Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
In a significant ruling, the NCLT has directed Kotak Mahindra Bank to return title deeds owed to a corporate debtor following full payment of the approved resolution plan. This decision reinforces creditors' obligations post-resolution settlement.
The NCLT has admitted an insolvency plea against a kraft paper manufacturer, appointing Rishabh Sethi as the Interim Resolution Professional. This marks a significant step in the corporate insolvency resolution process under Section 9 of the IBC.
The ITAT confirmed the disallowance of specific project support costs classified as head office expenses due to the failure to deduct TDS. The ruling requires adherence to compliance standards under the Income Tax Act.
The ITAT held that the identity and source of funds established through the sale of agricultural land to Microsoft negated the need for additions under Section 68. The ruling emphasizes the importance of substantiating sources of funds.
The Karnataka High Court annulled an arbitral award due to the tribunal's failure to consider vital GST invoices, demonstrating the legal imperative for arbitral bodies to account for all evidence in tax-related disputes.
The RBI has released the 'Kisan Credit Card (KCC) Scheme' directions relevant to commercial banks, aiming to improve credit access for the agricultural sector.
The RBI has issued the 'Kisan Credit Card (KCC) Scheme' directions for small finance banks, enhancing the accessibility of credit for farmers in this sector.
The RBI has released 'Kisan Credit Card (KCC) Scheme' directions specifically for regional rural banks, aiming to facilitate improved credit access for farmers.
The RBI has released the 'Kisan Credit Card (KCC) Scheme' directions for rural co-operative banks to enhance credit access for farmers. The directions detail credit purpose, tenure, limits, and other provisions.
The ITAT ruled that transfer pricing analysis must adhere to principles established by UAPA. Adjustments for royalty and FTS are limited to those rates accepted by CBDT.
The ITAT has ruled that indexed cost of improvement is allowable when computing capital gains, even if deemed sale consideration is assessed under Section 50C.
The ITAT has remanded a case involving ₹2.53 crore in unexplained cash transactions back to the CIT(A) for re-examination. The tribunal deemed an affidavit insufficient and ordered a comprehensive review of all relevant tax records.