AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
FeaturedThe Supreme Court ruled that classification of goods for tax purposes depends on their physical form at the time of sale, not on how the buyer ultimately uses them.
FeaturedThe Reserve Bank of India has imposed a 20% foreign exchange risk reserve on non-deliverable INR derivative contracts exceeding USD 2 million, requiring daily cash deposits and strict reporting by authorized dealers.
FeaturedThe 57th GST Council approved key reforms on registration, ITC eligibility, refund processing, penalty rationalization, and e-invoicing expansion.
FeaturedMadras High Court quashed a GST assessment demanding more than the show cause notice, mandating fresh proceedings for any enhanced demand.
FeaturedThe RBI's Monetary Policy Committee raised the repo rate by 25 basis points to 5.50% and shifted to a 'calibrated tightening' stance to control inflation while maintaining growth at 7.1% for FY 2026-27. CPI inflation is projected at 5.2% for the fiscal year.
FeaturedThe Calcutta High Court quashed a transfer pricing order under Section 92CA(3) due to failure to grant a personal hearing and record reasoned findings, affirming procedural fairness in tax adjudication.
FeaturedCalcutta High Court quashed a transfer pricing adjustment order under Section 92CA(3) of the Income Tax Act, holding that failure to grant a personal hearing and record reasoned findings violates principles of natural justice.
FeaturedRBI has issued a circular prohibiting Authorised Dealers from allowing clients to rebook cancelled foreign exchange derivative contracts involving INR. The move aims to prevent speculative positioning and ensure orderly forex markets.
FeaturedGujarat High Court quashes reopening of assessment based on misreading of audit findings, calling it mere change of opinion.
FeaturedCalcutta High Court quashed a transfer pricing adjustment under Section 92CA(3) due to denial of personal hearing and inadequate reasons.
FeaturedGST Council proposes scrapping arrest powers and raising prosecution threshold to ₹5 crore, with reduced imprisonment. The reforms reflect a de-criminalisation push in indirect tax enforcement.
FeaturedGujarat High Court has ruled that reopening a completed scrutiny assessment solely based on a misreading of the audit report—without fresh tangible evidence—is invalid and amounts to change of opinion.
FeaturedThe Calcutta High Court has quashed a transfer pricing order passed under Section 92CA(3) of the Income Tax Act, 1961, holding that the failure to grant a personal hearing and record adequate reasons vitiated the proceedings.