AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
FeaturedThe Supreme Court held that tax classification of goods must be determined by their physical form at the time of sale, not by subsequent end use. This clarifies long-standing ambiguity in customs and GST classification disputes.
FeaturedSupreme Court held that foreign-leg Leave Travel Concession (LTC) benefits are not exempt under Section 10(5) and SBI must deduct TDS on such reimbursements.
FeaturedSupreme Court dismissed Revenue’s appeal against Bombay HC’s ruling that CSR donations qualify for deduction under Section 80G, quashing reassessment based on change of opinion.
FeaturedThe Monetary Policy Committee increased the policy repo rate by 25 basis points to 5.50% under the Liquidity Adjustment Facility, effective immediately.
FeaturedFrom April 2027, banks must adopt the RBI’s Expected Credit Loss (ECL) framework, a three-stage provisioning model based on credit risk deterioration and Effective Interest Rate (EIR) calculations.
FeaturedSupreme Court upholds SAT’s application of Regulation 10 to combined acquirer-PAC holdings, dismissing SEBI appeals and clarifying SAT’s powers under Section 15T of SEBI Act.
FeaturedThe RBI’s Expected Credit Loss (ECL) framework, effective April 2027, introduces a forward-looking, three-stage model for provisioning, replacing the current incurred loss approach. Banks must adopt EIR calculations and revised capital adequacy reporting.
FeaturedThe Supreme Court held that the CBIC’s ₹2 crore monetary threshold for filing GST appeals applies to pending departmental appeals, leading to dismissal of an appeal involving ₹25.47 lakh.
FeaturedBuddhist activist BD Borkar petitions Supreme Court against MHA orders mandating full six-stanza Vande Mataram at state events, alleging anti-minority bias and violation of cultural rights.
FeaturedSupreme Court dismissed review petitions in Rainbow Papers case, holding that review isn’t a substitute for appeal and can’t re-agitate merits based on new rulings.
FeaturedThe Supreme Court ruled in Arth Micro Finance v. Shivalik Bank that a tribunal appointed without mutual consent under a unilateral clause never legally existed, reinforcing arbitration agreement fundamentals.
FeaturedThe Supreme Court upheld SAT’s decision that Regulation 10 of SEBI (SAST) Regulations applies to combined shareholding of acquirer and PAC. SEBI’s appeals were dismissed.
FeaturedThe Supreme Court will hear next week a petition challenging unilateral decisions by Chief Election Commissioner Gyanesh Kumar, alleging violation of the collegial nature of the Election Commission. The case may impact interpretation of the CEC Act, 2023.