Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
Institute of Chartered Accountants of India removed a CA's name for one year for failing to report material financial irregularities and going concern risks in audit of a company involved in ₹1,150 crore fund diversion.
The ITAT held that disallowance under Section 14A is unsustainable if no income was earned during the relevant period, particularly prior to the 2022 Explanation, clarifying the precondition for invocation.
The ITAT upheld a ₹2.05 crore penalty on a Zee Group entity for claiming depreciation on non-existent assets, rejecting the argument that disclosures during a survey were involuntary.
The ITAT deleted a ₹6.98 crore disallowance on revaluation loss of unexpired foreign exchange forward contracts, holding that contractual obligations existed at year-end and the bank’s accounting method was consistent.
The Karnataka High Court set aside an ex parte GST order, accepting pregnancy and medical treatment as valid reasons for non-appearance.
The ITAT upheld a ₹2.05 crore penalty on a Zee Group entity for claiming depreciation and amortization on accommodation entries detected during a departmental survey.
The Kerala High Court held that issuing a Show Cause Notice (SCN) based solely on preliminary audit observations, which are not finalised findings, is legally unsustainable.
CESTAT quashes customs duty demand on scrap imports for lack of evidence showing undervaluation or manipulation.
Allahabad High Court upheld gold confiscation, ruling GST invoices insufficient to rebut presumption under Section 123 without credible evidence.
RBI now requires all goods and services exporters to file an Electronic Declaration Form (EDF) with their designated banks as a precondition for realization of export proceeds.
ICAI removed a CA's name from the register for one year for audit failures related to non-reporting of material financial irregularities and going concern risks in a case involving ₹1,150 crore siphoning.
The Gujarat High Court has held that reopening a completed assessment is invalid if based solely on a misreading of the audit report or mere change of opinion, absent fresh material indicating escapement of income.