AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Calcutta High Court has denied Trinamool Congress MP Abhishek Banerjee's request to travel abroad for eye treatment, citing ongoing criminal cases against him. The court's decision emphasizes its role in ensuring justice in such matters.
SEBI has clarified that private sales of unlisted shares to identified non-QIB investors are permissible within the limit of 200 persons, ensuring compliance with regulatory provisions.
The RBI has released directives on statutory audits for commercial banks, looking to enhance oversight and governance in audit processes.
The RBI has published new directives related to the internal audit function in commercial banks, underscoring the importance of governance and compliance oversight.
The RBI has introduced new directions on fraud risk management for commercial banks, mandating robust governance and oversight mechanisms.
The RBI has introduced new compliance directions for commercial banks, emphasizing governance, management roles, and compliance policy. This aims to enhance regulatory adherence.
The Reserve Bank of India has published draft guidelines for 'on tap' licensing of Urban Co-operative Banks, inviting public comments until September 5, 2026.
On August 6, 2026, the Reserve Bank of India conducted a Variable Rate Reverse Repo auction for ₹1,50,000 crore. The total amount accepted was ₹1,30,286 crore, with a cut-off rate of 5.24%.
The Calcutta High Court ruled that an exclusive jurisdiction clause favoring UK courts does not nullify mandatory requirements under the Foreign Exchange Management Act (FEMA). This decision has implications for international transactions.
The Delhi High Court allowed an exporter to rectify discrepancies in GST returns, ruling that technical limitations of the portal should not hinder necessary corrections. This ruling has implications for compliance in tax reporting.
The Delhi High Court ruled that completed income tax scrutiny assessments cannot be reopened on the basis of the same bank transactions previously examined. This judgment emphasizes procedural fairness in tax assessments.
The Allahabad High Court quashed a penalty under Section 54(1)(14) of the UP VAT Act, ruling that the valid use of Form-38 negates any mens rea for tax evasion. This ruling is pivotal for tax practitioners dealing with VAT-related penalties.
The Karnataka High Court dismissed an income tax appeal filed by the Revenue, ruling that such appeals must be lodged in the High Court where the Assessing Officer (AO) is located, not where the assessee resides. This reinforces jurisdictional requirements for filing appeals.