Reassessment beyond three years under Section 149(1)(b) requires material showing escaped income of the prescribed threshold represented in the form of an asset. Alleged bogus purchases are revenue items and do not satisfy that condition unless they result in an identifiable asset recorded in the assessee's balance sheet. As no material or allegation established that the purchases created such an asset, the reassessment notice and consequential reassessment were invalid, and the bogus-purchase addition was deleted.

BSNL VRS-2019 ex-gratia compensation is treated as retrenchment compensation eligible for full exemption under Section 10(10B), despite an earlier exemption claim under Section 10(10C). The exemption claim may be raised through a revised computation during appellate proceedings where it was not made in a revised return. Delays in filing first appeals by similarly placed employees may be condoned where lack of awareness, incorrect professional advice and parity with favourable decisions establish sufficient cause. The Assessing Officer must verify eligibility for both assessment years, grant the exemption where due, and determine resulting tax liability or refund.

Wind turbine generators assembled and erected on foundations qualify as movable goods where they can be dismantled, relocated and sold without damage. Applying the tests of nature and object of annexation, intention, functionality, permanency and marketability, attachment to the foundation serves stable and efficient operation rather than beneficial enjoyment of the foundation. Although the foundation remains embedded and immovable, the generators are not permanently annexed to it. Their supply together with associated services therefore constitutes a composite supply, rather than a works contract relating to immovable property.

The sealing of a tax consultancy office following a search and seizure is challenged on the ground that the Superintendent of State Tax lacked legal authority to seal the premises. The High Court issued notice to the State respondents, returnable within two weeks. As counsel accepted notice for all respondents, no formal notice was required; the petitioner must provide additional writ-petition copies within three working days. No determination on the legality of the sealing has been made at this stage.

Enforcement action under the Prevention of Money Laundering Act concerns allegations that an insolvency professional re-admitted claims earlier rejected as spurious and fraudulent during the Corporate Insolvency Resolution Process. The alleged re-admission altered the Committee of Creditors' composition and facilitated consideration of a resolution plan allegedly submitted for, and funded through an entity controlled by, a company promoter under investigation for diversion of bank-loan funds. Adverse findings reportedly included acting beyond authority by relying on fabricated and improperly submitted material.

Alleged forgery and misuse of identity-related records are under investigation following operations at Aadhaar centres. Seized materials reportedly include forged birth, educational, residence, caste and citizenship certificates, records bearing forged signatures and seals, and equipment used for Aadhaar updates. Four persons were arrested in two operations for allegedly preparing forged records and using them to update Aadhaar cards. Cases have been registered under relevant provisions of the Bharatiya Nyay Sanhita, with investigation continuing into the extent of the alleged network.

Tariff values for specified imports are substituted under the customs valuation framework, effective 11 August 2026. The prescribed values remain unchanged for crude palm oil, refined and other palm oil, crude and refined palmolein, soybean oil, brass scrap and areca nuts. Tariff values are also prescribed for eligible gold and silver imports, including specified gold bars, coins and findings, and specified silver forms, medallions and coins, subject to the stated exclusions for postal, courier and baggage imports where applicable. These values apply for customs valuation of the covered goods.

Privately placed municipal debt securities may have a face value of either Rs. One Lakh or Rs. Ten Thousand; securities issued at Rs. Ten Thousand must have fixed maturity and no structured obligations, and their exchange trading lot must equal face value. These requirements do not apply to public issues. Pooled finance vehicles or SPVs must implement a two-step escrow arrangement through constituent-municipality accounts and maintain an interest payment account and sinking fund account, including one year's interest obligation throughout the securities' tenure. Permitted credit enhancement includes cash collateral, state program equity, devolutions, guarantees and other suitable structures. Listed municipalities must submit half-yearly unaudited results within 60 days and annual audited results within 90 days, with immediate effect.

DGFT advises heightened vigilance when dealing with two identified Bhutanese firms following a complaint and the absence of substantive responses through diplomatic and administrative channels under the Foreign Trade Policy 2023. Export Promotion Councils, Regional Authorities, ECGC, authorised dealer banks and other stakeholders should conduct comprehensive due diligence, alert trade participants to the concerns, assess transaction risk before providing trade, credit, certification or facilitation support, and report adverse experiences, payment issues or contractual disputes. The advisory is precautionary and seeks to protect Indian exporters and trade stakeholders from potential risks.

Telangana GST corrigendum corrects G.O. Ms. No. 26 under the Telangana Goods and Services Tax Rules, 2017. It replaces the reference to "the proviso" with "the provisos" and changes the period stipulated in paragraph 4 from seven working days to thirty days.

Exclusion from the applicability of section 25(6B) and 25(6C) of the Telangana Goods and Services Tax Act, 2017 applies to non-citizens, Government departments or establishments, local authorities, statutory bodies, public sector undertakings, and persons applying for registration under section 25(9). The earlier notification is superseded without affecting prior actions or omissions. The exclusion operates retrospectively from 23 February 2021.

Revisionary jurisdiction cannot be invoked merely to revisit a deduction claim that the Assessing Officer examined through notices, workings and audit material, particularly where unchanged operational facts had been accepted in earlier scrutiny assessments. An assessment order is not erroneous and prejudicial to Revenue merely because a different view is possible after adequate enquiry. Capacity charges, energy charges and shortfall charges received under the prescribed electricity tariff form part of the sale consideration for power generation. Their direct, first-degree nexus with the eligible power undertaking brings them within qualifying business profits for the deduction.

FORM GSTR-1A is introduced as an optional, no-late-fee facility to add or amend current-period outward-supply particulars after filing GSTR-1 and before filing the corresponding GSTR-3B, other than amendments involving a recipient's GSTIN. Its particulars feed into GSTR-3B and are reflected in the next open GSTR-2B. Related changes incorporate GSTR-1A across outward-supply reporting, invoice, input tax credit, mismatch, reversal, refund, annual-return, and e-commerce reporting mechanisms. The invoice-value threshold for specified inter-State supplies to unregistered persons is reduced from 1 August 2024.

Tata Sons' leadership succession and governance framework have become central following the chairman's decision not to seek reappointment when his term ends in February 2027. The board has been asked to decide on a successor promptly. Unresolved matters include the strategic roadmap, losses and capital requirements in newer businesses, board representation, capital allocation, an exit route for the Shapoorji Pallonji Group, and the possible listing of Tata Sons. Future leadership must manage these issues while improving returns from investment-intensive businesses and maintaining established operations.

Interest-rate regulation for loans and advances is proposed to be harmonised across all regulated entities through a principles-based framework for fixed-rate and floating-rate loans. The framework would be calibrated to each entity's nature, complexity and scale, while supporting monetary policy transmission, credit-risk-based pricing, and fair, non-discriminatory borrower treatment. It addresses divergent commercial-bank practices in determining the marginal cost of funds-based lending rate and its components, alongside limited regulatory coverage of fixed-rate loans. Separate final directions are intended for each category of regulated entity after consideration of feedback.

Annual return filing deadline under the Telangana Goods and Services Tax framework is extended by substituting 31 March 2021 for 28 February 2021 in the prescribed time limit for furnishing FORM GSTR-9. The extension takes effect retrospectively from 28 February 2021.

Commodity derivatives stress testing now requires extreme price movements in peak historical return scenarios to be replaced where they exceed a Z-score of 5 rather than 10. Maximum percentage price rises and falls for each underlying over the applicable margin period of risk during the preceding 15 years remain the relevant historical scenarios. Z-scores continue to be calculated using the mean and sigma of returns over that period. The revised methodology applies immediately to recognised clearing corporations in the Core Settlement Guarantee Fund framework.

Authority for Advance Ruling membership under the Telangana Goods and Services Tax Act, 2017 is amended by replacing Sri J. Laxminarayana with Sri S.V. Kasi Visweshwar Rao, Additional Commissioner (ST), presently Joint Commissioner (ST), Begumpet Division, following retirement on superannuation. The Authority continues to function from the Office of the Commissioner of State Tax, Telangana, Hyderabad.

Challenges to an order approving a resolution plan lie before the Appellate Tribunal and cannot be pursued before the adjudicating authority through an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code. The request to set aside the approved plan was therefore not maintainable. A creditor that did not submit its claim by the published CIRP deadline, or seek condonation of delay, could not secure admission of a belated claim based on Regulation 6A, which came into force after the relevant CIRP. The approved resolution plan consequently remained undisturbed, and the delayed claim received no relief.

Government Departments, governmental societies and governmental agencies engaging contractors or suppliers must obtain GST registration as tax deductors if unregistered. Tax deduction at source applies to qualifying contracts and government supplies and must be reported online in Form GSTR-7 within the prescribed timeline. Departments must submit prescribed details for non-qualifying contracts, while contractors and suppliers must produce a Tax Clearance Certificate confirming settlement of prior tax dues before contracts are awarded. Officers may be personally liable for acts or omissions causing revenue loss.