Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Bombay High Court is set to decide whether TNMM benchmarking can apply to determine the arm's length price at the entity level for combined transactions. The court has allowed the appellant to raise additional questions of law.
The Karnataka High Court granted anticipatory bail to GST dealers implicated in bogus ITC claims, emphasizing that genuine purchasers cannot be penalized absent proof of collusion.
The GST Appellate Tribunal (GSTAT) ruled that projects completed before the implementation of GST, or those outside the GST ambit, do not fall within the scope of anti-profiteering investigations.
The Bombay High Court clarified that Section 80P(2)(d) concerning co-operative societies' interest or dividend income operates separately from Section 194A. The Tax Officer's mixing of both provisions was deemed unsustainable.
The Supreme Court is set to decide if income from processed seed sales is classified as agricultural or business income for tax exemption purposes. This ruling could have significant implications for the agriculture sector.
The Reserve Bank of India has issued fourth amendment directions specific to Commercial Banks, addressing responsible business conduct in recovery processes.
The Reserve Bank of India has introduced fourth amendment directions for Small Finance Banks, focusing on responsible recovery practices.
The RBI has implemented fourth amendment directions for Local Area Banks to refine recovery practices and ensure responsible lending.
The Reserve Bank of India has enacted fourth amendment directions for Regional Rural Banks to enhance operational guidelines regarding recovery agents.
The Reserve Bank of India has released the fourth amendment directions for Urban Co-operative Banks, focusing on recovery practices to promote fair lending.
The Reserve Bank of India has introduced fourth amendment directions specifically for Rural Co-operative Banks, refining guidelines on recovery agent practices and promoting responsible lending.
The Reserve Bank of India released third amendment directions for All India Financial Institutions, focusing on enhancing accountability in the engagement of recovery agents.