Reassessment initiated more than three years after the end of the relevant assessment year requires prior approval under Section 151(ii) from the Principal Chief Commissioner, Principal Director General, Chief Commissioner or Director General before an order under Section 148A(d) and notice under Section 148 may be issued. Approval by a Principal Commissioner is not competent for this purpose. The TOLA extension applied only to approval under Section 151(i) until 30 June 2021 and did not validate later approval by an incorrect authority. The Section 148 notice, reassessment proceedings and consequential assessment order were therefore without jurisdiction and quashed.

Section 54F exemption requires the assessee to reinvest capital gains in a residential property acquired in the assessee's own name. Applying the jurisdictional High Court's interpretation of the corresponding exemption under Section 54B, investment in a property standing solely in the spouse's name does not meet that statutory condition. Accordingly, capital gains reinvested in the assessee's wife's residential property do not qualify for deduction under Section 54F, and the claimed exemption was disallowed.

Capital-gains taxability on transfer of alleged rural agricultural land depends on factual verification that the land was a capital asset under the Income-tax Act. The inquiry must establish the land's precise location, its distance from relevant municipal or cantonment limits on the transfer date, applicable notifications, and the land's nature and use. Where lower authorities have not examined these statutory conditions despite competing material on urban inclusion and agricultural character, the capital-gains addition requires fresh examination after providing the taxpayer an adequate opportunity to substantiate the land's status.

Section 43CA does not apply to flat sales concluded through booking, allotment and agreement before the provision's commencement merely because registration occurs later; the resulting stamp-duty valuation difference is not brought within that provision. Interest on capital borrowed for a real-estate business may be deducted as a period cost, including where the project is stock-in-trade, subject to verifying the business nexus and preventing double deduction through work-in-progress. Foreign exchange loss on consultancy liabilities and monetary-item settlement is revenue expenditure under Accounting Standard 11 where it lacks a direct connection with bringing inventory to its present location or condition, and is not capitalised to project cost.

Penalty for additions relating to interest received on enhanced compensation cannot be sustained where the taxability of that interest is a debatable legal issue and judicial views diverge. The absence of a settled legal position prevents penalty from being imposed merely because the addition was made. Penalty connected with such interest income was therefore deleted in favour of the assessee.

Reassessment limitation for assessment years up to 2021-22 remains governed by the earlier regime through the first proviso to section 149(1)(b). For AY 2017-18, the six-year limitation expired on 31 March 2024. A section 148 notice issued on 31 August 2024 was therefore time-barred and was set aside in favour of the assessee.

Penalty proceedings cannot rest on a cyclostyled show cause notice that leaves irrelevant particulars unstruck and fails to specify the applicable charge. Such vagueness prevents an effective response and makes the notice incapable of forming a valid foundation for penalty. Applying the Full Bench ruling relied on by the Tribunal, the penalty was treated as invalid because the notice did not clearly communicate the charge to be answered.

Prior notice to an applicant is required before rejecting an application for approval under Section 80G(5B). Where the absence of notice is undisputed, the rejection is procedurally infirm and cannot be sustained. Consequently, the Revenue's proposed challenge to the approval was not entertained, and questions concerning the applicant's substantive eligibility for approval did not arise for consideration.

Compounding of income-tax offences addresses the effect of a reduced penalty on eligibility for relief from prosecution, including the principle that penalty reduction may bar prosecution. It also concerns the binding force of an unchallenged writ direction and the limits of contempt jurisdiction to modify an earlier order. Compounding fees must be calculated and communicated within 60 days, with one month allowed for payment after the amount is communicated. Questions of law remain open.

Section 107(11) of the CGST/HGST Acts requires the Appellate Authority, after necessary inquiry, to confirm, modify or annul the decision appealed against. Its structure is analogous to Section 35C of the Central Excise Act, under which an appellate forum cannot dismiss an appeal merely for default or want of prosecution. A party's non-appearance may justify ex parte consideration, but does not authorise dismissal without adjudication on the merits. Appeals under Section 107 must therefore be decided on merits rather than dismissed for non-prosecution.

Schedule I now permits e-commerce entities to operate an inventory-based e-commerce model exclusively for exporting goods or products manufactured or produced in India. Such exports must comply with the Foreign Trade Policy 2023, the Handbook of Procedures, and the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. For exports permitted under this new entry, the existing restrictions on business-to-consumer transactions and inventory-based e-commerce under entries 15.2.1 to 15.2.4 do not apply. The amendment takes effect from its publication in the Official Gazette.

Eligible holders of Advance Authorisations under SION E-52 may submit applications for a one-time conversion to Tariff Rate Quota (TRQ) for raw sugar imports from 3 September 2026 through 7 September 2026, inclusive. The extended application window aligns with the extended TRQ Scheme application period, and 7 September 2026 is the final submission date. All conditions prescribed for the conversion under the earlier public notice and corrigendum remain applicable. DGFT may amend, modify, relax or withdraw provisions, subject to the Foreign Trade Policy and applicable law.

The National Assessment Centre Portal provides a common digital repository for trade stakeholders and Customs formations to access NAC decisions, legal precedents, CAAR rulings, audit objections, advisories, alerts, meeting records and assessment-related material. Keyword-based search and document download functions support access to information on classification, valuation, policy-intervention issues and trade facilitation. Each NAC must use role-based credentials to upload, update and manage records within its allocated commodity and functional domain, with priority for issues raised in CCFC/PTFC discussions. Regular use and updating are intended to promote consistent assessments, reduce divergent practices, improve compliance and strengthen transparency and certainty in Customs administration.

Eligible Manufacturer Importer Scheme applications for deferred payment of customs import duty will require substantially reduced data and document uploads from 15 September 2026. Applicants need no longer provide prior EXIM, GST compliance, turnover, factory-premises, plant-and-machinery, goods, or job-worker particulars previously required. Uploads are limited to an MSME UDYAM certificate where applicable, a UDIN-bearing Chartered Accountant certificate, and authorised-signatory authorisation. The revised form retains declarations on manufacturing or qualifying job work, GST collected but not deposited, financial solvency, insolvency, prosecutions, and prior EMI applications. Chartered Accountants must give reasons for negative net worth or negative net current assets. False declarations may lead to EMI suspension, action under customs law, and future scheme ineligibility.

PGA-facilitated Bills of Entry for cosmetics, drugs and medical devices require Customs verification of category-specific licences, permissions, registration certificates, invoices, packing lists, country-of-origin certificates, labels, storage-premises licences and batch quality certificates before out-of-charge. Imported products must correspond with approved registrations or import permissions in name, pack size, quantity and labelling particulars. Drug imports require residual shelf life exceeding 60%; APIs must carry a scannable QR code containing prescribed traceability information. Medical devices with applicable shelf life must meet minimum residual shelf-life requirements based on their total shelf-life period. Importers must provi.....

Authorised Dealer Category-I banks are no longer required to submit annual lists of offices or branches maintaining Rupee accounts of non-resident banks, or report temporary overdrawals by overseas branches or correspondents exceeding permissible limits where unadjusted within five days. These reporting requirements are dispensed with immediate effect, reducing periodic and event-based reporting obligations for accounts of non-resident banks. Any permissions or approvals required under other applicable laws remain unaffected.

Arunachal Pradesh amends the GST service-rate table at serial number 3 by restricting specified service entries to a Union territory or local authority, replacing references that also included Governmental Authorities and Government Entities. The conditions against items (iii), (vi), (vii), (ix) and (x) are omitted. The amendments take effect from 1 January 2022.

India's external economic strategy relies on diplomatic engagement, strategic partnerships and free trade agreements to sustain growth amid geopolitical uncertainty. Cooperation extends to defence, technology, energy, investment and trade, as well as digital public infrastructure, disaster relief and capacity building. Internal and border security are treated as conditions for national development, while police responsibilities include community safety, maritime protection and tourist safety. Growing cyber-fraud risks linked to the digital economy are addressed through coordination with states and the national cybercrime helpline.

Extruded or expanded savoury products under HS 1905 90 30 attract GST at 12% from 10 October 2024, while un-fried or un-cooked extruded snack pellets continue at 5%; the prior-period rate is 18%. Railway Roof Mounted Package Unit air-conditioning machines are classified under HS 8415 and attract 28%, rather than treatment as railway parts. Two-wheeler seats fall under HS 8714 at 28%. Car seats fall under HS 9401 and moved from 18% to 28% from 10 October 2024, prospectively.

The revised formula for refund of unutilised input tax credit under an inverted duty structure applies prospectively to applications filed on or after 05.07.2022. Applications filed before that date must be processed under the earlier formula, irrespective of whether they were pending. The restriction on such refunds for specified goods under Chapters 15 and 27 applies prospectively to applications filed on or after 18.07.2022 and does not affect applications filed earlier.