AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
ITAT rules that statements, spot verification, and post-search inquiries cannot form the basis of incriminating material under Section 153A unless corroborated; loan additions deleted.
The ITAT has ruled that for corporate taxpayers, income tax assessment orders on returns below ₹20 lakh must be issued by the ITO, not the DCIT, relying on CBDT instructions.
NCLT approves voluntary liquidation under Section 59 IBC but holds directors liable for future contingent dues despite debt settlement.
57th GST Council recommends extending ITC refunds to capital goods and input services under inverted duty structure and zero-rated supplies.
The NCLT held that pending winding-up proceedings do not preclude initiation of CIRP under IBC if no irreversible steps toward liquidation have been taken.
RBI has modified the foreign exchange risk reserve requirements to ensure orderly market conditions amid evolving external sector dynamics.
RBI has updated guidelines on cancellation and rebooking of foreign exchange derivative contracts to prevent misuse while allowing legitimate corporate hedging needs.
RBI has revised the methodology for minimum capital requirements for counterparty credit risk in commercial banks to align with international standards.
RBI has revised the daily minimum Cash Reserve Ratio (CRR) maintenance requirement, allowing scheduled banks to maintain not less than 90% of the mandated CRR on each day, provided the fortnightly average meets the stipulated level.
RBI to sell ₹25,000 crore of central government securities via multi-security auction on October 13, 2026. Aims to manage liquidity and signal monetary tightening.
RBI issues new circulars restricting rebooking of cancelled INR derivative contracts and tightening forex market regulations. The move aims to prevent speculative trading and ensure orderly market conditions.
Reserve Bank of India has launched a special facility to meet the full daily dollar requirements of three public sector oil marketing companies: IOCL, HPCL, and BPCL. The window will be operational from October 12, 2026, via designated banks.
Courts differ on whether Section 124 allows stay of infringement suits when a Section 47 cancellation petition is pending; Delhi and Calcutta High Courts take conflicting views.