Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
Reserve Bank of India has launched a special window to meet the entire daily dollar requirements of Indian Oil Corporation, HPCL, and BPCL. The facility, effective October 12, 2026, involves USD sales through designated banks to ensure smooth oil import financing.
The ICAI removed a chartered accountant’s name from the register for one year for failing to report massive financial siphoning and audit lapses involving ₹1,150 crore.
The Himachal Pradesh High Court held that an admitted signature on a blank cheque triggers a statutory presumption under Section 139 of the Negotiable Instruments Act, placing the burden on the accused to rebut it.
ITAT rules assessment orders for corporate returns below ₹20 lakh must be issued by ITOs, per CBDT instructions, not DCITs.
Calcutta High Court quashed a transfer pricing assessment order for failure to grant a personal hearing and record adequate reasons, affirming procedural fairness.
The Gujarat High Court held that grievances regarding non-supply of relied upon documents (RUDs) under GST Rule 138B must be challenged before the Appellate Authority, not via writ petition.
GSTAT Lucknow set aside a ₹63.72 lakh penalty under Section 129 GST for delayed e-invoice generation, holding that possession of invoice, e-way bill, and transport documents negated any intent to evade. The ruling emphasizes proportionality in penalty imposition.
The Gujarat High Court directed the tax authorities to complete adjudication proceedings within eight weeks and granted an additional two weeks for compliance, staying coercive measures in the interim. The move underscores judicial emphasis on fair procedure before enforcement.
ITAT rules that statements, spot verification, and post-search inquiries cannot form the basis of incriminating material under Section 153A unless corroborated; loan additions deleted.
The ITAT has ruled that for corporate taxpayers, income tax assessment orders on returns below ₹20 lakh must be issued by the ITO, not the DCIT, relying on CBDT instructions.
57th GST Council recommends extending ITC refunds to capital goods and input services under inverted duty structure and zero-rated supplies.
RBI issues new circulars restricting rebooking of cancelled INR derivative contracts and tightening forex market regulations. The move aims to prevent speculative trading and ensure orderly market conditions.