AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT Delhi reduced the profit estimation for an entity that acted as a pass-through, emphasizing a more accurate assessment based on prior rulings. This decision ensures consistency in tax assessments.
The ITAT Amritsar ruled that a Directorate of Valuation (DVO) report alone cannot justify a tax addition under Section 69 without evidence of extra payment. This emphasizes the need for supporting documentation in valuation assessments.
The Rajasthan High Court ruled that a procedural lapse in filing Form 10-IC does not disqualify eligibility for the 22% corporate tax rate under Section 115BAA. This affirms the principle that compliance errors should not negate substantive rights.
The ITAT Delhi ruled that the holding period for long-term capital gains (LTCG) is determined from the date of full payment and transfer of possession, rather than the registration date. This reaffirms the treatment of capital assets.
SEBI has revised its methodology for calculating household savings, showing a notable increase in the Gross Savings-to-GDP ratio for FY 2024-25. This data provides critical insights into household participation in the securities market.
SEBI clarifies that clients under Non-Discretionary Portfolio Management Services can pledge their securities for personal loans without it being classified as borrowing by the portfolio manager.
NCLT Chandigarh mandated liquidation of a corporate debtor after the Committee of Creditors dismissed the sole resolution plan proposed during CIRP.
The Supreme Court has upheld joint insolvency proceedings for interconnected companies, clarifying criteria for consolidated CIRPs under IBC.
The IBBI has revised pre-packaged insolvency resolution regulations to exclude related parties from acting as valuers, aiming for impartial valuation.
India's Social Security Code consolidates multiple labor laws into a unified framework that boosts protection for all workers, including those in the gig economy.
The NCLAT confirmed that separate supply obligations in a joint venture arrangement can qualify as operational debt under the IBC. This ruling underscores the importance of distinct agreement terms in determining insolvency proceedings.
The NCLT has ruled that an unsuccessful one-time settlement attempt does not preclude the admission of insolvency proceedings under Section 7 of the IBC.
The NCLT ruled that a financial creditor cannot be compelled to postpone insolvency proceedings based on ongoing one-time settlement discussions when the debt and default are acknowledged.