Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Reserve Bank of India has released new directions regarding the conduct of government business by agency banks, outlining the payment of agency commissions and oversight mechanisms. These guidelines aim to enhance the operational efficiency and regulatory compliance of agency banks in India.
The Reserve Bank of India has confirmed its withdrawal of ₹2000 banknotes, with deposit and exchange facilities available until October 7, 2023. This move is part of the RBI's ongoing efforts to streamline currency circulation.
The Delhi High Court ruled in favor of Anil Kumar Tiwari, highlighting the complexities of personality rights jurisprudence in India. This ruling raises critical questions about the interplay between social commentary, intellectual property rights, and public discourse.
The Gujarat High Court quashed a Section 148 notice because it lacked a credible link to the assessee's financial activities. This ruling reinforces the principles of evidence requirement in tax reassessments.
The Gujarat High Court quashed reassessment notices after determining they were based on an unverified complaint found on a third party's phone. This decision stresses the importance of proper evidence in tax reassessment procedures.
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.