AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Parliament has passed significant amendments to the MSME Development Act, aimed at alleviating compliance difficulties for micro, small, and medium enterprises. This marks a crucial legislative effort to support MSMEs in India.
The Delhi High Court upheld a Look Out Circular (LOC) against an exporter, affirming that courts cannot question the sufficiency of evidence leading to the issuance of an LOC. This ruling emphasizes the executive's discretion in such matters.
The NCLT approved the dissolution of Paysend India after confirming that the company had completed voluntary liquidation with full compliance with necessary statutory requirements under the IBC.
The NCLT directed the return of 124 electric vehicles to the Resolution Professional, stating that disputed contractual monetary claims cannot be reviewed under the IBC.
The NCLAT ruled that formal loan agreements are not prerequisite for establishing financial debt, upholding the status of repayable advances under the IBC.
The Bombay High Court ruled that NCLT's post-facto approval of arbitration proceedings does not render them void ab initio, confirming their validity from the date of approval.
The NCLAT upheld the implementation of Rolta India's resolution plan, ruling that the Department of Telecommunications (DoT) cannot revive claims not challenged in time. This decision safeguards CIRP finality.
The NCLT determined that a money lender cannot assume the status of a financial creditor based solely on direct loan payments made to a corporate debtor’s existing bank debts. The petition was rejected.
The NCLAT has clarified that the NCLT does not possess the jurisdiction to adjudicate on disputed easementary rights concerning third-party land under the IBC, thereby protecting liquidation assets and creditor interests.
The NCLAT ruled that a clerical rectification does not reset the limitation period for appeals under Section 61 of the IBC. No appeals can be initiated beyond the stipulated 45-day time limit from the date of the order.
The ITAT has determined that income tax proceedings initiated under Section 153C are invalid due to reliance on a defective satisfaction note. This ruling is significant for taxpayers challenging the validity of tax assessments.
The ITAT has ruled that Advertising and Marketing Promotion (AMP) expenses of Samsung India cannot be subjected to benchmarking due to the absence of any international transactions. This decision clarifies the criteria needed for functional benchmarking under Indian tax laws.
The ITAT has ruled that if the Assessing Officer (AO) fails to conduct a thorough inquiry regarding an investor's creditworthiness, the Principal Commissioner of Income Tax (PCIT) must undertake such an investigation. This decision underscores the importance of proper scrutiny in income tax assessments.