AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The CESTAT Delhi determined that multifunction protection devices qualify for customs exemption as they maintain their essential character as relays. Ancillary features do not alter this classification.
The Delhi High Court ruled that CBDT circulars cannot compel a 20% deposit in every stay application, marking a significant precedent in taxpayer rights and administrative procedure.
The ITAT Ahmedabad held that interest income from co-operative banks is eligible for a deduction under Section 80P, aligning with prior Gujarat High Court rulings.
The Delhi High Court invalidated an assessment order for failing to consider the reply filed by the assessee, a significant ruling reinforcing the principles of natural justice in tax assessments.
The RBI has revised Investment Fluctuation Reserve norms for Urban Co-operative Banks, allowing drawdown of excess IFR balances beyond mandatory thresholds.
The RBI has revised Investment Fluctuation Reserve norms for Payments Banks to address operational challenges, linking reserves to investment portfolio exposure.
RBI has amended Investment Fluctuation Reserve norms for Small Finance Banks to address operational difficulties and prescribe a minimum reserve linked to exposure.
RBI’s new framework exempts certain Type I NBFCs from mandatory registration, reducing compliance burdens for private investment vehicles.
The RBI has released draft amendments for capital adequacy disclosures under Basel norms, focusing on transparency and improved risk reporting standards.
The RBI has standardized the 90-day NPA classification for all NBFC categories and detailed provisioning requirements effective from 31 March 2026.
Recent amendments to the PPIRP rules by the IBBI enhance transparency and clarity in the appointment of valuers, aiming to avoid conflicts of interest.
The GCCI has called on the Centre to restore the 5% withholding tax rate for Foreign Portfolio Investors in government securities and rupee bonds, claiming that the current rate hampers India’s market appeal.
The ITAT reaffirmed that only the profit margin from unrecorded sales is taxable under Section 69A, dismissing the revenue's broader appeal for full taxation on such sales.