Era Infra sees no immediate closure even after three years, as litigation and procedural delays slow down the insolvency process

A division bench of justices' TS Sivagnanam and V Bhavani Subbaroyan recorded the submissions made by the IT department and issued notice to the music composer

Apart from rise in financial frauds in private companies in India, recent years have also witnessed a rise in the role of shell companies and tax havens in their operations, raising further concerns about illicit operations

The case pertains to assessment years 2011-12 and 2012-13 on money spent by the Trust for creating an endowment fund at Cornell University, US, to provide scholarships to Indian students and granting financial assistance to the Harvard Business School

Tata Education and Development Trust has been allowed to claim tax exemptions on those expenditures after their appeal on a demand of  Rs 110 crore by the tax department

Arguing the stay Tata Education and Development Trusts said that amendment, that puts a deposit condition before ITAT grants a stay, is \"directive and not mandatory\"

Shell companies are intrinsic to the global and Indian economy, but they require a high level of oversight to prevent them from becoming conduits for illicit financial flows

Tax havens have powerful backers; they include big nations including the UK and the US, reputed international bankers, accountants, law firms and many others which makes it difficult to discipline them

Yes Bank's former promoter, his family are accused of using shell companies to defraud the bank

Telcos owe Rs 1.47 lakh crore to DoT, including Rs 92,600 crore as licence fee and Rs 55,100 crore as spectrum usage charges; of total amount, Vodafone Idea owes maximum Rs 53,000 crore

Most leading Tata companies, including Tata Power, Tata Steel and Tata Motors, are burdened by debt, making the group overdependent on TCS, its sole money spinner

Delhi election 2020: Sunita Kejriwal, who used to work in Indian Revenue Service (IRS), quit her job by opting for the voluntary retirement scheme in 2016

Chief Justice of India SA Bobde said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases

Share Market Update: The 30-share BSE Sensex ended 205 points lower at 41,323. Similarly, the broader index NSE Nifty closed 54 points lower at 12,169.

Even as banks lower their NPAs for the year, new areas of stress are emerging that may create headaches for the financial sector and the RBI

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The NCLAT has granted Tata Group four weeks to file an appeal against its judgement. The order restoring Cyrus Mistry as executive chairman will only be operational after this time period

Both Bharti and Vodafone Idea have appealed to the government to review the impact of the decision on the sector. Vodafone has said that it could also look at filing a review application on the court's order if there's any scope

As per data presented by the Ministry of Corporate Affairs in Parliament, the government was only able to collect 16-17.3 per cent of the corporate tax arrears annually in the last three fiscals

All the regional heads of the Income-Tax department have been asked to compile this data in a tabular format and send it to the Central Board of Direct Taxes by September 5