Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Karnataka High Court remanded cases related to the retrospective insertion of Section 147A of the Income Tax Act, granting assessees the opportunity to challenge its constitutional validity.
The NCLAT has ruled that a ₹74.49 lakh transaction was fraudulent under insolvency law but rejected a Section 66 application due to procedural bars against non-management parties. This highlights the tribunal's rigorous stance on fraudulent transactions during insolvency.
The Orissa High Court quashed an FIR alleging misuse of GST credits in a GAIL pipeline project, determining the matter was civil, not criminal. The court emphasized that proceeding with a criminal investigation would be an abuse of process due to ongoing NCLT liquidation.
The ITAT has established that an amount exceeding ₹50 lakhs must be present for reopening an assessment after three years, invalidating prior approvals under Section 151.
The Income Tax Appellate Tribunal (ITAT) has ruled that no assessment or reassessment proceedings can be initiated against a company during the moratorium period under the Insolvency and Bankruptcy Code, 2016.
The RBI has issued amendments for credit risk management in Non-Banking Financial Companies, reinforcing regulatory requirements.
The RBI has issued new amendments focusing on the resolution of stressed assets within All India Financial Institutions, refining risk management frameworks.
The RBI has introduced amendments focusing on income recognition, asset classification, and provisioning for financial institutions to enhance financial stability.
The RBI's latest amendments aim to enhance responsible business conduct among all India financial institutions in alignment with risk assessment frameworks.
The RBI has introduced the second amendment to directions concerning credit risk management in All India Financial Institutions, enhancing risk assessment protocols.
The RBI has released draft Amendment Directions aimed at enhancing banks' flexibility in deposit pricing. Stakeholders are invited to submit their comments.
The Central Government re-appointed Shri Swaminathan Janakiraman as Deputy Governor of the RBI for two years from June 26, 2026. This appointment is critical for governance within the Reserve Bank as it continues to navigate complex economic challenges.