AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT quashed a penalty imposed under Section 271G, recognizing substantial compliance in diamond trade documentation as sufficient grounds for relief from penalties.
The ITAT has restored an appeal, confirming that disallowance under Section 14A cannot exceed the amount of exempt income, referencing precedent cases in its ruling.
The ITAT has ruled that rectification proceedings under Section 154 cannot be used to address TDS deductions that require detailed inquiries. This decision clarifies limitations on rectification applications.
The RBI has released the third amendment directions on responsible business conduct for Local Area Banks, focusing on customer protection in electronic transactions, reinforcing accountability.
The RBI has consolidated instructions for responsible business conduct in Rural, Urban, and Regional Co-operative Banks regarding customer protection in unauthorized electronic banking transactions.
The RBI has modified returns and reporting requirements under FEMA, 1999, addressing compliance provisions for Authorized Persons. This amendment aims to improve reporting measures and reflect current market practices.
The RBI has undertaken a review of circulars issued under FEMA since 2000 to streamline and rationalise the regulatory framework. This initiative focuses on restructuring outdated regulations and improving operational efficiency.
SEBI has proposed amendments to the Municipal Debt Securities Regulations to enhance retail investor participation through incentives and modernized frameworks.
Polycab India Limited has entered into a group captive arrangement for renewable power procurement with Continuum Green Energy, facilitated by Economic Laws Practice.
Google has informed the Delhi High Court that it cannot proactively prevent unauthorized uploads of court recordings to YouTube. The tech giant emphasized the impracticality of enforcing such measures legally.
The NCLAT ruled that factoring trade receivables does not convert operational debts into financial debts, affirming the distinction in categories of debt.
The Kerala High Court ruled against directing a parallel investigation into Byju's as the matter is already under the Karnataka High Court's consideration.
The Karnataka High Court ruled against quashing IPC and ED proceedings under Section 482 of the CrPC, stating that the presence of disputed facts necessitates a full trial.