AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Ministry of Corporate Affairs has reported that the insolvency resolution process under the IBC has led to creditor recoveries exceeding ₹4 lakh crore by March 2026, signaling the effective implementation of the Insolvency and Bankruptcy Code.
RBI invites comments on draft directions aimed at strengthening capital adequacy disclosures for banks to ensure improved risk reporting.
RBI mandates a three-year cooling-off period for co-operative bank directors after ten years of service to enhance governance and compliance.
Under new FEMA regulations, service exporters will be required to file monthly EDF declarations starting October 2026. Non-compliance may impact eBRC generation and GST refunds.
The Kerala High Court has quashed an order denying input tax credit, ruling that taxpayers who filed their returns within the extended cut-off date are entitled to the credit under Section 16(5). This decision clarifies statutory entitlements regarding timely filings.
The Centre has approved the cadre restructuring of the Enforcement Directorate, significantly increasing its staff strength across various key functions. This decision aims to enhance the agency's operational capabilities.
The Directorate General of Foreign Trade has mandated that importers and exporters must annually update their Importer-Exporter Code (IEC) to prevent deactivation. This regulation is part of a broader strategy to ensure streamlined governance within India's import-export ecosystem.
The Finance Ministry has recognized ICICI Bank, Groww, and Upstox as reporting entities under the PMLA, enhancing digital financial verification systems in India. This move is significant for compliance and regulatory practices in the securities market.
The NCLT has admitted an insolvency plea against an online gaming firm for defaulting on a loan amounting to ₹2.81 crore, appointing an interim resolution professional to manage the case.
The ITAT ruled that housing loan interest is allowable as part of cost of acquisition for calculating capital gains if it has not been claimed under Section 24(b).
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.