Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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.
The ICAI imposed a fine on a Chartered Accountant for not properly communicating with the previous auditor before accepting a new audit assignment, violating Section 140 of the Companies Act.
The Reserve Bank of India has introduced amendments to the responsible business conduct directives for Regional Rural Banks, emphasizing ethical practices and compliance.