AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has determined that interest paid by the Bank of Nova Scotia to the Reserve Bank of India for failing to meet the Statutory Liquidity Ratio (SLR) is compensatory and thus deductible. This marks a significant ruling regarding the treatment of such interest payments.
The Telangana High Court has established a stringent six-point framework for the provisional release of seized imported second-hand goods, including a mandatory bank guarantee.
The Delhi High Court ruled that reimbursements paid to EY US for secondee services are taxable as Foreign Technical Services (FTS) under Indian tax law. The ruling rests on the premise that the secondees provided technical knowledge to EY India entities.
The Supreme Court upheld the dismissal of a writ petition, citing significant delay in filing without adequate explanation, thereby reinforcing the importance of timely appeals.
The Gauhati High Court annulled a GST registration cancellation order, noting the absence of a reasoned decision. The court emphasized the need for accountability in authority actions.
India has broadened the scope for foreign nationals to invest in its stock market, enhancing portfolio investment access while maintaining regulatory safeguards.
The newly introduced Schedule VDA in the Income Tax Return (ITR) framework focuses on transaction-wise reporting of income derived from cryptocurrencies, NFTs, and other Virtual Digital Assets (VDAs), which are taxable at 30% under Section 115BBH.
The ITAT ruled that the Income Tax Department must maintain consistent positions in similar cases concerning long-term capital loss claims.
The Karnataka High Court dismissed an excise duty demand based on inadequate evidence, stating that power consumption alone cannot substantiate claims of clandestine removal.
The Madras High Court clarified that one year of practice is required for registration as an Income Tax Practitioner, while stating it governs registration rather than restricts representation rights.
The Madras High Court ruled that GST Input Tax Credit (ITC) cannot be denied solely based on the retrospective cancellation of a supplier’s registration, underscoring due process in tax claims.
Sellers on platforms like Amazon and Flipkart are cautioned to navigate specific GST traps that could adversely affect profitability, significantly impacting compliance and operations.
The Orissa High Court modified an earlier order to prevent the state from imposing excise duty on liquor MGQ more than once. This ruling clarifies the principle against double taxation in the state’s excise framework.