AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Income Tax Appellate Tribunal ruled that once jurisdiction under Section 153C is established, the Assessing Officer (AO) is entitled to consider further information from the Investigation Wing. This decision stems from a case where the assessee contested the lack of an adequate satisfaction note.
NCLT Delhi ruled that a suspended director lacks standing to seek removal of the Resolution Professional post-Committee of Creditors approval. The decision emphasizes respect for approved processes.
The RBI has set out new directions for the internal audit function of commercial banks, emphasizing the importance of robust internal controls and governance.
The RBI has issued new directions governing concurrent audits in commercial banks, mandating stricter oversight and accountability measures for improved financial integrity.
The RBI has issued comprehensive guidelines for banks regarding the detection, reporting, and monitoring of counterfeit Indian currency notes. This is part of a broader initiative to combat counterfeit currency circulation.
The Reserve Bank of India has issued a circular on the implementation of Section 51A of UAPA, 1967 related to amendments in the UNSC 1988 (2011) Taliban sanctions list. This directive emphasizes compliance among financial institutions to adhere to international sanction frameworks.
Following public feedback, the IRDAI has revised and responded to the draft Insurance Surveyors and Loss Assessors Regulations, clarifying various provisions in the proposed framework. The changes aim to improve governance.
The Reserve Bank of India has scheduled an auction for Treasury Bills, including prominent maturities set for August 2026, aimed at meeting government financing needs.
The Government of India has declared a buyback of dated securities amounting to ₹20,000 crore. This initiative aims to manage debt more effectively and stabilize market conditions.
In a two-part exploration, the challenges of access to patented medicines in India are discussed, focusing on legislative mechanisms that have become dormant.
A new book titled 'Fractures in IP, Trade, and Health' co-authored by Prof Srividhya Ragavan explores the intersection of public health and intellectual property. The book discusses pressing issues in the context of global trade.
The Rajasthan High Court has set aside an ex parte GST appellate order, citing a breach of natural justice. The court requires a fresh hearing, emphasizing the necessity for all parties to be heard.
The Telangana High Court has issued a stay on the recovery of a sanctioned GST refund and related penalties, due to the Revenue's failure to formally challenge the refund sanction order. This ruling emphasizes the need for due process in tax recovery actions.