AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Rajasthan High Court ruled that reassessment notices sent posthumously were invalid; however, the Revenue may proceed against legal representatives per law.
Delhi HC ruled that time taken by an assessee for response is excluded from the reassessment limitation period, validating the initiation of proceedings.
The Gujarat High Court upheld the deletion of LTCG additions, concluding the Revenue's claims were based on assumptions without substantial evidence.
The Equalisation Levy imposed on online advertising ceases from AY 2026-27 due to a sunset clause in the Finance Act, 2024. This impacts e-commerce transactions significantly.
The ITAT Ahmedabad ruled that CSR donations can still qualify for Section 80G deductions if they meet necessary conditions, countering automatic disqualification assumptions.
The ITAT Mumbai ruled that mere loan confirmations do not substantiate the creditworthiness of creditors, necessitating further verification by assessing officers.
The ITAT Delhi quashed a Section 271D penalty of ₹65 lakh citing a lack of assessment and recorded satisfaction for penalty proceedings, indicating procedural requirements must be met.
Section 194N mandates TDS deduction by banks on cash withdrawals exceeding prescribed limits. Non-filers face higher rates, while certain entities are exempt.
Companies receiving foreign investments must ensure compliance with FEMA regulations regarding reporting, valuation, and approvals to avoid penalties and delays in future fundraising.
The RBI has amended existing regulations, shortening the realization period for export proceeds from 15 months to 9 months under FEMA. Compliance requirements for exporters will be stricter.
The RBI has enabled UPI integration with KHQR in Cambodia, allowing Indian travelers to make payments directly with UPI apps. This development enhances the global reach of UPI.
The amendment introduces a triennial compliance framework for director KYC filings, changing reporting timelines significantly.
The recent amendment modifies DIR-3 KYC compliance requirements, changing the filing frequency and deadlines for directors significantly.