New Delhi, Sep 2 (PTI) Banking on "solid" economic growth and a strong financial system, Japanese credit rating agency JCR on Wednesday upgraded India's sovereign rating to 'A-', a feat achieved after a gap of 35 years. JCR's 'A' rating implies a high level of certainty to honour its financial obligations. The rating upgrade by Japan Credit Rating Agency (JCR) from 'BBB+' to 'A-' comes within days of India's NSO publishing higher-than-expected GDP data, which showed the economy grew 7.8 pe... ... ...

Mumbai, Sep 2 (PTI) The rupee settled at 94.73 on Wednesday, recording a gain of 22 paise on the back of robust foreign capital inflows, notwithstanding weak domestic stock markets and higher crude oil prices. Forex traders said the RBI is keeping a tab on the rupee's fall as Brent crude prices have risen to USD 95 per barrel and the dollar index is hovering around 99.80 on a bout of risk aversion on renewed US-Iran tensions. Investor sentiment also impacted after the 10-year US Treasury... ... ...

Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.

Section 45 of the Prevention of Money Laundering Act requires reasonable grounds to believe that an accused is not guilty of money laundering and is unlikely to commit an offence while on bail. Statements recorded under Section 50 may be considered as admissible material at the bail stage. Financial transactions, property acquisitions through a company, unsecured loans, multiple accounts and links with co-accused may prima facie indicate participation in concealing, acquiring, using or projecting proceeds of crime as untainted. Coordinated transactions and associate involvement may also support a risk of further similar activity. The applicant failed to satisfy either statutory condition for regular bail.

Multiple corporate insolvency petitions pending before the Tribunal were stayed until further orders. The connected contempt petition was fixed for hearing, with the respondents concerned directed to remain personally present on the next hearing date. Applications seeking directions and intervention in the special leave proceedings were also directed to be listed with the contempt petition. The operative effect is suspension of further action in the specified insolvency matters pending further directions.

Road and Infrastructure Cess on petrol and diesel cleared for export is amended by substituting the entry against serial number 2 in the relevant rate table with Rs. 1 per litre. The revised cess rate takes effect from 1 September 2026, the date of publication in the Official Gazette.

The effective rate of Special Additional Excise Duty on Aviation Turbine Fuel cleared for export is amended to Rs. 19 per litre by substituting the entry against serial number 1 in Notification No. 08/2026-Central Excise. The revised rate takes effect from 1 September 2026, the date of publication in the Official Gazette.

The central excise rate entry at serial number 1, column (4), under Notification No. 06/2026-Central Excise is substituted with "Rs. 1.5 per litre". The amendment changes that table entry and takes effect on 1 September 2026, the date of publication in the Official Gazette.

Tariff values for specified imported edible oils, brass scrap, gold, silver and areca nuts are substituted for customs valuation from 1 September 2026. Values per metric tonne are fixed for crude palm oil at US$1,214, RBD palm oil at US$1,227, other palm oil at US$1,221, crude palmolein at US$1,235, RBD palmolein at US$1,238, other palmolein at US$1,237, crude soybean oil at US$1,262, and brass scrap at US$8,162. Gold remains valued at US$1,468 per 10 grams, silver at US$2,267 per kilogram, and areca nuts at US$11,574 per metric tonne.

Taxpayer confidentiality bars officers and staff from transmitting identifiable taxpayer information or departmental data to public or commercial AI tools, third-party online platforms, external systems, browser extensions or personal accounts unless expressly authorised in writing. Permitted AI use is limited to generic, wholly hypothetical legal or procedural research and drafting support, with independent verification against primary sources. Officers remain personally responsible for disclosures made by themselves or persons acting under their control; breaches may lead to disciplinary action, criminal liability, data-protection consequences and challenges to affected proceedings. Notices and quasi-judicial orders must reflect the signing officer's independent assessment of facts and law, not unverified or mechanically adopted AI-generated content.

Customs-controlled movement of domestic/customs-cleared and EXIM containers between port terminals and designated ICDs/CFSs is extended to Container Rail Road Services Pvt. Ltd. (DP World Group), alongside CONCOR. The operator must segregate and account for domestic and EXIM cargo, give advance container details, verify container numbers and seals, maintain weekly reconciliation, and ensure at least 50% of outbound cargo is EXIM cargo. Seal or container discrepancies and suspected tampering require immediate reporting; cargo cannot be processed or released without the proper officer's permission and may undergo 100% examination. Reworking, repacking, or restuffing requires permission. Customs may conduct random checks, while custodians and CCSPs remain accountable, supported by an indemnity bond; misuse attracts action under applicable customs laws.

The Companies Compliance Facilitation Scheme, 2026 remains available until 15 September 2026, extending the previous deadline of 31 August 2026. The extension gives companies additional time to complete pending statutory filings under the Scheme. All other terms and conditions of CCFS-2026 remain unchanged.

Article 13 of the India-UK Tax Treaty taxes fees for technical services only where technical or consultancy services satisfy the treaty conditions, including making available technical knowledge, experience, skill, know-how or processes, or developing and transferring a technical plan or design. Recurring group management support for business and commercial functions does not meet that standard where it neither constitutes qualifying technical or consultancy services nor enables the Indian recipient to independently apply technical knowledge or skill without further recourse to the provider. The consideration is therefore not taxable in India as fees for technical services under Article 13.

Share application money was treated as satisfactorily explained for Section 68 purposes where the investor-company substantiated its investment through share capital and declared profit, with an earlier disclosed component settled under the Vivad se Vishwas Scheme. Other investors furnished confirmations, income-tax returns, computations and bank statements, establishing their identities as regular taxpayers and supporting the genuineness of their investments. On these facts, the nature and source of the share application money were accepted and no unexplained cash-credit addition remained sustainable.

Invalid reference for special audit rendered the assessment completed in the extended period time-barred and void. The earlier appellate determination invalidating the special-audit reference remained effective after rejection of the Revenue's miscellaneous application, while the prior writ order had not decided that issue on merits. Because the additions arose from a void assessment, the Revenue's grounds contesting their deletion or restriction became academic and could not survive independently.

Delay in filing the first appeal during the COVID-19 pandemic may be condoned where affidavits establish that tax matters were not diligently attended because the chartered accountant had ceased active practice and senior-citizen directors faced age-related and medical difficulties. Prior acceptance of the same circumstances as reasonable cause for non-compliance with statutory notices supports condonation. Where reassessment was completed without proper representation during the pandemic, the assessment dispute should be restored for fresh determination after a reasonable opportunity of hearing.

Section 149 permits reassessment beyond the ordinary three-year limitation only where material available to the Assessing Officer indicates income escaping assessment of at least fifty lakh rupees. Alleged unexplained bank deposits and credits aggregating below that threshold did not satisfy the extended limitation requirement, and inconsistent figures in the proceedings did not establish qualifying escapement. Reassessment proceedings initiated under section 148A after three years were therefore time-barred and void in law.

Cash deposits during the demonetisation period were not assessable as unexplained money where opening cash in hand and prior cash withdrawals adequately established their source. The withdrawals exceeded the amount deposited, and the deposits were attributable to a family comprising three adult members. The deposits were therefore satisfactorily explained, and the addition for unexplained money was deleted.

Expenditure incurred to establish a proposed Russian branch, including rent, salaries, travel, administration and project-feasibility costs, may be deducted as revenue expenditure under Section 37 when the expansion project is abandoned. Although the costs were incurred in earlier years and intended for capitalisation and amortisation after the branch commenced operations, no deduction had then been claimed. Where the branch does not materialise because of unfavourable business conditions, the liability crystallises on discontinuance of the project, making the expenditure allowable in the relevant assessment year.

Advances written off by an assessee carrying on financing and investment activities qualify as bad debts under Section 36(1)(vii) where financing and lending form part of its business objects and actual operations. Substantial loans and advances recorded in the accounts, coupled with no evidence of any later change in business activity, establish that the advances were made in the ordinary course of business. Once such advances are written off in the accounts, the deduction is allowable as bad debts.