Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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.
The ITAT ruled that capital gains addition cannot be maintained if the underlying sale transactions are contested in a civil court. This clarifies the threshold for reassessment in cases involving disputed transactions.
The RBI has issued amendments to the directions regarding the resolution of stressed assets among financial institutions, enhancing the guidelines for managing and resolving non-performing assets.
The RBI has amended the directions concerning income recognition and asset classification for financial institutions, aimed at enhancing clarity and compliance in the recognition of income and classification of assets.
The RBI has updated its directions on responsible business conduct for all Indian financial institutions, emphasizing ethical practices and compliance within the banking sector. This initiative is part of broader regulatory reforms aimed at improving financial stability.
The Reserve Bank of India has amended directions pertaining to credit risk management for all India financial institutions, focusing on effective risk assessment and management strategies. This amendment aims to address current challenges in the financial sector.
Zee Entertainment has filed a lawsuit against Nykaa for allegedly using copyrighted music in Instagram reels without permission, demanding INR 2 crores in damages. This case underscores ongoing tensions in social media copyright practices among brands and content creators.
The Delhi High Court has ruled in favor of Anil Kumar Tiwari, highlighting the complex intersection of personality rights and IP law in India. This decision underscores challenges faced by jurisprudence in personality rights amidst evolving social commentary and meme culture.