Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
RBI's new reclassification of Non-Banking Financial Companies (NBFCs) outlines Type I and II criteria, defines public funds, and introduces conditions for deregistration. The phased implementation through PRAVAAH is set for July 2026.
The National Company Law Appellate Tribunal (NCLAT) has suspended the blanket ban imposed by the Insolvency and Bankruptcy Board of India (IBBI) on resolution professionals, emphasizing the need for balanced regulatory measures. The ruling highlights the importance of proportional penalties and adherence to the principles of natural justice.
The Madras High Court ruled that an Income Tax Show Cause Notice (SCN) imposing a 200% penalty must clearly specify the grounds of 'misreporting' as delineated in Section 270A.
The Madras High Court ruled that post-demerger revised Income Tax Returns (ITR) must be filed based on updated balance sheets and audited profit and loss accounts.
The Madras High Court ruled that an Income Tax Show Cause Notice imposing a 200% penalty must clearly specify the grounds of alleged misreporting to allow adequate defense.
The Punjab & Haryana High Court ruled that insolvency proceedings do not provide immunity to directors from prosecution under Section 138 of the Negotiable Instruments Act for cheque bounce cases.
The NCLAT has suspended a blanket ban on Resolution Professionals, determining that the IBBI overstepped its authority. This ruling emphasizes the need for balanced regulatory discipline and compliance.
The Supreme Court dismissed the Revenue's appeal concerning the classification of quicklime, affirming the CESTAT's ruling on its classification under CTH 2522.
The Madras High Court has quashed a duty drawback recovery order due to a 12-year delay in issuing the show cause notice and the lack of consideration of the petitioner's responses. This ruling underscores the necessity for timely action in customs matters.
The CESTAT Kolkata ruled that aluminium formwork is to be classified as a structure rather than a mould, thereby quashing the customs duty demand. This ruling clarifies the classification of such materials for taxation purposes.
The Reserve Bank of India has published Second Amendment Directions for Commercial Banks, enhancing protocols for income recognition, asset classification, and provisioning.
The Reserve Bank of India has enacted the Second Amendment Directions to improve income recognition, asset classification, and provisioning protocols for Small Finance Banks.