10 December 2024 News and Updates

10th December 2K24

📝 BharatPe launches offering to protect users from digital transaction frauds

📝 As tariffs loom, Gillette razor-maker P&G sources more steel from India

📝 Apple's iPhone sales hit $10.7 bn in India, overtakes Samsung for 2nd year

📝 India sugar prices hit 18-month low, mills struggle to make cane payments

📝 Farm sentiments likely to cheer domestic tractor sales in H2 FY25

📝 Axis MF launches new fund that tracks NBFC's, housing finance sectors

📝 Oil prices slightly up ahead of decision on supply cut in Opec+ meet

📝 NODWIN Gaming gets Rs 64 cr investment from parent Nazara Technologies

📝 Norway's Equinor, Shell plan to form UK oil and gas joint venture

📝 Fall of govt leaves France without clear path to cutting deficit: S&P

📝 Fairfax India to get addl 10% stake in Bengaluru airport operator BIAL

📝 Foreigners buy $1 bn in bonds, betting on policy easing after GDP data

📝 Moody's revises global banking outlook to 'stable' from 'negative'

📝 Support homegrown cybersecurity startups, MeitY secretary urges industry and government

📝 Honda to recall over 205,000 US SUVs over fuel leak concern: NHTSA

📝 UK electric vehicle sales surge 58% YOY in Nov, industry data shows

📝 Govt open to idea of alternate financing model for MSME: Piyush Goyal

📝 Boosting engineering goods exports: Industry body EEPC India's recommendations to govt

📝 Apple plans $1 billion manufacturing plant investment in Indonesia, minister says

📝 Russia's Rosneft investeFmynd $20 bn in India, govt quotes Putin as saying

📝 Ericsson working on making network operations autonomous using GenAI agents

📝 Avg housing prices up in 23 major tier II cities; rates fall in 5 small towns: PropEquity

📝 NBCC arm HSCC bags work orders worth Rs 599.35 cr in Maharashtra

📝 Star, Manipal among worst insurers in claims settlement; SBI General leads pack

📝 Temasek-backed Star Agriwarehousing files DRHP for IPO with SEBI

📝 Nisus Finance Services IPO booked 18.92x on the second bidding day

📝 JLR UK sales down 11% at 5,558 units vs 6,251 units (YoY)

📝 Myntra announced a multi-year franchise partnership with NYSE-listed Abercrombie & Fitch Co.

📝 Citigroup has launched new AI tools, Citi Assist and Citi Stylus, for 140,000 employees across eight countries.

📝 China’s export ban on key minerals may have a silver lining for the US

📝 Swiggy plans fee hike for Instamart, eyes higher take rate from business

📝 Aurobindo Pharma unit Eugia gets USFDA nod for Pazopanib tablets

📝 High inflation likely to keep consumer demand muted in 2025: Kantar report

📝 Financing will be among the top business categories for Cars24: CEO Chopra

📝 Copper industry to end FY25 with 10-13% domestic demand growth: ICA India

📝 Q2 GDP showing not a systemic slowdown, says FM Nirmala Sitharaman

📝 SBI Card surpasses milestone of 20 million credit cards in circulation

📝 EU probes Nvidia over potential bundling practices in AI chip market

📝 Indian households expect inflation to rise further, says RBI survey

📝 RBI to introduce new benchmark SORR based on secured money markets

📝 Air India Express to add 65 planes, Air India 35 in next three years

📝 Sharp drop in India-US 10-year bond yield spread in the past 4 years

📝 Maruti, M&M join Hyundai in announcing price hikes as input costs rise

📝 Irdai issues show cause notice to Star Health for violating norms

📝 Govt taps MSMEs, startups for defence tech, sanctions Rs 1,264 cr projects

📝 Goldman Sachs quits global climate coalition for banks

📝 Finmin asks banks to use MuleHunterAI to check digital fraud

📝 Weddings expected to generate record business for hotels this season

📝 Sebi seeks public comments on draft circular to regulate association with prohibited entities

📝 Kerala: Electricity charges increased by 16 paise per unit, another 12 paise hike next FY

📝 Serentica to invest Rs 50,000 cr in renewables in Rajasthan

📝 TVS Motor unveils next-gen RT-XD4 engine platform

📝 Govt appoints Vaibhav Chaturvedi as RBI representative on IBBI board

📝 JSW MG Motor India to hike prices by up to 3 pc from January

📝 Semiconductor chip import increased 18.5% to Rs 1.71 lakh crore in FY24

📝 Laurus Labs biotech unit raises Rs 120 crore from Eight Roads Ventures

📝 Morgan Stanley, HSBC cut oil supply forecast; Brent avg pegged at $70 for 2025

📝 CEAT to acquire Camso's off-highway tyre biz from Michelin for ₹1,905 crore

📝 RBI hikes rate ceilings on banks FCNR deposits to support foreign flows

📝 Union cabinet approves Delhi Metro expansion, new schools

📝 RBI signals cautious optimism on growth-inflation balance

📝 NCLAT upholds insolvency order against Jaiprakash Associates

📝 Microfinance stress not alarming, says RBI deputy governor Swaminathan

📝 India's forex reserves come off 5-month lows to hit $658 billion: RBI

📝 Paytm's Singapore arm approves stake sale in Japan's PayPay

📝 LG Electronics' India arm readies for IPO, files draft papers with SEBI

📝 SBI looks to sell Rs 2,732 cr of bad loans in ARSS Infrastructure Projects 

📝 Lockton aims to double business outside US in 4 Years, says CEO Chris Brown 

📝 API cyberattacks dominate as India sees record 1.2 billion hits in Q3

📝 Hotel asset management companies make room for international brands 

📝 U'khand to impose green cess on out-of-state vehicles; EVs, bikes exempted 

📝 CII urges govt to stick to fiscal deficit target of 4.9% of GDP for 2024-25 

📝 Fintech firms embrace AI for credit, payments, customer insights, more 

📝 Total recycling units in India reach 295; highest in UP, followed by K'taka 

📝 Mergers & acquisitions make a comeback in 2024, up 13.5% till November 

📝 Mumbai's infrastructure revamp takes centre stage as new govt takes charge 

📝 Yum! Restaurants India FY24 results: Profit at Rs 162 cr, income up 13% 

📝 Electronics component makers seek Rs 72,500 cr financial package to cut reliance on imports 

📝 Ant Group's President Han to become CEO in March; Jing to stay as chairman 

📝 Myntra turns in a profit in FY24, revenue jumps 15% to Rs 5,122 crore 

📝 Insurance Amendment Bill proposing 100 per cent FDI unlikely in winter session 

📝 Companies whose HY25 profits surpassed FY24 levels beating slowdown 

📝 Natural gas prices hovering near 1-year high as peak winter season approaches 

📝 Aadhar Housing Finance aims AUM of over Rs 25,000 cr by March 25 

📝 Aligning Indian auditing with global standards to boost investor confidence, attract more funds: NFRA chief 

📝 NCLT asks two Tata NBFCs to seek merger nod from stakeholders 

📝 Battery innovations may boost e-car revolution in sub-₹20 lakh segment 

📝 Indian unit of LG Electronic launches new rental business for its appliances 

📝 Air India Express-AIX Connect merger will drive long-term sustainable profitability: MD Aloke Singh 

📝 Lemon Tree eyes shared loyalty alliances with international hotel chains 

📝 Govt asks lenders to hold off on insolvency for MTNL 

📝 Norway plans to ratify India-EFTA trade pact next year 

📝 Govt plans to decriminalise MSMEs’ minor defaults 

📝 Cars set to get expensive from January as OEMs announce price hikes

📝 Poonawalla Fincorp CTO Dhiraj Saxena steps down, cites harassment from CHRO 

📝 FDI inflows to India surpass $1 trillion, with investment set to rise in FY25 

📝 Easy Trip Planners enters into definitive agreements for three acquisitions

📝 EV maker VinFast to build second production plant in Vietnam

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Mumbai ITAT post Rajeev Bansal quashes reassessment procedings for AY 2015-16 as well as for AY 2016-17 & 2017-18

Mumbai ITAT in its recent judgement dt 2nd December,2024 in the case of ACIT vs Manish Financial ITA No 5050 and 5055/Mum/2024 delivered post Rajeev Bansal judgement, has held that Reassessment proceedings for AY2015-16 are barred by limitation as TOLA will not apply to AY 2015-16. Takes note of para 19 of the statement made by ASG before Supreme Court “ Revenue concedes that for AY 2015-16 , all notices issued on or after 1st April,2021 will have to be dropped as they will not fall during the period prescribed under TOLA”

On the above reasoning holds that 148 notices issued post Aashish Aggarwal in July,2022 are invalid being barred by limitation. On this basis Asstt for 2015-16 has been quashed .

ITAT in this judgement has also quashed 148 notices for AY 2016-17

and 2017-18 applying para 76 of Rajeev Bansal judgement, whereby Supreme Court has held that grant of sanction by the appropriate authority is a precondition for AO to assume valid jurisdiction for issue of 148 notice. Since approval for these Asstt years 2016-17 and 2017-18 have been obtained by AO in July,2022 from 

 PCIT, the same is invalid as approval after 3 years was to be obtained from PCCIT as required under section 151. On this basis the Asstt for AY 2016-17 and 2018-18 have also been quashed. Copy of the judgement is annexed.

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