AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Reserve Bank of India has released new directions for the Kisan Credit Card (KCC) Scheme applicable to rural co-operative banks. This initiative aims to streamline credit disbursement processes and establish clearer guidelines for agricultural loans.
India’s CSIR collaborates with Brazil's INPI to enhance access to the Traditional Knowledge Digital Library, marking a significant step in biodiversity governance and intellectual property management.
The Supreme Court upheld the GST framework for actionable claims, clarifying that they have been taxable since GST's inception.
The ITAT Kolkata ruled that the CPC cannot process returns under Section 143(1) once a Section 143(2) scrutiny notice has been issued, quashing the intimation provided.
The ITAT Kolkata emphasized that the CPC must consider pending condonation applications before deciding on exemption claims under Section 11 when Form 10B is delayed.
The ITAT Cochin determined that land integral to an approved housing project must meet the one-acre requirement for Section 80-IB(10) deductions, ruling that unrelated land cannot be counted.
The ITAT Mumbai held that the fair market value of surrendered tenancy rights serves as the cost of acquisition for properties redeveloped under such schemes, impacting assessment of capital gains.
The Orissa High Court quashed a Section 143(2) notice issued by an authority without jurisdiction, leaving the door open for the competent authority to issue a proper notice in compliance with legal standards.
The ITAT ruled that a delayed submission of Form 3CLA does not negate eligibility for a weighted deduction under Section 35(2AB) if substantive conditions are met. The appeal resulted in the removal of a ₹2.07 crore disallowance.
The Calcutta High Court ruled that banks are justified in withholding a No Due Certificate until all components of a loan, including various charges, are settled. This clarification is crucial for borrowers and legal practitioners managing financial agreements.
The NCLT has initiated a Corporate Insolvency Resolution Process (CIRP) against a corporate debtor citing financial distress, confirming that such distress does not exempt the company from insolvency proceedings. An Interim Resolution Professional has been appointed.
In a significant ruling, the NCLT has directed Kotak Mahindra Bank to return title deeds owed to a corporate debtor following full payment of the approved resolution plan. This decision reinforces creditors' obligations post-resolution settlement.
The NCLT has admitted an insolvency plea against a kraft paper manufacturer, appointing Rishabh Sethi as the Interim Resolution Professional. This marks a significant step in the corporate insolvency resolution process under Section 9 of the IBC.