AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Kerala High Court has quashed an order denying input tax credit, ruling that taxpayers who filed their returns within the extended cut-off date are entitled to the credit under Section 16(5). This decision clarifies statutory entitlements regarding timely filings.
The Centre has approved the cadre restructuring of the Enforcement Directorate, significantly increasing its staff strength across various key functions. This decision aims to enhance the agency's operational capabilities.
The Directorate General of Foreign Trade has mandated that importers and exporters must annually update their Importer-Exporter Code (IEC) to prevent deactivation. This regulation is part of a broader strategy to ensure streamlined governance within India's import-export ecosystem.
The Finance Ministry has recognized ICICI Bank, Groww, and Upstox as reporting entities under the PMLA, enhancing digital financial verification systems in India. This move is significant for compliance and regulatory practices in the securities market.
The NCLT has admitted an insolvency plea against an online gaming firm for defaulting on a loan amounting to ₹2.81 crore, appointing an interim resolution professional to manage the case.
The ITAT ruled that housing loan interest is allowable as part of cost of acquisition for calculating capital gains if it has not been claimed under Section 24(b).
The ITAT quashed the AO's assessment, stating that the officer exceeded of the scope of limited scrutiny as mandated by CASS guidelines.
The ITAT has determined that one-time maintenance and utility deposits are to be included in the cost of acquisition for capital gains calculation, establishing a precedent for similar cases.
The ITAT has remanded the case back to the Assessing Officer to consider new evidence of a bank statement supporting loan repayment. This document is crucial for verifying the genuineness of the transaction.
The RBI has issued amendments to its directions for the resolution of stressed assets applicable to All India Financial Institutions, focusing on improving recovery mechanisms and operational compliance.
The RBI has introduced new amendments concerning income recognition, asset classification, and provisioning for All India Financial Institutions to further address the issues related to stressed assets.
The RBI has released amendments to its Credit Risk Management Directions for All India Financial Institutions to improve resolution strategies for stressed assets. This aims to enhance risk management frameworks across the financial sector.
The Supreme Court's decision in Cryogas raises questions about copyright and design law vis-à-vis creative expression in culinary arts.