AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT ruled that a delay in submitting a tax audit report does not justify imposing a penalty under Section 271B if the audit was completed timely. This ruling clarifies compliance expectations for tax professionals.
A new case digest elaborates on instances where errors made by Chartered Accountants or tax consultants can be deemed a 'reasonable cause' for delays or penalties. This can significantly impact tax compliance practices.
The Income Tax Appellate Tribunal (ITAT) accepted the source of ₹23 lakh deposited in a wife's account, citing the sale of trees and mangoes as legitimate proof. This ruling highlights the importance of documentary evidence in validating financial transactions.
Beginning on August 23, 2026, the 11th HSF Kramer-NLU Delhi International Negotiation Competition showcases teams negotiating key issues in an engaging format. Initial negotiations have focused on economic structures and valuation concerns, highlighting the importance of collaborative initiatives.
The Reserve Bank of India has issued guidelines permitting exporters to write off unrealized export proceeds under certain conditions. The guidelines specify limits on the write-offs, documentation requirements, and the necessity to surrender export incentives.
The SEBI Appellate Authority upheld the reply of the CPIO stating that requested PACL land allotment records are not in SEBI's possession, maintaining the integrity of the RTI process.
The Karnataka High Court ruled that borrowers aggrieved by actions under the SARFAESI Act must pursue remedies under the Act itself, rather than seeking writs under Article 226.
The ITAT has ruled that a delay in submitting a tax audit report does not warrant penality under Section 271B if the audit was completed on time.
A recent digest clarifies under what circumstances errors made by Chartered Accountants can be accepted as 'reasonable cause' for non-compliance under the Income Tax Act. It provides crucial insights for legal practitioners in tax matters.
SEBI has provided informal guidance permitting discretionary Portfolio Management Services clients to pledge securities at their discretion, maintaining their status in Assets Under Management until invocation.
SEBI has released comprehensive studies on retail equity derivatives participation, analyzing their trading behavior, profitability, and trends in options trading for FY25-FY26.
The formation of five new districts in the Union Territory of Ladakh has led the RBI to assign lead bank responsibilities. This move aims to support developmental activities and financial inclusion efforts in the newly established districts.
The Reserve Bank of India has announced the auction results for government stocks, highlighting substantial competitive bids received for various securities. The results reflect market demand and financial stability.