AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Orissa High Court quashed a Section 143(2) notice issued by an authority without jurisdiction, leaving the door open for the competent authority to issue a proper notice in compliance with legal standards.
The ITAT ruled that a delayed submission of Form 3CLA does not negate eligibility for a weighted deduction under Section 35(2AB) if substantive conditions are met. The appeal resulted in the removal of a ₹2.07 crore disallowance.
The Calcutta High Court ruled that banks are justified in withholding a No Due Certificate until all components of a loan, including various charges, are settled. This clarification is crucial for borrowers and legal practitioners managing financial agreements.
The NCLT has initiated a Corporate Insolvency Resolution Process (CIRP) against a corporate debtor citing financial distress, confirming that such distress does not exempt the company from insolvency proceedings. An Interim Resolution Professional has been appointed.
In a significant ruling, the NCLT has directed Kotak Mahindra Bank to return title deeds owed to a corporate debtor following full payment of the approved resolution plan. This decision reinforces creditors' obligations post-resolution settlement.
The NCLT has admitted an insolvency plea against a kraft paper manufacturer, appointing Rishabh Sethi as the Interim Resolution Professional. This marks a significant step in the corporate insolvency resolution process under Section 9 of the IBC.
The ITAT confirmed the disallowance of specific project support costs classified as head office expenses due to the failure to deduct TDS. The ruling requires adherence to compliance standards under the Income Tax Act.
The ITAT held that the identity and source of funds established through the sale of agricultural land to Microsoft negated the need for additions under Section 68. The ruling emphasizes the importance of substantiating sources of funds.
The Karnataka High Court annulled an arbitral award due to the tribunal's failure to consider vital GST invoices, demonstrating the legal imperative for arbitral bodies to account for all evidence in tax-related disputes.
The RBI has released the 'Kisan Credit Card (KCC) Scheme' directions relevant to commercial banks, aiming to improve credit access for the agricultural sector.
The RBI has issued the 'Kisan Credit Card (KCC) Scheme' directions for small finance banks, enhancing the accessibility of credit for farmers in this sector.
The RBI has released 'Kisan Credit Card (KCC) Scheme' directions specifically for regional rural banks, aiming to facilitate improved credit access for farmers.
The RBI has released the 'Kisan Credit Card (KCC) Scheme' directions for rural co-operative banks to enhance credit access for farmers. The directions detail credit purpose, tenure, limits, and other provisions.