Business

Investigations uncover organised rackets operated by certain ITR preparers and intermediaries filing returns, claiming fictitious deductions and exemptions Data analysis reveals misuse of deductions under sections 10(13A), 80GGC, 80E, 80D, 80EE, 80EEB, 80G, 80GGA, and 80DDB The Income Tax Department initiated a large-scale verification operation across multiple locations in the country today, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). This action follows a detailed analysis of the misuse of tax benefits…

Air Cargo Forum India (ACFI) and ASCELA Insights today released the knowledge paper titled ‘India’s Air Cargo Horizon – Seizing Global Reroutes, Regional Dominance and Resilience’, which unveils a transformative vision to position India as a global air cargo hub. The knowledge paper was released today at the 4th ACFI Annual Conclave in New Delhi. With India’s air cargo volumes projected to triple to 10 million metric tonnes per annum (MTPA) by 2030, the paper highlights the sector’s rapid evolution,…

Bank Employees Federation of India (BEFI) has alleged that the Centre’s move to sell shares of State Bank of India (SBI) worth Rs 25,000 crore is an open attempt to privatize the bank in a phased manner sacrificing national interests. “In 2017, the bank had sold 522 million shares. This reduced the government’s stake in the bank to 56.92%. Now, with the completion of the targeted share sale, the government’s stake will diminish below 55% percent“, BEFI vice president Saji…

In a follow up operation connected with investigation of a case initiated in Bengaluru, the officers of Directorate General of GST Intelligence, Bengaluru Zonal Unit, carried out searches in over six premises in Delhi, and uncovered fraudulent invoices worth over Rs 266 crore, involving availment and passing on of fraudulent Input Tax Credit (ITC) of Rs 48 crore from the shell companies. The masterminds floated shell companies with no actual business activity, carried circular trading to inflate turnover, listed one…

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading Non-Banking Financial Company, has contributed ₹20 crore through its CSR arm, REC Foundation, to the Armed Forces Flag Day Fund (AFFDF). The grant will support the education of 16,667 children of ex-servicemen, martyrs, and war widows from the Army, Navy, and Air Force. The contribution was formalised through a Memorandum of Agreement signed between Shri Pradeep Fellows, Executive Director (CSR), REC Limited, and Brigadier D.S. Basera, Secretary,…

At SMISS-AP 2025 in Mumbai, Adani Pledges ₹60,000 Cr for Healthcare, Announces AI-First 1,000-Bed ‘Healthcare Temples’ in Ahmedabad and Mumbai Mumbai — In a thought-provoking keynote at the 5th Annual Conference of the Society for Minimally Invasive Spine Surgery – Asia Pacific (SMISS-AP), Gautam Adani, Chairman of the Adani Group, laid out an ambitious vision to transform India’s healthcare landscape. Addressing a gathering of spine specialists at the Taj Mahal Palace Hotel, Adani praised the role of spine doctors in…

Despite High Import Duties, Elon Musk’s EV Giant Begins India Journey with $1 Million Worth of Imports Tesla is officially entering the Indian automobile market with the opening of its first showroom in Mumbai next week. The electric vehicle (EV) giant will inaugurate its Tesla Experience Centre at the Bandra Kurla Complex (BKC), one of Mumbai’s prime commercial hubs, on July 15. In media invitations sent out on Thursday, Tesla described the event as the “launch of Tesla in India.”…

As the global economy is on the half-year path, extra economic turmoil are hindering global trades. A decade-long rise in trade restrictions has been manifested by sharp tariff hikes and retaliatory measures from major economies over the past three months. Although some of these measures have since been rolled back and fresh negotiations are underway, businesses are still navigating errant waters including elevated policy uncertainty, stretched supply chains, and the ever-present threat of new barriers. It has now become necessary…

Nutella maker Ferrero Group is buying cereal giant WK Kellogg Co in a $3.1 billion deal. Ferrero said that it “plans to invest in and grow” the Kellogg business, which includes 14,000 employees and 22 plants. The sale comes at a volatile time for the snack industry, as consumer preferences are changing: Buyers are pulling back spending in response to higher prices, and they’re also shifting to private labels. WK Kellogg’s CEO Gary Pilnick faced backlash last year after he…

RECPDCL, a wholly owned subsidiary of REC Limited, has signed the PIA Agreement and the DDF Agreement for the “Appointment of Advanced Metering Infrastructure (AMI) Service Provider for the rollout of 33.26 Lakh Smart Prepaid Metering (Phase-II Project) under the RDSS Scheme in Paschim Gujarat Vij Company Limited (PGVCL) jurisdiction on DBFOOT basis” on 10.07.2025 at Rajkot, Gujarat. Further, the AMISP Contract Agreement was also signed by RECPDCL with M/s Bharat Grid Private Limited, a joint venture between Actis and…