Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Madras High Court ruled that the option for bad debt deduction under Section 36(1)(vii-a) is exclusively the assessee's, and not to be overridden by the Assessing Officer. This ruling emphasizes taxpayer rights regarding deductions.
The Supreme Court ruled that income received from an Association of Persons (AOP) constitutes profit share, not revenue share, and thus is not taxable in the hands of its members. This ruling clarifies the tax treatment of AOP income distributions.
SEBI has proposed to relax third-party payment restrictions for mutual funds under specific conditions, aiming to boost operational flexibility while ensuring compliance safeguards.
SEBI proposes reforms to prevent artificial price suppression in IPOs and re-listed stocks, including new rules on base prices and price discovery conditions. These changes aim to enhance fairness in market operations.
The Delhi High Court sentenced a YouTuber-advocate to six months' imprisonment for criminal contempt, emphasizing the judiciary's intolerance towards actions undermining its authority.
India has defined Virtual Digital Assets (VDAs) for tax purposes, establishing compliance measures for TDS and other income sources. This includes provisions for gifts and mining income, clarifying the parameters for taxation in the crypto space.
The NCLT has held that a DRT Recovery Certificate restarts the limitation period for filing a Corporate Insolvency Resolution Process (CIRP), admitting a ₹17.54 crore plea against Sunbeam Dealers.
The NCLAT reaffirmed the necessity of actual fund disbursal for classifying financial debt under the IBC. Properties mortgaged without actual cash flow do not qualify as financial debt.
The RBI has promulgated amendments to enhance responsible business conduct for regional rural banks, focusing on accountability and service delivery.
The RBI has issued amendments to strengthen credit risk management practices for non-banking financial companies (NBFCs), focusing on asset resolution processes.
The RBI has issued new amendments to enhance credit risk management practices for rural cooperative banks, focusing on asset resolution frameworks.
The RBI has issued amendments concerning the resolution of stressed assets for all India financial institutions, focusing on enhancing recovery processes.