AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Bombay High Court upheld the Insolvency and Bankruptcy Board of India (IBBI) regulation allowing a 0.25% regulatory fee on realisable value to creditors during corporate insolvency resolution processes (CIRP), reinforcing the Board's regulatory authority.
Wipro Consumer Care has successfully merged with Dermatouch through a share purchase worth ₹387 crore, marking a strategic move into India's science-based beauty product market. This acquisition indicates Wipro's focus on expanding its portfolio in a growing sector.
The ITAT has ruled that documented purchases cannot be deemed bogus solely due to subsequent GST registration cancellations or a supplier's non-filing of income tax returns. This decision underscores the requirement for evidence linking purchasers to fraudulent transactions.
The ITAT has ruled that an assessment order lacking proper verification of unrecorded sales and corresponding purchases is subject to revision under Section 263 of the Income Tax Act. This reinforces the necessity of thorough verification in tax assessments.
The ITAT has quashed an income tax reassessment notice issued three days beyond the six-year limitation period, declaring it as without jurisdiction. This decision reinforces the importance of adhering to statutory timelines for reassessment notifications.
The ITAT has dismissed an appeal against Aditya Birla Sun Life Insurance, ruling that reinsurance premiums do not qualify as consultancy or technical services. The court found that Indian subsidiaries cannot be treated as permanent establishments for the payee as they did not provide reinsurance services.
The Reserve Bank of India has published the Fourth Amendment Directions for Small Finance Banks, focusing on CRR and SLR requirements, which exempts new FCNR(B) deposits from these obligations.
The Reserve Bank of India has released the Fourth Amendment Directions for Regional Rural Banks regarding CRR and SLR requirements. The amendment provides exemptions for new FCNR(B) deposits.
The Reserve Bank of India has published the Fourth Amendment Directions for Urban Co-operative Banks regarding the CRR and SLR requirements. The amendment exempts new FCNR(B) deposits from these maintenance ratios.
The Reserve Bank of India has announced the Fourth Amendment Directions for Rural Co-operative Banks concerning the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). This amendment exempts fresh FCNR(B) deposits from CRR and SLR maintenance.
The Reserve Bank of India has unveiled the Third Amendment Directions for Commercial Banks, focusing on interest rates for deposits. The amendment temporarily lifts the interest rate ceiling on new FCNR(B) deposits.
The Reserve Bank of India has issued the Third Amendment Directions for Small Finance Banks, specifically regarding interest rates on deposits. This amendment allows for the temporary suspension of the interest rate ceiling on new FCNR(B) deposits.
The Reserve Bank of India has published the Third Amendment Directions for Regional Rural Banks regarding interest rates on deposits. The amendment temporarily lifts the interest rate cap on new FCNR(B) deposits.