Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ICAI has imposed fines on a Chartered Accountant for accepting an audit assignment without formal communication to the previous auditor, breaching the requirements of Section 140 of the Companies Act.
The Institute of Chartered Accountants of India (ICAI) has revised its ethics code regarding the advertising of sustainability assurance services. Providers must consult the Ethical Standards Board if uncertain about advertising appropriateness.
The ICAI imposed a fine on a Chartered Accountant for not properly communicating with the previous auditor before accepting a new audit assignment, violating Section 140 of the Companies Act.
The RBI has initiated its annual survey on Computer Software and IT Services Exports for the fiscal year 2025-26, aimed at enhancing data collection for external sector statistics.
The RBI has launched its annual survey on Foreign Liabilities and Assets of Mutual Funds, aiming to gather crucial data on external financial conditions for the fiscal year 2025-26.
SEBI has proposed relaxing call recording obligations for Research Analysts regarding institutional clients, aiming to reduce compliance burden.
Understanding how to identify material subsidiaries under SEBI's LODR regulations is crucial, particularly in cases of negative net worth.
SEBI revised its methodology for calculating household savings via the securities market, significantly altering the Gross Savings-to-GDP ratio for FY 2024-25.
The NCLT has admitted an insolvency petition under Section 7, confirming financial debt and default exceeding ₹7.47 crore. This ruling emphasizes adherence to the IBC framework in insolvency proceedings.
The Karnataka High Court has remanded the case concerning the retrospective amendment of Section 147A of the Income Tax Act back to a Single Judge, granting the assessee the opportunity to challenge the amendment's validity. This highlights ongoing scrutiny regarding retrospective tax laws.
Recent changes to the UDIN portal have introduced field-level validation for Section 44AB, reinforcing the role of Chartered Accountants in maintaining integrity in financial reporting. These updates are imperative for practitioners engaged in audit and regulatory compliance.
The RBI has approved the voluntary amalgamation of The Bhavani Sahakari Bank Ltd. with TJSB Sahakari Bank Ltd., effective May 4, 2026.