Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The RBI has released revised draft directions to enhance recovery practices, emphasizing borrower protection and transparency in loan recovery methods.
The SAFEMA Appellate Tribunal ruled that purchasing flats under third-party names using one's own funds constitutes a benami transaction. This interpretation relates to Section 2(9)(A) of the amended Benami Act.
The SAFEMA Appellate Tribunal ruled that routing demonetized cash through third-party accounts constitutes a benami transaction. This ruling clarifies that cash is considered property under the PBPT Act.
The SAFEMA Appellate Tribunal ruled that assets belonging to an alleged abettor cannot be attached under the PBPT Act unless proven to be benami properties independently. The tribunal emphasized that the Act allows for attachment only of benami properties held by a benamidar.
The Supreme Court upheld the Delhi High Court's ruling which clarified that unutilized MODVAT credit constitutes actual payment under Section 43B, impacting tax assessments.
The IBBI has implemented the third amendment for 2026, establishing a single valuer for each asset class in MSME liquidation, improving efficiency in the process.
The IBBI's amendment allows for a single valuer in MSME insolvency cases, expected to reduce compliance costs and expedite resolution timelines for smaller businesses.
The NCLT has admitted an insolvency plea against an online gaming firm due to non-repayment of ₹2.81 crore loan, emphasizing the time value of money. Swapnil Jain has been appointed as the Interim Resolution Professional.
The ITAT upheld the deletion of income tax additions against a jeweller, asserting that suspicion alone cannot warrant tax liabilities without evidential defects being identified.
The ITAT ruled that penalties for under-reporting income in line with Section 270A are not maintainable without clear evidence of intentional misreporting.
The ITAT set aside a write-off on an abandoned wind project, upholding claims for forward premium amortization and higher vehicle depreciation. This ruling advances the precedent for similar claims.
The ITAT clarified that participation in reassessment proceedings does not remedy the absence of a notice under Section 143(2) of the Income Tax Act. This ruling underscores the requirement for procedural compliance in tax reassessments.