Business
IndiGo Receives Rs 117.52 Crore Penalty Over Input Tax Credit Denial
New Delhi: InterGlobe Aviation, parent of IndiGo airlines, on Tuesday informed that it received a penalty order of around Rs 117.52 crore from the Joint Commissioner of Central Tax and Central Excise, CGST Kochi Commissionerate.
The order, which issued a penalty of Rs 1,17,52,86,402, relates to the denial of input tax credit for the financial years 2018–19 and 2021–22, the airline said in an exchange filing.
“The department has denied input tax credit (ITC) availed by the company and has issued a demand order along with a penalty,” the filing said.
“The company believes that the order passed by the authorities is erroneous. Further, the company believes that it has a strong case on merits, backed by advice from external tax advisors,” it further said.
Accordingly, the company will contest the same before the appropriate authority, it added.
InterGlobe Aviation added that the order does not have a significant impact on its financials, operations or other activities of the company.
“There is no significant impact on financials, operations or other activities of the Company,” it added in its regulatory filing.
Interglobe Aviation Limited shares dipped by Rs 95 or 1.64 per cent in intra-day trading. The shares had opened almost flat at Rs 5,794.50 apiece.
The carrier on November 29 announced new direct routes and frequency additions from Navi Mumbai International Airport (NMIA), strengthening connectivity from the newly inaugurated gateway to key domestic destinations such as Coimbatore, Chennai, Vadodara and North Goa.
IndiGo earlier this week said it has completed the update on the mandatory Airbus system enhancement across its A320-family fleet after global flight operations were disrupted due to a software issue in the Airbus A320 family of aircraft.
All 200 aircraft have now been fully updated and compliant as required, said the Indian carrier.
Meanwhile, earlier in the day, an IndiGo flight from Kuwait to Hyderabad was diverted to Mumbai after authorities at Hyderabad Airport received a bomb threat.
Official sources confirmed that flight 6E-1234 was diverted midair after a threat message was received at the customer support at Rajiv Gandhi International Airport (RGIA) at 05.12 a.m.
The supply chain risk designation of the artificial intelligence firm is a first for a US company.
Source link
Thomas Fuller | SOPA Images | Lightrocket | Getty Images
UniQure needs to run another study to prove that its gene therapy “actually helps people with Huntington’s disease,” a senior U.S. Food and Drug Administration official said on a call with reporters Thursday.
The official, who requested anonymity before discussing sensitive information, confirmed the agency has asked the company to run a placebo controlled trial of its treatment, which is administered directly into the brain. UniQure has said that type of study isn’t ethical because it would require putting people under general anesthesia for hours, a characterization the official disputed.
“So what is really going on? UniQure is the latest company to make a failed therapy for Huntington’s patients,” the official said. “They likely acknowledge or understand at some deep level that their trial failed years ago, and instead of doing the right thing and running the correct clinical study, UniQure is performing a distorted or manipulated comparison in the mind of FDA.”
The comments mark the latest development in a messy public spat between UniQure and the FDA, and as the agency comes under fire for a number of recent drug approval application rejections, including some where companies have accused it of going back on previous guidance. FDA Commissioner Marty Makary in an interview with CNBC’s Becky Quick last week seemingly criticized UniQure’s gene therapy for Huntington’s disease. Makary didn’t name UniQure but described its treatment.
UniQure then accused the FDA of reversing its stance that the company’s clinical trial data would be sufficient to seek approval. UniQure’s study used an outside database to measure how patients with Huntington’s disease might decline without treatment, known as an external control. UniQure has said it wouldn’t be feasible to run a true randomized, double-blind placebo-controlled study, considered the gold standard, because it wouldn’t be ethical to make people undergo a sham hours-long brain surgery.
The FDA official said the agency “never agreed to accept this distorted comparison” and the FDA “never makes such assurances.” Instead, the “FDA will always say, ‘Well, we have to see the data when we get it.'”
UniQure didn’t immediately comment.
The company’s stock rose more than 10% on Thursday and has fallen 58% this year as of Thursday afternoon.
Business
US mortgage rates rise to 6% after three-week slide as oil-driven bond yields climb – The Times of India
The average long-term US mortgage rate edged higher this week, ending a three-week decline as bond yields rose amid oil-price pressures linked to the war with Iran.The benchmark 30-year fixed mortgage rate increased to 6% from 5.98% last week, mortgage buyer Freddie Mac said on Thursday. A year ago, the average rate stood at 6.63%, AP reported.The modest uptick breaks a three-week slide in borrowing costs, with mortgage rates having hovered close to the 6% mark for most of this year. Last week’s average had marked the first time the rate dipped below 6% since September 2022, reaching its lowest level in nearly three and a half years.Mortgage rates are influenced by several factors, including the Federal Reserve’s interest-rate policy, investor expectations about inflation and economic growth, and movements in the bond market.They typically track the direction of the 10-year US Treasury yield, which lenders use as a benchmark for pricing home loans.The 10-year Treasury yield rose to 4.14% at midday Thursday, up from around 4% a week earlier.Treasury yields have moved higher in recent days as rising oil prices added fresh inflation concerns, potentially complicating the Federal Reserve’s plans to cut interest rates.
US Senate backs Trump’s Iran operations after House vote
Harry Kane calf injury imperils Bundesliga record chase
Here’s Every Country Directly Impacted by the War on Iran
Attock Cement’s acquisition approved | The Express Tribune
What are Iran’s ballistic missile capabilities?
India Us Trade Deal: Fresh look at India-US trade deal? May be ‘rebalanced’ if circumstances change, says Piyush Goyal – The Times of India
-
Politics1 week agoWhat are Iran’s ballistic missile capabilities?
-
Business7 days ago
India Us Trade Deal: Fresh look at India-US trade deal? May be ‘rebalanced’ if circumstances change, says Piyush Goyal – The Times of India
-
Business1 week ago
Attock Cement’s acquisition approved | The Express Tribune
-
Politics1 week agoUS arrests ex-Air Force pilot for ‘training’ Chinese military
-
Fashion1 week agoPolicy easing drives Argentina’s garment import surge in 2025
-
Business6 days agoGreggs to reveal trading amid pressure from cost of living and weight loss drugs
-
Sports6 days agoLPGA legend shares her feelings about US women’s Olympic wins: ‘Gets me really emotional’
-
Fashion7 days agoTexwin Spinning showcasing premium cotton yarn range at VIATT 2026