AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Bombay High Court has condoned a 29-day delay in the filing of Form 10B and restored the Section 11 exemption for a charitable trust for the assessment year 2022-23.
The Reserve Bank of India has shortened the temporary relaxation period for deposit rates on FCNR(B) and NRE deposits across various bank types to August 31, 2026.
In a ruling by the SAFEMA Tribunal, a PMLA attachment of ₹8.28 lakh was upheld, as the appellant failed to provide necessary bank statements to substantiate claims of being a victim.
The NCLT has admitted a plea by Bank of India for ₹23.66 crore, determining that financial debt and default were established independently of any questioned NPA classifications. This decision reiterates the strict criteria for proving insolvency.
The NCLT upheld an insolvency plea of ₹1.65 crore, ruling that unsupported claims of adjustment failed to demonstrate any genuine pre-existing dispute prior to the issuance of a demand notice. This ruling highlights the threshold for disputing insolvency claims.
The NCLT in Mumbai held that the insolvency proceedings against a corporate guarantor can proceed regardless of the ongoing Corporate Insolvency Resolution Process (CIRP) of the principal borrower. The ruling emphasizes the liability of corporate guarantors.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) petition for ₹11.83 crore after bank records conclusively established financial debt and ongoing default. This development emphasizes the importance of documentation in insolvency cases.
The Delhi High Court has directed the Assessing Officer to examine discrepancies causing a delay in processing a ₹20.33 crore income tax refund, attributing the delay to changes in the company’s legal status.
The ITAT has deleted a ₹75.93 crore addition under the Export Promotion Capital Goods (EPCG) scheme, finding that Ind-AS accounting entries cannot create tax liability.
The ITAT has set aside a 30% tax rate applied by the CPC, affirming that a 25% tax rate is applicable to companies with a turnover below ₹400 crore.
The ITAT has deleted an addition made by the income tax department regarding a cash deposit of ₹58.50 lakh in a joint account with the husband of an NRI assessee, emphasizing the necessity for proper investigation before making such additions.
The Income Tax Appellate Tribunal (ITAT) has allowed a deduction of ₹3.97 crore for R&D expenses, ruling that the delay in submitting Form 3CL was not the assessee's fault. However, it remanded the issue of a ₹39.66 crore TDR loss to the Assessing Officer for further verification.
The RBI has announced an auction of Government Treasury Bills amounting to ₹17,000 Crore, scheduled for September 2, 2026.