AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Allahabad High Court has set aside a VAT penalty, ruling there was no finding of deliberate turnover concealment. The court mandated costs of ₹5,000 be awarded.
The Calcutta High Court held that the Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) cannot serve on the Disciplinary Committee, as the statute mandates such roles for Whole Time Members only.
The Calcutta High Court ruled that the Employees' Provident Fund Organization (EPFO) cannot impose penalties on employers for delays stemming from court-approved payment schedules. The bench characterized such penalties as 'interest on interest', asserting the need to respect judicial orders.
The Himachal Pradesh High Court set aside the retrospective cancellation of GST registration related to 'Project Anveshan'. The court directed the petitioner to provide a detailed reply to the Proper Officer without delving into case merits, focusing solely on the issue of retrospectivity.
The National Company Law Tribunal has levied a ₹50,000 cost due to the concealment of prior applications in a transfer plea. The amount is payable to the Prime Minister National Relief Fund.
The ITAT has ruled that tax charged to individuals and Hindu Undivided Families (HUF) should be at normal rates, not Maximum Marginal Rate (MMR).
High-value transactions alone do not trigger income tax notices; discrepancies between reported transactions and income are crucial.
The ITAT has ruled that production costs for television serials and programs can be classified as revenue expenditure despite their potential for repeat telecasts.
The ITAT ruled that properties purchased separately cannot qualify for Section 54F income tax exemptions despite being subsequently amalgamated.
The Income Tax Department has introduced a new feature that allows taxpayers to access and manage their foreign assets. Taxpayers can now download, verify, and correct overseas financial data through the AIS Compliance Portal.
The RBI has issued Second Amendment Directions for Local Area Banks on the resolution of stressed assets, enhancing their operational capacity and regulatory compliance.
The RBI has introduced Second Amendment Directions pertaining to Income Recognition and Asset Classification for Commercial Banks to strengthen financial oversight.
The RBI has published the Second Amendment Directions aimed at improving Income Recognition and Asset Classification for Small Finance Banks.