AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The CESTAT confirmed that service tax is applicable to STPI fees, ruling they constitute business support services rather than sovereign levies. A ₹5.15 crore service tax demand was upheld.
The Karnataka High Court ruled that appeals against ITAT orders can only be filed before the High Court that exercises jurisdiction over the Assessing Officer who issued the assessment order.
The Calcutta High Court upheld the ITAT's decision that extraordinary contributions made to superannuation funds to address actuarial deficits are not subject to the Rule 87 ceiling, rejecting a ₹648.84 crore disallowance.
The Gujarat High Court ruled that customs detentions not backed by timely seizure orders are invalid. It directed the release of a vehicle that had been held beyond the statutory limitation period.
The Bombay High Court has quashed a front-running FIR, establishing that under Section 26 of the SEBI Act, only SEBI has the authority to file complaints regarding such offences.
The Reserve Bank of India has issued Fourth Amendment Directions for small finance banks regarding CRR and SLR, granting exemptions to certain deposits. This amendment aims to enhance liquidity and support financial stability.
The RBI's Fourth Amendment Directions for regional rural banks provide exemptions to the CRR and SLR requirements for specific deposits, aiming to enhance liquidity and support banking operations.
The RBI has issued Fourth Amendment Directions for urban co-operative banks concerning CRR and SLR, providing exemptions to enhance liquidity. This decision is expected to positively impact the banking operations of these institutions.
The RBI has announced the Fourth Amendment Directions for rural co-operative banks concerning Cash Reserve Ratio and Statutory Liquidity Ratio, exempting certain new deposits. This change aims to enhance liquidity within these institutions.
The RBI has introduced the Third Amendment Directions for regional rural banks, temporarily lifting the interest rate ceiling on new deposits. This move is anticipated to improve liquidity and increase deposit rates.
The RBI has announced the Third Amendment Directions for urban co-operative banks, facilitating a temporary removal of the interest rate ceiling on new deposits. This update is expected to bolster deposit acquisition in the banking sector.
The Reserve Bank of India has issued the Second Amendment Directions for interest rates applicable to rural co-operative banks, temporarily withdrawing the interest rate ceiling on new deposits. This change aims to enhance liquidity and attract more deposits into the sector.
The Bombay High Court has distinguished between establishing disobedience of injunctions and deciding on the consequences for such disobedience, providing clarity on the application of Order XXXIX Rule 2A.