AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Ministry of Corporate Affairs (MCA) has announced a relief measure extending deadlines for name reservations and e-form resubmissions following a data centre fire. Instances will be evaluated on a case-by-case basis.
The ITAT ruled that Section 56(2)(x) of the Income Tax Act is not applicable when property consideration aligns with earlier agreements, providing relief to taxpayers under specific circumstances.
The ITAT remanded a ₹2.53 Crore addition for re-examination of unexplained cash transactions, emphasizing the insufficiency of an affidavit as evidence for tax assessments.
The ITAT found the CA's cash retention from marriage gifts unsubstantiated and deleted ₹6.21 Lakh linked to property sale. The order emphasizes the need for credible evidence in tax assessments.
The Income Tax Appellate Tribunal (ITAT) has dismissed a claim relating to project support costs, reinforcing the need for TDS compliance in financial reporting.
The Calcutta High Court has upheld a bank's decision to withhold a No Due Certificate, affirming that all loan-related charges must be settled before such certification is granted.
The Reserve Bank of India has released a third amendment to the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) for commercial banks, adjusting liquidity management rules.
The Reserve Bank of India has announced a third amendment to the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) for small finance banks, impacting their liquidity management.
The RBI has published a third amendment to the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) for urban co-operative banks, affecting liquidity management practices.
The RBI has announced a third amendment to the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) for rural co-operative banks, targeting NRE term deposits.
The Reserve Bank of India has announced the third amendment to the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) for regional rural banks, affecting NRE term deposits.
The Reserve Bank of India has released a notification regarding the Lead Bank Scheme, addressing policies relevant to the banking sector's approach to rural lending.
The ITAT has clarified that Section 56(2)(x) of the Income Tax Act does not apply when the property consideration is determined based on an earlier agreement.