No updated tax returns after facing searches by I-T department

Doximity Falls On Reduction In Q3 Earnings

Doximity, Inc. (DOCS) shares are sliding more than 11 percent on Friday after reporting a fall in third-quarter earnings.

The quarterly earnings were $44.46 million or $0.16 per share compared to $55.64 million or $0.26 per share last year. Wall Street Analysts were looking for $0.20 per share.

Currently, shares are at $32.72, down 10.13 percent from the previous close of $36.41 on a volume of 2,168,069.

Hillstream Spikes After Revealing Tumor Inhibition Of Calu-1 Cells With HSB 1216, Pembrolizumab

Hillstream BioPharma, Inc. (HILS) shares are surging more than 85 percent on Friday morning trade after the company announced significantly greater tumor inhibition of Calu-1 cells, when grown with human PBMCs and treated with HSB-1216 and Pembrolizumab.

Revealing the evaluation of HSB-1216 with immune checkpoint inhibitors in KRAS G12C-mutated non-small cell lung cancer cells, Calu-1, with Pembrolizumab, an anti-PD-1 antibody, the biotechnology company noted that the initial results showed crosstalk and synergy between an established and validated immuno-oncology pathway, anti-PD-1, and Ferroptosis, a new emerging iron-dependent cell death pathway and mechanism of action for HSB-1216

Currently, shares are at $2.19, up 85.59 percent from the previous close of $1.18

Opinion | Has Wokeness Changed Hollywood?

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By Ross Douthat

Opinion Columnist

European Economic News Preview: Germany Factory Orders Data Due

Factory orders and construction Purchasing Managers’ survey results from Germany are the top economic news due on Monday.

At 2.00 am ET, Germany’s statistical office Destatis releases factory orders for December. Orders are forecast to grow 2.0 percent on a monthly basis, in contrast to the 5.3 percent decrease in November.

At 3.30 am ET, S&P Global publishes Germany’s construction Purchasing Managers’ survey results.

At 4.30 am ET, UK S&P/CIPS construction PMI survey data is due. The index is seen rising to 49.6 in January from 48.8 in the previous month.

In the meantime, Eurozone Sentix investor confidence survey results are due. The investor sentiment index is expected to improve to -12.8 in February from -17.5 in January.

At 5.00 am ET, Eurostat is slated to issue euro area retail sales figures for December. Sales are forecast to fall 2.5 percent on month, reversing a 0.8 percent rise in November.

Kenji López-Alt’s Family Loves This Soup. Here’s How He Made It Easier.

Roast the squash and aromatics in a Dutch oven, blend it all in the pot with stock and dinner’s done.

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By J. Kenji López-Alt

Mardi Gras, Fastnacht or Shrove Tuesday, It’s All About the Food

New Orleans’s take on the Tuesday before Lent may be the best known, but it’s hardly the only celebration of all things rich and sweet.

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By Matt Haines

Oil Futures Settle Sharply Higher As Russia Plans To Reduce Output

Crude oil futures settled sharply higher on Friday on continued optimism about higher fuel demand from China, and on Russia’s move to reduce oil output next month.

West Texas Intermediate Crude oil futures for March ended higher by $1.66 or about 2.1% at $79.72 a barrel.

WTI crude futures gained about 9% in the week.

Brent Crude futures settled at $86.39 a barrel today, gaining $1.89 or about 2.2%. Brent futures gained about 8% in the week.

Russia has announced that it would cut oil output by 500,000 barrels per day in March. Ahead of announcement of the decision, Russia’s Deputy Prime Minister Alexander Novak warned that there was risk of lower oil production this year.

Novak said the risk was due to the EU import bans and the price caps on Russian crude and petroleum products.

Novak said the output reduction move “will contribute to the restoration of market relations.”

Hopes for strong fuel demand recovery in China, the world’s top oil importer, also supported prices and offset fears of a looming recession in the United States.

A report from Baker Hughes said the number of active U.S. rigs drilling for oil rose by 10 to 609 this week. The total rig count, which includes those drilling for natural gas, also climbed by 2 to 761, the report said.

No updated tax returns after facing searches by I-T department

Persons and entities who have faced search or survey proceedings by the income tax department “in any previous year” will no longer be allowed to file updated tax returns.

Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one.

Citing the previous circular on November 3 regarding the updated tax return (under Section 139 8(a), the Central Board of Direct Taxes (CBDT) on February 6 clarified, “In the said circular, in sub-point (iii) of the point (1) of sub-paragraph… the words ‘two assessment years preceding such assessment year’ shall be read as ‘any assessment year preceding such assessment year’.”

Notably, an updated return cannot be filed to set off losses incurred against income, or to claim additional refunds.

The option of updated return can be availed of only if the return has not been selected for scrutiny.