AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT ruled that an opening cash balance cannot be deemed unexplained solely based on nil disclosures from the prior year's income tax return. The decision allows the assessee's explanation of withdrawals from taxed income.
The RBI has updated its directives to exempt long-term NRE deposits from CRR and SLR requirements for Small Finance Banks, enhancing liquidity management.
Long-term NRE deposits have been exempted from CRR and SLR for Urban Co-operative Banks as per RBI's recent directions, enhancing liquidity.
The RBI has exempted eligible long-term NRE deposits from CRR and SLR for Rural Co-operative Banks, aiding liquidity management.
The RBI has amended its regulations to exempt long-term NRE deposits from CRR and SLR requirements for Regional Rural Banks, enabling better liquidity management.
Guidelines have been issued regarding the audit requirements for foreign subsidiaries while filing the Annual Performance Report under FEMA. These details are crucial for compliance.
The RBI's Monetary Policy Committee has decided to keep the repo rate unchanged at 5.25%, opting for a cautious approach in light of global economic uncertainties.
The RBI has revised its Kisan Credit Card framework to enhance credit access for farmers. The new guidelines detail eligible farmers, loan limits, and collateral norms aimed at improving agricultural financing.
The Calcutta High Court upholds a bank's decision to withhold a 'No Due Certificate' until all components of the loan debt are satisfied.
The Karnataka High Court has ruled that filing an Income Tax Return (ITR) does not amount to a retraction of a statement made under section 132(4) of the Income Tax Act.
The NCLT has admitted an insolvency plea against Evoq Remedies for failing to refund a ₹1.95 crore advance, marking the beginning of insolvency proceedings against the company.
Despite objections under Section 10A of the IBC, the NCLT permitted an amendment regarding the default date in the insolvency plea against Coffee Day Global Ltd, viewing it as clarificatory rather than a new claim.
Pahal Financial Services has been penalized ₹3.10 lakh by RBI for not adhering to KYC guidelines.