Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
Effective 1 October 2026, RBI mandates 9-month deadline for export proceeds realisation, extendable by AD banks; INR exports allowed 12 months.
RBI mandates a 20% foreign exchange risk reserve on INR derivative contracts exceeding USD 2 million, requiring daily cash deposits and real-time reporting to curb speculative pressures.
RBI bars rebooking of cancelled INR forex derivative contracts, reduces unhedged position threshold to USD 5 million, and mandates enhanced hedging disclosures, effective immediately.
Reserve Bank of India requires all goods and services exporters to file an Electronic Declaration Form (EDF) with designated banks from October 1, 2026 to streamline forex reporting and compliance.
Institute of Chartered Accountants of India removed a CA's name for one year for failing to report material financial irregularities and going concern risks in audit of a company involved in ₹1,150 crore fund diversion.
The Himachal Pradesh High Court held that admission of a signature on a blank cheque raises a statutory presumption of liability under Section 139 of the Negotiable Instruments Act, 1881. Conviction follows unless the accused rebuts the presumption.
The ITAT held that disallowance under Section 14A is unsustainable if no income was earned during the relevant period, particularly prior to the 2022 Explanation, clarifying the precondition for invocation.
The ITAT upheld a ₹2.05 crore penalty on a Zee Group entity for claiming depreciation on non-existent assets, rejecting the argument that disclosures during a survey were involuntary.
The ITAT deleted a ₹6.98 crore disallowance on revaluation loss of unexpired foreign exchange forward contracts, holding that contractual obligations existed at year-end and the bank’s accounting method was consistent.
The Karnataka High Court set aside an ex parte GST order, accepting pregnancy and medical treatment as valid reasons for non-appearance.
The ITAT upheld a ₹2.05 crore penalty on a Zee Group entity for claiming depreciation and amortization on accommodation entries detected during a departmental survey.
The SEBI appellate authority ruled that Action Taken Reports and file notings on third-party complaints are exempt from disclosure under the RTI Act to protect market integrity and fiduciary confidentiality.