Tax Demands By Banking Industry

Delhi HC restrains GST department from coercive action against CCI

HC grants interim relief to CCI in tax demand case, citing earlier ruling favouring regulators; GST department directed to respond by July-end

No tax demand after resolution plan approval, says Supreme Court

A corporate debtor, under IBC, is a company or LLP that owes a debt to any person. A successful resolution applicant is a person or entity whose resolution plan is approved by lenders and NCLT

Grievances for unextinguished tax demands can be submitted to CPC

Avoid doing so until April as CPC has been given 2-mth deadline for this task

BoB Q3 results: Profit up 19% at Rs 4,579 cr, total income at Rs 31,416 cr

State-owned Bank of Baroda (BoB) on Wednesday posted a 19 per cent increase in profit at Rs 4,579 crore for third quarter ended December 2023. The bank had earned a net profit of Rs 3,853 crore in the same quarter a year ago. Total income increased to Rs 31,416 crore during the quarter under review from Rs 27,092 crore in the same period last year, BoB said in a regulatory filing. Interest income of the bank rose to Rs 28,605 crore from Rs 23,540 crore in the third quarter of previous fiscal. Gross Non-Performing Assets (NPAs) of the bank declined to 3.08 per cent of gross loans by the end of December 2023 from 4.53 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.70 per cent from 0.99 per cent at the end of third quarter of the previous fiscal. However, Capital Adequacy Ratio of the bank moderated to 14.72 per cent as against 14.93 per cent at the end of December 2022. During December quarter FY24, the bank made a contingent provision of Rs 50.49 crore in re

Tax demands against banking sector: Revenue authorities on weak footing

These indirect demands are mostly based on a hyper-technical interpretation of the legal provisions and are unlikely to sustain in the face of judicial scrutiny