Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The RBI's June 2026 Bulletin indicates the Indian economy's growth at 7.8% in Q4:2025-26, driven by private consumption and fixed investment amidst ongoing global tensions.
On June 23, 2026, the RBI conducted a Variable Rate Repo auction for a notified amount of ₹2,00,000 crores, with bids totaling ₹1,41,171 crores allotted at a cut-off and weighted average rate of 5.26%. This auction underlines the current liquidity conditions in the market.
Phonographic Performance Limited (PPL) has been officially registered as a copyright society for sound recordings in India, marking a significant development in the country's copyright framework. This registration is under Section 33(3) of the Copyright Act, 1957.
The Telangana High Court ruled that an appeal should not be automatically dismissed as time-barred if the taxpayer was actively pursuing a rectification application, setting aside the rejection order for merits-based reconsideration.
The Kerala High Court ruled that the non-obstante clause in Section 16(5) of the GST Act prevails over the time limit imposed by Section 16(4), allowing taxpayers a chance for ITC relief.
The ITAT Delhi ruled that a share premium difference within the 10% safe harbour is not subject to addition under Section 56(2)(viib), confirming the issue price as the fair market value.
The ITAT invalidated a bogus long-term capital gains (LTCG) addition, stating the Assessing Officer failed to establish any connection between the assessee and alleged accommodation entries.
The ITAT Ranchi held that interest disallowance was improper as the Assessing Officer failed to properly verify the records or confront the assessee. The case was remanded for fresh adjudication.
The ITAT ruled that an opening cash balance cannot be deemed unexplained solely based on nil disclosures from the prior year's income tax return. The decision allows the assessee's explanation of withdrawals from taxed income.
The RBI has updated its directives to exempt long-term NRE deposits from CRR and SLR requirements for Small Finance Banks, enhancing liquidity management.
Long-term NRE deposits have been exempted from CRR and SLR for Urban Co-operative Banks as per RBI's recent directions, enhancing liquidity.
The RBI has exempted eligible long-term NRE deposits from CRR and SLR for Rural Co-operative Banks, aiding liquidity management.