of fish vaccine

📝 AI startups raise over $50 billion venture capital funding in 2022: GlobalData.

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Income Tax Payers Advised to Look out for ITR-AIS Mismatch and File Updated Returns: CBDT Issues Press Release

Read More: https://www.taxscan.in/income-tax-payers-advised-to-look-out-for-itr-ais-mismatch-and-file-updated-returns-cbdt-issues-press-release/261840/

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Unabsorbed Depreciation only taken to make adjustment u/s 115JB be Set off Against Current Year Book Profit: ITAT grants relief to PVR Pictures [ Read Order]

Read More: https://www.taxscan.in/unabsorbed-depreciation-only-taken-to-make-adjustment-u-s-115jb-be-set-off-against-current-year-book-profit-itat-grants-relief-to-pvr-pictures/261810/

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1.The Bombay High Court has quashed the reassessment proceedings against Jetair Pvt Ltd, a group entity of Jet Airways (India) Ltd, by rejecting the revenue department's contentions that payment of commission to Jetair, who is a sales agent of Jet Airways, at a rate lower than what it charges other unrelated airlines on domestic and international ticket sales, was a colorable device used to evade tax. Because Jet Airways is a loss-making enterprise, the revenue department argued that paying commission at a lower rate reduced the group's overall tax liability, benefiting the entire group. The Court hold that charging a lower commission is a business decision and cannot be called a colorable device/mechanism and noted that the fact that Jet India Pvt Ltd is a loss-making company is not a valid criterion to determine income escapement. (Jetair Pvt Ltd vs. DCIT, date of order 08.03.2023)

2.According to a press release by the Ministry of Finance, the income tax department identified approximately 68,000 cases for e-verification due to underreporting of income in tax returns compared to the Annual Information Statement for financial year 2019-20, e-verification completed in approximately 35,000 cases out of the 68,000 cases and remaining are under process. Please see the attached press release for more information.

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Income Tax Deptt has identified more than 68,000 cases on the basis of information recd from reporting entities where there is apparently mismatch between the information so received and the Income Tax Return filed for Financial Year 2019-20 ( Asstt Year) In order to cross verify such mismatch and to avoid issue of 148 notice leading to reopening the asstt, the Income Tax Department has initiated e verification scheme whereby it has shared the information with individual taxpayer as explained in the above advertisement. Please review your Annual Information Statement (AIS) & see whether any such information pertaining to you is in your account . If the information shared is incorrect, you may reply to the same clarifying and giving your explanation/ objections. In case you find that on the basis of the information shared in AIS by Income tax department ,any income has not been included in the Income Tax Return and hence escaped asstt, still you have an option to file an updated return of Asstt Year 20-21 by 31st March,2023 by paying tax, interest and extra 50 percent of such additional tax on such income to avoid reopening of asstt and consequently penalty etc. 

Accordingly it is advisable to check your AIS and reply to the information shared by Income Tax Department and do the needful at the earliest . Otherwise it may lead to issue of 148 notice and reopening of asstt, tax and penal consequences.

‘Prevention is always better than cure.’ 

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ED arrests CA in connection with West Bengal Cattle Smuggling Case

Read More: https://www.taxscan.in/ed-arrests-ca-in-connection-with-west-bengal-cattle-smuggling-case/262052/

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Major Change in Audit Trail requirements: Accounting Software with Edit Logs to be used from April 1

Read More: https://www.taxscan.in/major-change-in-audit-trail-requirements-accounting-software-with-edit-logs-to-be-used-from-april-1/262060/

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Income Tax Updates:-

1.The High Court of Calcutta has held that as circular dated 29.02.2016 if the assessee desires to treat the income arising from transfer thereof as capital gains, the same shall not be put to dispute by the assessing officer. It is further stated that once such stand is taken by the assessee in a particular assessment year, shall remain applicable in subsequent assessment years also and the taxpayers shall not be allowed to adopt a different/contrary stand in this regard in subsequent years. If that be so, the same embargo can also be placed on the department, by holding that the department cannot take a different view in the subsequent years in the absence of any fresh materials warranting such departure. (CIT vs Century Plyboards India Ltd.)

2.The ITAT Pune bench has held that where the assessee claimed higher loss through revised return but did not furnish the acknowledgement of return (ITR-V) to the CPC at the material time but filed the same later and raised a request to condone the delay, which is still pending, the return of income cannot be treated invalid and thus, revised return filed subsequently, within stipulated period claiming loss at a higher level would be eligible to carry forward. (ITA No. 35/Pun/2022)

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Tax Evasion of 7582 Crores by Insurance Companies: CBIC registers 106 cases

Read More: https://www.taxscan.in/tax-evasion-of-7582-crores-by-insurance-companies-cbic-registers-106-cases/262446/

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