Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
ITAT Delhi quashed PCIT’s revision under Section 263, holding that enhancement from 25% to 100% disallowance was impermissible where two views were possible.
Karnataka HC held that omitted Rule 96(10) of CGST Rules cannot apply to pending refund proceedings without a saving clause.
The ITAT Chennai held that an income tax return e-verified after filing is deemed filed on the original due date for interest under Section 234A, as long as filed within the extended time.
FEMA, LRS, ODI, and tax rules clarified for Indian residents setting up or investing in Dubai entities, with emphasis on reporting and substance requirements.
RBI’s 2025 FEMA amendments allow exporters to hold overseas foreign currency accounts with strict reporting and repatriation obligations.
RBI revises valuation norms for InvIT and REIT units held by AIFIs, Small Finance Banks, and Payments Banks to enhance transparency in asset pricing.
SAFEMA Tribunal upholds NDPS property freeze, ruling bank statements and loan documents insufficient to prove lawful source of funds without full transactional trail.
Karnataka High Court quashed a FEMA NOC rejection for an overseas investment, holding that the denial must be grounded in reasoned nexus to investigation, not mere pendency.
The RBI has introduced amended Export-Import Regulations under FEMA, effective 1 October 2026, streamlining timelines, EDPMS compliance, and AD bank obligations for exporters and importers.
The Election Commission of India (ECI) informed the Supreme Court that over 37 lakh appeals from West Bengal's SIR process remain pending, while opposing TMC's plea for re-polls in 31 constituencies. The Commission argued that the revision did not materially affect electoral outcomes.
RBI amends investment portfolio norms for All India Financial Institutions, specifying classification and valuation standards to ensure uniformity and prudential oversight.
Exim Bank, supported by the Government of India, has extended a ₹4,850 crore line of credit to the Maldives for financing developmental projects.