AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Gujarat High Court has ruled that deductions under Section 35(2AB) cannot be denied on the grounds of later approval from the Department of Scientific and Industrial Research (DSIR). This ruling clarifies the conditions under which such deductions should be analyzed.
The ITAT Delhi ruled that the Gross Profit (GP) rate cannot be uniformly applied across pre and post-survey periods, emphasizing the need for a nuanced approach in assessments. This ruling is crucial for tax practitioners addressing GP disputes.
The CBIC has released mandatory compliance checklists for the importation of cosmetics, drugs, and medical devices, requiring strict verification before granting out-of-charge clearance. This update aims to strengthen regulatory compliance.
The Delhi High Court has denied an unconditional release of a seized gold chain due to a 938-day delay in claiming it, alongside issues of undisclosed Customs statements. The ruling emphasizes the importance of timely action in such matters.
The NCLT has stayed the repayment plan for a corporate debtor as no clear majority decision was reached, temporarily restraining Dr. Subhash Chandra from selling assets.
The NCLAT has dismissed a Corporate Insolvency Resolution Process (CIRP) application, deeming it malicious due to the unexplained removal of hypothecated assets during SARFAESI recovery proceedings.
The RBI has issued the Second Amendment Directions, 2026 for urban co-operative banks concerning the classification, valuation, and operation of investment portfolios, particularly related to non-SLR securities. This amendment emphasizes adaptation to regulatory requirements.
The Reserve Bank of India has issued Circular No. 20 requiring Authorized Dealer banks to maintain and update a list of their offices handling Rupee accounts for non-resident banks. This reflects ongoing regulatory oversight on foreign banking institutions operating in India.
NCLT Chandigarh has admitted a Section 9 petition under the IBC against Ervika, dismissing the defence's argument of a pre-existing dispute on grounds that such a dispute was not substantiated.
The Orissa High Court has granted anticipatory bail to an individual in a Prevention of Money Laundering Act (PMLA) case, emphasizing the distinction between arrest and custody in the context of personal liberty rights.
NCLT Mumbai has admitted a Section 7 CIRP application from Bank of India, determining that the obligations were independently established despite objections related to NPA and MSME frameworks.
The Telangana High Court has quashed the attachment of BIOSOT's bank accounts under Section 226(3), ruling that BIOSOT is entitled to immunity under Article 289. This judgment clarifies the limitations of state powers in terms of attaching bank accounts.
The Supreme Court raised concerns over the Andhra Pradesh High Court's practice of listing cases under 'For Dismissal,' emphasizing the potential impact on fair trial rights.