AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT ruled that a genuine mistake made in the withdrawal of an appeal does not undermine a settlement reached under the Direct Tax Vivad Se Vishwas Scheme, 2020, emphasizing the intent to resolve disputes.
The ITAT ruled that if a one-to-one correlation between purchases and corresponding sales is established, the purchases cannot be classified as bogus. This decision supports genuine business transactions.
The ITAT has held that a bona fide mistake in filing a withdrawal of an appeal does not nullify a settlement reached under the Direct Tax Vivad Se Vishwas Scheme.
The Calcutta High Court directed Bajaj Allianz General Insurance Co. to pay enhanced compensation, asserting that prior income tax returns filed validate earning capacity contrary to personal expenses deductions.
The Reserve Bank of India has announced an auction of Government of India Treasury Bills set for May 2026, marking another opportunity for investors to participate in government financing.
The Reserve Bank of India has released a statistical supplement detailing the liabilities and assets of scheduled commercial banks for the weeks of April 2025 and 2026. This report provides insights into the banking sector's financial stability.
The ITAT Mumbai has ruled that accommodation entry operators can only be taxed on a 1% commission of their turnover, not the entire turnover amount. This decision clarifies the tax implications for such entities.
The RBI has eliminated the Investment Fluctuation Reserve requirement for Local Area Banks, mandating the transfer of existing balances to reserves.
The RBI has eliminated the mandatory Investment Fluctuation Reserve for commercial banks following changes in market regulations, requiring the transfer of existing reserves.
The RBI mandates the filing of FLA Returns to ensure disclosure of foreign liabilities and assets as of 31 March. This requirement applies without fresh transactions.
The Centre has permitted several entities, including Toyota and LIC Housing, to utilize Aadhaar authentication for KYC processes under the PMLA, facilitating smoother compliance.
The Calcutta High Court has ordered manual filing of appeals due to a technical glitch in the GST portal, ensuring compliance deadlines are met despite the issues.
For the purposes of UDIN ceiling, head office and branch tax audits for the same taxpayer in a given assessment year count as a single assignment. This clarification aids operational efficiency in tax reporting.