Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Delhi High Court invalidated an assessment order for failing to consider the reply filed by the assessee, a significant ruling reinforcing the principles of natural justice in tax assessments.
The RBI has revised Investment Fluctuation Reserve norms for Urban Co-operative Banks, allowing drawdown of excess IFR balances beyond mandatory thresholds.
The RBI has revised Investment Fluctuation Reserve norms for Payments Banks to address operational challenges, linking reserves to investment portfolio exposure.
RBI has amended Investment Fluctuation Reserve norms for Small Finance Banks to address operational difficulties and prescribe a minimum reserve linked to exposure.
RBI’s new framework exempts certain Type I NBFCs from mandatory registration, reducing compliance burdens for private investment vehicles.
The RBI has released draft amendments for capital adequacy disclosures under Basel norms, focusing on transparency and improved risk reporting standards.
The RBI has standardized the 90-day NPA classification for all NBFC categories and detailed provisioning requirements effective from 31 March 2026.
Recent amendments to the PPIRP rules by the IBBI enhance transparency and clarity in the appointment of valuers, aiming to avoid conflicts of interest.
The GCCI has called on the Centre to restore the 5% withholding tax rate for Foreign Portfolio Investors in government securities and rupee bonds, claiming that the current rate hampers India’s market appeal.
The ITAT reaffirmed that only the profit margin from unrecorded sales is taxable under Section 69A, dismissing the revenue's broader appeal for full taxation on such sales.
The ITAT ruled that a bona fide error in the application form cannot serve as a basis to deny registration under Section 12A of the Income Tax Act. This decision highlights the leniency towards honest mistakes in documentation.
The ITAT ruled that amounts reflected in Form 26AS cannot be automatically deemed taxable turnover. Verification and reconciliation with actual books are essential before such determination.