AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Karnataka High Court dismissed an excise duty demand based on inadequate evidence, stating that power consumption alone cannot substantiate claims of clandestine removal.
The Madras High Court clarified that one year of practice is required for registration as an Income Tax Practitioner, while stating it governs registration rather than restricts representation rights.
The Madras High Court ruled that GST Input Tax Credit (ITC) cannot be denied solely based on the retrospective cancellation of a supplier’s registration, underscoring due process in tax claims.
Sellers on platforms like Amazon and Flipkart are cautioned to navigate specific GST traps that could adversely affect profitability, significantly impacting compliance and operations.
The Reserve Bank of India released new Master Directions on Credit Derivatives. These directives aim to introduce derivatives on credit indices and total return swaps to enhance the credit derivatives market framework.
The Reserve Bank of India conducted a 2-day Variable Rate Repo auction, allotting ₹75,021 crore at a cut-off rate of 5.26%. The total bids received amounted to ₹76,275 crore, showing strong market interest.
India’s CSIR and Brazil’s INPI have forged a collaboration focused on the Traditional Knowledge Digital Library (TKDL), which may have substantial implications for future bioprospecting and patent examination processes concerning traditional knowledge.
The Delhi High Court upheld a temporary nationwide blocking of the messaging platform Telegram, integrating concepts from copyright enforcement into public law. This ruling raises questions about intermediary liability and regulatory interventions based on platform architecture.
The RBI has revamped customer liability frameworks concerning electronic banking transactions, implementing new guidelines for fraud prevention.
The RBI issues stronger regulations for customer protection in digital banking, focusing on fraud prevention and compensation mechanisms.
The RBI has introduced a framework for Local Area Banks to handle fraudulent electronic banking transactions, enhancing customer protection and redressal mechanisms.
Updates to customer protection regulations involve stronger fraud prevention measures and zero liability provisions for victims of electronic banking fraud in Regional Rural Banks.
The RBI's new framework sets forth stronger customer protection measures and mandates prompt resolution for fraud-related complaints in Urban Co-operative Banks.