AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
SEBI has found prima facie evidence of revenue misrepresentation by Rajesh Exports, highlighting a lack of verifiable subsidiary records supporting reported revenues. This raises significant concerns about the accuracy of financial disclosures.
Recent MCA changes broaden CSR scope by endorsing investment in Zero Coupon Zero Principal Instruments.
New amendments by the MCA allow companies to utilize CSR funds through Zero Coupon Zero Principal instruments listed on the Social Stock Exchange, offering a regulated avenue for CSR investments.
The Pune ITAT ruled that Section 68 applies to customer advances, affirming that real estate developers must substantiate these credits to avoid tax complications.
The Bombay High Court ruled that compensation under the National Highways Act is exempt from TDS as per the Land Acquisition Act. This decision quashed earlier orders imposing TDS deductions.
The Madras High Court has quashed the equalisation levy demand on Zoho's reimbursements made to its US subsidiary, ruling it exempt under current tax provisions. This decision orders a reconsideration of a Rs. 57.1 crore refund claim.
The Madras High Court upheld a Rs.700 crore income tax demand, clarifying that assessment orders made during the Settlement Commission proceedings were valid. This ruling reinforces the jurisdiction of assessing officers in cases where interim court orders are involved.
The Supreme Court ruled that importers must challenge assessment orders before filing for customs duty refunds, establishing crucial procedural requirements.
New customs notification grants a full exemption from customs duty and AIDC on raw cotton imports from June until October 2026, aiding the agricultural sector.
Recent amendments to the Companies Act significantly alter the tax treatment related to penalties, CSR expenditures, and buybacks, necessitating a reevaluation of corporate tax strategies.
The MCA has amended Schedule VII of the Companies Act to include Zero Coupon Zero Principal Instruments in CSR, broadening avenues for social contribution.
The CESTAT clarified that the limitation period for claiming refunds under Rule 5 begins at the end of the quarter in which the Foreign Inward Remittance Certificate (FIRC) is received. This emphasizes the significance of the FIRC date in service export validation.
The Delhi High Court determined that a company with a turnover of ₹86 lakh cannot be equated with American Express’s ₹782 crore turnover for transfer pricing analysis. The ruling underscores the importance of scale in financial comparisons.