AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Madras High Court has ordered a vigilance investigation after allegations surfaced that one bus was falsely registered as three to misappropriate funds.
The Pune ITAT ruled that cash deposits cannot be treated as unexplained money if business turnover from scrap is accepted in other years. This decision considers the taxpayer's consistent reporting history.
The Bangalore ITAT ruled that disallowance under Section 40A(3) cannot be based solely on assumptions. The Tribunal quashed the addition because payments were shown to have been made through banking channels, thus satisfying compliance requirements.
This article discusses how recent amendments to the Companies Act impacted corporate tax treatment related to penalties and CSR expenditure.
MCA has included subscriptions to Zero Coupon Zero Principal instruments within the CSR compliance framework as per the amended Schedule VII.
The MCA has amended CSR rules to include Zero Coupon Zero Principal instruments, broadening avenues for CSR funding.
Recent NCLT judgments suggest a lenient approach to converting shares to guarantee companies, despite procedural ambiguities.
The NCLT Allahabad Bench ruled to permit the conversion of shares into guarantee shares without the need for shareholder meetings, finding sufficient consent among shareholders.
The Registrar of Companies has imposed penalties for filing an incorrect document with AOC-4, reinforcing the necessity for precise statutory compliance.
The government has exempted Special Economic Zones (SEZs) from quality control orders on imports, while domestic sales will continue to adhere to India's quality and safety standards. This change streamlines operations for SEZs.
The Reserve Bank of India has dismissed media reports claiming it sold $12 billion worth of gold to stabilize forex reserves. The central bank confirmed its gold holdings remained unchanged at 880.52 tonnes, as indicated in its monthly bulletin.
The NCLT has admitted a ₹7.47 crore insolvency plea against Spectra India Eco Projects, recognizing loan agreements and guarantees as adequate proof of financial debt. This highlights the significance of comprehensive documentation in insolvency claims.
The Allahabad High Court has reprimanded the UP Police for blocking a woman's phone number based on her husband's false complaint, ordering immediate restoration of service.