AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Reserve Bank of India has levied a penalty of ₹2.70 lakh on Progfin Private Limited for non-compliance with KYC regulations. The decision highlights RBI's focus on regulatory compliance.
The Reserve Bank of India will auction Government of India Treasury Bills on August 27, 2026, comprising 91, 182, and 364-day instruments totaling ₹17,000 crore.
The RBI has announced the results of the 7-day Variable Rate Reverse Repo auction held on August 24, 2026. The total amount received in offers was ₹91,980 crore, which was fully accepted at a cut-off rate of 5.24%.
The Allahabad High Court has dismissed a GST writ on the grounds of non-participation by the petitioner, finding no statutory barrier in scheduling reply and personal hearing on the same date.
The Karnataka High Court directed an aggrieved borrower to follow the statutory appeal process under the SARFAESI Act instead of invoking Article 226 for writ jurisdiction. This guidance reinforces the necessity of adhering to established legal remedies.
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.