Revision under section 263 is barred for a purchase-disallowance issue already carried in appeal, because the appellate authority has co-terminus powers, including enhancement, and its non-exercise does not create revisional jurisdiction. Estimated disallowance of unverified purchases following supplier inquiries, evidence examination and adverse findings does not render an assessment both erroneous and prejudicial to Revenue merely because the Principal Commissioner prefers full addition as unexplained expenditure. A legally plausible assessment view reached after inquiry cannot be revised for alleged inadequate inquiry or to direct a different assessment or penalty approach.

EXIM cargo operations at Vizhinjam International Seaport commence from 18 August 2026, subject to mandatory compliance with the Sea Cargo Manifest and Transhipment Regulations, 2018. Imports are limited to Direct Port Delivery-eligible full-container-load containers, which must move directly to importers' premises within 48 hours; LCL, loose cargo, and containers requiring de-stuffing or CFS examination are prohibited until a CFS operates. Exports are limited to Direct Port Entry of factory-stuffed, self-sealed or Customs-sealed full-container-load containers. Road transshipment to and from notified Customs stations is permitted through registered carriers using ICEGATE manifests, bonds and tamper-proof seals. Stakeholders must complete prescribed SCMTR registrations and electronic arrival and departure manifest filings.

InvITs may add back, in calculating net distributable cash flows at both HoldCo/SPV and Trust levels, payments for major maintenance of road projects funded by external borrowings. This exception to the general prohibition on debt-funded cash distributions requires prior unitholder approval for each relevant project, including approval for additional borrowing beyond an approved proposal. Major maintenance must be non-routine expenditure required by the concession agreement. Statutory auditor certification, specified disclosures on borrowing, debt maturity, NDCF and distribution impacts, and disclosures of funding alternatives are required. The revised framework takes effect immediately.

Online Bond Platform Providers may offer products, securities and services regulated by SEBI, RBI, IRDAI, IFSCA or PFRDA, and may also offer tax-specific bonds issued under the Income-tax Act. IFSCA-regulated offerings must follow the framework applicable to SEBI-registered stock brokers in GIFT-IFSC, comply with FEMA and overseas investment requirements, and be clearly labelled as international or overseas instruments. Tax-specific bonds require issuer-based grievance disclosures, tax-risk disclaimers and prominent disclosure of eligibility, lock-in, investment limits and other features. OBPPs must appoint a compliance officer meeting stock-broker regulatory and certification requirements. The changes apply immediately.

RERA compliance exemption is sought for completion of 16 stalled residential projects by a public sector construction entity appointed under a project-completion arrangement. The appellate insolvency tribunal declined to direct a waiver, considering itself incompetent to exempt compliance with statutory provisions. The arrangement requires phased completion, award and commencement of construction work, and oversight through an apex committee and project-wise committees. The projects remain incomplete owing to the developer's financial crisis.

PSB Confluence 2026 considers strategic priorities for Public Sector Banks and Public Financial Institutions across deposit mobilisation, banking for youth, investment-cycle financing and Global Capability Centres. Discussions seek practical, scalable strategies to strengthen customer engagement, youth-responsive banking propositions, institutional financing capabilities and participation in the expanding Global Capability Centre ecosystem. Youth engagement may use the MY Bharat platform to strengthen links with the formal financial system and awareness of education finance, entrepreneurship, internships and financial-sector careers. Further themes include value-chain infrastructure, priority sector lending and credit card business reform.

The Fifth Amendment Rules revise lottery valuation, transitional-credit timelines, registration particulars, return-defaulter notices and the electronic-invoice format. Lottery supply value is deemed to be 100/128 of ticket face value or the Organising State's notified price, whichever is higher. Specified transitional-credit deadlines are extended. FORM REG-01 requires SEZ Unit and SEZ Developer approval details, while FORM GSTR-3A identifies relevant notices as system-generated and unsigned. FORM GST INV-01 establishes a structured e-invoice schema covering invoice, supplier, recipient, supply, tax, payment, delivery, item and total-value fields.

Mutual fund registration uses a consolidated Form A across two stages: sponsor in-principle approval and final AMC registration. Sponsors must establish identity, ownership, beneficial ownership, financial capacity, eligibility-route compliance, management capability, regulatory history, fit-and-proper status, grievance and compliance arrangements, conflicts controls, and trading safeguards. Final AMC registration requires constitutional approvals and disclosures on capital, governance, personnel, business planning, infrastructure, investor services, technology, cybersecurity, continuity planning, risk controls and compliance systems. Applicants must certify the completeness, correctness and regulatory compliance of all information and annexures.

Recovery of the balance confirmed GST demand is stayed pending operationalisation of the Appellate Tribunal where the taxpayer pays an amount equal to the prescribed pre-deposit through the Electronic Liability Register, Part II, and undertakes to file the Tribunal appeal within the applicable timeline. Amounts inadvertently paid through FORM GST DRC-03 may be adjusted against the demand and pre-deposit through FORM GST DRC-03A, unless proceedings have concluded through FORM GST DRC-05. Failure to make the payment, furnish the undertaking, timely appeal, or submit DRC-03A when available permits recovery.

Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.

CSD refund claims for fifty per cent of applicable taxes on eligible inward supplies must be filed electronically in FORM GST RFD-10A and are processed electronically. Claims are available for goods received for subsequent supply to Unit Run Canteens or authorised customers, subject to invoice-wise validation, supplier return compliance, and reversal of related input tax credit. Applications are ordinarily quarterly, may be clubbed, and must be filed within two years from the last day of the relevant quarter. Refund is capped at fifty per cent of applicable taxes, and previously claimed or unmatched invoices are excluded.

Supreme Court condoned delay, admitted the civil appeals concerning customs matters, and directed that the hearing be expedited. No substantive customs issue, legal reasoning, or final determination on the merits is recorded.

The State Government appointed 1 January 2020 as the date on which section 16 of the Telangana Goods and Services Tax (Amendment) Act, 2021 came into force, exercising its commencement power under section 1(2) of that Act.

GST exemptions apply from 15 July 2024 to specified public-facing and internal railway services, SPV infrastructure-use arrangements with the Ministry of Railways, and qualifying long-term accommodation services. Earlier liability for identified railway, SPV, reinsurance and qualifying accommodation supplies is regularized on an "as is where is" basis. Statutory collections by the Real Estate Regulatory Authority fall within the governmental-authority exemption. Specified digital-payment incentive sharing is treated as non-taxable subsidy, while reinsurance includes retrocession for the relevant exemption.

Special GST procedure applies to corporate debtors in corporate insolvency resolution whose affairs are managed by an Interim Resolution Professional or Resolution Professional. The covered debtor is treated as a distinct person and must obtain new registration in each previously registered jurisdiction. Input tax credit is available in the first return for eligible post-appointment supplies invoiced under the erstwhile registration, subject to specified exclusions. Recipients may claim credit during the transitional period, and cash-ledger deposits made under the existing registration before new registration are refundable.

Aadhaar authentication is required for registration applicants, and failure to authenticate triggers physical verification of the principal place of business before registration. The amendments revise common-capital-goods input tax credit treatment, permit re-credit of admissible refunds debited from the electronic credit ledger, and distinguish cash and credit components in tax refund claims. Export-related refunds must be repaid proportionately with interest if sale proceeds are not realised within the permitted foreign-exchange period, subject to waiver and later re-refund conditions.

Form 4 records declarant details, the amount determined as payable, applicable interest and the total payment made. On payment of the determined amount and delayed-payment interest, the competent income-tax authority certifies payment towards full and final settlement and certifies the validity of the Form 1 declaration. Subject to applicable conditions, immunity applies against further tax, penalty and prosecution concerning undisclosed foreign income and assets. Form 1, Form 2 and Form 3 must be annexed together when Form 4 is issued.

Form 3 under rule 7 enables a declarant to intimate payments made under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 pursuant to a Form 2 order. It records the amount payable, initial due date, payments made, outstanding amount, delayed-payment interest and challan particulars. Additional interest at one per cent per month applies to outstanding amounts beyond the initial two-month period, subject to a maximum of two additional months. Payments may be made in instalments, and the declarant must certify the correctness and completeness of the information.

Form 2 records the amount payable on a Form 1 declaration under the Foreign Assets of Small Taxpayers Disclosure Scheme. It requires details and fair market values of declared foreign assets or income, aggregation of values, applicable fee, and the total sum payable. Payment must be made within two months from the end of the month of certificate receipt. Delayed payment is permitted for a further limited period with interest at one per cent per month or part thereof. Non-payment within that extended period voids the declaration.

Form 1 requires disclosure of specified foreign assets and income, with declarant details, asset or income classification, acquisition year, residential status, supporting evidence and annexure-based asset particulars. Fair market value must be aggregated by category, with the prescribed amount payable calculated at 60 per cent for undisclosed foreign assets and income and a prescribed fee for specified omitted foreign assets. Indexed acquisition cost is deemed fair market value where no valuation is carried out. Verification requires certification of correctness, completeness and compliance with the specified exclusion provision.