AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT held that once jurisdiction under Section 153C is validly assumed, the AO can consider subsequent information from the Investigation Wing. This decision clarifies procedural aspects regarding the assessment process in tax cases.
Utsav Securities Limited has been fined ₹3.90 lakh by the RBI for non-compliance with governance directives regarding data submission to Credit Information Companies.
Infinity Fincorp Solutions Private Limited has been penalized ₹5.40 lakh by the RBI for violations related to KYC regulations and fair practice codes.
The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction for ₹2,00,000 crore on August 10, 2026, as part of its liquidity management strategy.
The RBI has introduced a Dollar-Rupee Forex Swap Scheme aimed at supporting the foreign borrowings of Indian entities. This initiative is designed to stabilize the rupee and encourage foreign capital inflows.
The Madras High Court upheld the RBI Ombudsman's decisions regarding grievances related to GST refunds, bank charges, and NPA classifications. The court dismissed a writ petition challenging the Ombudsman's findings, affirming the procedural integrity of the Ombudsman’s process.
The Delhi High Court ruled that a father cannot utilize his daughter’s Public Provident Fund (PPF) account to meet his legal obligations for maintenance payments to her and her mother. The court clarified that the PPF account belongs to the daughter, and the father acts merely as a guardian.
The National Company Law Tribunal ruled that pending one-time settlement proposals cannot delay adjudications of valid applications under Section 7 of the Insolvency and Bankruptcy Code (IBC). This clarifies procedural precedence in insolvency cases.
The National Company Law Tribunal ruled that unsubstantiated mala fide allegations do not defeat proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). This establishes clear standards for claims in insolvency matters.
The Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines for data exchange with state mining authorities aimed at detecting GST evasion in illegal mining activities. These measures are part of ongoing efforts to enhance enforcement.
The ITAT ruled that the repurchase of unexercised Flipkart ESOPs is taxable as Long-Term Capital Gains (LTCG) rather than as a salary perquisite, clarifying tax liabilities for employees.
The Income Tax Appellate Tribunal confirmed that simply appearing without an explanation does not absolve a taxpayer from penalties for non-compliance under Section 272A(1)(d).
The Karnataka High Court ruled that a vague exception clause under the CBDT circulars does not trump the established low tax effect limit, resulting in the dismissal of an appeal related to Section 68.