AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Rajya Sabha has assessed the implications of Section 43B(h) of the Finance Act 2023, highlighting both the liquidity benefits for MSMEs and challenges regarding buyer evasion.
The RBI has amended prudential norms regarding income recognition for specified non-financial assets for NBFCs, effective October 1, 2026.
The RBI has amended income recognition directions for specified non-financial assets applicable to All India Financial Institutions, ensuring clarity in accounting treatment.
RBI has amended income recognition rules for specified non-financial assets in Urban Cooperative Banks, effective October 1, 2026.
RBI has amended the income recognition rules for specified non-financial assets applicable to Rural Co-operative Banks, effective October 1, 2026.
The RBI has amended income recognition norms for Regional Rural Banks concerning specified non-financial assets, with changes effective October 1, 2026.
The RBI has amended its directions for Local Area Banks concerning income recognition for specified non-financial assets, effective October 1, 2026.
The RBI has consolidated its SRVA framework and rationalized the rules concerning INR cross-border settlement, effective immediately.
The Calcutta High Court dismissed a 26-year-old claim stating that new shares cannot be included in a pending suit without a counterclaim. The decision emphasizes the importance of timely legal action under the Companies Act.
The CESTAT Mumbai has ruled that quicklime is classified under CTH 2522, setting aside previous duty demand and penalties while confirming exemption benefits.
CESTAT Delhi held that imported quicklime with less than 98% CaO is duly classified under Chapter 25, allowing the appeal and confirming prior duties were misclassified.
CESTAT has determined that Quick Lime should be classified under CTH 2522, directing the refund of duty and interest, while setting aside previous demands for duty.
The Reserve Bank of India has imposed various monetary penalties on several cooperative and district banks for non-compliance with banking regulations. This demonstrates the RBI's commitment to enforcing banking standards.