Birch by Romeo Lane nightclub flagged for illegal construction, demolition of sluice gate and unsafe operation.
An inspection confirmed that the Birch by Romeo Lane nightclub involved illegal construction within a salt pan, including demolition of the traditional sluice gate, discharge of sewage into the Baga river, mis utilisation of open spaces in contravention of building bylaws, and extensive landfilling of about 25,750 square metres; two central structures housing the nightclub were identified and the proprietor did not produce documents when requested.

Farmers and workers pledge nationwide resistance to recent agricultural, electricity, seeds and labour reforms until repeal.
Political parties and farmers' organisations pledged coordinated pan-India resistance until repeal of measures they deem anti-farmer and anti-worker, targeting the Seeds Bill, Electricity Bill, VB-GRAMG Act replacing the rural employment guarantee, and the four Labour Codes as threats to livelihoods, food security and workers' rights. They coupled opposition with affirmative demands for MSP based on the C2+50 formula with guaranteed procurement, comprehensive loan waivers, employment security and protection of federal principles, and committed to sustained joint action with trade and agricultural unions.

Tiger Global capital gains tax assessment revived; withheld refunds to be processed through completed assessments following legal ruling.
The indirect transfer of Flipkart shares by Mauritius entities is taxable in India; the entities were treated as interposed with limited substance and the arrangement as structured to obtain treaty benefits invoking treaty abuse. Withholding at reduced rates led to TDS of about Rs 967.52 crore, and refunds were withheld pending determination. A legal ruling held that possession of a Tax Residency Certificate does not bar inquiry into conduit status and confirmed impermissible avoidance, directing Assessing Officers to complete assessments and address withheld refunds through consequential demand proceedings.

Tiger Global exit from Flipkart prompts stricter scrutiny of holding structures; TRCs won't guarantee treaty relief for conduit entities.
The Supreme Court held that capital gains from the sale of shares by Mauritius entities deriving substantial value from Indian assets are taxable in India, and that possession of a Tax Residency Certificate does not preclude inquiry where intermediary entities are alleged conduits; treaty benefits may be denied if entities lack genuine economic substance, permitting tax authorities to pierce structures and refuse DTAA protection.

Tiger Global capital gains from 2018 Flipkart exit deemed taxable in India; DTAA exemption denied.
Capital gains from Tiger Global's 2018 exit from Flipkart are taxable in India because the sale of unlisted equity shares occurred pursuant to an arrangement impermissible under law, precluding exemption under Article 13(4) of the DTAA; the revenue finding on the impermissible arrangement and intermediary corporate structure was upheld against the Delhi High Court's contrary characterisation.

Former Goa CM's restaurant sealed for illegal construction on salt pan land to halt unauthorised commercial use and protect public safety.
A deputy collector ordered sealing of a 700 sq.mt. restaurant on survey no. 52/1 at Arambol after a Mamlatdar report found structures, including a wooden pathway in a water body, erected on land recorded as a salt pan and shown as such in the Regional Plan without required permissions; the order directed immediate sealing to stop commercial operations and protect public safety.

Infosys Q3: modest revenue growth, adjusted margins, $4.8B large deal wins and a $143M labour code adjustment.
Infosys reported Q3 revenues of $5,099 million (1.7% YoY, 0.6% QoQ CC), reported IFRS operating margin of 18.4% and adjusted non IFRS operating margin of 21.2%; adjusted free cash flow was $965 million (112.8% of adjusted net profit). The company recorded a $143 million adjustment for the Government of India Labour Codes-an increase in gratuity and leave liabilities-reconciling reported IFRS measures to adjusted non IFRS measures. FY26 revenue guidance was revised to 3.0%-3.5% CC and operating margin guidance to 20%-22% (excluding the labour adjustment).

New labour codes prompt one-time employee liability charges at major IT firms, including Infosys, TCS and HCLTech.
Implementation of the Labour Codes led to material one time increases in gratuity and leave liabilities recognised as exceptional charges: Infosys recorded Rs 1,289 crore (USD 143 million) for past service cost and leave liability increases; TCS reported a Rs 2,128 crore statutory impact; HCLTech disclosed a USD 82 million provision.

Income tax collections rose about 8.8% to Rs. 18.38 lakh crore, driven by higher corporate receipts and slower refunds.
Net Direct Tax Collection rose about 8.82% to over Rs 18.38 lakh crore year to date through January 11, driven by slower refunds and stronger corporate tax mop up; net corporate tax receipts grew 12.4% to over Rs 8.63 lakh crore and taxes from non corporates rose 6.39% to about Rs 9.30 lakh crore.

Rupee falls amid crude gains and FII outflows; net direct tax collections rise 8.82% to Rs 18.38 lakh crore.
The rupee fell to 90.21 against the US dollar amid higher crude prices, a stronger dollar, FII outflows, geopolitical tensions and weak equity markets, with traders eyeing US inflation data and a 90.10-90.70 trading range. Separately, the Income Tax Department reported net direct tax collection up about 8.82% to over Rs 18.38 lakh crore through January 11, driven by slower refunds and stronger corporate tax mop up; corporate receipts rose c.12.4% and non corporate receipts c.6.39%.

Rupee weakens amid stronger dollar and outflows; direct tax receipts rise, aided by slower refunds and corporate tax gains.
The rupee weakened to 90.22 against the US dollar amid stronger dollar demand, higher crude prices and persistent foreign investor outflows, while net direct tax collections rose about 8.82% to over Rs 18.38 lakh crore to January 11, with corporate tax up 12.4% and non corporate taxes up 6.39%, partly owing to slower refunds and improved corporate tax mop up.

Income tax collections rose 8.82% to Rs 18.38 lakh crore, driven by corporate tax mop up and slower refunds.
Net direct tax receipts grew about 8.82% to roughly Rs 18.38 lakh crore to January 11, driven mainly by higher corporate tax mop up and slower refund disbursements, increasing the government's net tax position without indicating substantive policy changes.

Net direct tax collections rose due to slower refunds and stronger corporate tax receipts through Jan 11.
Net direct tax receipts rose 8.82% to Rs 18.38 lakh crore through January 11, mainly because refunds fell 17% to Rs 3.12 lakh crore and corporate tax collections increased 12.4% to Rs 8.63 lakh crore; non corporate receipts rose 6.39% to about Rs 9.30 lakh crore while gross direct tax collection was about Rs 21.50 lakh crore.

TCS: new labour codes caused a Rs 2,128 crore statutory impact, mainly gratuity and leave encashment provisions.
Implementation of the new labour codes triggered a one time statutory impact of Rs 2,128 crore, with over Rs 2,100 crore set aside-about Rs 1,800 crore for gratuity and Rs 300 crore for leave encashments-creating a 0.10-0.15 percentage point ongoing margin drag and reducing reported profit for the quarter.

Net direct tax collections rose 8.82% to Rs18.38 lakh crore; refunds down 17% and government projects Rs25.20 lakh crore target.
Net direct tax collections rose 8.82% to Rs 18.38 lakh crore through January 11, comprising over Rs 8.63 lakh crore from corporate tax and Rs 9.30 lakh crore from non-corporates. Securities Transaction Tax receipts were Rs 44,867 crore and refunds fell 17% to Rs 3.12 lakh crore; gross direct tax collections were about Rs 21.50 lakh crore. The government projects direct tax receipts of Rs 25.20 lakh crore for fiscal 2025-26 and an STT target of Rs 78,000 crore.

TCS profit down after Rs 2,128 crore statutory hit from new labour code implementation; headcount reduced amid restructuring.
TCS's December-quarter net profit fell to Rs 10,657 crore due mainly to a Rs 2,128 crore statutory impact from implementation of the new labour codes; excluding this one-time effect profit would have risen to Rs 13,438 crore. Headcount declined by 11,151 to 5,82,163 amid restructuring and planned layoffs. Revenue rose to Rs 67,087 crore with operating margin at 25.2%. The board recommended a dividend of Rs 57 per share, including a special dividend of Rs 46.

TCS Q3 disclosure: net profit down 13.9%, revenue up 4.9%, AI revenue and deal wins highlighted.
Corporate financial disclosure: Tata Consultancy Services announced a 13.91% decline in Q3 consolidated net profit to Rs 10,657 crore, a 4.86% rise in revenue to Rs 67,087 crore, and a stable operating margin of 25.2%. Management reported annualized AI revenues of USD 1.8 billion and total contract value wins of USD 9.3 billion, and noted the stock's modest intraday market movement on the BSE.

Income Tax Act 2025 simplifies direct tax law, creates a single tax year and permits TDS refunds after late ITRs.
The Income Tax Act, 2025 is a revenue-neutral replacement of the 1961 Act that halves textual volume, removes obsolete provisions, and consolidates direct tax rules. It replaces the assessment/previous year regime with a single tax year and permits TDS refunds even when returns are filed late without penal charges. Implementation depends on rules and return forms to be notified after the FY27 Budget, which will also supply any rate or substantive amendments to be incorporated into the Act.

ED searches of political consultancy I-PAC ignite clash over alleged money laundering and obstruction of probe.
The central agency conducted searches of a political consultancy and its director's residence in a money laundering probe tied to alleged coal smuggling, alleging hawala-linked payments to the consultancy and seizure of physical and electronic materials; it asserts that the state chief minister and police removed evidence, amounting to obstruction under the Prevention of Money Laundering Act, while the consultancy challenged the legality of the searches and both sides moved high court filings amid electoral sensitivity over party IT and campaign data.

Indian economy expected to grow 7.4% in FY26 driven by GST rationalisation, income tax relief and demand-side support.
The First Advance Estimates project real GDP growth of 7.4% in FY26 and inform Union Budget preparation; policy measures cited as underpinning this include GST rationalisation, income tax relief, implemented labour reforms, and accommodative monetary settings. Sectoral GVA gains are led by services and manufacturing, with moderated agricultural growth. Nominal GDP is estimated to rise 8.0%, affecting revenue expectations and fiscal space through non-tax receipts and potential expenditure savings that together influence fiscal deficit management and budgetary calibration.