AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ICAI removed a chartered accountant’s name from the register for one year for failing to report massive financial siphoning and audit lapses involving ₹1,150 crore.
The Himachal Pradesh High Court held that an admitted signature on a blank cheque triggers a statutory presumption under Section 139 of the Negotiable Instruments Act, placing the burden on the accused to rebut it.
ITAT rules assessment orders for corporate returns below ₹20 lakh must be issued by ITOs, per CBDT instructions, not DCITs.
Calcutta High Court quashed a transfer pricing assessment order for failure to grant a personal hearing and record adequate reasons, affirming procedural fairness.
The Gujarat High Court held that grievances regarding non-supply of relied upon documents (RUDs) under GST Rule 138B must be challenged before the Appellate Authority, not via writ petition.
GSTAT Lucknow set aside a ₹63.72 lakh penalty under Section 129 GST for delayed e-invoice generation, holding that possession of invoice, e-way bill, and transport documents negated any intent to evade. The ruling emphasizes proportionality in penalty imposition.
The Gujarat High Court directed the tax authorities to complete adjudication proceedings within eight weeks and granted an additional two weeks for compliance, staying coercive measures in the interim. The move underscores judicial emphasis on fair procedure before enforcement.
ITAT rules that statements, spot verification, and post-search inquiries cannot form the basis of incriminating material under Section 153A unless corroborated; loan additions deleted.
The ITAT has ruled that for corporate taxpayers, income tax assessment orders on returns below ₹20 lakh must be issued by the ITO, not the DCIT, relying on CBDT instructions.
57th GST Council recommends extending ITC refunds to capital goods and input services under inverted duty structure and zero-rated supplies.
RBI issues new circulars restricting rebooking of cancelled INR derivative contracts and tightening forex market regulations. The move aims to prevent speculative trading and ensure orderly market conditions.
Reserve Bank of India has launched a special facility to meet the full daily dollar requirements of three public sector oil marketing companies: IOCL, HPCL, and BPCL. The window will be operational from October 12, 2026, via designated banks.
Allahabad HC quashes adverse GST assessment for denying personal hearing under Section 75(4) of UP GST Act.