PART III GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) NOTIFICATION The 22nd December, 2023 No. S.O. 99/P.A.5/2017/Ss. 9 and 15/2023.- In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Punjab Goods and Services Tax Act, 2017 (Punjab Act 5 of 2017), and all other powers enabling him in this behalf, on being satisfied that it is necessary in the public interest so to do, the Govern... ... ...

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 121/2026 New Delhi, the 22nd September, 2026 INCOME-TAX G.S.R. 830(E).- In exercise of the powers conferred by section 533 read with sections 395(4)(a) and 397(3)(a) and (b) of the Income-tax Act, 2025 (30 of 2025), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 2026, namely: -- 1. (1) These rules may be called the  ... ... ...

New Delhi, Sep 23 (PTI) Fitch Ratings on Wednesday raised India's GDP growth forecast for the current fiscal year to 6.9 per cent, from 6.4 per cent, citing strong economic growth in the June quarter and overall economic resilience. According to Fitch, India's economic momentum is likely to moderate over the remaining fiscal year, prompting the Reserve Bank of India (RBI) to increase interest rates by 0.25 per cent in its October monetary policy meeting. A growth rate of 7.8 per cent in... ... ...

PART III GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) NOTIFICATION The 22nd December, 2023 No. S.O. 100/P.A.5/2027/Ss. 9, 11, 15, 16 and 148/2023.- In exercise of the powers conferred by sub-section (1), sub-section (3) and sub-section (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15, sub-section (1) of section 16 and section 148 of the Punjab Goods and Services Tax Act, 2017 (Punjab Act 5 of 2017), and all... ... ...

SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER For the Assessee : Shri M.K. Patel with Shri M.J Shah, A.Rs For the Revenue : Shri Darsi Suman Ratnam, CIT.D.R With Shri Ashok Kumar Suthar, Sr.D.Re : ORDER PER BENCH: The captioned appeals have been filed at the instance of the Assessee and the Revenue against the separate orders of the Learned CIT(Appeals), Vadodara, arising in the matter of assessment order passed under s. 143(3) of the Income Ta... ... ...

PART III GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) NOTIFICATION The 22nd December, 2023 No. S.O. 105/P.A.5/2017/Ss. 9 and 15/2023.- In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Punjab Goods and Services Tax Act, 2017 (Punjab Act 5 of 2017), and all other powers enabling him in this behalf, on being satisfied that it is necessary in the public interest so to do, the Gover... ... ...

FEMA investigation concerns suspected foreign-exchange contraventions and the source and movement of funds used to acquire control of McNally Bharat Engineering Company Limited following its corporate insolvency resolution process. The inquiry also examines whether the process may have enabled persons potentially ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016, to regain indirect control of the company.

Export facilitation reforms contemplate integrated Commerce and Industry offices and trained local personnel to provide exporters with common access points and district-level handholding support. The Trade Connect platform is envisaged to provide product-wise and HSN-code-wise tariff, Free Trade Agreement and procedural information, supported by digital and AI-enabled tools. Reforms also address electronic verification of Certificates of Origin, integration across the export cycle, digitalisation, simplified trade documentation, reduced compliance burden, and adherence to international quality standards.

India's FY27 growth outlook is revised upward to 7 per cent from 6.6 per cent, supported by industrial activity, consumption, goods exports and government investment. Consumer inflation is projected to average 5.1 per cent. Persistent inflationary pressures, solid growth, conflict in West Asia and weather-related risks are expected to support higher interest rates, while below-normal monsoon rainfall may affect agricultural output and food inflation.

Trade and market-access cooperation is to be advanced through a proposed Comprehensive Economic Partnership Agreement with Chile, a proposed Free Trade Agreement with Peru, and expansion of the Preferential Trade Agreement with MERCOSUR. The frameworks seek mutually beneficial outcomes while respecting respective sensitivities and priorities. Diversified trade, investment and business partnerships are envisaged through stronger business-to-business linkages, improved connectivity and more predictable market access.

Rectification of mistakes apparent from the record permits income-tax authorities to amend their own orders and specified intimations, but matters considered and decided in appeal or revision are excluded. Suo motu rectification is discretionary. On an application by the assessee, deductor, collector, or, in relevant first-appeal matters, the Assessing Officer, the authority must issue a written order making the amendment or refusing the claim within six months. Adverse amendments require prior notice and a reasonable opportunity of hearing; consequential refunds must be made and demand notices served where liability increases.

Marginal relief is proposed for resident individuals under the new tax regime whose total income exceeds Rs. 7 lakh. Tax payable must not exceed the income exceeding that threshold. Tax is computed before rebate, and the excess income over Rs. 7 lakh is determined. Where pre-rebate tax exceeds the excess income, the Section 87A rebate equals the difference; where the difference is negative, no rebate is allowed.

Section 157 of the CGST Act limits suits, prosecutions and other legal proceedings against designated Tribunal personnel and tax officers to acts done or intended in good faith under the Act or rules. Good faith is not automatic immunity where adjudication departs from procedural safeguards, including personal hearings, the confines of show cause notices, correct demand provisions, proportionate penalties, statutory payment opportunities and consideration of taxpayer replies. Appellate scrutiny may test whether such orders comply with statutory requirements and procedural fairness.

Digital compliance integrates technology into corporate and board functions to support observance of applicable laws, internal policies, and governance standards. It includes electronic records, digital board meetings, automated monitoring, electronic filings, digital signatures, secure document management, and data protection. Board oversight covers cybersecurity, personal data protection, digital risk, artificial intelligence governance, fraud prevention, business continuity, and digitally supported ESG disclosures. Company secretaries support digital governance through regulatory advice, timely compliance, electronic records, digital due diligence, and ethical governance.

GST adjudication must result in a reasoned or speaking order demonstrating genuine consideration of the taxpayer's reply, submissions, and supporting material. An order that merely records receipt of a reply but rejects it without addressing the contentions or documents relied upon lacks the reasons necessary to disclose application of mind. Availability of an alternative statutory appeal does not preclude writ jurisdiction where principles of natural justice are breached by a non-speaking order.

Employment-related claims for salary, increments, remuneration, commission and other dues arising from an employment agreement do not constitute commercial disputes under the Commercial Courts Act, 2015. A contract of personal service retains its employment character even where the claim concerns payment obligations or sales-linked remuneration. Where a plaint is filed before a forum lacking commercial jurisdiction, it should be returned for presentation before the competent non-commercial court rather than dismissed, allowing the claimant to pursue the existing plaint in the proper forum.

Order VII Rule 11(d) permits rejection of a recovery plaint on limitation only when the bar is apparent from a meaningful reading of the plaint and relied-upon documents. Sections 18 and 19 of the Limitation Act require consideration of acknowledgments and payments affecting limitation. Signed balance confirmations, together with tax deducted at source and deposited to the creditor's account in relation to a loan, may raise a triable issue on acknowledgment and payment. The evidentiary and legal effect of those materials requires determination on evidence and cannot be conclusively resolved at the threshold.

Valuation of excisable goods stock-transferred to sister units for further manufacture falls under the captive-consumption regime. Cost of production must be determined on the CAS-4 basis, and the prescribed valuation guidance binds Revenue authorities. The general valuation method applicable to transfers not involving captive consumption does not govern such transfers. Duty liability is therefore determined using the CAS-4 cost basis, with no differential duty arising from application of the alternative transfer-valuation principle.

Transaction value remains applicable where buyer and assessee are unrelated and price is the sole consideration. Customer-supplied designs or drawings may be added only when they constitute additional consideration, are used or necessary in production, have an ascertainable apportioned value, and are not already included in the price. Buyer specifications alone are not buyer's assists. A speculative percentage unrelated to the value of the free supply does not satisfy rule-based valuation; reasonable-means valuation must conform to statutory principles. Remand cannot reconstruct a valuation case lacking evidentiary support in the show cause notice. Extended limitation and equivalent penalty require intent to evade, which audit disclosures, no concealment, interpretational dispute, and revenue neutrality may negate.

Commission for procuring prospective investors and facilitating deposits is taxable under Notification No. 7/2003-ST. Non-registration and non-disclosure of the taxable activity in service-tax returns, requiring investigation for detection, support invocation of the extended limitation period on the basis of suppression. Taxable commission cannot be determined solely from Form 26AS figures and requires verification against actual commission receipts. Eligibility for small service provider exemption under Notification No. 33/2012-ST depends on verified taxable turnover; no tax is payable where turnover remains within the prescribed threshold. Where service tax was not separately charged, commission receipts qualify for cum-tax valuation.