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    Government Approves Strategic Restructuring of IDBI Bank Ltd.
    Central Bureau of Narcotics (CBN) strengthens Nasha Mukt Bharat vision by dismantling vast illicit cannabis cultivation in Himachal Pradesh
    DRI busts illegal import of more than 73,00,000 kg of Pakistan-origin rock salt; four arrested
    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to embark on an official visit to Bangkok, Thailand, from 14th to 18th Octobe...
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    PM GatiShakti National Master Plan completes five years of transforming India’s infrastructure landscape
    NLMC’s first end-to-end e-auction of RINL land parcels generates ₹366.33 Crore in successful bids on Day 1, 150 plots sold
    CBI Arrests Bhopal CGST Superintendent while accepting Rs 2 Lakh Bribe
    Union Finance Minister Smt. Nirmala Sitharaman concludes successful visit to Singapore, focusing on strengthening investment and financial cooperation
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    Union Minister of Commerce and Industry Shri Piyush Goyal Emphasises a Twin-Track Approach of Global Technologies and Employment Generation
    Central Bureau of Narcotics (CBN) M.P. Unit seizes over 4.2 tonnes of poppy straw in two operations; Three persons arrested
    DRI seizes around 5.8 kg foreign-origin gold worth Rs. 9 crores from a secret cavity in car, uncovering a sophisticated gold smuggling modus operandi;...
    DRI cracks down on gold smuggling from Bangladesh in Eastern Region; seizes over 7.8 kg foreign-origin gold; six arrested
    DRI seizes around 5.75 kg crystal meth from train passenger in a crack down on drug trafficking; one arrested
    Minister of State for Coal and Mines inaugurates Third National Conference and Exhibition on Corporate Social Responsibility (NCCSR 2026)
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October 14, 2026
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Strategic bank divestment requires fit and proper screening, independent valuation, competitive bids, and continuing regulatory compliance.
Strategic restructuring of IDBI Bank Ltd. has been approved through sale of a 60.72% equity stake to a strategic buyer, with residual holdings retained by the Government of India and LIC. Bidder participation required fit-and-proper and security clearances. After initial bids fell below the reserve price, best offers were assessed against independent enterprise valuations based on the Market Multiple Method and Asset Valuation Method. The successful bid exceeded the benchmark and both fair-value estimates. Completion remains subject to regulatory credentials and a compliance roadmap.
October 14, 2026
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Illicit cannabis cultivation enforcement combines source destruction, technology-assisted identification, and alternative crop development to disrupt narcotics supply chains.
Operation Parivartan uses ground surveys and drone technology to identify and destroy illicit cannabis cultivation at source, with Forest and Police Department support in difficult terrain. It also incorporates public dialogue and alternative crop development under the NDPS Policy 2012. CBN, as the apex drug law-enforcement and regulatory agency under the Department of Revenue, is responsible for identifying and destroying illicit cannabis and opium cultivation and continues such operations nationwide.
October 14, 2026
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Import prohibition on Pakistani-origin goods: third-country routing and fabricated origin records triggered customs enforcement and arrests.
India's prohibition on direct or indirect import or transit of Pakistani-origin goods is alleged to have been circumvented through third-country routing and false origin documentation. Operation Deep Manifest identified rock salt imports routed through Colombo with purported UAE-issued certificates of origin and invoices. Preliminary investigation linked importers to an alleged transnational network using fabricated trade records and false declarations of origin. Containers, bank-held sales proceeds and Pakistan-origin dry dates were seized, and four persons were arrested under the Customs Act, 1962.
October 14, 2026
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International financial cooperation will guide multilateral and bilateral discussions on economic outlook, reform priorities, investment opportunities, and infrastructure financing.
India's Finance Minister will participate in multilateral and bilateral economic discussions addressing economic developments, financial-sector issues, the global economic outlook, development priorities, international financial cooperation, and reform of the international financial architecture. Related engagements will examine trade resilience, investment opportunities, and mobilisation of private capital for urban and water infrastructure, while highlighting India's economic performance and reform priorities.
October 14, 2026
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GST annual return filing requires prior GSTR-1 and GSTR-3B filing before access to annual return forms.
GSTR-9/9C annual return filing for FY 2025-26 is enabled on the GST portal from 8 October 2026. Access to the annual-return filing tile requires filing all GSTR-1 and GSTR-3B returns for the relevant financial year. Taxpayers requiring filing assistance may submit a support ticket through the GSTN helpdesk.
October 13, 2026
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Automated GST registration and refunds streamline compliance through risk-based processing, electronic verification, and limited officer intervention.
GST refund administration is proposed to use phased risk-based system processing, with acknowledgement or deficiency action within ten days, deemed acknowledgement on inaction, automated provisional refund for eligible low-risk zero-rated and inverted-duty claims, and fully automated refund of excess electronic cash-ledger balances. Validation failures require correction and fresh filing or referral for officer scrutiny, while final scrutiny remains applicable in specified cases. Applicants must file all due returns and submit supporting material electronically. Delayed-refund interest applies beyond the statutory period, and eligible input-service and capital-goods credit is proposed to be included in prescribed refund computations.
October 13, 2026
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Integrated infrastructure planning under PM GatiShakti uses geospatial data and coordinated appraisal to strengthen multimodal connectivity and logistics efficiency.
PM GatiShakti National Master Plan uses an integrated geospatial planning framework to coordinate infrastructure, economic and social-sector development. The framework supports multimodal connectivity, intermodal links, last-mile access, project appraisal and synchronised implementation. It has expanded to district-level planning for local services and is supported by public-access, knowledge-sharing, decentralised data-management and monitoring systems. The Integrated Transport and Logistics Authority is intended to strengthen transport and logistics research, planning, appraisal, monitoring and impact assessment.
October 13, 2026
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Public asset e-auctions enable transparent land monetisation through registration, due diligence, and competitive online bidding.
NLMC's first end-to-end e-auction monetised surplus RINL land through transparent, competitive online bidding, selling 150 plots at bids above the aggregate reserve price. The process is coordinated with the asset owner and includes bidder outreach, registration, documentation, Earnest Money Deposit requirements, and online participation. A final phase for the remaining parcels requires timely registration, review of reserve prices, eligibility conditions and participation requirements, due diligence, and completion of prescribed formalities.
October 13, 2026
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Bribery allegations involving tax enforcement powers led to arrest during an alleged acceptance of undue advantage.
Bribery allegations concern a CGST Superintendent accused of demanding a monthly undue advantage from a scrap-business proprietor in exchange for not intercepting scrap vehicles or obstructing the business. A criminal case was registered, and a trap operation resulted in the Superintendent being apprehended while allegedly accepting the demanded undue advantage. Searches recovered cash and immovable-property documents, and the investigation remains ongoing.
October 13, 2026
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Financial connectivity and investment cooperation focused on institutional capital, digital finance, and strategic-sector investment opportunities.
Bilateral investment and financial cooperation between India and Singapore focused on mobilising long-term institutional capital, expanding financial connectivity, and increasing investment in infrastructure and strategic sectors. Investment discussions covered AI-related infrastructure, semiconductors, renewable energy, manufacturing, MSMEs, trade finance, healthcare and food supply chains. Financial-technology dialogue addressed asset tokenisation, digital money, CBDCs, interoperability and trusted settlement arrangements, alongside possible cooperation on their use in financial markets.
October 12, 2026
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CETA implementation prioritises accessible origin rules, customs guidance, and business engagement to expand bilateral trade and investment.
Effective CETA implementation depends on accessible tariff schedules, rules of origin and documentation guidance, together with support for businesses navigating tariff reductions, customs procedures, regulatory requirements and procurement opportunities. Committees, working groups and a joint utilisation review are intended to receive business feedback, address implementation issues and improve use of the agreement. Sectoral round tables, delegations and exhibitions, along with mutual recognition and capacity-building, are envisaged to support new exporters, product lines, investment and partnerships.
October 12, 2026
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CETA implementation establishes annual utilisation data exchanges and institutional mechanisms to support preferential trade and resolve business barriers.
CETA implementation includes annual exchanges of utilisation data and business feedback, beginning one year after entry into force, to identify barriers to preferential tariff use and support needs. Committees, working groups and government contact points will be established to maintain operational implementation and address emerging issues. Certificates of Origin issued through self-certification support claims for preferential treatment, while tariff-rate quotas apply to specified vehicle imports.
October 12, 2026
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Trade openness and domestic manufacturing are positioned to expand technology access, investment, employment, and global competitiveness.
Global market engagement through Free Trade Agreements is paired with domestic manufacturing and employment objectives. Access to advanced technologies and electronics is linked to investment in electronics, white goods and semiconductor manufacturing. Tourism, demographic advantage and international demand for Indian workers are identified as employment opportunities. Car-import quota arrangements with the United Kingdom and European Union are described as focused on expensive vehicles, while domestic automobile manufacturing and world-class quality standards are positioned as central to global competitiveness.
October 12, 2026
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NDPS enforcement targets concealed poppy straw trafficking through intelligence-led vehicle interceptions, seizures, arrests, and continuing network investigation.
NDPS Act enforcement involved two intelligence-based vehicle interceptions leading to seizure of 4,209.80 kg of concealed poppy straw, two vehicles and wheat bags used as cover cargo. Three persons were arrested under the relevant provisions. The recovered contraband included lanced poppy straw, unlanced poppy straw and poppy straw powder. Investigation continues to identify the source, intended recipients and other persons connected with the trafficking network.
October 12, 2026
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Gold smuggling through engineered vehicle cavities triggered customs seizure and arrests after intelligence-led interception of interstate transport routes.
Intelligence-led customs enforcement intercepted a car travelling from Kolkata to Hyderabad at Visakhapatnam and recovered 5,832.90 grams of 24-carat foreign-origin gold from a specially fabricated cavity beneath the front co-passenger seat leg space. The occupants reportedly admitted that the gold had been smuggled into India through the Indo-Bangladesh border. The gold was seized under the Customs Act, 1962, and both occupants were arrested.
October 12, 2026
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Cross-border gold smuggling faces intelligence-led seizures where transporters cannot substantiate lawful possession or procurement of foreign-origin gold.
Intelligence-led enforcement against cross-border gold smuggling resulted in the seizure of foreign-origin gold moved through road and railway corridors connecting Bangladesh-border areas and Tripura with Kolkata. Vehicle occupants and railway passengers failed to furnish documents supporting lawful possession or procurement of the gold. Investigations linked gold recovered in bangles and bars to material smuggled across the Indo-Bangladesh border and indicated the involvement of an organised syndicate using transport routes to move gold towards major markets.
October 12, 2026
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Methamphetamine trafficking enforcement treats unauthorised possession and transport above the commercial threshold as serious NDPS offences.
Methamphetamine is regulated as a psychotropic substance under the Narcotic Drugs and Psychotropic Substances Act, 1985. Unauthorised possession, manufacture, sale, purchase, transport, import or export is punishable according to the offence and quantity. The seized quantity exceeds the notified commercial quantity threshold of 50 grams; offences involving that category attract rigorous imprisonment from 10 to 20 years and a monetary fine under the Act.
October 12, 2026
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Corporate social responsibility governance requires board oversight, impact measurement, sectoral alignment and stakeholder convergence for measurable development outcomes.
Corporate social responsibility is treated as a component of corporate governance requiring company-level responsibility, Board oversight, public disclosure and impact assessment. Strategic CSR decision-making should be based on identified needs, implementation capacity, geographic and thematic relevance, measurable outcomes, monitoring and accountability. Sector-specific approaches, including the Comprehensive CSR Framework for Indian Coal Companies, support structured and need-based interventions. CSR reporting aligned with the Sustainable Development Goals enables assessment of corporate contributions, while credible impact measurement, transparency and stakeholder engagement support social-sector financing and purposeful CSR implementation.
October 12, 2026
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Corporate social responsibility governance redirects compliance-led spending toward accountable, evidence-based interventions delivering measurable and inclusive development impact.
CSR was examined as a strategic instrument for inclusive and sustainable development, rather than expenditure-led statutory compliance alone. Priorities included scaling effective interventions, addressing geographical imbalances in CSR resources, and aligning initiatives with national and regional development priorities. The CSR Exchange Portal was considered as a coordination mechanism for companies, implementing organisations and development stakeholders, supported by credible project information, transparent processes, data integration, and stronger project assessment, monitoring and reporting.
October 12, 2026
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Economic resilience and evidence-based policymaking shape priorities for inclusive growth, macroeconomic stability, trusted digital infrastructure, and global partnerships.
Macroeconomic stability, investment and financial resilience were considered in relation to global fragmentation, technological disruption and recurrent shocks. Deliberations addressed central banking responses to inflation, financial fragility and capital flows, alongside institutional credibility. Trusted digital infrastructure, artificial intelligence and communication networks were considered as drivers of productivity and economic transformation, subject to maintaining trust and competition.

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Guidance Note – Form 118

April 1, 2026

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Form 118 – Guidance Note

Application for deferment of filing of appeal on identical question of law

Name of form as per I.T. Rules, 1962

Form 8A

Name of form as per I.T. Rules, 2026

Form 118

Corresponding section of I.T. Act, 1961

158AB

Corresponding section of I.T. Act, 2025

376

Corresponding Rule of I.T. Rules, 1962

16

Corresponding Rule of I.T. Rules, 2026

195

Purpose

Form No. 118 is prescribed for making an application for deferring the filing of an appeal before the High Court or the Income-tax Appellate Tribunal under the provisions of section 376 of the Act.

The form enables the appellant to request deferment of an appeal in a relevant case where an identical question of law is pending in another case before the High Court or the Supreme Court. The deferment mechanism allows the appeal to be filed later, after the final decision on the identical question of law is rendered in the other case.

This mechanism helps in avoiding multiplicity of litigation and ensuring uniform application of judicial decisions.

Who Should File

Form No. 118 may be furnished by an appellant seeking to defer filing of an appeal before:

  • the High Court, or
  • the Income-tax Appellate Tribunal,

where a question of law arising in the relevant case is identical to a question of law pending in another case before the High Court or the Supreme Court.

The application is filed before the appropriate judicial forum before which the appeal would otherwise have been filed.

Structure of Form

Form No. 118 broadly consists of the following parts:

  1. Part A – Appellant’s Personal Information
  2. Part B – Respondent’s Personal Information
  3. Part C – Case Details
  4. Part D – Question of law in the relevant case for which appeal is deferred
  5. Part E – Details of other case(s) on the basis of which appeal is deferred
  6. Part F – Declaration and Verification

These sections capture the necessary details relating to the parties, the relevant case, the question of law involved and the details of the other case pending before the High Court or Supreme Court.

What are the documents required to file the Form

The following documents may be required to be furnished along with Form No. 118:

  1. Copy of the order against which the appeal would otherwise have been filed.
  2. Details and supporting documents relating to the identical question of law involved in the relevant case.
  3. Details of the other case before the High Court or the Supreme Court in which the identical question of law is pending.
  4. Supporting documents relating to the pending proceedings in the other case, where applicable.

These documents assist the authority in verifying whether the conditions specified under section 376 for deferment of appeal are satisfied.

What is the process flow of filing Form

The process flow broadly involves the following steps:

  1. The appellant prepares Form No. 118 by furnishing the required details relating to the relevant case, the question of law involved and the other case in which an identical question of law is pending.
  2. Supporting documents relating to the relevant case and the pending case are attached.
  3. The completed form is filed before the appropriate forum, namely the High Court or the Income-tax Appellate Tribunal, as applicable.
  4. The authority examines whether the conditions specified under section 376 are satisfied for deferring the filing of the appeal.
  5. Where the application is accepted, the filing of the appeal in the relevant case is deferred until the final decision on the identical question of law is rendered in the other case.

Outcome of Processed Form

Upon acceptance of the application made in Form No. 118:

  • The filing of the appeal in the relevant case is deferred until the final decision on the identical question of law is rendered in the other case.
  • The appellant may thereafter file the appeal in accordance with the provisions of section 376 based on the final judicial decision.
  • This mechanism helps ensure consistency in the application of law and reduction of repetitive litigation.

Common Changes made across Forms

  1. To make Forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of Name, Designation, Address, PAN and Aadhaar number have been separated into different boxes.
  2. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
  3. Sections, Clauses and Schedules changes as per the Income-tax Act, 2025.
  4. Currency symbol “Rs.” has been replaced with “₹”.

Topics

Acts Income Tax