Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
ITAT deletes ₹2.45 crore addition on R&D expenses, holding AO exceeded 'limited scrutiny' scope without prior approval for new issues.
Section 112(9) CGST provides deemed stay on recovery during GSTAT appeal if 25% pre-deposit is made, protecting taxpayers from coercive action.
Anticipatory bail denied in a Rs. 20 lakh GST fraud case involving forged invoices; court cites need for custodial interrogation.
Rajasthan High Court ruled that insolvency of a supplier under IBC does not excuse compliance with Section 16(2)(c) GST conditions for claiming ITC, even if tax remains unpaid.
The Madhya Pradesh High Court ruled that challenges to GST product classification must be addressed in appellate proceedings, not writ petitions, and such appeals are exempt from limitation periods.
Complete guide to ODI under FEMA 2022: 400% net worth limit, RBI approval thresholds, loan/guarantee norms, APR and FLA reporting.
Reserve Bank of India requires all goods and services exporters to file an Electronic Declaration Form (EDF) with designated banks from October 1, 2026 to streamline forex reporting and compliance.
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.