AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Madras HC quashed a customs order issued after 14 years, ruling that the provisions of the new law on limitation do not permit indefinite delays. This decision impacts how customs authorities execute their procedural mandates.
The ITAT has deleted a ₹3.74 lakh penalty imposed on a salaried employee for failing to file income tax returns despite a ₹30 lakh income, citing bona fide belief regarding TDS requirements.
The ITAT has ruled that penalties incurred for the wrongful availment of CENVAT credit cannot be claimed as business expenses under Section 37(1) of the Income Tax Act.
The ITAT has ruled that for cash jewellery sales below Rs. 2 lakh, a buyer's PAN is not required, emphasizing that suspicion cannot replace evidence. This ruling led to the deletion of a ₹13.68 crore addition by the Assessing Officer.
Arbitrators often face challenges in quantifying losses in breach cases. Section 73 of the Contract Act, 1872 emphasizes the need for proof of actual loss, yet commercial realities can complicate such calculations.
Lakshmanan Meyyappan has achieved the distinction of becoming the world's youngest male Chartered Accountant at the age of 16, reflecting a remarkable academic achievement in the field of accounting.
The Institute of Chartered Accountants of India has deemed derogatory remarks made by a CA regarding ITR portal issues as inappropriate but not amounting to professional misconduct. The ruling highlights the balance between free speech and professional integrity.
The Kerala High Court has set aside a Rs. 1 lakh cost imposed by the NCLT on Union Bank of India due to procedural errors in its withdrawal application. This ruling emphasizes the importance of fair procedural standards in insolvency proceedings.
The Karnataka High Court dismissed income tax appeals regarding alleged unaccounted medical fees, ruling that uncorroborated seized materials are insufficient to sustain tax additions. This judgment highlights the evidentiary standards in tax assessments.
The Income Tax Department has initiated a nationwide verification campaign aimed at scrutinizing 394 entities and 36 professionals linked to suspicious foreign remittances. This action arises from discrepancies between reported turnovers and remittance amounts, signaling increased scrutiny in foreign transactions.
SEBI has proposed new digital KYC provisions designed to facilitate easier onboarding for non-resident Indians (NRIs) and foreign nationals, streamlining compliance for overseas investors.
SEBI has allowed Infrastructure Investment Trusts (InvITs) to incorporate debt-funded maintenance expenses into their Net Distributable Cash Flows (NDCF), subject to certain approvals. This move is expected to enhance capital management for InvITs.
The RBI has amended the Third Amendment Directions concerning Responsible Business Conduct for Non-Banking Financial Companies. This update addresses engagement with recovery agents and reinforces ethical business practices.