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    Merger of banks does not shield tenant from eviction under Delhi Rent Control Act: SC
    Gurugram realty fraud: Delhi court says ED summons to foreign-based son of accused invalid
    TCS Q1 net profit rises 4.61 pc to Rs 13,349 cr
    Government of India Notifies Polymatech Electronics' Semiconductor and Electronic Components SEZ at Nava Raipur, Chhattisgarh
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July 9, 2026
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Landlord consent requirement prevails over bank amalgamation in eviction disputes under rent control law.
Amalgamation of a tenant bank with another bank does not displace the requirement of written consent of the landlord under the Delhi Rent Control Act where the tenant has been assigned or has parted with possession of the premises. A banking scheme of amalgamation cannot override the rent control protection against subletting, assignment, or parting with possession without consent, and an involuntary merger does not confer immunity from the landlord-consent requirement.
July 9, 2026
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Valid service of summons on a foreign national requires due process, not deemed service at a relative's address.
Service of summons at an accused person's residence in India cannot be treated as valid or deemed service on his son who is a foreign national, is not an accused in the predicate offence or the money-laundering case, and has not resided at that address since 2017. The Enforcement Directorate was required to follow the procedure prescribed by law for serving a person living abroad, and service at the applicant's address was non est in law.
July 9, 2026
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Quarterly profit growth at TCS reflects rising revenues, stronger net income and continued employee expansion despite headwinds.
TCS reported a rise in quarterly net profit for the June 2026 quarter, with net profit, net income and revenues all showing year-on-year growth. The company also recorded a sequential increase in revenue from the previous quarter and added over 9,200 employees during the three-month period ending 30 June 2026.
July 9, 2026
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Special Economic Zone notification formalises semiconductor manufacturing and customs framework for export-oriented operations in Chhattisgarh.
The Government of India has notified a Special Economic Zone for the manufacture of semiconductors and electronic components at Mandir Hasaud, Nava Raipur, Atal Nagar, Chhattisgarh, covering 10.13 hectares comprising specified land parcels. The notification also constitutes the Approval Committee for the SEZ and appoints 6 July 2026 as the date from which the SEZ is to be deemed an Inland Container Depot under the Customs Act, 1962, establishing the customs and logistics framework for export-oriented operations.
July 9, 2026
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Rupee appreciation supported by RBI intervention, equity rebound and dollar selling despite crude and geopolitical pressure
The rupee appreciated modestly against the US dollar, supported by a rebound in domestic equities, dollar sales by state-run lenders and suspected RBI intervention. The currency moved within a narrow range before settling higher than the previous close, even as elevated crude oil prices, a stronger global dollar and heightened West Asia tensions continued to weigh on sentiment.
July 9, 2026
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Arbitration training and institutional dispute resolution take centre stage in IICA's expanded certified program.
The second batch of the Certified Arbitration Program was inaugurated as a flagship initiative aimed at building globally benchmarked arbitration professionals and strengthening institutional arbitration in India. The programme stresses enforceable arbitral awards, fairness of process, a code of conduct and sector-specific expertise as core elements of a robust arbitration ecosystem. It also reflects wider efforts to promote alternative dispute resolution, specialised training and practical arbitration skills through expanded module-based content and workshop-focused learning.
July 9, 2026
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Forced labour-linked tariff proposals face Indian criticism over inconsistent exemptions and arbitrary sourcing conditions
Forced labour-linked tariff proposals under the US trade framework drew Indian criticism for inconsistency, because the proposed approach was said to exempt a large number of items that cannot be produced or grown in the United States while still targeting imports linked to alleged forced labour concerns. India argued that such exemptions dilute the stated policy rationale of addressing forced labour in global supply chains and may not meaningfully prevent circumvention practices. India also objected to the textile-related tariff mechanism, stating that reduced tariff treatment based on the use of US-origin cotton and related inputs operates as an arbitrary sourcing requirement for foreign manufacturers.
July 8, 2026
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Fisheries value chain strengthening drives Odisha's export potential through collaboration, processing modernisation and species diversification.
Strengthening of fisheries value chain and export capacity in Odisha was emphasised through closer collaboration among fishers, fish farmers, exporters and cooperatives, along with coordinated action by the Centre, the State, research institutions, financial institutions and sector stakeholders. The focus was on harnessing the State's untapped export potential by improving production linkages, post-harvest systems and sector-wide organisation. Attention was given to capacity building, modernisation of processing facilities, diversification of fish species and fisheries products, and expansion of deep-sea and brackish water fishing to support higher exports, greater value addition and improved fisher incomes.
July 8, 2026
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Ease of Doing Business reforms propose time-bound approvals, simpler compliance and faster refunds to improve investor-friendly regulation.
A draft Ease of Doing Business law proposes time-bound approvals, deemed approvals, self-certification, third-party verification, risk-based inspections and removal of duplicate licensing requirements to reduce procedural hurdles and create a more investor-friendly regulatory environment. The cabinet also approved related industrial investment, payment security and tax reforms, including GST simplification, faster refunds and abolition of the redundant Commercial Tax Tribunal.
July 8, 2026
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Coal levy probe deepens as Ramgopal Agrawal is detained for questioning in linked corruption cases.
Congress leader Ramgopal Agrawal was detained by the Chhattisgarh Economic Offences Wing for questioning in the alleged coal levy matter and was also to be interrogated in connection with liquor and rice custom milling-linked cases. The agency said the action was based on documents, digital evidence, a seized diary and other records, and claimed that the diary contained entries of payments made in the name of "Congress Bhavan".
July 8, 2026
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Anti-money laundering action freezes party bank accounts amid alleged funds misappropriation investigation
Enforcement action under the Prevention of Money Laundering Act resulted in the freezing of three bank accounts of a political party containing substantial deposits, after searches in an alleged funds misappropriation matter. The action reflects use of the anti-money laundering framework to secure bank deposits linked to the investigation.
July 8, 2026
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Prevention of Money Laundering Act freezing of political party bank accounts follows alleged fund routing through related entities.
Freezing of bank deposits under the Prevention of Money Laundering Act arose from an ED investigation into alleged misappropriation and routing of funds through political party bank accounts and related entities. The agency stated that three bank accounts were frozen under Section 17(1A) because the deposits could not practicably be seized and needed to be secured from transfer or further dealing, subject to confirmation by the adjudicating authority. The investigation also concerned transfers to a private aviation group, purchase of aircraft and a helicopter, and alleged payments linked to aircraft usage.
July 8, 2026
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Bilateral investment treaty and free trade agreement talks advance as India and Maldives fast-track wider economic cooperation.
India and the Maldives have concluded negotiations for a bilateral investment treaty, with the text undergoing legal scrubbing before signature, while free trade agreement talks are being fast-tracked. The treaty is intended to promote and protect investments in each other's countries, and the trade discussions form part of a broader effort to reduce or eliminate import duties on goods traded between the two countries.
July 8, 2026
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Digital logistics integration through ULIP aims to improve transparency, efficiency and data-driven coordination in Punjab's supply chain ecosystem.
NICDC Logistics Data Services Limited and the Government of Punjab entered into a Memorandum of Understanding to support the digital transformation of Punjab's logistics ecosystem through the Unified Logistics Interface Platform. The partnership focuses on seamless exchange of real-time logistics data across departments to improve logistics visibility, operational efficiency, inter-departmental coordination, transparency and data-driven decision-making for industry stakeholders. ULIP is described as a unified digital gateway based on API integration across government systems.
July 8, 2026
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Premium Pan Asian dining drives Speciality Restaurants Limited's new Gong format with design-led hospitality and scalable growth.
Speciality Restaurants Limited launched Gong in Bandra as a premium Pan Asian dining concept combining progressive cuisine, immersive interiors and elevated hospitality. The restaurant is positioned as a future-ready format designed for higher average spend per cover, optimised space use and faster table turnover, reflecting the company's focus on innovation-led expansion and experiential dining.
July 8, 2026
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Export expansion and working-capital discipline support Taurian MPS's high-growth roadmap and stronger order-book visibility.
Taurian MPS Limited has outlined a growth strategy centred on achieving a revenue CAGR of over 50% over the next three years through stronger domestic and export order inflows, faster execution, expansion of its international dealer network and improved working-capital efficiency. The company says its current order book of about Rs 83.85 crore provides execution visibility, with domestic orders forming the larger share and export orders contributing the balance. These orders are expected to be executed over the next four to five months, subject to customer advances, final confirmations, site readiness and delivery schedules.
July 8, 2026
Show AI Summary
Money laundering asset freezing under PMLA targets suspected bank deposits and linked transactions pending confirmation.
Freezing of bank deposits under the Prevention of Money Laundering Act operates where an asset cannot practicably be seized and must be protected from transfer or other dealing. An officer may issue a freezing order in respect of bank accounts containing suspected proceeds or linked funds, subject to confirmation by the adjudicating authority within the prescribed time. The investigation also concerns alleged routing of funds through related entities and purchases of aircraft and helicopter assets through connected transactions.
July 8, 2026
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Strategic AI alliance expands Claude across enterprise workflows, internal operations, and large-scale workforce training.
UST entered into a strategic alliance with Anthropic to integrate Claude models across UST's engineering environments, proprietary platforms, industry solutions and internal operations, with the objective of helping enterprise clients adopt trusted AI at scale. The collaboration extends to UST's own operations and includes plans to certify 20,000 associates worldwide on Claude, supported by Anthropic's enablement, technical guidance and certification.
July 8, 2026
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ASEAN-India trade agreement review advances as joint committee urges faster finalisation of pending negotiation chapters.
India hosted the 13th ASEAN-India Trade in Goods Agreement Joint Committee meeting and related hybrid sessions in New Delhi to review progress under the AITIGA Review. The Joint Committee gave strategic guidance to sub-committees on customs procedures and trade facilitation, national treatment and market access, and rules of origin, and urged expeditious finalisation of outstanding review chapters through time-bound deliverables and close coordination within agreed timelines.
July 8, 2026
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Global capabilities hub expansion strengthens cross-border collaboration, talent development, and client-focused growth strategy.
CIBC announced the opening of a global capabilities hub in Hyderabad, India, to support its modernization and growth strategy. The new office is intended to strengthen the bank's global footprint, expand its talent pool, and accelerate client-focused growth by insourcing work previously managed by third parties. The announcement also highlights cross-business and cross-border collaboration within CIBC's global network.

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Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman outlines 5Rs of responsive tax governance; Calls for greater tax certainty and reduced litigation at the 167th Income Tax celebrations in New Delhi

July 25, 2026

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The Union Finance Minister reiterates fair, efficient, transparent and taxpayer-centric administration

Income-tax Act, 2025 and new rules and forms mark landmark reforms towards simpler and taxpayer-friendly tax system: Revenue Secretary Shri Arvind Shrivastava

CBDT Chairman Ravi Agarwal highlights progress in faster return processing, grievance redressal and litigation reduction

CBDT advances technology-led tax administration through PAN 2.0, ITBA 2.0, IEC 3.0 and SAKSHAM NUDGE

FM Smt. Sitharaman releases six publications highlighting India's growing leadership in international taxation and taxpayer-centric governance

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 167th anniversary of Income Tax Day celebrations by Central Board of Direct Taxes (CBDT) in New Delhi.

Shri Arvind Srivastava, Secretary, D/o Revenue; Shri Ravi Agrawal, Chairman, CBDT; Shri Vivek Chaturvedi, Chairman, CBIC: Members of CBDT and CBIC and other senior officers and officials of the Department were present on the occasion.

Addressing the 167th Income Tax Day celebrations, Union Finance Minister Smt. Sitharaman emphasised that the role of the Income Tax Department has evolved from tax collection to building a fair, efficient, transparent and taxpayer-centric tax administration. She described the implementation of the Income-tax Act, 2025 as a landmark reform that has simplified the law, reduced compliance costs and strengthened ease of doing business. She also highlighted the enhanced capacity of the e-Filing portal, improved return processing, prompt refunds and significant progress in grievance redressal, while stressing that the Department must move beyond disposal of grievances to analysing recurring issues and preventing them through systemic improvements. She outlined the 5Rs of Responsive Tax Governance - Recognise, Respond, Redress, Reflect and Reform, as guiding principles for taxpayer service, emphasising that honest taxpayers should experience convenience, opportunities to correct bona fide errors and a tax administration that exercises its authority with humility. Stressing that taxpayers are partners in India's development, she called for a continued focus on reducing litigation by strengthening tax certainty.

FM Smt. Sitharaman also underlined the importance of strengthening institutional capacity through modern infrastructure, technology and continuous investment in human capital. She appreciated the progress made in upgrading offices and welfare facilities and called for greater capacity building in emerging areas such as artificial intelligence, data analytics, forensic accounting, international taxation, transfer pricing, digital assets, cybersecurity and leadership development. She urged the Department to deepen voluntary compliance, further simplify the taxpayer experience, strengthen tax certainty, harness technology responsibly, build institutional excellence, reinforce public trust and embrace continuous improvement. Congratulating the officers and staff of the Income Tax Department on the occasion of the 167th Income Tax Day, she expressed confidence that the Department would continue to play a pivotal role in promoting ease of doing business, strengthening taxpayer confidence and supporting India's economic growth.

In his address on the occasion, Shri Arvind Shrivastava, Secretary, D/o Revenue, Ministry of Finance, extended his greetings to the officers and officials of the Income Tax Department and described the implementation of the Income-tax Act, 2025 and the new Income-tax Rules and Forms as landmark reforms towards a simpler, clearer and more taxpayer-friendly tax system, and appreciated the Department's efforts in strengthening taxpayer outreach, grievance redressal, litigation management and technology-driven service delivery. Emphasising the need to leverage technology while keeping taxpayers at the centre of reforms, he called for continued focus on ease of compliance, tax certainty, quality service delivery and innovation, and expressed confidence that the Department would continue to strengthen public trust and contribute to the vision of Viksit Bharat by 2047.

Welcoming the dignitaries on behalf of the Income Tax Department, Shri Ravi Agrawal, recalled the priorities set out by the Union Finance Minister during the previous Income Tax Day celebrations and the expectations articulated at the PRARAMBH programme earlier this year, he outlined the Department's progress over the past year in translating those directions into measurable outcomes. He highlighted the Department's sustained efforts towards reducing litigation, faster disposal of appeals and enhancing tax certainty through Advance Pricing Agreements.

He also noted the achievements in the areas of expeditious return processing, appeal-effect orders and refunds, and strengthening grievance redressal. He further highlighted the Department's achievements in expanding taxpayer outreach through initiatives such as PRARAMBH and Samvaad. He also underscored the Department's continued focus on leveraging technology through initiatives such as PAN 2.0, ITBA 2.0, IEC 3.0, Kar Saathi and the SAKSHAM NUDGE framework to simplify compliance, improve taxpayer experience and strengthen voluntary compliance. He expressed his appreciation to all CBDT verticals, including the Exemptions vertical, and the officers involved in framing the Rules and Forms under the Income-tax Act, 2025. Expressing gratitude for the continued guidance and support of the Hon'ble Finance Minister, he reaffirmed the Department's commitment to building a fair, transparent and trusted tax administration through innovation, collaboration and citizen-centric governance.

The Union Finance Minister also released six flagship publications of the Income Tax Department, reflecting its continued commitment to knowledge sharing, capacity building, transparency and taxpayer-centric governance. These included:

  • Avlokan, the inaugural Annual Report of the FT&TR Division highlighting India's growing leadership in international taxation;
  • The Manual on Exchange of Information; the updated Guidance Note on FATCA & CRS;
  • India's first comprehensive Guidance Note on Crypto Asset Reporting Obligations for Crypto-Asset Service Providers;
  • The Annual Report of the APA Programme, showcasing the programme's progress; and
  • Re-engineering Tax Governance, tracing the Department's journey of transformation from paper-based processes to an integrated, technology-driven and taxpayer-centric digital ecosystem.

Four short films showcasing the history of taxation, the Karmyogi Shiksha Path Portal, achievements of Income-Tax department in FY 2025-26 and the reimagining of taxpayer communication in the digital age were also screened during the event.

The function ended with a vote of thanks proposed by Smt. G. Aparna Rao, Member, CBDT. She thanked the Union Finance Minister for gracing the occasion and inspiring the Department with her words of wisdom. She also thanked all the other dignitaries present on the occasion. She also thanked the media and organisers of the event.

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Acts Income Tax