AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Delhi High Court reinstated the GST registration of a small tempo operator after the first filing default, considering the impact on their right to livelihood. This ruling favors taxpayers facing initial compliance issues.
The Karnataka High Court affirmed that the limitation period for penalties under Section 275 of the Income Tax Act commences with the issuance of the Joint Commissioner of Income Tax's notice, not from the Assessment Officer's proposal.
In a VAT return dispute, the Karnataka High Court dismissed a review petition related to lost books of account, stating that blame cannot be shifted to tax consultants. This ruling emphasizes accountability in tax reporting.
The Reserve Bank of India has updated the Directions on the Resolution of Stressed Assets for Local Area Banks to improve operational practices and asset management.
The Reserve Bank of India has released the Second Amendment Directions on Income Recognition, Asset Classification, and Provisioning for Urban Cooperative Banks, to ensure regulatory compliance and sound financial governance.
The Reserve Bank of India has issued the Third Amendment Directions on Income Recognition, Asset Classification, and Provisioning for Rural Co-operative Banks, aiming to strengthen governance and financial practices.
The Reserve Bank of India has released the Second Amendment Directions on Income Recognition, Asset Classification, and Provisioning for Regional Rural Banks. This is part of ongoing reforms to strengthen the banking sector's resilience.
The Reserve Bank of India has amended the Directions on Income Recognition, Asset Classification, and Provisioning for Local Area Banks. This amendment aims to improve the financial health of local banks by ensuring standardization in financial reporting.
The Reserve Bank of India has released a circular on Special Rupee Vostro Accounts (SRVAs), inviting attention to previous notifications regarding International Trade Settlement in Indian Rupees. This provides clarity on updates concerning SRVAs for authorized dealer banks.
SEBI's latest amendments to the Buyback Regulations of 2026 restore the stock exchange route for buybacks, mandate shareholder notifications, and optional appointment of Merchant Bankers. These changes clarify procedures for public companies looking to repurchase their shares.
SEBI has announced the extension of Systematic Withdrawal Plan (SWP) and Systematic Transfer Plan (STP) standing instructions for demat mutual fund units, with implementation set to begin by January 31, 2027. This development aims to enhance investor convenience and operational efficiency.
NCLT Mumbai allows a waiver under Section 244 and permits the continuation of an oppression and mismanagement petition.
Karnataka HC clarifies that disqualifications under Section 164 do not vacate a director's office in a defaulting company.