AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The NCLAT has ruled that invoices are not mandatory to establish operational debt under the Technical Guidance Agreement, which entails a fixed royalty obligation. This ruling has significant implications for the enforcement of contractual liabilities.
The Delhi High Court has acquitted a Muslim man convicted in a 2008 interfaith marriage case, ruling that the relationship was consensual. This highlights complexities in interfaith marriages within deeply divided societal contexts.
The NCLAT directed Modi Lifecare to pay ₹63 lakh, clarifying invoices are not mandatory under the Technical Guidance Agreement. The ruling emphasizes the contract's obligatory nature for royalty payments.
The Calcutta High Court ruled that an ITR filed before a claimant's death substantiates earning capacity, and deducting personal expenses by 50% was deemed erroneous. Bajaj Allianz General Insurance has been ordered to pay enhanced compensation.
The Calcutta High Court ruled that all reassessment proceedings post-September 1, 2024, must adhere to the amended provisions of Section 149 of the Income Tax Act. This decision reaffirms a Supreme Court verdict, establishing the retrospective application of the new limitation period.
The Income Tax Appellate Tribunal (ITAT) ruled that a notice under Section 148 cannot be considered timely merely due to an earlier date if served beyond the limitation period.
The Calcutta High Court has quashed ongoing IGST refund proceedings, determining that the omission of Rule 96(10) renders the basis for show-cause notices invalid. This decision addresses the legal implications of procedural lapses in tax assessments.
The RBI amended the Responsible Business Conduct Directions for Regional Rural Banks to improve corporate governance and ethical practices within the sector, responding to ongoing challenges in asset management.
The Reserve Bank of India issued amendments to the Credit Risk Management Directions for Non-Banking Financial Companies to enhance frameworks dealing with asset quality risks.
The Reserve Bank of India has revised the Credit Risk Management Directions for Rural Cooperative Banks, aiming to enhance their risk assessment processes and operational frameworks amidst economic challenges.
The RBI issued a set of amendments concerning the resolution of stressed assets across All India Financial Institutions, aiming to enhance the regulatory framework governing asset recovery.
The RBI announced amendments to the Credit Risk Management Directions for Regional Rural Banks to enhance their operational frameworks amid ongoing challenges in asset quality.
The Reserve Bank of India amended the Income Recognition, Asset Classification and Provisioning Directions aimed at refining practices within financial institutions to deal with stressed assets more effectively.