AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Reserve Bank of India has released Second Amendment Directions for income recognition, asset classification, and provisioning across various banking sectors. These directives impact the regulatory compliance and operational guidelines for banks.
The Government of India will conduct a re-issue auction of Government Security worth ₹34,000 crore on July 31, 2026. The auction will adhere to the underwriting scheme established in 2007, with specific commitments set for Primary Dealers.
The Kerala High Court ruled to grant relief to GST taxpayers, disposing of petitions based on earlier judgments citing issues with Input Tax Credit during the initial GST rollout.
The Madras High Court ruled that extra duty deposit collected without legal sanction must be refunded with interest under the Customs Act.
The Karnataka High Court has set aside a Single Judge's order quashing common GST show-cause notices for multiple tax periods. The Bench noted that the Single Judge erred by applying principles from a 2026 judgment.
The Karnataka High Court has quashed income tax reassessment proceedings initiated after April 1, 2021, citing the Revenue's concession made before the Supreme Court. The court noted that the notice under Section 148 was issued on July 28, 2022, exceeding the permissible timeline.
The Karnataka High Court ruled it lacked jurisdiction under Section 260A of the Income Tax Act to entertain the Revenue's appeal. This decision clarifies that jurisdiction is determined by the location of the assessment order.
SEBI's new circular introduces ISIN-level freezing for promoter holdings during company buy-backs, enforcing trading restrictions primarily to enhance market compliance. Depositories are required to implement this framework by August 1, 2026.
The RBI has announced the Second Amendment Directions for Commercial Banks, aimed at improving income recognition and asset classification practices. This amendment is critical for ensuring the sector's financial stability.
The Reserve Bank of India has released the Second Amendment Directions for Small Finance Banks focusing on income recognition and asset classification standards. This initiative is aimed at improving the financial health of small banks.
The RBI has introduced the Third Amendment Directions for Non-Banking Financial Companies, focusing on income recognition and asset classification. This measure aims to strengthen governance frameworks within the sector.
The Reserve Bank of India has released the Second Amendment Directions for All India Financial Institutions, focusing on income recognition and asset classification. This amendment seeks to enhance financial reporting standards across the sector.
The RBI has issued the Second Amendment Directions concerning Urban Cooperative Banks, focusing on income recognition and asset provisioning. These regulations are vital for maintaining asset quality in urban co-operative banking.