AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Kerala High Court has mandated all family courts in the state to adhere to child custody guidelines established by the Calcutta High Court. This directive will remain in effect until local guidelines are created for Kerala.
Guidelines for when private limited companies may borrow under MCA exemptions require careful assessment of thresholds and default conditions regarding shareholder approvals.
This article outlines the necessary approvals from Audit Committees, Boards, and shareholders for related party transactions, guiding companies in compliance with the Companies Act and SEBI regulations.
Recent NCLT decisions indicate that the lack of specific procedural rules does not prevent conversion from a company limited by shares to a company limited by guarantee as provided under Section 18.
Founder agreements are essential in venture-backed companies, clarifying equity allocation, management responsibilities, and exit strategies. This framework helps in mitigating disputes and stabilizing governance.
The ICAI has imposed fines on a Chartered Accountant for accepting an audit assignment without formal communication to the previous auditor, breaching the requirements of Section 140 of the Companies Act.
The Institute of Chartered Accountants of India (ICAI) has revised its ethics code regarding the advertising of sustainability assurance services. Providers must consult the Ethical Standards Board if uncertain about advertising appropriateness.
The Karnataka HC remanded the Motorola Mobility case to a single judge, allowing the assessee to challenge the validity of the retrospective amendment under Section 147A.
The ITAT found no evidential basis for allegations of cash exchange in loan routing and deleted an addition of ₹1.26 crore, reinforcing the validity of transactions through banking channels.
The ITAT held that genuine long-term capital gain claims cannot be denied based solely on SEBI reports, particularly when supported by substantial documentary evidence.
The ITAT ruled that a procedural delay in filing Form 67 should not obstruct a treaty-based Foreign Tax Credit claim, granting relief of ₹10.06 lakh.
The ITAT directed the Assessing Officer to verify if a double addition was made in the income assessment of Hyundai Motor, taking into account the involvement of international transactions.
The ITAT partly allowed an appeal, remanding issues regarding ₹11.14 crore in bogus purchases and ₹16.76 lakh in labour charge disallowance for fresh verification, citing unverified transactions.