AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The RBI has amended the guidelines for commercial banks regarding the recognition of current year profits in CRAR calculations, allowing quarterly recognition subject to audit requirements.
The RBI has revoked the banking licence of Sarvodaya Co-operative Bank following findings of inadequate capital and non-compliance with regulatory provisions. This step is taken to protect depositors and public interest.
The Reserve Bank of India has relaxed prior approval requirements for non-bank remittance platforms partnering with Authorised Dealer banks. This shift places the onus of compliance on the AD banks, enhancing customer protection.
The PFRDA has amended investment guidelines for the NPS to allow investments in Rupee Bonds issued by the New Development Bank, expanding investment options for pension funds.
The Pension Fund Regulatory and Development Authority (PFRDA) has relaxed rules on NPS annuity surrender, allowing it in cases of critical illness. This decision aims to enhance flexibility for annuitants facing hardships.
In a recent order, ROC Pune ruled that procedural lapses in a single private placement transaction do not warrant multiple penalties, clarifying the application of Section 42 of the Companies Act.
ROC Chennai has imposed penalties on a company and its director for a delay of over 500 days in filing the annual return MGT-7, confirming that such delays attract significant penalties under the Companies Act.
ROC Chennai has imposed penalties on a company and its director for failing to include PAN and email IDs of allottees in Form PAS-3. This emphasizes the strict compliance requirements under the Companies Act.
The Registrar of Companies has enforced penalties for holding duplicate Director Identification Numbers (DIN), despite the subsequent surrender of the duplicate DIN through DIR-5. Section 155 of the Companies Act strictly prohibits the possession of more than one DIN.
The ITAT Chennai has restored an assessment matter for an assessee pending a condonation petition under Section 119(2)(b), asserting its relevance to Section 80P deduction eligibility.
The ITAT Kolkata adjusted the profit estimation on undisclosed turnover, reducing it to 2.5% from 8%, while maintaining that suppressed turnover led to certain savings.
The ITAT Delhi ruled that findings from a 2005 survey on liaison offices cannot be mechanically applied to assess taxability for a later branch office structure, directing a fresh examination of the actual functions.
The Tribunal found the order of the Dispute Resolution Panel (DRP) to be cryptic, lacking a proper analysis of business activities between the assessee and comparables. It directed a fresh examination of comparability and the Arm's Length Price (ALP) computation.