AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Delhi High Court has directed the Assessing Officer to examine discrepancies causing a delay in processing a ₹20.33 crore income tax refund, attributing the delay to changes in the company’s legal status.
The ITAT has deleted a ₹75.93 crore addition under the Export Promotion Capital Goods (EPCG) scheme, finding that Ind-AS accounting entries cannot create tax liability.
The ITAT has set aside a 30% tax rate applied by the CPC, affirming that a 25% tax rate is applicable to companies with a turnover below ₹400 crore.
The ITAT has deleted an addition made by the income tax department regarding a cash deposit of ₹58.50 lakh in a joint account with the husband of an NRI assessee, emphasizing the necessity for proper investigation before making such additions.
The Income Tax Appellate Tribunal (ITAT) has allowed a deduction of ₹3.97 crore for R&D expenses, ruling that the delay in submitting Form 3CL was not the assessee's fault. However, it remanded the issue of a ₹39.66 crore TDR loss to the Assessing Officer for further verification.
The RBI has announced an auction of Government Treasury Bills amounting to ₹17,000 Crore, scheduled for September 2, 2026.
The Delhi High Court’s appointment of an amicus curiae for Vivek Oberoi in a civil suit underscores the complexities around the role of amicus curiae, especially when defendants withdraw from participation in their cases, raising critical procedural questions.
The Bombay High Court clarified in KVIC v. Jaishukh N. Bhuta that establishing disobedience of an interim injunction does not automatically lead to punishment. The ruling emphasizes that courts must focus on compliance mechanisms over retribution.
The RBI has amended the exemption period for Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) for various banks, making adjustments to the timeline for specified FCNR(B) and NRE deposits.
The Delhi High Court ruled that an employee cannot be penalized for the employer's failure to deduct TDS. Section 205 of the Income Tax Act bars income tax collection from an assessee if tax has already been deducted.
The NCLT has admitted Bank of India's insolvency plea of ₹23.66 Crores, ruling that NPA classification irregularities do not negate independently established defaults under the IBC. This decision underscores creditor rights in insolvency processes.
The NCLT has upheld an insolvency plea of ₹1.65 Crores, ruling that unsupported adjustment claims do not constitute a pre-existing dispute under Section 9 of the IBC. This ruling clarifies the threshold for disputing insolvency petitions.
SEBI has proposed simplified digital KYC processes for Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and foreign nationals, enhancing access to investment opportunities.