Interest on delayed refunds: entitlement begins from original receipt of the refund application under fiscal law, not defect cure date.
The operative legal principle is that statutory interest on delayed refunds is computed from the expiry of the prescribed period counted from the date of receipt of the refund application, not from the date defects are removed; departments may not avoid interest liability by treating only defect-free re-submission as the operative filing date, and fiscal timelines must be strictly construed against such procedural tactics. (AI Summary)

Limitation exclusion: period treated as excluded, impacting computation of appeal and proceeding timeframes and registry practice.
The period from mid March 2020 until early October 2021 is excluded in computing limitation for suits, appeals and proceedings; where limitation would have expired during that period a fixed shorter window applies from resumption, subject to any longer residual period. Registries are directed not to insist on separate delay condonation applications for appeals governed by the exclusion/extension order and appellants should record reliance on the directions in verification and registry forms. (AI Summary)

Input Tax Credit entitlement: statutory conditions determine eligibility while portal returns serve as facilitative reconciliation only.
Availability of Input Tax Credit depends on statutory conditions: possession of invoice or debit note, receipt of goods or services, tax charged being paid to Government by the supplier, and filing the return. GSTR-2A/2B and other rule-based portal statements operate as facilitative reconciliation tools and do not themselves create or replace statutory entitlement. Defences to departmental notices include reliance on books of account and self-assessment, supplier responsibility for non-payment, and the doctrine that law does not compel performance of the impossible where no mechanism exists to verify supplier payment. (AI Summary)

Payment of price is essential to a valid sale; instruments without proved consideration are void and may be ignored.
Payment of price is an essential element of a sale under Section 54: absent payment or provision for payment, an instrument does not constitute a sale and is void. Where sale deeds are executed without proved consideration and purchasers cannot show payment, transfers effected-including those via power of attorney-may be treated as sham transactions that do not divest co owners of their shares. (AI Summary)

Taxability of non-human alcohol under GST: denatured and industrial-use alcohol attract GST while potable liquor remains state-taxed.
Alcoholic liquor fit for human consumption is excluded from GST and remains subject to state excise and VAT; alcohol rendered unfit for human use by denaturing or allocated for industrial purposes is taxable under GST. Denatured ethyl alcohol and spirits for non-human use attract GST, while ethyl alcohol supplied for blending with motor spirits is subject to a distinct lower GST rate. Distillation by-products such as Distillers Wet Grain Solubles, characterised as brewing or distilling dregs, have been treated as taxable under the GST tariff. (AI Summary)

Deposit insurance protection and proposed amalgamation may defer and convert uninsured balances into bank securities under draft scheme.
The draft amalgamation scheme merges a failed cooperative bank into a transferee small finance bank using DICGC funds as an advance to pay insured depositors through the transferee, while uninsured or excess amounts are deferred, staggered for retail depositors, or converted for institutional holders into hybrid securities; the scheme contains broad immunities for the State and final interpretation powers for the regulator, and raises concerns about definitions, interest entitlement, claim verification, priority of Long Term Deposits, and administrative implementation. (AI Summary)

Regulatory power to set investment adviser fee modes and limits enables targeted investor protection and market regulation.
SEBI's statutory powers to protect investors and regulate market functionaries permit it to prescribe the manner and limits for fees charged by investment advisers; Regulation 15A and the implementing circular set two permissible fee modes (Asset Under Advice and Fixed Fee) and general conditions on aggregation, annual mode choice, advance fees, and refunds, framed as regulatory measures for investor protection rather than fiscal imposition. (AI Summary)

RoDTEP scheme access: register on ICEGATE, declare in shipping bill, and generate duty credit scrips for Basic Customs Duty payment.
RoDTEP access requires IEC registration on ICEGATE with DSC, declaration of intent in the shipping bill and EGM filing so Customs can process claims, generate an admissible shipping-bill scroll, and enable exporters to create an electronic Duty Credit Ledger and generate scrips. Scrips are usable only for Basic Customs Duty, must be used or transferred within one year, are subject to receipt-of-proceeds and system value limitations, operate within an annual budget on a first-come, first-served basis, and exclude specified categories including Advance Authorization/DFIA holders, 100% EOUs/FTZ/EPZ/SEZ exports, warehoused goods, and non-EDI port exports. (AI Summary)

GST revenue recovery: improved collections and administrative measures bolster fiscal receipts while compensation shortfalls required back to back loans.
Gross GST receipts have risen to near record levels, supported by higher import and domestic transaction revenues and improved compliance driven by system upgrades, auto-populated returns, enforcement of e way bill rules and conditional input tax credit. Pandemic related GST compensation shortfalls led the Centre to borrow and provide back to back loans to States/UTs and to release partial compensation where the Compensation Fund was inadequate. Despite revenue gains, risks from weak private investment, informal sector distress, inflation and pandemic variants warrant continued policy flexibility and targeted fiscal measures. (AI Summary)

List of stakeholders obligations require centralised electronic filing and timely updates to ensure transparent creditor claim disclosure.
The liquidator must receive, verify, admit or reject creditor claims and prepare a category-wise list of stakeholders detailing amounts admitted, security status, proofs admitted or rejected, and prescribed particulars for secured and unsecured financial creditors, operational creditors and other stakeholders; the list must be filed and updated with the adjudicating authority and on the Board's electronic platform in the prescribed format and timeframe, and made available for inspection by claimants and specified persons. (AI Summary)

Social Welfare Surcharge liability depends on Basic Customs Duty collection; no collection means no surcharge payable.
SWS is a duty of customs calculated on the aggregate of duties levied and collected; because levy and collection are distinct, where BCD is exempt resulting in no collection, SWS computed as a percentage of BCD collected yields no SWS liability. Notifications exempt certain imports and IGST/GST Compensation Cess from SWS. AIDC differs because it is not calculated on BCD, so AIDC can be payable unless specifically exempted. Conflicting Supreme Court decisions counsel administrative clarification. (AI Summary)

Termination of corporate insolvency proceedings: tribunal may end CIRP when creditor non cooperation makes resolution impossible.
The document explains that termination of corporate insolvency resolution process is appropriate where the Committee of Creditors or sole creditor fails to pursue or actively participates in the process, noting that tribunals have used their statutory and inherent powers to terminate CIRP, direct procedural measures (including cooperation from ex directors and inspections), impose costs, and initiate show cause proceedings against creditors who used the process maliciously rather than for resolution. (AI Summary)

Appeal rights during pending tax amnesty: statutory right to file appeals remains until assessing authority communicates acceptance.
An amnesty applicant must withdraw pending disputes only upon valid acceptance of the scheme by the assessing authority; until the authority communicates acceptance within the statutory period the applicant retains the statutory right to file appeals. Assessing authorities must verify amnesty options within the prescribed timeframe, may revoke benefits on default, and must verify invoice genuineness before allowing input tax credit where the taxpayer admits the purchases and transactions are from registered in state dealers. (AI Summary)

GST rate rationalization narrows slabs and expands e commerce operator liability, changing tax treatment for textiles, footwear and services.
CBIC notifications effective 01.01.2022 amend GST rates and exemptions to rationalise inverted duty in textiles and footwear, specify taxability of job-work services and composite works contracts to government entities, and bring specified restaurant, accommodation and transport services supplied through e-commerce operators within the e-commerce operator tax liability. Circulars clarify Dynamic QR code exemptions for invoices to recipients outside India, treatment of payments received in RBI approved non-foreign exchange modes, and administrative positions on refunds of excess electronic cash ledger balances and on TDS/TCS credits and their refundability. (AI Summary)

Treatment or process on another's goods classified as service; tanker body job work attracts GST under manufacturing services code.
Fabrication and mounting of specialized vehicle bodies on customer-supplied chassis is a treatment or process applied to another person's goods and therefore constitutes a supply of service. The activity is classifiable as manufacturing services on physical inputs owned by others and should be recorded under the Service Accounting Code 998881, with GST charged at the rate applicable to that service classification. (AI Summary)

Electronic Duty Credit Ledger: centralized e-scrip system enables issuance, transfer and utilization of duty credits for customs payment.
The Regulations implement an Electronic Duty Credit Ledger to record duty credits under designated export Schemes, with credits allowed via system-generated scrolls. Exporters may combine credits and create an e-scrip within one year, otherwise the system consolidates credits station-wise. Each e-scrip is auto-registered at the customs station of export, carries a unique identifier, is visible in the automated system, is valid for one year, may be transferred only whole to another IEC holder, and may be suspended or cancelled for contraventions. (AI Summary)

GST treatment of cryptocurrencies: barter classification triggers reciprocal invoicing and GST obligations on crypto-funded transactions.
Cryptocurrencies lack legal tender status in India, and under GST a transfer made in exchange for cryptocurrency is treated as a supply and commonly characterised as barter, generating reciprocal invoicing and GST liability. Classification as goods or services determines HSN, tax rate and valuation; valuation generally uses the rupee-denominated transaction value. Exchanges' fees attract GST, business users may require registration and input tax credit depends on use. Income tax applies to gains as business income or capital gains depending on characterization, and promotional airdrops are taxable on use or sale. Legislative clarity is required for consistent treatment and reporting. (AI Summary)

Fund flow statement terminology change urged to replace cash flow statement to reflect fund movements beyond physical cash.
The article contends that the term cash flow statement in the Companies Act, Schedule III and AS 3 is a misnomer and should be replaced by fund flow statement, because statutory references and illustrations already cover cash and cash equivalents and other fund movements. The author points to the specific statutory and accounting locations where the term appears and suggests amendment via delegated legislation or notifications to align terminology with contemporary non-cash payment practices without altering disclosure substance. (AI Summary)

Furlough: discretionary temporary release conditioned on conduct, public safety, and statutory criteria restricting entitlement.
Furlough is a discretionary short-term conditional release to meet specific exigencies and relieve long-term imprisonment; it may be claimed after serving minimum periods but does not constitute a legal right. Granting furlough requires assessment of conduct, risk of escape or default, threats to public safety or witnesses, and the public interest. The Prisons Act and furlough rules confirm discretion and prohibit mechanical grant of furlough, obliging authorities to apply statutory criteria without arbitrariness and to balance rehabilitative or humanitarian grounds against societal safety concerns. (AI Summary)

Fund flow statement terminology: replace cash flow statement to reflect fund movements, non cash and banking transactions.
The article argues that the term cash flow statement is a misnomer and should be replaced by fund flow statement, because statutory and accounting usages describe movements in cash and cash equivalents and other fund flows; with policy emphasis on non cash banking and digital transactions, revising terminology would reduce confusion and better reflect the statement's coverage while leaving substantive reporting requirements intact. (AI Summary)