AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT quashed the AO's assessment, stating that the officer exceeded of the scope of limited scrutiny as mandated by CASS guidelines.
The ITAT has determined that one-time maintenance and utility deposits are to be included in the cost of acquisition for capital gains calculation, establishing a precedent for similar cases.
The ITAT has remanded the case back to the Assessing Officer to consider new evidence of a bank statement supporting loan repayment. This document is crucial for verifying the genuineness of the transaction.
The RBI has issued amendments to its directions for the resolution of stressed assets applicable to All India Financial Institutions, focusing on improving recovery mechanisms and operational compliance.
The RBI has introduced new amendments concerning income recognition, asset classification, and provisioning for All India Financial Institutions to further address the issues related to stressed assets.
The RBI has released amendments to its Credit Risk Management Directions for All India Financial Institutions to improve resolution strategies for stressed assets. This aims to enhance risk management frameworks across the financial sector.
The Supreme Court's decision in Cryogas raises questions about copyright and design law vis-à-vis creative expression in culinary arts.
India's new waiver for 'sports-related' IP registrations prompts a reevaluation of ownership and exclusivity in sports intellectual property.
The Calcutta High Court ruled that a CFS operator is liable for cost recovery charges even without a formal sanction from customs posts, emphasizing the doctrine of 'substance over form'.
The MP High Court revoked anticipatory bail granted to Giribala Singh in the dowry death case of Twisha Sharma. The court found merits in the allegations against Singh, necessitating her presence for questioning.
SEBI clarified that Infrastructure Investment Trusts (InvITs) can borrow beyond 49% of asset value for capital expansion and eligible debt refinancing, enhancing investment flexibility.
SEBI has released a revised Master Circular consolidating surveillance directives to enhance insider trading compliance and market integrity through improved mechanisms.
SEBI is advocating for an API-based connectivity model for Straight-Through Processing (STP) to enhance operational efficiency and reduce latency in institutional trade processing.