AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Delhi High Court held that lending a Customs Broker license and dongle for a fixed monthly fee violates regulation 1(4) of the Customs Broker Licensing Regulations. This decision clarifies the boundaries of permissible practices within customs brokerage.
In a recent ruling, the NCLAT upheld the resolution plan approved by the Committee of Creditors (CoC), denying the suspended promoter's request for a fresh valuation post-approval, underscoring the principle of commercial wisdom.
The NCLT has admitted the Corporate Insolvency Resolution Process (CIRP) for a financial default of ₹55.45 Crores. The Tribunal rejected the argument regarding pledge enforcement as a valid defence, underlining the significance of the debt threshold exceeding ₹1 crore.
The ITAT ruled that a ₹21.60 lakh loan received by a wife from her husband cannot be treated as unexplained, provided proper documentation is presented. The decision shifts the burden to Revenue to establish its case.
In a significant ruling, the ITAT has determined that interest earned on margin money used for opening letters of credit is taxable as business income under the Income Tax Act.
The ITAT held that documented purchases cannot be deemed bogus solely based on a supplier's GST compliance issues. The ruling underscores the importance of evidence linking a purchaser to fraudulent transactions.
The Calcutta High Court has rebuked HDFC Bank regarding the blocking of TMC leader Abhishek Banerjee's account, questioning the timing and rationale behind the action, which occurred after a Supreme Court decision permitted his travel.
Shiprocket has secured ₹1,617 crore in its recent IPO, with leading law firms advising on the transaction, underscoring the role of legal counsel in capital market operations.
The Ladakh Administration has announced the formation of five new districts and has assigned Lead Bank responsibilities accordingly. This development impacts financial services and governance in the region.
The Reserve Bank of India has imposed an ₹8.10 lakh penalty on Shri Ram Finance Corporation for failures in KYC compliance. The penalty was imposed based on RBI's governance and KYC directives.
The Reserve Bank of India has announced a Variable Rate Reverse Repo auction for August 24, 2026, to address liquidity conditions. The auction will have a notified amount of ₹1,50,000 crore with a tenor of one day.
The Controller General of Patents, Designs and Trademarks (CGPDTM) has released draft manuals for patents and trademarks, inviting stakeholders to provide feedback within specified timelines. This marks a significant step towards refining intellectual property practice norms in India.
The Telangana High Court ruled that share premium received from a non-resident shareholder on a fresh share issue is considered a capital receipt, not taxable income. This decision has important implications for taxation practices in corporate finance.