AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The 57th GST Council proposed return reforms to resolve input tax credit mismatches automatically, enhancing compliance efficiency and reducing disputes.
The 57th GST Council meeting recommended raising the threshold for tax notices under Sections 73 and 74 to ₹10,000, aiming to reduce litigation burden on small taxpayers.
The NCLAT has upheld the extension of a resolution plan timeline, ruling that delays in property handover not attributable to the resolution applicant cannot burden the successful bidder.
The RBI increased the Bank Rate to 5.75%, effective immediately, impacting penal interest rates for CRR and SLR shortfalls by banks.
The RBI has issued the Sixth Amendment Directions, 2026, updating capital adequacy norms for Small Finance Banks, particularly legal opinion requirements for clearing members.
The RBI has issued the Third Amendment Directions, 2026, modifying prudential capital adequacy norms for Payments Banks, particularly concerning legal opinions for clearing members.
The Reserve Bank of India has issued the Fifth Amendment Directions, 2026, revising prudential norms on capital adequacy for All India Financial Institutions (AIFIs), particularly aligning legal opinion requirements for clearing members.
The RBI has imposed a ₹5 lakh penalty on The Monghyr-Jamui Central Co-operative Bank Limited for non-compliance with KYC directions. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
In TCRC v Ganga Rudraiah, the Madras High Court examined ownership of copyright in behind-the-scenes (BTS) photographs from the film 'Aval Appadithan', focusing on Section 17(b) of the Copyright Act, 1957. The Court highlighted the importance of written agreements and found that mere acquiescence does not transfer rights.
The Delhi High Court held that a formal declaration under Rule 124 is not mandatory to invoke Section 11(2) of the Trade Marks Act, 1999 for claiming well-known status. The ruling allows courts to independently assess well-known marks based on evidence, even without prior recognition by the Registry.
ITAT Pune allowed deductions under Section 80P(2)(d) for interest income earned by a cooperative society from a cooperative bank, distinguishing it from commercial deposits.
ITAT Mumbai held that CIT(E) cannot impose additional conditions beyond statutory requirements for granting registration under Sections 12AB and approval under 80G.
ITAT Delhi quashed a penalty under Section 271AAB due to defective show-cause notices that failed to specify the exact statutory clause violated, violating principles of natural justice.