Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Reserve Bank of India issues Third Amendment Directions regarding income recognition, asset classification, and provisioning for Non-Banking Financial Companies (NBFCs) to bolster financial stability.
The Reserve Bank of India has introduced Second Amendment Directions for All India Financial Institutions, focusing on income recognition, asset classification, and provisioning protocols.
The Reserve Bank of India has enacted the Third Amendment Directions focusing on income recognition, asset classification, and provisioning for Rural Co-operative Banks. These changes reflect the commitment to strengthen the banking infrastructure.
The Reserve Bank of India has amended directions related to income recognition, asset classification, and provisioning for Local Area Banks. These changes are crucial for maintaining financial stability in the banking sector.
The Himachal Pradesh High Court's ruling in SML Limited vs M/S Happy Agro Chemicals emphasizes jurisdictional principles regarding patent infringement and refines the understanding of forum shopping in intellectual property cases.
The Punjab and Haryana High Court quashed a GST notice prepared by an AI tool, asserting that it lacked the requisite legal scrutiny expected in such cases.
The Patna High Court has upheld the validity of Section 74 CGST proceedings, clarifying that voluntary tax payment does not preclude action where suppression of tax is established.
The Madras High Court upheld the validity of a Section 153A search assessment, asserting that the evidence gathered through loose sheets and sworn statements carries legal weight. It noted that alternative remedies exist under Section 246A.
The Bombay High Court determined that auction sale certificates under the IBC are not subject to stamp duty, requiring only filing to be valid.
The Directorate General of Foreign Trade has updated the ITC (HS) 2022 Import Policy to align with the recent Finance Act, affecting various HS codes and import conditions.
The Finance Minister outlined a framework focused on faster return processing, litigation reduction, and tech-driven initiatives like PAN 2.0 at the 167th Tax Day event. These reforms aim to enhance taxpayer-centric administration.
The Karnataka High Court ruled that a Muslim man's second marriage under the Special Marriage Act is void if entered into during the subsistence of an earlier marriage. The court clarified that Muslim personal law allows multiple marriages only if they are solemnized under that specific law.