Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Bombay High Court held that tax deposits made during ongoing GST raids do not automatically qualify as voluntary. Authorities are afforded opportunities for remedial action if refunds are warranted.
The ITAT upheld the disallowance of loan processing fees for loans not securing property for generating rental income, reiterating limitations on Section 24(b) deductions. This ruling clarifies acceptable expenses under the section.
The Indian government has revised its Import Trade Policy by restricting imports of high-purity silver bars to enhance control over trade flows and promote transparency in the market.
The Directorate General of Foreign Trade (DGFT) has implemented new regulations for gold imports under the Advance Authorisation Scheme, capping imports at 100 kg and introducing mandatory compliance reporting.
The NCLAT has classified a conditional payment linked to a consequence sheet as an acknowledgment of operational debt, sustaining the admission of the Corporate Insolvency Resolution Process (CIRP).
The NCLT has ordered the liquidation of a corporate debtor after the Committee of Creditors rejected the only resolution plan submitted during the Corporate Insolvency Resolution Process (CIRP).
The NCLAT has ruled that pre-existing disputes regarding defective supply and delays cannot obstruct the Corporate Insolvency Resolution Process (CIRP) after the admission of undisputed operational debt.
The NCLT Principal Bench has permitted dissolution of a corporate entity after the assignment of avoidance proceedings along with residual assets during the liquidation process. This ruling clarifies the conditions under which dissolution can be executed when no further assets are available for distribution.
The Supreme Court mandated that lawyers must cite judgments that support both sides of their case, warning against inconsistent judicial opinions. This directive aims to enhance legal clarity and ensure fair representation.
The J & K and Ladakh High Court quashed the recovery of excess pay from a retired employee and permitted the refixation of pension, provided the promotion was not ratified by the DPC.
The CESTAT ruled to reduce the penalty for fraudulently obtaining EODC to fulfill export obligations, applying the principle of proportional liability.
IIFL Finance Limited has been penalized ₹3.10 lakh by the RBI for non-compliance with its regulatory framework related to non-banking financial companies. This serves as a reminder of the need for strict adherence to regulations.