AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has removed a disallowance of Rs. 38.47 crores under Section 40(a)(ia) of the Income Tax Act, attributing it to delays in filing Form 26A caused by technical issues. This decision underscores the importance of timely submissions amid potential system failures.
The ITAT has upheld an income tax addition of Rs. 33.60 lakh on non-genuine derivative losses uncovered under Project Falcon, emphasizing the rigorous scrutiny of claims related to derivative trades. This ruling accentuates the need for proper documentation in derivative transactions.
The Income Tax Appellate Tribunal (ITAT) has ruled that the net profit during the demonetization period from medicine business should be estimated at 4% of gross sales, allowing the appeal from the assessee. The tribunal directed the Assessing Officer (AO) to charge tax at normal rates and entitled the assessee to consequential relief.
BNP Paribas Cardif has acquired a 26% stake in IndiaFirst Life Insurance Company, facilitated by Khaitan & Co and other legal advisors.
The Jammu and Kashmir High Court ruled that the closure of an FIR does not entitle the accused to compensation. The court emphasized the importance of demonstrating malice.
The Supreme Court of India refused to initiate suo motu proceedings concerning remarks made by MP Nagendra Ray about Netaji Subhas Chandra Bose. The court directed interested parties to file a formal petition instead.
The Government of India announced a conversion/switch auction of securities for ₹30,000 crore on August 17, 2026, facilitating asset management within its borrowing program.
The Reserve Bank of India conducted a Variable Rate Reverse Repo auction, accepting ₹80,170 crore. The cut-off rate stood at 5.24%, indicating current liquidity conditions.
Section 3(m) of the Patents Act has started gathering attention due to recent patent actions. This article critiques the comparison of Section 3(m) with European Patent Law, outlining fundamental legal distinctions.
The Madras High Court dismissed a writ petition challenging the findings of the RBI Ombudsman concerning grievances about GST refunds, bank charges, and NPA classifications, upholding the Ombudsman's decisions.
The Directorate General of Foreign Trade has digitized voluntary duty payment records, mandating that only payments reflected on its portal will be accepted after August 1, 2026.
The NCLT has dismissed an insolvency petition, stating that dues from separate group entities cannot be combined to meet the ₹1 crore threshold for initiating insolvency proceedings.
Khaitan & Co has provided legal counsel for Standex International's two-stage acquisition of Amran and Narayan Powertech. The firm navigated Indian foreign-exchange regulations and competition law during the transaction.