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Applicability of High Court Decision in other jurisdiction

A taxpayer faced demands for interest on cash components due to delayed filing of GST returns. The taxpayer relied on a Gujarat High Court decision in Arya Cotton Industry case stating interest is not applicable merely for late return filing. The department rejected this defense, arguing the Gujarat High Court judgment applies only within Gujarat jurisdiction and cannot be enforced in Jharkhand unless pronounced by the Supreme Court. The taxpayer contends that High Court interpretations of central legislation like CGST should apply across all jurisdictions unless contradicted by the jurisdictional High Court. The query seeks clarification on whether High Court decisions on central tax laws have pan-India applicability or are limited to their territorial jurisdiction, particularly when no conflicting judgment exists from the local High Court.


Categories: GST, Discussion-Forum, TaxLaws, TaxTMI
Source: /forum/issue?id=120269 Jul 19, 2025, 07:50 PM

ICICI Bank Q1 net profit jumps 15.9 pc; sees margin contraction ahead

A major private sector bank reported consolidated net profit of Rs 13,558 crore for the June quarter, marking a 15.9% increase from the previous year's Rs 11,696 crore. Standalone net profit rose 15.5% to Rs 12,768 crore. Core net interest income grew 10.6% to Rs 21,635 crore driven by 12% domestic loan growth, though net interest margin compressed to 4.34% from 4.41%. The bank expects further margin compression next quarter due to the central bank's rate cut cycle. Asset growth slowed in credit cards and personal loans to 1% each after maintaining over 20% growth previously. Fresh slippages increased to Rs 6,245 crore while gross non-performing assets ratio improved to 1.67% from 2.15% year-on-year. Deposit growth reached 12.8% and the bank expanded its network by 83 branches to 7,066 total branches.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49940 Jul 19, 2025, 07:50 PM

R'than govt sanctions Rs 95 cr for construction works under Yamuna Water Agreement

The state government sanctioned Rs 95 crore as its contribution toward construction works under the Yamuna Water Agreement. This funding supports construction of Renukaji Dam in one state and Lakhwar Dam in another state, both located in the upper Yamuna basin. The Chief Minister emphasized water resource projects receive top priority, noting the Yamuna Water Project will benefit multiple districts by providing permanent drinking water and irrigation facilities. Three major dams are being constructed in the Yamuna River catchment area, with two currently under construction. The total project cost is Rs 11,320.46 crore, with the state's total share being Rs 215.66 crore. A task force meeting was held to discuss water supply arrangements from Hathini Kund Barrage, involving officials from two states to ensure timely project completion and year-round water availability.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49939 Jul 19, 2025, 07:50 PM

Handmade products exports from Kashmir cross Rs 300 crore-mark in April-June quarter

Kashmir's handmade product exports reached Rs 309.62 crore in the April-June quarter, marking the highest first-quarter performance in four years and representing a significant increase from Rs 126.90 crore in the same period last year. The regional handicrafts department targets over Rs 1,500 crore in craft exports for the current financial year, contingent on reduced global conflicts. Traditional products including shawls, hand-knotted carpets, crewel work, papier mache, chain stitch, and wood carving items drive the export growth. Last year's total exports reached Rs 733.59 crore despite being affected by international conflicts. The government offers an Export Subsidy Scheme providing 10 percent incentives on registered handloom and handicraft exports, with maximum reimbursement of Rs 5 crore per eligible exporter. Officials emphasize that increased exports support local artisans and weavers while encouraging businesses to utilize available design resources and packaging models for enhanced market competitiveness.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49938 Jul 19, 2025, 07:50 PM

Cong doing negative politics : Shah

A Union Home Minister accused the opposition party of engaging in negative politics while the state progresses developmentally. Speaking at an investment festival, the minister responded to criticism from an opposition leader by comparing federal funding allocations between governments. The minister claimed the current administration provided significantly more funding to the state compared to the previous government's ten-year tenure, citing specific amounts for infrastructure projects including roads, railways, and airports. The minister warned the opposition against obstructing development initiatives and predicted the country would become the world's third-largest economy by 2027. The event marked implementation of investment agreements worth over one lakh crore from a previous global investors summit. The minister praised the state's chief minister for introducing investor-friendly policies and establishing streamlined clearance systems. Projects focusing on traditional medicine, tourism infrastructure including religious site connectivity, and employment generation were highlighted as development priorities for the mountainous state.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49937 Jul 19, 2025, 07:50 PM

Reports on AI plane crash premature; fully support AAIB probe: NTSB

The US National Transportation Safety Board chairwoman stated that recent media reports about an aircraft crash are premature and speculative, emphasizing full support for the ongoing investigation. On June 12, a commercial aircraft en route from one Indian city to London crashed into a building shortly after takeoff, resulting in 260 fatalities including 19 ground casualties. Only one passenger survived from the 242 people aboard. The Aircraft Accident Investigation Bureau released a preliminary report on July 12 and urged against spreading premature narratives, stating it remains too early for definitive conclusions. The NTSB chairwoman reinforced this position, directing all investigative inquiries to the investigating bureau while confirming continued support for the probe. Media reports have suggested pilot error as a potential cause, though official conclusions have not been reached.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49936 Jul 19, 2025, 07:50 PM

Tamil Nadu: 49 buffaloes, oxen rescued after illegal transport attempt foiled

Police in Tamil Nadu intercepted a truck attempting to illegally transport 49 buffaloes and oxen out of the state following a tip from an animal activist. The animals were found crammed together in severe distress, with many injured and dehydrated. According to the activist, green chillies had been stuffed into the animals' eyes to force them to remain standing during transport, described as a cruel and illegal practice. The truck driver attempted to flee but was apprehended after an hour-long chase from the toll gate on GST Road. All rescued animals are currently receiving medical treatment at a shelter facility. The operation was conducted with assistance from local animal welfare organizations.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49935 Jul 19, 2025, 07:50 PM

Why Dr. Hemant Barua is India's Most Trusted Astrologer

An astrologer has gained recognition as a leading practitioner in India through a combination of traditional Vedic knowledge and modern scientific approaches. The practitioner has received over 100 awards including recognition as Best Astrologer in India for multiple years and various international honors. The individual specializes in multiple disciplines including Vedic astrology, numerology, and gemology, serving over 85,000 clients with 80-90% coming through referrals. The practitioner has developed innovative techniques called Trimayasha and Grahamyasha for personalized remedies and predictions. Beyond consultations, the astrologer educates through a YouTube channel with over 100,000 subscribers and has mentored more than 100 students. The clientele includes celebrities, politicians, and business leaders who seek guidance for important decisions. The practitioner emphasizes astrology as a structured science based on astronomy and mathematics rather than fortune-telling.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49934 Jul 19, 2025, 07:50 PM

Hyderabad's 24x7 City Vision Progresses Under CM Revanth Reddy; Collector Hari Chandana Brings Urban Expertise to the Table

The Telangana government announced plans to transform Hyderabad into India's first fully operational 24x7 city under the Chief Minister's leadership. The initiative aims to create a vibrant night-time economy across IT, healthcare, retail, logistics, and hospitality sectors, positioning the city alongside global metropolises. The newly appointed Collector brings extensive administrative experience and innovative governance solutions to operationalize this vision. Pilot implementations will begin in high-activity zones including technology corridors and commercial areas, featuring extended business hours, streamlined licensing, and integrated security systems. The government is addressing challenges like noise pollution, traffic management, and zoning regulations while developing safety monitoring systems and public feedback mechanisms. The project emphasizes inclusive urban development, expecting to generate employment opportunities in transportation, food services, emergency care, and logistics, particularly benefiting youth and women seeking flexible work arrangements. International consultants may be engaged to benchmark against global standards, with training modules planned for municipal workers and law enforcement to ensure seamless 24-hour operations.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49933 Jul 19, 2025, 07:50 PM

Congress chief Mallikarjun Kharge accuses PM Modi of 'murdering' Constitution

The Congress President accused the Prime Minister of undermining the Constitution, claiming the ruling party and its ideological affiliate are attempting to rewrite it. Speaking at a Karnataka government development event worth over Rs 2,500 crore, the opposition leader warned that citizens would not permit constitutional changes that could eliminate their rights. He criticized the Prime Minister for visiting numerous countries while avoiding conflict-affected regions, contrasting this with opposition leaders' visits to troubled areas. The Congress leader defended his party's governance in Karnataka, highlighting five guarantee schemes and rejecting claims of state bankruptcy. He challenged the central government to release Karnataka's share of funds, arguing these represent taxpayer money. The opposition leader also questioned claims about national equality, citing contradictory statements from government ministers about increasing poverty and wealth concentration among the affluent. He mocked the ruling party's electoral promises and seat targets, suggesting overconfidence led to underperformance.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49932 Jul 19, 2025, 07:50 PM