AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Reserve Bank of India has announced a 15-day Variable Rate Reverse Repo auction on August 31, 2026. The auction aims to manage liquidity with a notified amount of ₹6,00,000 crore to be conducted between 09:30 AM and 10:00 AM.
The SAFEMA Appellate Tribunal dismissed 18 revenue appeals, ruling that share transactions could not be classified as benami if the owners were aware of the allotments, indicating a significant interpretation on the distinction between tax evasion and benami transactions.
The Calcutta High Court has mandated a bank to secure a CGST demand of ₹75.40 lakhs, allowing account operation post-security. This highlights the judicial approach to tax recovery and financial operations.
The Kerala High Court has dismissed AVT McCormick's claim for a refund of ₹49.54 lakhs due to failure to establish transitional Input Tax Credit (ITC). The ruling reinforces the importance of adherence to ITC claim procedures.
The Karnataka High Court has ruled that seized hazardous goods can be sold if the owner does not pursue appellate remedies after due notice. This decision clarifies the procedures under the KSGST and CGST Acts.
The NCLT has admitted Canara Bank’s insolvency plea against a corporate guarantor of ₹119.64 Cr, confirming that pending insolvency of the principal borrower does not halt guarantor proceedings.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) based on bank records that established financial debt and ongoing default of ₹11.83 Cr, fulfilling statutory requirements.
The Rajasthan High Court quashed a GST show cause notice due to lack of a signature, deeming it legally invalid despite its online upload.
The Allahabad High Court has permitted arbitration for a GST reimbursement dispute between a railway contractor and the government over a no-claim certificate.
The Gauhati High Court has granted conditional bail to a woman involved in a GST evasion case, requiring her cooperation with the ongoing investigation.
The ITAT has directed a 25% corporate tax rate for companies with a turnover below ₹400 crore, overriding CPC's 30% application.
The CESTAT has set aside the service tax demand against a US recording firm, concluding that the Revenue did not establish liability for business auxiliary services.
The Income Tax Appellate Tribunal (ITAT) has permitted a ₹3.97 crore R&D deduction, asserting that the delay in submitting Form 3CL was beyond the assessee's control. The Tribunal has remanded a ₹39.66 crore TDR loss back for verification.