Listed entities whose non-convertible debt securities are listed on or after 14 October 2026 must list on stock exchanges all non-convertible debt securities issued after that listing. Regulation 62A(1) is replaced to impose this continuing listing requirement, while sub-regulations (2) and (3) are omitted. The amendment took effect upon publication in the Official Gazette on 14 October 2026.

REIT regulations permit the issuance of depository receipts on REIT units, subject to regulatory compliance and the manner specified by the Board. The definition of common infrastructure no longer contains wording limiting it to composite real estate projects, industrial parks and SEZs, and a clause in the investment conditions is omitted. Unitholder approvals for specified transactions and changes now require at least 75% of total votes cast in favour, excluding votes cast by related parties, rather than approval by unitholders by value. On a sponsor's exit from a multi-sponsor REIT, specified sponsors or sponsor-group entities must offer dissenting unitholders an exit option. The amendments took effect upon Gazette publication.

Effective from 14 October 2026, InvIT regulations permit the issuance of depository receipts on InvIT units, subject to regulatory compliance and Board-specified procedures. Approval requirements for specified matters now require votes in favour of a resolution to constitute at least 75% of total votes cast, replacing the prior threshold based on unitholders by value. For related-party transactions, votes cast by related parties are excluded. Where a sponsor exits an InvIT with multiple sponsors, the outgoing sponsor, its sponsor group entities, or continuing sponsors and their sponsor group entities must offer dissenting unitholders an exit option by purchasing their units in the prescribed manner.

Accredited-investor eligibility now includes accreditation by specified SEBI-registered or regulated entities and securities-market exposure criteria. A five-crore exposure criterion is added under one eligibility category; LLPs and other body corporates may qualify through net worth of fifty crore or securities-market exposure of twenty crore, and an LLP may alternatively qualify if each partner independently meets accreditation criteria. The proviso removes references to Category I foreign portfolio investors and sovereign wealth funds, adds Persons Resident Outside India, and deletes certificate-exemption language. Investor disputes with an Alternative Investment Fund or its Manager must be submitted to the prescribed mechanism, includin.....

Closing Auction Session (CAS) rules establish a 10-minute session from 3:30 p.m. to 3:40 p.m., with system-driven random closure of order entry, CAS-based closing-price dissemination, and a post-close cash session. CAS reference prices will use VWAP from the final 15 minutes of continuous trading, with prescribed last-traded-price and previous closing-price fallbacks. Only limit and market orders may be placed; stop-loss and new iceberg orders are prohibited. Qualifying pending iceberg orders will transition as fully disclosed limit orders with specified time priority. Expiring index and stock derivative settlement prices will be based on VWAP during the final 30 minutes of continuous cash trading, across exchanges for stock contracts. Most changes apply from December 7, 2026, while order-transition changes apply from February 8, 2027.

Import bonded trucking permission authorises air-import cargo transshipment by road from the Air Cargo Complex, Kolkata to Customs-notified airports, Air Cargo Complexes, CFSs and ICDs, exclusively in closed-body trucks secured with ECTS seals. The operator's bank guarantee requirement is waived based on its prior transshipment volume, while an import transshipment bond remains in place. Bond liability is debited when cargo is collected and restored upon Customs handover at destination. The operator remains liable for shortages or pilferage, including the value of goods, applicable interest, penalty and cess. Permission remains effective for one year or bond validity, whichever ends earlier, and is renewable subject to compliance or withdrawable after notice.

National Assessment Centre Portal provides public, searchable access to assessment-related material, including audit objections, CAAR rulings, legal decisions, NAC resolutions, classification and valuation guidance, meeting minutes, advisories, alerts, circulars and trade-facilitation references. Its use is intended to support informed customs compliance, reduce divergent assessment practices, and improve transparency, predictability and consistency in faceless assessment. Importers, customs brokers, trade associations and other stakeholders are encouraged to use the portal, with a user manual available through the portal and ICEGATE.

Notices issued under Section 108 of the Customs Act require the recipient to appear before the customs officer. Recipients may raise all available defences during that statutory process. Interference with such notices is not warranted at the preliminary stage; objections to the summons and related defences must be pursued before the customs officer rather than through proceedings seeking quashing.

Reassessment beyond four years after an assessment completed under Section 143(3) requires recorded satisfaction that income escaped assessment because the assessee failed to fully and truly disclose material facts. Reasons relying solely on investigation-wing information, without alleging such disclosure failure or showing independent application of mind and further enquiry, do not meet that jurisdictional condition. Consequently, the reopening was void ab initio, quashed, and the unexplained cash-credit addition was deleted.

Penalty under Section 271B cannot be sustained where the Section 274 notice alternatively alleges failure to obtain an audit and failure to furnish the audit report without identifying the specific charge. Section 44AB requires audit where the prescribed threshold is met, while Section 271B penalises specified audit-related defaults. Retaining both statutory limbs in a mechanically issued notice fails to give the taxpayer clear notice of the allegation requiring a response. The notice is therefore invalid, and the penalty is liable to be deleted.

Uncorroborated investigation material or suspicion cannot displace unrebutted documentary evidence supporting share transactions conducted through recognised brokers, demat accounts and banking channels; denial of requested cross-examination also breaches natural justice. A loan recorded in the books and supported by bank records does not meet the statutory conditions for unexplained investment merely because its commercial purpose is not explained. Unexplained cash-credit treatment requires identification of a specific credit in the books; unverified accommodation-entry information, without an identified credit, independent verification or cross-examination, cannot support an addition.

For AY 2015-16, the statutory relaxation under TOLA for notices issued between 1 April and 30 June 2021 did not extend the applicable reassessment limitation; a notice issued on 13 April 2021 was therefore time-barred. Sale receipts recorded in regular accounts, supported by stock records, purchase details, invoices, VAT returns, confirmations and bank realisation, represented consideration for S.S. pipe sales. In the absence of material disproving those sales, treating amounts already credited as sales income as unexplained cash credits on mere suspicion would cause impermissible double taxation. Such documented sale proceeds should not attract unexplained-credit additions.

Section 143(1) confines return-processing adjustments to specified matters, including arithmetical errors and claims that are apparent from the return. Disputed claims for house rent allowance, special allowance, food-meal coupons and medical reimbursement involve debatable questions of allowability and cannot be disallowed at that stage. Form 26AS does not take precedence over Form 16 when making such adjustments.

Rental income from unsold real-estate units held by a developer as stock-in-trade is assessable as income from house property where the units are bare-let pending sale. Ownership and the nature of exploitation govern classification under section 22: rent earned merely through letting by the owner falls under house property, whereas commercial exploitation involving substantial services may support business income. Separate provision of facility-management services, accounting rent as revenue from operations, and inclusion of letting in the objects clause do not alter the rental income's character. The rent is therefore taxable as income from house property rather than business income.

Condonation of delay was appropriate where the taxpayer established bona fide sufficient cause arising from misunderstanding of revision and reassessment proceedings, professional advice, disability and guardianship, with no mala fide or dilatory conduct; delay length alone was not determinative. Additional evidence concerning RBI Bond investments, including bank and repayment records, required verification before determining unexplained credits under Section 68. Penalty for concealment required reconsideration where it was confirmed ex parte without a reasonable opportunity to contest the matter or submit supporting material. The quantum addition and penalty required fresh fact-based examination after appropriate hearing.

Sales-tax remission granted under an industrial incentive scheme to induce establishment of a new undertaking in a backward area is characterised by the subsidy's object, not its form of disbursement. Where the objective is industrialisation and setting up of new units, the remission constitutes a capital receipt rather than taxable income under normal provisions. Because it lacks the character of income, the remission is also excluded from book-profit computation under section 115JB despite minimum alternate tax deeming provisions. This treatment excludes the incentive from taxable income under both normal and minimum alternate tax computations.

Disclosed cash forming part of final consideration under a completed registered immovable-property sale is distinguished from a loan, deposit, or standalone advance for Section 269SS and the corresponding penalty under Section 271D. Where consideration is accepted in reassessment and there is no evidence of undisclosed consideration, accommodation entries, suppression, or a tax-evasion device, it falls outside the stated penal scope. Penalty is not automatic for a technical breach: plausible and bona fide medical urgency that is not disproved constitutes reasonable cause under Section 273B and precludes penalty. These principles support deletion of the penalty.

Sales-tax remission under the West Bengal Incentive Scheme, 1993 is characterised under the purpose test by the object of the subsidy rather than its mode of disbursement. Where remission is designed to induce fresh fixed-capital investment and support expansion and modernisation of industrial units in backward areas, rather than assist trading operations or profitability, it constitutes a capital receipt rather than a revenue receipt.

For GTA services under reverse charge, self-invoicing is treated as necessary where supplies are received from an unregistered supplier. Where a registered GTA provider issues an invoice bearing its GSTIN and records tax as payable under reverse charge, that invoice is regarded as sufficient and no separate self-invoice is required. Supplier registration status and invoice particulars are central to this determination.

ITeS supplied on the provider's own account is not intermediary service, even if provided to an overseas client's customers. Services that merely arrange or facilitate the overseas client's supply to customers, including delivery, logistics, clearance, transportation, or post-sales support, are intermediary services. Where independent ITeS and facilitative support are both supplied, classification depends on the facts and the principal supply. A non-intermediary supplier may qualify for export of services treatment only upon satisfying location, place-of-supply, convertible foreign exchange, and distinct-establishment conditions.