21 March 2023 News and Updates

📰√ Corporate Snippets 

📝 Economy likely to log in a tepid 6% growth next fiscal: CRISIL

📝 Rajesh Gopinathan resigns as CEO and MD of TCS

📝 GMR Group seeks to refinance ₹4,000 Cr Goa, Hyderabad airport debt

📝 Over 1.2 lakh opt for higher Pension under EPS-95

📝 ECB hikes rates by 50 bps, says 'inflation is projected to remain too high for too long'

📝 Sumitomo Wiring Systems sells 3.4% stake in Samvardhana Motherson International

📝 Micro loan disbursement jumps 20% in December 2022 quarter to INR 77,877 Cr

📝 NTPC commissions green coal plant in Varanasi

📝 Eris Lifesciences acquires 9 dermatology brands from Dr Reddy's for INR 275 Cr

📝 Viacom18 signs up thirteen streaming sponsors for IPL

📝 D2C brand Zouk raises $3 million led by Stellaris Venture Partners

📝 Solartech platform Aerem raises $5 million in funding from Avaana Climate Fund

📝 ADIA signs $500 million cheque for 10% stake in Lenskart at $4.2 billion valuation

📝 CARE upgrades outlook on Vodafone Idea to positive; reaffirms ratings

📝 Foxconn Technology plant in India to assemble Apple AirPods in India

📝 Ecofy, Mahindra Solarize team up for rooftop solar financing, installation

📝 Restaurant app peAR raises INR 4.2 Cr in funding for business expansion

📝 JP Morgan revises Reliance Industries stock target price, sees 33% uptick

📝 Zee Entertainment set to repay IndusInd $10 million to wrap Sony deal

📝 Bharti-backed OneWeb to launch 36 satellites with Isro by March end

📝 INR 70,500 Cr indigenous arms buy gets defence ministry's approval

📝 SVB crisis: $200 mn worth start-up deposits moved to GIFT City, says MoS IT

📝 UCO Bank raises Rs 500 crore in AT1 bonds at 9.5%, highest rate in FY-23

📝 Indians acquire 100 patents for 6G technology, says Ashwini Vaishnaw

📝 Financial security of family tops life goal of 74% people in South India

📝 DLF sells 1,137 luxury flats in Gurugram for over INR 8,000 Cr within 3 days

📝 FCI sells 3.37 MT of wheat in open market since February 1

📝 PLI schemes for toys, bicycles, construction equipment soon

📝 Close to 67% investors fail to beat benchmarks: Survey

📝 Govt. moves to make FPI reporting quicker, more transparent

📝 First Republic gets $30 billion of bank deposits in rescue

📝 Centre may defer IDBI Bank’s $4 bn privatization plan

📝 Microsoft unveils AI office copilot in fast-moving race with Google

📝 US jobless claims drop by most since July, led by New York

📝 Malaysia's Petronas offers ₹3,800 Cr for stake in NTPC's green arm: Report

📝 71% increase in medical colleges since 2014: health ministry

📝 KEC International bags orders worth ₹1,028 Cr across businesses

📝 RailTel bags order for IT infrastructure installation for greenfield data centre

📝 Investcorp joins global funds in betting on Indian warehouses.

📝 Steel incentive scheme gets rolling, government inks 27 MoUs

📝 US extends H-1B registration deadline till March 20

📝 NCLT approves Welspun takeover of Sintex BAPL

📝 Govt. allows NTPC to invest beyond prescribed limit in NGEL

📝 Govt. approves listing of state-owned IREDA by selling part stake

📝 Tiger Global sells 0.75% stake in Delhivery via open market for INR 177 Cr

📝 India's Apr-Feb fertiliser imports from Russia highest in 3 years at 34.19 lakh tonnes

📝 Cement cos likely to invest INR 1.2 lakh Cr to add 145-155 MT capacity by FY-27: Report

📝 All medicines to be sold under supervision of pharmacist, mandates DCGI

📝 Kabira Mobility secures $50 million funding

📝 PhonePe racks up additional $200 million from Walmart in ongoing fundraise

📝 Direct tax collection hits 95.2% of Revised Estimates for FY-23

📝 Indian banking system is stable, resilient: RBI governor Shaktikanta Das

📝 Rising infections: States on alert as Covid-19 cases hit 4-month high

📝 HCL Tech joins Intel foundry services accelerator design services alliance

📝 GAIL signs agreement with Shell Energy India on ethane sourcing

📝 Domestic flights seen at 22,907 a week this summer, up 4.4% from a year ago

📝 NCLT okays HDFC, HDFC Bank merger, paving way for creation of finance giant

📝 TCS, Infosys have highest exposure to US regional banks: JP Morgan

📝 OECD raises India's FY-24 growth forecast by 20 basis points to 5.9%

📝 As liquidity tightens, RBI injects INR 1 trn for largest infusion in 4 years

📝 India's foreign exchange reserves fall $2.4 billion to $560 billion

📝 Ford recalls 1.5 mn vehicles in US to fix leaky brake hoses, wiper arms

📝 CCI allows AGI Greenpac to acquire Hindusthan National Glass & Industries

📝 Digital lenders disbursements zoom 147% in October-December

📝 Air India makes VRS offer to staff, twice in 9 months

📝 Startups have over $1-billion deposits in SVB: MoS IT

📝 VA Tech Wabag secures INR 800 Cr contract in Bangladesh

📝 Mega textile parks to be set up in seven states, says PM Modi

📝 SEBI makes stringent disclosure norms for FPIs

📝 Maiden Forgings to launch IPO next week; aims to raise INR 24 Cr

📝 Chandrayaan 3 successfully clears essential pre-launch tests, closer to launch

📝 NSE launches Municipal Index Bonds

📝 MCX Gold crossed ₹59000 mark for the first time, spot Gold at $1964

📝 India’s target to increase electronic manufacturing capability to ₹24 lakh Cr

📝 1,253 railway stations to be revamped under Adarsh Station scheme: Vaishnaw

📝 Sterlite Power bags green energy transmission project in Rajasthan

📝 Societe Generale, Copthall Mauritius buy Samvardhan Motherson shares.

📝 HNIs turn to UAE as EU tightens golden visas

📝 PSOs, fintech companies reluctant to comply with RBI regulations: Governor Shaktikanta Das

📝 Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis

📝 SJVN Green Energy bags 200 MW solar project in Maharashtra

📝 Packaging industry growing at 15-17%, can generate jobs at district level, say experts

📝 SLCM’s AI-based app Agri Reach gets NABL accreditation

📝 MG Motor India to supply 100 vehicles to WTiCabs India

📝 UBS eyeing swoop for Credit Suisse amid fears of banking contagion

📝 Airlines misguiding people, forcing passengers to pay more, says Parl Panel

📝 TVS Industrial and Logistics on aggressive expansion plan in 30 more cities

📝 Food delivery apps taking action on rising stress among delivery staff

📝 IFFCO, Coromandel International to manufacture Nano DAP for 3 years: Govt. 

📝 DoT mulls to bring in private sector to manage C-DOT

📝 Moody’s downgrades credit ratings on First Republic Bank

📝 Tamil Nadu’s new ethanol blending policy eyes to attract INR 5k-cr investment

📝 Europe moves to revive mining to cut reliance on China

📝 Railways completes electrification of Chhattisgarh’s 1,170-km broad gauge network

📝 Cochin Shipyard bags ₹550 Cr order for Zero Emission Feeder Container Vessel

📝 BPCL allots non-convertible debentures worth ₹936 Cr, offers 7.58% rate

📝 Healthcare fintech SaveIN to scale its partnership matrix to 15K

📝 Government sets up centralised facility for voluntary closure of companies

📝 GMR Airports Infra to raise ₹2,900 Cr via Foreign Currency Convertible Bonds

📝 India Post partners with Shiprocket to enhance last-mile e-commerce penetration

📝 NCLT approves Propel Plastic Products-Plastauto bid for debt-ridden Sintex-BAPL

📝 Chandrayaan 3 successfully clears essential pre-launch tests, closer to launch

📝 UBS upgrades offer, agrees to buy Credit Suisse for over $2 billion

📝 GST Dept. to scrutinise I-T, MCA data to identify entities not paying taxes

📝 Brookfield in talks to acquire CleanMax Solar

📝 States' capex may cross 3% of GSDP

📝 Health Ministry issues revised guidelines for Covid-19 amid rise in cases

📝 Real estate focussed fund Experion Developers set to acquire Dignity Buildcon

📝 India's power consumption rises 10% in Apr-Feb to 1375 billion units, surpasses full fiscal energy supplies year ago

📝 JSPL gets approval to manufacture India's first fire-resistant steel structures

📝 Healthtech startup SaveIN to focus on partnerships, eyes five-fold growth

📝 Mercedes set to invest billions in e-vehicles plants

📝 Esma to penalise but let European Union banks deal with India CCPs

📝 Hindenburg fallout: Adani suspends work on INR 35K Cr petchem project

📝 Pvt. aviation soaring, JetSetGo to raise $50 mn to expand fleet: CEO

📝 Vaidyaratnam Group plans to double revenue to INR 500 Cr, IPO by 2030

📝 PM Mitra parks to boost India's $100 bn textile export goal, says industry

📝 FSIB to soon start selection process for new LIC chairman this month

📝 In line with new Govt. rules, Reliance re-auctions gas from its KG-D6 block

📝 India, EU conclude another round of talks for proposed trade agreement

📝 OilMin accepts all major Kirit Parikh panel recommendations on gas pricing

📝 India should target $350 bn exports through e-commerce by 2030: GTRI

📝 Govt. aims to cap fertiliser subsidy, pilot projects in 7 districts soon

📝 Bilateral trade in rupee to gather pace soon

📝 Loss-making BSNL faces higher revenue targets by Govt. 

📝 Airtel Payments Bank to exit FY-23 with over INR 1,300 Cr revenue

📝 Prestige, Lodha eye INR 20,000 Cr sales club

📝 ADP, GMR Airports Infra to merge joint venture with GMR

📝 Maha Govt. to buy iconic AI building for ₹1,600 Cr

📝 Midsize US banks ask FDIC to insure deposits for two years

📝 Amazon begins due diligence to buy MX Player

📝 Govt. calls for reviving defunct hydro projects to meet summer demand

📝 DLF to invest around ₹3,500 Cr in next 4 yrs for housing project in Gurugram

📝 Bahrain looks for collaborations with Indian univs, vocational institutions.

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Income Tax Updates:-

1.The Chennai bench of ITAT has held that the does not have power to change method followed by the assessee from DCF method to NAV method for valuation of share. In this case the assessee has followed DCF method for valuation of shares and has considered certain projections. The AO, rejected DCF method followed by the assessee only on the ground that actual performance of the company for two assessment years is not equal to projected financials. (ITA. No: 3067/Chny/2019)

2.The ITAT bench of Cuttack has held that penalty u/s.271(1)(c) of the Act cannot be levied where the penalty was imposed in respect of any addition where the High Court has admitted the appeal on substantial question of law, then the sustainability of the addition itself becomes debatable. The tribunal has placed reliance on the decision of Hon’ble Karanataka High Court in the case of CIT vs Dr. Harsha N Billiangady, 379 ITR 529 (Kar). (ITA No.96/CTK/2021).

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Income Tax Updates: -

1.The ITAT bench of Amritsar has condoned the huge delay of 9 years on the ground that there is confusion in relation to the service of intimation u/s 143(1) of the assessee and department is also not able to submit proof for any other mode of service of intimation to the assessee. The contention of the assessee was that the delay was caused by his failure to receive a notification. It may have been sent to the assessee’s email, which was duly maintained by the accountant, and the accountant had not informed the assessee. Without proper opportunity, the deduction under Section 80IB was rejected in the processing of the return under Section 143(1). (I.T.A. No.57/Asr/2021)

2.The Patna bench of ITAT held, relying on the Supreme Court's decision in the case of Radhasoami Satsang, that It is judicially well settled that when a document is found during the course of search, it has to be relied upon in entirety and there is no discretion available with the assessee or the Department to rely upon a part of the document favorable to it and plead for rejection of the other part which is not favorable to it, or in respect of which no supporting material is found. (ITA 167/Pat/2019)

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The Surat bench of ITAT has quashed the order passed by the Ld. PCIT u/s 263 of the Act by placing the reliance on the judgement of the Hon’ble Supreme Court in the case of Malabar Industries and held that this phrase i.e. “prejudicial to the interest of the revenue’’ has to be read in conjunction with an erroneous order passed by the AO. Every loss of revenue as a consequence of an order of AO cannot be treated as prejudicial to the interest of the revenue. When the AO has examined the issue under consideration and took a plausible view that the addition should not be made which has resulted in loss to the revenue, it cannot be treated as an erroneous order prejudicial to the interest of the revenue unless the view taken by the AO is unsustainable in law. (ITA No.178/Srt/2020)

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