The Supreme Court on Monday held that the income tax authorities cannot add to a taxpayer's income under Section 153A of the Income Tax Act if no incriminating evidence is found during a search, a report by BusinessLine (BL) said. The court, however, left the scope for the authorities to re-open the cases of tax violation if any incriminating evidence emerges later.

Section 153A of the I-T Act specifies a process to determine the income of the searched individual. It aims to bring undisclosed income under the tax. The cases can be re-opened under Section 147/148.

In a bid to assist in the last-mile deliveries, electric vehicle (EV)-as-a-service platform Zypp Electric, on Tuesday announced it would deploy 100,000 e-scooters in India in association with Zomato by 2024. This is a part of Zomato's plan to go completely electric by 2030.

Food delivery is all on two-wheelers and is mostly running on petrol and at the same time wanting to shift to EVs to save costs.

Shares of Crompton Greaves Consumer Electricals (CGCEL) hit a 52-week low of Rs 256.05, as they tanked 13 per cent on the BSE in Tuesday’s intra-day trade after the company announced the resignation of Mathew Job as Chief Executive Officer (CEO) & Director of the company to pursue other career interests.

The stock of household appliances company fell below its previous low of Rs 278.10, touched on March 20, 2023.

A message issuing a life threat to Uttar Pradesh Chief Minister Yogi Adityanath was sent on the UP 112 WhatsApp group, police said, adding that a case has been registered at the Sushant Golf City police station and a probe is currently underway.

In a complaint, inspector, Operation Commander Dial 112, UP headquarters, Sahendra Kumar said that a caller sent a message stating that he "would kill Chief Minister Yogi".

Shares of Ipca Laboratories slipped 9 per cent to hit a 52-week low of Rs 751 on the BSE in Tuesday’s intra-day trade after the company's board of directors approved an acquisition of 33.38 per cent stake in Unichem Laboratories for Rs 1,034 crore from one of its promoter shareholders.

The stock of the pharmaceutical company has fallen below its previous low of Rs 768, touched on March 16, 2023.

JM Financial Home Loans and Indostar Capital Finance on Monday said that the companies are engaged in preliminary discussions to explore potential merger and listing of the retail mortgage portfolio of JM Financial and the home finance business of Indostar Home Finance including other mortgage-backed business of Indostar.

FSN E-Commerce Ventures, the parent company of Nykaa on Monday announced the appointment of several senior executives. In the past few weeks, the startup saw several top-level exits. The new executives will drive the "company's growth agenda forward", the BSE filing of the company said.

According to the announcement, Rajesh Uppalapati will be the company's new chief technology officer (CTO). He has worked with Amazon for 20 years. Abhishek Awasthi, Eswar Perla, Dhruv Mathur, and Amit Kulshrestha will join the existing technology leadership team.

Ola Electric and Ather Energy will incorporate the charger price for their e-scooters within the ex-factory price and not bill it separately as an add-on as they did earlier.

The two companies are complying with a direction from the Department of Heavy Industries, which said failure to do so could result in the suspension of the subsidies they receive on each scooter.

The apparel market in India grew by 15 per cent during 2022-23. However, the expansion in the apparel market was not led by an increase in sales but by price hikes, The Economic Times(ET) said in a report. In fact, sales went down by 3 per cent according to data released by the Clothing Manufacturers Association of India (CMAI), the report said.

Growth in sales is above pre-pandemic levels, but this growth came about only during Diwali last year.

Adani Ports & Special Economic Zone Ltd. has started the conglomerate’s first bond buyback since it was targeted by a short seller in January, sending its July 2024 notes to its biggest gain in a month.

The company also said it plans to buy back $130 million of the 3.375 per cent senior notes in each of the next four quarters as it tries to show its comfortable liquidity position, the firm said in stock exchange filing.

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