Latest news with #Mundra
Al Arabiya
6 days ago
- Business
- Al Arabiya
Tanker with Russian oil gets diverted to Indian port, sources say
An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday. Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft, was among companies targeted in a fresh package of sanctions imposed by the European Union on Russia. The Omni tanker, carrying about 700,000 barrels of Urals, arrived at Vadinar port on July 18 and is now anchored off Mundra port, according to data from LSEG and Kpler and the sources on Thursday. Its destination was changed from Vadinar to Mundra on Wednesday, the data showed. It was not immediately clear why the cargo was not unloaded at Vadinar. The cargo has now been bought by a refinery operated by HPCL-Mittal Energy Ltd (HMEL), a joint venture between Hindustan Petroleum Corp and Mittal Energy Investments, the sources said. HMEL operates a 226,000 barrel-per-day refinery in northern Punjab state. HMEL and Nayara did not immediately respond to requests for comment. Nayara operates a 400,000-bpd refinery in western India.
Reuters
6 days ago
- Business
- Reuters
Tanker with Russian oil for sanctions-hit Nayara Energy diverts to another Indian port, sources say
NEW DELHI, July 24 (Reuters) - An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday. Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft ( opens new tab, was among companies targeted in a fresh package of sanctions imposed by the European Union on Russia. The Omni tanker, carrying about 700,000 barrels of Urals, arrived at Vadinar port on July 18 and is now anchored off Mundra port, according to data from LSEG and Kpler and the sources on Thursday. Its destination was changed from Vadinar to Mundra on Wednesday, the data showed. It was not immediately clear why the cargo was not unloaded at Vadinar. The cargo has now been bought by a refinery operated by HPCL-Mittal Energy Ltd (HMEL), a joint venture between Hindustan Petroleum Corp ( opens new tab and Mittal Energy Investments, the sources said. HMEL operates a 226,000 barrel-per-day refinery in northern Punjab state. HMEL and Nayara did not immediately respond to requests for comment. Nayara operates a 400,000-bpd refinery in western India.
Forbes
18-07-2025
- Business
- Forbes
Wilmar Buys Billionaire Gautam Adani's 20% Stake In Indian JV For $824 Million
Workers outside the AWL Agri Business (Previously Adani Wilmar) edible oil manufacturing unit in ... More Mundra, Gujarat, India, on Wednesday, Feb. 8, 2023. Photographer: Dhiraj Singh/Bloomberg Wilmar International—the Singapore-based palm oil giant cofounded by Malaysia's richest tycoon Robert Kuok and his nephew Kuok Khoon Hong—has agreed to buy billionaire Gautam Adani's 20% stake in their Indian joint venture company AWL Agri Business for 71.4 billion rupees ($824 million). The Adani Group has been divesting its shares in AWL. In December, Adani Enterprises announced that it intends to completely divest its stake in the company to focus on its core infrastructure businesses in renewable energy, transport, and logistics. The following month, Adani Commodities sold 13.5% of AWL to the public, raising public ownership in the company to 23%. With a market cap of $4 billion, AWL, which went public in India in 2022, is the largest consumer foods manufacturer in India, with interests in edible oils, oleochemicals as well as food staples such as rice, sugar and wheat. Upon completion of the transaction, which is pending regulatory approvals, Wilmar will own about 64% stake in AWL once the deal is completed. Adani Group plans to sell its remaining 10.4% stake in AWL to pre-identified investors, according to an announcement released on Thursday. AWL is one of over 10 joint ventures run by Wilmar, which counts Robert Kuok and his nephew Khoon Hong among its biggest shareholders. Robert, who has an estimated net worth of $12.5 billion, also has interests in Shangri-La hotels, data centers, real estate, shipping, and logistics. Khoon Hong, chairman of Wilmar, has a net worth of $3.4 billion, which also includes his stake in Perennial Holdings, which is building Singapore's tallest skyscraper in partnership with ecommerce giant Alibaba.
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Business Standard
01-07-2025
- Business
- Business Standard
Up to 200% penalty for tax misreporting: What every filer should know
Taxpayers who conceal income, omit sources, or inaccurately claim deductions may find themselves facing serious financial and legal consequences. Whether it's an inadvertent error or a deliberate act, the Income Tax Department has a robust mechanism to detect mismatches and a legal framework that allows it to levy stiff penalties or initiate prosecution. Two tax experts, Suresh Surana, a chartered accountant, and Shefali Mundra, a chartered accountant and tax expert at ClearTax, explain what the law says and what taxpayers need to watch out for. What penalties apply for underreporting, misreporting or concealment? According to Surana, penalties under different sections of the Income Tax Act depend on the nature of the discrepancy: Underreporting (Section 270A): This attracts a penalty of 50 per cent of the tax payable on the underreported income. Misreporting (Section 270A): If income is deliberately misrepresented, the penalty increases to 200 per cent of the tax on such income. This includes use of false invoices or fictitious claims. Concealment (Section 271(1)(c)): Applicable to older assessment years (prior to FY 2016–17), where penalties can range from 100 per cent to 300 per cent of the tax evaded. Unexplained investments (Section 271AAC): A 10 per cent penalty applies in addition to a 60 per cent tax plus surcharge and cess. Wilful tax evasion (Section 276C): May invite prosecution with imprisonment from three months up to seven years, especially if the tax evaded exceeds ~25,00000. Mundra adds that apart from these, interest penalties under Sections 234A, 234B, and 234C are also applicable for late filing, short payment, or deferment of advance tax. How is underreporting typically detected? Detection is no longer reliant on traditional audits. Surana explains that the department uses data from the Annual Information Statement (AIS), Form 26AS, TDS filings, GST returns, and third-party reports such as those from banks, mutual funds, or property registrars. Any inconsistency between disclosed and reported transactions can trigger scrutiny. Additionally, the system receives inputs under global information-sharing agreements, enabling detection of unreported foreign assets. Technology plays a key role here. Mundra adds that AI-based risk models now analyse patterns across data points to flag returns with inconsistencies, unusual behaviour or repeated underreporting. Can penalties be avoided if the error is corrected? Yes, in certain situations. Surana explains that if a taxpayer files a revised return under Section 139(5) or an updated return under Section 139(8A) before detection by the tax authorities, penalties may not apply, provided full tax and interest are paid. Further, Section 270AA allows for immunity from penalties and prosecution where tax is paid and no appeal is filed. Courts have also accepted bona fide error or reasonable cause in some cases under Section 273B. According to Mundra, voluntary correction and cooperation during assessment can play a significant role in avoiding penalty, especially if the non-compliance was unintentional. The role of faceless and AI-driven assessments Under the Faceless Assessment Scheme (Section 144B), cases are handled digitally with no physical interaction. Surana points out that the system enhances objectivity and transparency while allowing the department to pull in data from multiple digital sources to ensure consistency. Mundra notes that AI and machine learning models are already in place to flag returns based on spending, reporting history, and third-party disclosures. The process may seem invisible, but it is highly automated and rigorous.
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Business Standard
26-06-2025
- Business
- Business Standard
Unlimited but repeated ITR revisions may cause scrutiny, say experts
Revising income tax returns (ITR) multiple times by taxpayers in case of an error or discrepancy may invite scrutiny. Experts warn that careless or excessive revisions might not go unnoticed by the tax department's AI-driven systems. No cap on revisions, but a clear deadline There is no limit to the number of times an ITR can be revised under the Income Tax Act. As long as you're within the time frame, December 31 of the relevant assessment year, or before the assessment is completed, whichever is earlier, one can file multiple revisions. 'Section 139(5) does not limit how many times a return can be revised,' explains Shefali Mundra, chartered accountant and tax expert at ClearTax. 'But each revision must happen within the deadline, else it becomes invalid.' Niyati Shah, chartered accountant and vertical head of personal tax at 1 Finance, adds, 'Each revised return supersedes the last. So accuracy becomes extremely important, because your final filed version is what matters.' Frequent changes could raise red flags While the law allows multiple revisions, experts caution against overuse, especially when the revisions lead to significant changes in reported income, deductions, or tax paid. 'The Income Tax Department uses AI-based anomaly detection,' says Kumarmanglam Vijay, partner and head of practice, direct tax at JSA Advocates & Solicitors. 'Multiple revisions without valid reasons could delay refunds or trigger scrutiny under CASS.' Sujit Bangar, founder of adds a caveat: 'If revisions are due to minor issues and don't impact your tax calculations, the number of revisions isn't a concern. But material changes must be justifiable and documented.' Can you revise after receiving a notice? It depends on the type of notice. · Section 143(1) (intimation): A revised return can still be filed, as long as the time limit hasn't lapsed. · Section 143(2) (scrutiny notice): Opinions vary. -Mundra says, 'Yes, but only before the assessment is completed.' -Shah adds: 'After 143(2), the door for revision closes and explanations must be provided during the scrutiny.' -Vijay, referencing judicial precedent, notes that a revised return is possible if the assessment isn't completed and the statutory deadline hasn't expired. When should you actually revise? Revising your return makes sense if: · You forgot to report income (interest, rent, capital gains) · You used the wrong ITR form · You missed claiming deductions (like 80C or HRA) · There's a mismatch in TDS or Form 26AS data However, it's not advisable to revise for minor spelling errors or cosmetic details. 'For such cases, it's better to file a rectification under Section 154,' says Mundra. Updated return option (Section 139-8A) Taxpayers also have the option to file an updated return within 48 months from the end of the assessment year under Section 139(8A), introduced in the Finance Act, 2022. 'This is useful if you missed filing a return entirely or need to declare additional income later,' says Vijay. 'But remember, it comes with a cost, an additional 25–50 per cent tax over and above your dues.' Bottom Line: Revise only if there's a genuine error that affects your tax liability. Keep documentation ready, and don't treat the revision window as a casual edit tool. The tax department may be watching
