AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The MCA has amended Schedule VII of the Companies Act to include investments in zero coupon zero principal instruments under CSR, further diversifying permissible CSR activities.
The NCLT Allahabad Bench has authorized the conversion of capital and shares into a company limited by guarantee, waiving the need for shareholder meetings due to unanimous consent. This ruling clarifies procedural implications for such transformations.
The ITAT quashed Section 153A assessments due to falling outside the 10-year block period, highlighting stringent adherence to statutory timelines.
The ITAT quashed Section 153C assessments due to lack of valid satisfaction notes regarding seized documents purportedly belonging to a third party.
Despite statutory mandates, the ITAT ruled that corporate social responsibility expenses remain voluntary and hence qualify for deductions under Section 80G.
The ITAT ruled that an Income Tax notice issued after April 1, 2021, is time-barred under the TOLA concession, emphasizing adherence to statutory deadlines in tax assessments.
The ITAT ruled that evidence from documents seized from a third party is insufficient for tax assessments, emphasizing that entries from third parties cannot be deemed credible without the taxpayer's knowledge.
The Reserve Bank of India has published amendments to the investment portfolio guidelines for local area banks, enhancing compliance requirements.
The Reserve Bank of India has amended the governance guidelines affecting urban co-operative banks regarding their investment portfolios, promoting transparency and compliance.
The Reserve Bank of India has released amendments to the governance of rural co-operative banks' investment portfolios, stressing compliance with updated financial regulations.
The Reserve Bank of India has updated the classification, valuation, and operation directives for the investment portfolios of regional rural banks, enhancing compliance frameworks.
The Reserve Bank of India has implemented its sixth amendment to the prudential norms on capital adequacy, ensuring compliance with updated regulatory requirements.
The Reserve Bank of India has announced a significant sixth amendment to the financial statements guidelines for commercial banks, enhancing regulatory compliance and disclosure standards.