AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The RBI issued the Third Amendment Directions, 2026, which modifies the interest rate guidelines for urban co-operative banks. This update includes the suspension of previous interest rate ceilings on new deposits.
The Reserve Bank of India announced the Second Amendment Directions, 2026 regarding interest rates on deposits for rural co-operative banks. The amendments primarily focus on the temporary withdrawal of interest rate ceilings for fresh deposits.
The Gujarat High Court has instructed state tax authorities to refrain from using AI-generated case laws in tax orders, warning that employing such methods could result in contempt of court. This directive follows a disclosure by a tax officer regarding AI usage in adjudication.
The Delhi High Court ruled that an employee cannot be penalised for the Tax Deducted at Source (TDS) default of their employer. This decision references Section 205 of the Income Tax Act, emphasizing the employee's protection from penalties in such cases.
The NCLAT affirmed the right of the Resolution Professional to obtain revenue records, rejecting claims of disputed ownership as a reason to withhold the information.
The NCLT has rejected a resolution plan due to lack of statutory valuation for a ₹1,000 share conversion, resulting in ordered liquidation for non-compliance with the Companies Act.
The Supreme Court has ruled that a GST notice invoking Section 74 must explicitly state the facts indicating fraud, willful misstatement, or suppression of facts. This ruling necessitates clear and specific allegations in notices to ensure compliance with legal standards.
The Madras High Court has set aside a customs adjudication order issued after a lengthy delay of 14 years, ruling it as time-barred under Section 28(9) of the Customs Act, citing an unreasonable and arbitrary process.
In Intra Cellular Therapies v. Controller of Patents, the Delhi High Court examined critical issues related to disclosure and therapeutic efficacy standards under Indian patent law, impacting pharmaceutical patent evaluations.
The Bombay High Court, in KVIC v. Jaishukh N. Bhuta, ruled that mere disobedience of an interim injunction does not automatically lead to punishment. The court clarified that Order XXXIX Rule 2A is aimed at ensuring compliance rather than penalizing past non-compliance.
The Calcutta High Court has quashed the classification of a Cash Credit (CC) account as a non-performing asset (NPA), ruling it did not meet the RBI's 90-day overdue criteria. This judgment reinforces the importance of adherence to prescribed guidelines in asset classification.
A chartered accountant has been booked for allegedly issuing fraudulent Form 15CB certificates, leading to foreign remittances amounting to ₹464.8 crore through two suspected shell firms. This action has raised significant concerns over regulatory compliance in financial transactions.
In a significant ruling, the NCLAT has upheld the resolution professional's right to obtain mall revenue records, deeming them vital for scrutinizing disputed transactions during the CIRP.