Construction of residential complex services rendered by a builder or authorised person became taxable only from 1 July 2010; therefore, no service tax was payable for the disputed pre-taxability period and the demand was unsustainable. A demand also could not be confirmed under the statutory provision for confirmation when the show cause notice had not invoked the prerequisite demand provision, as this exceeded the notice's scope. The service-tax demand and consequential interest and penalties were set aside.

Foreign tax credit was denied solely because Form No. 67 was filed after the due date under section 139(1), and the rectification process did not provide the taxpayer a hearing. Denial on that basis was treated as unjustified in the circumstances described. The foreign tax credit claim must be reconsidered after granting the taxpayer a reasonable opportunity of hearing; the merits and quantum of the credit remain undecided.

A minor, estimated stock discrepancy detected during survey does not by itself establish concealment of income or furnishing of inaccurate particulars. Where the variation may reasonably arise from differing weighing scales, stock-recording methods, and an approximate valuation, its treatment as unexplained investment in quantum proceedings is insufficient for penalty purposes. Penalty proceedings under Section 271(1)(c) are separate and quasi-criminal, requiring proof beyond mere acceptance of an addition or rejection of an explanation. On these stated principles, the penalty was considered unsustainable and directed to be deleted.

Prior approval under Section 153D is a statutory safeguard against unjust, improper, illegal or arbitrary assessment and requires independent consideration of draft assessment orders, assessment records, seized material, statements, submissions and applicable law. Approvals granted for numerous cases within an extremely short period, largely on the day they were sought, without material showing prior deliberation, are described as mechanical and lacking independent application of mind. Such invalid approvals vitiate the assessment proceedings and render the resulting assessments liable to annulment.

A co-operative credit society whose membership was confined to specified employees qualified for deduction under section 80P(2)(a)(i) on surplus from credit facilities provided to members. Its bye-laws and records did not show nominal members, deposits from non-members, or lending to non-members; enrolment fees were received from members. As contributors and participators in the common fund were identical, the mutuality-distinguishing facts present in the revenue's cited precedent were absent. The deduction was also accepted in a later scrutiny assessment without changes in activities, membership, or bye-laws.

Interest earned by a co-operative society on deposits with a co-operative bank registered as a co-operative society qualifies for deduction under section 80P(2)(d). Where the recipient bank is registered under the applicable co-operative societies law, binding jurisdictional High Court precedent supports treating the interest as income derived from investments with another co-operative society. Decisions based on different factual settings do not alter this position. The deduction is therefore available for such deposit interest, subject to the bank's status as a registered co-operative society.

Ad hoc disallowance of professional fees is unsupported where no specific expense is shown not to have been incurred wholly and exclusively for business. Trade-incentive and brand-promotion costs incurred to promote product sales remain revenue expenditure despite any incidental enduring brand benefit. Premises-sharing and third-party letting receipts are treated as income from other sources where that classification applies; notional rent cannot be assessed without evidence of actual receipt or accrual. Building and common expenditure incurred wholly and exclusively to earn such income is deductible under the applicable provisions for income from other sources. Transfer-pricing grounds were not considered on merits because they were not pressed.

For payments chargeable to tax, Form No. 145 must be furnished in Part A where aggregate payments during the tax year do not exceed Rs. 5 lakh; in Part B where payments exceed that threshold and an Assessing Officer's certificate or order is obtained; or in Part C where payments exceed the threshold and an accountant's certificate in Form No. 146 is obtained. Non-chargeable payments require disclosure in Part D, subject to specified exemptions. Authorised dealers and eligible IFSC Units must furnish quarterly remittance statements within 15 days after the relevant quarter.

A retrospective statutory amendment changes the applicable law but does not, by itself, justify review of a matter conclusively decided under the pre-amendment law. The amendment is therefore not a sufficient ground to reopen a previously decided matter through review.

Anti-dumping duty on Phthalic Anhydride classified under tariff item 2917 35 00 is continued on imports originating in or exported from the People's Republic of China and the Republic of Korea. The duty applies whether the goods are directly exported from those countries or are exported through another country, at the prescribed producer-neutral rates per metric tonne. The measure replaces the earlier notification and remains effective for five years from publication unless earlier revoked, superseded or amended. Duty is payable in Indian currency, using the applicable customs exchange rate on the bill-of-entry date.

The deadline for online applications seeking Tariff Rate Quota allocation under the India-United Kingdom Comprehensive Economic and Trade Agreement for calendar year 2026 is extended to 9 August 2026. All other conditions governing the application and allocation process under the earlier public notices remain unchanged, so applicants must continue to comply with those existing requirements.

Customs facilities provided through specified circulars issued under Section 143AA of the Customs Act to address maritime-route disruptions caused by the Strait of Hormuz closure remain valid until 30 June 2026. All existing terms, conditions and other facilities under those circulars remain unchanged, preserving the relief framework during the continuing disruption.

Provisional attachment of a fixed deposit could not be sustained where the deposit comprised cash placed under a Special Court's direction and remained in the custody of the Bureau of Prevention of Corruption. The appellant lacked the ability to transfer or otherwise deal with the deposit. Consequently, the statutory basis for apprehending a transfer or dealing intended to frustrate confiscation was absent, rendering both the provisional attachment and its confirmation unsustainable.

Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.

Compulsory registration compliance for Television Sets under IS 18112:2022 under the Electronics and Information Technology Goods (Requirements for Compulsory Registration) Order, 2021 has been deferred. The implementation date has been extended from 26 July 2026 to 26 January 2027. Customs formations are to sensitise officers regarding the revised timeline and report any implementation difficulties to the Board.

Rule 218 prescribes deadlines and modes for depositing TDS, TCS, and tax payable under section 392(2)(a). Government offices follow separate same-day or monthly deposit requirements, while other deductors and collectors must meet March and monthly deadlines. Specified deductions may be deposited through a challan-cum-statement within 30 days with Form No. 141. Government offices depositing without challans must furnish Form No. 137, communicate the Book Identification Number, and obtain an Account Office Identification Number. Challan and challan-cum-statement payments may be subject to electronic remittance requirements.

Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.

Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.

BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.

BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.