Insights & Resources

the US Supreme Court has overruled the four-decade-old Chevron doctrine, reasserting that courts—not agencies—hold the ultimate authority to interpret ambiguous statutes. This decision reshapes administrative law, restoring judicial independence under Article III of the US Constitution and carrying persuasive relevance for jurisdictions like India that value a strict separation of powers.

The ITAT Nagpur Bench has held that Section 56(2)(vii)(b) of the Income-tax Act, 1961 cannot be retrospectively applied to property transactions based on agreements executed prior to its commencement. In allowing the assessee’s appeal, the Tribunal reaffirmed that taxing provisions must apply prospectively unless explicitly stated otherwise, protecting pre-amendment transactions from adverse retrospective tax consequences.

SEBI’s 2025 amendments to the LODR Regulations introduce a new governance framework for High-Value Debt Listed Entities (HVDLEs) with ₹1,000 crore+ in listed NCDs. These norms align debt entities with equity governance standards, mandating board independence, committee oversight, and compliance timelines. This post unpacks key obligations, implications, and what debt-heavy issuers must do to remain compliant.

The Supreme Court’s latest ruling in Piramal Capital v. 63 Moons offers critical jurisprudential clarity under the IBC. It distinguishes PUFE transactions from fraudulent trading, affirms the finality of CoC-approved resolution plans, and decisively holds that superseded directors have no participatory rights in CIRP. This judgment reaffirms the limited scope of judicial intervention and strengthens the commercial sanctity of insolvency resolution processes.

This judgment by the Calcutta High Court settles a critical question under FEMA: can compounding be sought after an adjudication order is passed? The Court held that compounding is a pre-adjudication remedy and rejected the petitioner’s attempt to revive the option post-penalty. The decision reinforces the procedural integrity of FEMA and clarifies that contraveners must elect remedies in a time-bound and disciplined manner.

The Supreme Court set aside the High Court’s grant of anticipatory bail to accused persons declared proclaimed offenders for evading summons in a major economic fraud. Reaffirming that anticipatory bail is a discretionary relief, the Court held that wilful evasion of judicial process disentitles accused persons from seeking such protection, especially in grave financial crimes involving public interest.

The Singapore High Court recognised an Indian CIRP under the UNCITRAL Model Law. The ruling affirms India’s CIRP as a ‘foreign proceeding’, clarifies COMI principles, and establishes safeguards for Singapore-based creditors, paving the way for more robust cross-border insolvency cooperation.

The RBI’s April 2025 Statement outlines key draft measures for co-lending expansion, stressed asset securitisation, harmonised gold loan norms, and UPI limit rationalisation. It further proposes a ‘theme-neutral’ fintech sandbox to foster continuous innovation. These reforms reflect the RBI’s proactive approach to market-based regulation, financial inclusion, and systemic resilience through stakeholder-driven policy development.

The Mumbai ITAT ruled that Bay Lines (Mauritius) was not entitled to treaty relief under the India–Mauritius DTAA as its place of effective management (POEM) was in the UAE. The Tribunal also held that its Indian agent did not constitute a dependent PE. This dual ruling clarifies the evidentiary threshold for POEM and reaffirms the independent agent exception under international tax law.

The ITAT Mumbai held that payments made by Deloitte India to a UK-based affiliate for internal branding, technology, and communication services do not qualify as "royalty" under Article 13 of the India–UK DTAA. As there was no transfer of intellectual property, copyright, or commercial exploitation, the tribunal ruled that no TDS obligation arose. This reinforces jurisprudence around intra-network service arrangements and cost-sharing.

The CBDT has notified Form ITR-B as a new income tax return form specifically for block assessments arising from search and seizure actions. Effective retrospectively from 01.09.2024, the new r. 12AE introduces procedural clarity, a digital filing framework, and enables stricter scrutiny of undisclosed income and tax credit claims. This marks a key shift toward structured compliance in high-stakes search proceedings under ch. XIV-B.

The NCLAT has reaffirmed the commercial supremacy of the CoC in insolvency proceedings. The Tribunal clarified that Regulation 39(1A) of the CIRP Regulations limits only the resolution professional, not the CoC, and held that procedural mechanisms like the challenge process are facilitative, not mandatory. This judgment reinforces creditor autonomy and balances procedural compliance with commercial pragmatism.

The Supreme Court has quashed a cheque bounce complaint under Section 138 of the NI Act, citing deliberate suppression of critical defence documents by the complainant. The judgment reinforces that criminal prosecution cannot proceed where procedural fairness is compromised. This decision underscores the duty of complainants to disclose all material facts when initiating criminal process.

The ITAT Mumbai ruled in favour of Vanguard, holding that gains from sale of rights entitlements by FPIs are not taxable in India under Article 13(6) of the India-Ireland DTAA. The Tribunal distinguished REs from shares and disallowed the Revenue’s attempt to offset exempt gains against Indian capital losses. This judgment reinforces treaty-based protections and clarity on the treatment of financial instruments distinct from equity.

SEBI has passed a landmark order against CNBC anchor Hemant Ghai for abusing media privilege to front-run stock tips for personal gain. By executing trades ahead of on-air recommendations via family accounts, and falsifying records, he violated market integrity norms. The order reaffirms SEBI’s stance on treating media-driven tip-offs as material non-public information under PFUTP regulations.

The ITAT clarified that mutual settlement deeds between brothers, executed to preserve family harmony, are not ‘transfers’ under Section 2(47) and thus fall within the exemption provided under Section 47(iii) of the Income-tax Act. The decision reiterates that genuine family arrangements, executed without monetary consideration, cannot be subjected to capital gains tax. This sets a precedent on interpreting intra-family property settlements.

The Central Government has revised the investment and turnover thresholds for classifying Micro, Small, and Medium Enterprises under the MSME Act, effective from 1 April 2025. The updated limits aim to broaden MSME coverage and enhance access to statutory benefits for a wider base of enterprises, subject to timely Udyam re-registration.

The SAFEMA Appellate Tribunal has upheld the Enforcement Directorate’s attachment of iSec Services’ assets, following findings of unauthorised call interception at NSE. The Tribunal held that the actions amounted to cheating and money laundering, triggering provisions under the IPC and PMLA. The judgment underscores that fraudulent conduct disguised as formal contracts cannot escape penal consequences under Indian law.

Can AI be a legal person? This article explores liability, agency, and the legal challenges of regulating autonomous intelligent systems.

The CBDT has issued clarificatory FAQs to operationalise the 2024 Guidelines on compounding of offences under the Income-tax Act, 1961. This update explains the legal position on key procedural issues such as filing timelines, multi-jurisdictional applications, post-conviction compounding, and treatment of co-accused. The write-up unpacks the framework and highlights areas where discretion remains with the tax authorities.