AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
Following the rollout of the Closing Auction Session (CAS), SEBI proposes a review of the settlement price methodology for derivative contracts to enhance market integrity.
SEBI has amended its FPI Master Circular by removing the necessity for foreign portfolio investors (FPIs) investing solely in government securities to provide investor group details.
SEBI provides clarity on the pricing and calculation of frequently traded shares under ICDR Regulations. The guidelines focus on the determination of volume weighted average price (VWAP) for preferential issues.
The ITAT Ahmedabad has allowed a taxpayer to claim a ₹1.50 lakh Section 80C deduction via a revised return as relief under Section 119(2)(b).
The ITAT Mumbai has eliminated a nil arm's length price adjustment in transfer pricing, allowing for a working-capital adjustment and excluding functionally dissimilar comparables.
The ITAT Mumbai has ruled that low returned income cannot invalidate a loan agreement without a thorough investigation into the fund trail, highlighting the need for diligent scrutiny in tax assessments.
The Delhi ITAT has deleted an ₹11.12 crore on-money addition, ruling that uncorroborated WhatsApp chats and lack of cross-examination do not suffice for tax assessment. This case reaffirms the need for independent verification in tax proceedings.
The RBI has directed regulated entities to implement updates to the UNSC 1267/1989 ISIL and Al-Qaida Sanctions List following amendments to individual entries. Compliance is mandated under UAPA, 1967.
The Reserve Bank of India has issued a notification regarding an amendment to one entry in the UNSC 1988 (2011) Taliban Sanctions List. Regulated entities must ensure strict compliance with these updated sanctions procedures under UAPA, 1967.
The Institute of Chartered Accountants of India (ICAI) reprimanded a Chartered Accountant for conducting Tax Audit Reports while holding a part-time Certificate of Practice (COP), emphasizing the need for full-time engagement.
The Central Government has notified the appointment of Chief Justices to eight High Courts, thus addressing all current vacancies. This move is aimed at enhancing the efficiency of the judiciary.
In a significant ruling, the NCLT admitted a CIRP application over a ₹2.70 crore default as the corporate debtor failed to provide documentary proof of any quality disputes regarding goods supplied.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) against a corporate debtor when WhatsApp chats and a lab report did not substantiate any pre-existing dispute regarding the operational debt. The debt was established as ₹1.96 crores, leading to this order.