AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Karnataka HC remanded the Motorola Mobility case to a single judge, allowing the assessee to challenge the validity of the retrospective amendment under Section 147A.
The ITAT found no evidential basis for allegations of cash exchange in loan routing and deleted an addition of ₹1.26 crore, reinforcing the validity of transactions through banking channels.
The ITAT held that genuine long-term capital gain claims cannot be denied based solely on SEBI reports, particularly when supported by substantial documentary evidence.
The ITAT ruled that a procedural delay in filing Form 67 should not obstruct a treaty-based Foreign Tax Credit claim, granting relief of ₹10.06 lakh.
The ITAT directed the Assessing Officer to verify if a double addition was made in the income assessment of Hyundai Motor, taking into account the involvement of international transactions.
The ITAT partly allowed an appeal, remanding issues regarding ₹11.14 crore in bogus purchases and ₹16.76 lakh in labour charge disallowance for fresh verification, citing unverified transactions.
The ICAI imposed a fine on a Chartered Accountant for not properly communicating with the previous auditor before accepting a new audit assignment, violating Section 140 of the Companies Act.
The Reserve Bank of India has introduced amendments to the responsible business conduct directives for Regional Rural Banks, emphasizing ethical practices and compliance.
The Reserve Bank of India has made amendments to the credit risk management approach for Non-Banking Financial Companies (NBFCs), focusing on robust handling of stressed assets.
The Reserve Bank of India has issued amendments to the credit risk management framework for rural cooperative banks, emphasizing the need for effective resolution of stressed assets.
The Reserve Bank of India has amended the credit risk management directions specifically for Regional Rural Banks, focusing on the resolution of stressed assets and enhancing oversight.
The Reserve Bank of India has amended directives related to responsible business conduct for all financial institutions, reinforcing standards of ethical practice and accountability in financial operations.
The Reserve Bank of India has issued new directions regarding the disbursement of government pensions through Agency Banks, imposing specific implementation guidelines. This move targets efficient management of pension funds.