In a recent case before the ITAT Mumbai, the Income Tax Department carried out searches at a woman's residence and bank lockers, and seized diamonds, gold and silver articles, along with jewellery, which it treated as unexplained assets. The seized items included gold jewellery of 427.71 grams, 258 grams of pure gold, diamond-studded jewellery containing 161.33 grams of gold, and articles made of a silver mixture weighing 11.200 kg.

Return of Middle East oil: Has Iran lost control of Hormuz & why are crude prices still up?
https://timesofindia.indiatimes.com/business/india-business/the-return-of-middle-east-oil-has-iran-lost-control-of-strait-of-hormuz-why-are-crude-prices-still-up/articleshow/134991982.cms

The US war with Iran exposed Tehran’s ability to disrupt the global economy by blocking the Strait of Hormuz. Before the war, around 19 million barrels of crude oil were exported daily from the Middle East. However, September data from tanker-tracking firm Kpler showed oil flows recovering to an average of 16 million barrels per day, the highest since the conflict began.

India flags trade concerns, market access barriers; China reacts
https://timesofindia.indiatimes.com/business/india-business/ready-to-work-with-india-china-says-it-does-not-seek-trade-surplus-as-sitharaman-flags-market-access-barriers/articleshow/134997894.cms

China has acknowledged India's concerns regarding trade barriers and the growing trade deficit during recent discussions. Finance Minister Nirmala Sitharaman highlighted India's challenges in accessing the Chinese market for its products. The trade deficit with China widened significantly, reaching $105.93 billion in the first nine months of the year. India is striving to improve bilateral trade ties with China through negotiations and ongoing discussions.

Middle east war hits Indian fuel retailers: OMCs losing up to Rs 30 per litre, says report
https://timesofindia.indiatimes.com/business/india-business/middle-east-war-hits-indian-fuel-retailers-omcs-losing-up-to-rs-30-per-litre-says-report/articleshow/134997902.cms

Indian oil marketing firms are grappling with significant losses, facing Rs 26 loss per litre for petrol and Rs 30 for diesel. The turmoil in West Asia has led to skyrocketing procurement and freight costs, rising eightfold, which heavily influences overall expenditures. Compounded by interruptions in crude shipments from the Middle East, these conditions create ongoing financial strain, even as refining margins stay strong.

US seeks bids to exchange 17 million barrels of crude from strategic reserve
https://timesofindia.indiatimes.com/business/international-business/us-seeks-bids-to-exchange-17-million-barrels-of-crude-from-strategic-reserve/articleshow/134998661.cms

The United States plans to release 17 million barrels of crude oil from its Strategic Petroleum Reserve. This action aims to alleviate fuel price pressures amid disruptions caused by the war with Iran. The latest proposal is part of a broader international effort to stabilize energy markets announced in March. Despite earlier attempts yielding limited demand, the US continues to seek ways to increase global fuel supplies.

Reliance Industries to Elon Musk: Competition welcome, but follow rules
https://timesofindia.indiatimes.com/business/india-business/reliance-industries-to-elon-musk-competition-welcome-but-follow-rules/articleshow/135005369.cms

Trump waives Russia sanctions, restrictions and duties under Graham Act
https://timesofindia.indiatimes.com/business/international-business/trump-waives-russia-sanctions-restrictions-and-duties-under-graham-act-diesel-us-midterms/articleshow/135005808.cms

Trade imbalance with China growing due to barriers: FM Sitharaman
https://timesofindia.indiatimes.com/business/india-business/trade-imbalance-with-china-growing-due-to-barriers-fm-sitharaman/articleshow/135005927.cms