AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Delhi High Court ruled that lawyers providing insolvency services must collect and remit GST, marking a significant decision on tax compliance in legal services.
The Bombay High Court directed SBI and ED to confirm if Vijay Mallya's debts were settled using assets attached by the ED. This follows claims from Mallya's counsel regarding debt clearance.
The Reserve Bank of India has published the third amendment directions for Housing Finance Companies, establishing updated guidelines on recovery agent engagement under Fair Practices Code.
The Reserve Bank of India has released the Priority Sector Lending – Targets and Classification Second Amendment Directions, 2026. The amendments aim to enhance guidelines and frameworks for lending institutions.
The Reserve Bank of India has imposed a monetary penalty of ₹1.80 lakh on Valuefin India Credit Services Private Limited for non-compliance with regulatory directions pertaining to shareholding acquisition. This enforcement action highlights the RBI's regulatory authority.
The Delhi High Court's directions to Meta underscore the ongoing tension between copyright enforcement and intermediary protections under Section 79 of the IT Act. This ruling seeks to clarify the responsibilities of platforms amidst tightening IT rules.
The Reserve Bank of India's 2026 Directions on statutory audits for Non-Banking Financial Companies (NBFCs) lay out comprehensive rules regarding eligibility, independence, and rotation of auditors. These changes are set to enhance regulatory compliance and transparency.
The SAFEMA Tribunal upheld the attachment of a 1998 insurance policy, asserting that the premiums had been financed through proceeds of crime. The tribunal dismissed an appeal challenging the attachment, reinforcing the legal stance on asset recovery.
The Calcutta High Court ruled that independent chartered accountants are liable under Section 628 of the Companies Act for certifying false statutory returns, establishing accountability.
The Calcutta High Court ruled that Section 34 of the SARFAESI Act prevents civil courts from granting injunctions against secure creditors, thereby validating Axis Bank's actions.
The NCLT ruled that a fresh insolvency plea can proceed notwithstanding previous withdrawals and ongoing SARFAESI recovery processes. The ruling emphasizes the need for a statutory examination of liabilities by the Resolution Professional.
The ITAT ruled that failure to disclose foreign bank accounts in income tax returns can activate proceedings under the Black Money Act, even if the accounts were opened prior to the act. This ruling highlights the necessity for full disclosure in tax returns.
The Supreme Court has clarified that when income is estimated and books of accounts are rejected, the Income Tax Department cannot rely on those books for making separate additions which were not estimated by the Assessing Officer. This decision underscores the importance of maintaining accurate and justifiable accounts.