AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Karnataka High Court has upheld the dismissal of an appeal under the RERA Act, ruling that promoters cannot modify their defense using new materials at the review stage.
The ITAT ruled that profits from the sale of Transferable Development Rights (TDR) are taxable as capital gains when existing land is surrendered. This clarifies the taxation process as per Section 45.
The ITAT quashed an assessment order due to mechanical approval granted under Section 153D of the Income Tax Act. This ruling highlights the need for thorough scrutiny in tax approvals.
The ITAT ruled that filing a return in response to a Section 148 notice does not automatically attract penalties under Section 271(1)(c) if reasonable cause exists for the delay. This ruling clarifies that reasonable circumstances must be considered in penalty assessments.
CESTAT has reinstated an appeal by SBI, allowing it to present merits after fulfilling the mandatory pre-deposit requirement during ongoing proceedings. This decision emphasizes the importance of compliance with procedural requisites.
The Income Tax Appellate Tribunal (ITAT) ruled that income disclosed after receiving a notice under Section 148 does not attract deemed concealment where reasonable cause exists for the late filing. This decision clarifies the standards for imposing penalties under tax law.
The NCLT has admitted an insolvency plea against Sun Granite Export, establishing a default of ₹3.95 crore based on loan records and acknowledgments. This decision underscores the tribunal's role in resolving corporate insolvency matters effectively.
SEBI has settled adjudication proceedings regarding financial statement misstatements for ₹24.70 lakh after allegations of failure to recognize expected credit loss on receivables and loans. This settlement highlights the regulator's ongoing efforts to enforce compliance with financial disclosure standards.
The Calcutta High Court dismissed a petition challenging police actions over loudspeakers at mosques due to insufficient evidence. The ruling underscores the importance of proper documentation in such legal claims.
A Delhi court acquitted an individual charged with circulating counterfeit currency due to significant investigative flaws, including pre-registered FIR documentation. The court highlighted police's failure to collect evidence.
The J&K High Court directed the Transport Commissioner to implement mandatory seat reservations for women in public buses, requiring clear signage. The ruling aims to enhance safety and accessibility for female passengers.
The Reserve Bank of India has issued a directive following the formation of five new districts in Ladakh, assigning lead bank responsibilities to enhance financial services in the region.
The Insolvency and Bankruptcy Board of India has suspended Harish Taneja for two years due to violations during the Corporate Insolvency Resolution Process (CIRP). This suspension serves to uphold conduct standards within the insolvency framework.