Artificial intelligence is enabling faster decision-making, fraud detection, and automated compliance in financial and tax systems. However, issues such as the “black box” nature of AI and regulatory oversight remain critical concerns.
The Tribunal ruled that a reassessment order passed prior to notification of the faceless reassessment scheme under Section 151A was without jurisdiction. As the enabling notification came after the assessment date, the entire order was declared void.
The Bombay High Court held that a separate cooperative society could not be registered for shops forming part of a single building already governed by an existing society. The Court ruled that registration under Section 9 cannot be used to indirectly fragment an existing society.
The Allahabad High Court held police officers guilty of contempt for ignoring repeated orders of a Chief Judicial Magistrate to produce CCTV footage in an illegal detention case. The Court ruled that judicial officers’ orders cannot be disregarded and awarded compensation to the victim while granting bail.
Barcode registration is an important step for manufacturers in India who want to sell their products in supermarkets, online marketplaces, through distributors, or in export markets. A barcode is a set of lines and numbers printed on a product that can be scanned by a machine. When scanned, it quickly shows the product details in billing and inventory systems. This makes sales faster and helps track stock properly.
The government operationalised an Inter-Ministerial Group to monitor geopolitical impacts on supply chains and recommend mitigation measures to protect India’s exports.
IRDAIs consultation paper proposes a new regulatory framework requiring insurers to adopt Ind AS. The initiative is designed to modernize financial disclosures and ensure globally aligned reporting standards.
ROC imposed a ₹2 lakh penalty after a company failed to file consolidated financial statements in Form AOC-4 CFS. The order emphasizes mandatory filing obligations under Section 137 of the Companies Act.
ROC Gwalior penalized a company for failing to file Consolidated Financial Statements in Form AOC-4 CFS for FY 2017-18 as required under Section 137 of the Companies Act, 2013. The order highlights that incorrect disclosure in statutory filings and omission of CFS constitutes a compliance violation. Penalties were imposed on both the company and its directors.
ROC held that failure to deposit dividend in a separate bank account within five days of declaration violates Section 123(4), attracting penalty under Section 450.
