AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Calcutta High Court dismissed a 26-year-old claim stating that new shares cannot be included in a pending suit without a counterclaim. The decision emphasizes the importance of timely legal action under the Companies Act.
The CBIC has designated the Mumbai Customs Commissioner as the common adjudicating authority for pending Show Cause Notices (SCNs) across various customs offices, centralizing adjudication processes. This change aims to promote uniformity in decision-making.
The ITAT determined that the limitation period for invoking revisionary jurisdiction must be calculated from the original assessment order date, quashing the related revision order. This ruling underscores the importance of adherence to procedural timelines.
The ITAT has ruled that taxpayers retain the right to carry forward capital losses even if a revised ITR is filed after the deadline, provided the original ITR was submitted on time. This decision safeguards taxpayer rights within income tax regulations.
The Bombay High Court ruled that auction sale certificates issued under the IBC are exempt from stamp duty, as the duty only applies if the certificate is later used for registration or other purposes. This decision clarifies the applicability of stamp duty on insolvency proceedings.
The Reserve Bank of India has published second amendment directions focusing on income recognition, asset classification, and provisioning for Commercial Banks aiming to enhance their operational resilience.
The Reserve Bank of India has released third amendment directions for Non-Banking Financial Companies regarding income recognition and asset classification to enhance financial stability.
The Reserve Bank of India has enacted second amendment directions for Urban Cooperative Banks, focusing on asset classification and provisioning measures to enhance the stability of these financial institutions.
Delhi Police refutes allegations of intrusive surveillance during protests led by the Cockroach Janata Party, asserting its actions are strictly for maintaining law and order.
The Delhi High Court has appointed Anu Grover Baliga as a special judge to expedite criminal cases related to paper leaks and unfair means in examinations.
The CESTAT Mumbai has ruled that quicklime is classified under CTH 2522, setting aside previous duty demand and penalties while confirming exemption benefits.
CESTAT Delhi held that imported quicklime with less than 98% CaO is duly classified under Chapter 25, allowing the appeal and confirming prior duties were misclassified.
CESTAT has determined that Quick Lime should be classified under CTH 2522, directing the refund of duty and interest, while setting aside previous demands for duty.