Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLAT rules arbitral award imposing joint liability doesn’t alter personal guarantee; guarantor remains distinct from borrower.
SEBI has disposed of adjudication proceedings against five Adani Group companies for disclosure and corporate governance lapses, accepting settlements totalling over ₹1.5 crore without admission of guilt.
ITAT holds cash deposits during demonetisation cannot be added under Section 68 if sourced from disclosed and taxed cash sales with supporting records.
ITAT holds Toyota Tsusho lacked permanent establishment in India as supervisory activities fell short of six-month threshold under India-Japan DTAA Article 5(4).
The ITAT ruled that profits from offshore supply are not taxable in India when title, payment, and supply operations occur outside India under Sections 5(2) and 9(1)(i) of the Income Tax Act.
The ITAT held that cost-to-cost salary reimbursement for seconded employees without markup does not constitute fees for technical services (FTS) and is not taxable in India.
SEBI settles disclosure and governance proceedings against five Adani Group firms for over ₹1.5 crore without admission of liability.
ITAT holds that cash deposits during demonetisation cannot be added as unexplained income under section 68 if supported by sales records and already taxed.
ITAT holds that Toyota Tsusho did not create a permanent establishment in India as supervisory activities did not exceed 183 days, per Article 5(4) of the India-Japan DTAA.
ITAT rules that profits from offshore supply contracts are not taxable in India when title, payment, and supply operations occur entirely outside India under section 5(2) and 9(1)(i) of the Income Tax Act.
The ITAT held that cost-to-cost salary reimbursement for seconded expatriate employees, without markup, does not constitute Fees for Technical Services (FTS) and is not taxable in India.
RBI issues final directions on novation of over-the-counter (OTC) derivative contracts following public consultation and stakeholder feedback.