AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The NCLAT reaffirmed that once operational debt is admitted, disputes regarding defective supply cannot hinder the Corporate Insolvency Resolution Process (CIRP).
The ITAT has held that an assessing officer cannot add alleged bogus losses back while computing book profit under Section 115JB of the Income Tax Act if they have been disallowed for regular income.
The Karnataka High Court has quashed an ex-parte income tax assessment order, citing failure to consider the exemption under Section 80P(2) during the bank attachment process.
The ITAT has ruled that payments made for global brand and technology support services by Deloitte are not taxable as royalties under the India-UK Double Taxation Avoidance Agreement, leading to the deletion of the TDS demand.
The ITAT has ruled that CSR donations to approved institutions are eligible for tax deductions under Section 80G despite Section 37 restrictions. A deduction of ₹22.60 lakh was granted.
The Reserve Bank of India has emphasized responsible business conduct through amendments aimed at improving compliance and operational standards for Regional Rural Banks.
The Reserve Bank of India has revised its credit risk management directions for Non-Banking Financial Companies to enhance regulatory compliance and risk assessment protocols.
The Reserve Bank of India has implemented amendments to enhance credit risk management protocols for Rural Cooperative Banks, aimed at improving operational resilience.
The Reserve Bank of India has revealed amendments to its Stressed Assets Resolution framework for All India Financial Institutions. These changes are designed to address the management of stressed assets effectively.
The Reserve Bank of India has amended the credit risk management directions for Regional Rural Banks, aiming to bolster financial stability and enhance risk assessment protocols.
The Reserve Bank of India has amended its directions regarding income recognition, asset classification, and provisioning for All India Financial Institutions, reinforcing the regulatory framework.
The Reserve Bank of India has revised the 'Responsible Business Conduct' regulations for All India Financial Institutions. These revisions emphasize ethical practices and compliance in financial operations.
The Reserve Bank of India has issued amendments to the credit risk management protocols for All India Financial Institutions. These changes aim to enhance financial stability and risk assessment measures.