Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Madras High Court held that a pending appeal before the NCLAT does not hinder PNB’s Swiss challenge auction of stressed assets. Compliance with RBI directives was confirmed.
The NCLT ruled that prior classification of a loan as a Non-Performing Asset (NPA) does not negate previous defaults. This establishes clarity in the applicability of defaults even during suspension periods.
The ITAT ruled that books of accounts cannot be rejected merely on suspicion or perceived low profit rates.
The ITAT has ruled that travel reimbursements to non-resident entities without profit elements are not taxable in India.
The ITAT ruled that exemptions under Sections 54/54F cannot be denied for non-deposit in CGAS if investment is made in residential property timely.
ITAT ruled that income tax additions based on unsupported extrapolation of figures are impermissible.
The ITAT has allowed Section 87A rebate on short-term capital gains taxable under Section 111A for taxpayers with total income within ₹7 lakh.
The ITAT has restricted disallowance of bogus purchases to 8% of the purchase price in the absence of stock and sales rejection.
ITAT has ruled that an incorrect form filing does not negate entitlement to Section 10AA deductions if eligibility criteria are met.
The RBI has introduced modifications to the returns and reporting requirements under FEMA, aimed at enhancing compliance. These changes affect authorized persons handling foreign exchange transactions.
The RBI has conducted a review of circulars issued under FEMA, 1999, streamlining redundant directives. This initiative will assist authorized persons in better compliance and operational efficiency.
A comprehensive guide to Form DPT-3 as an annual compliance requirement for reporting deposits, detailing applicability and penalties for non-compliance.