AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Institute of Chartered Accountants of India (ICAI) is set to launch a Forensic Audit Lab in Hyderabad. This initiative aims to support small Chartered Accountant firms by providing access to forensic audit resources.
CMS INDUSLAW has successfully advised Scapia Technology Private Limited in a $63 million Series C funding round led by General Catalyst. This marks a significant milestone for the tech startup.
The Supreme Court's judgment on stray dogs has sparked confusion regarding the management of stray populations. Key clarifications reveal that authorities cannot indiscriminately remove or harm these animals.
The Delhi High Court has refused to review its previous ruling that music composer Ilaiyaraaja does not hold copyright over the song 'En Iniya Pon Nilave'. The court found no errors in its earlier order, upholding the decision against Ilaiyaraaja.
The ITAT upheld an addition of ₹2.78 Crores for undisclosed aluminium stock, finding the taxpayer's claims of storing 28,000 kgs in a small premises implausible.
The ITAT has remanded the transfer pricing adjustment under Section 92CA, citing errors in the earlier calculations and directing fresh adjudication by the Assessing Officer and TPO.
The ITAT ruled against the addition of ₹50 lakh under Section 68, overruling the Assessing Officer's doubts concerning the investor's financial capacity as unfounded.
The ITAT partly allowed an appeal, determining that the Assessing Officer had made summary additions related to liabilities, undisclosed business receipts, and opening capital without appropriate examination of evidence.
The Income Tax Appellate Tribunal ruled that Section 2(22)(e) does not apply when the cash shortage is related to a proprietary concern rather than a company. This decision clarifies the scope of deemed dividend provisions under the Income Tax Act.
The Reserve Bank of India has issued amendment directions refining the investment portfolio operation guidelines for local area banks.
The Reserve Bank of India has issued amendment directions to enhance regulatory frameworks for urban co-operative banks concerning the operation of investment portfolios.
The Reserve Bank of India has released new amendment directions relating to the classification, valuation, and operation of investment portfolios for rural co-operative banks.
The RBI has issued amendment directions on the classification, valuation, and operation of investment portfolios for regional rural banks, enhancing regulatory compliance frameworks.