INSOLVENCY AND BANKRUPTCY BOARD OF INDIA 7th Floor, Mayur Bhawan, Connaught Place, New Delhi - 110 001 CIRCULAR No. IBBI/II/106/2026 Date : 21st September 2026 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on the website of the IBBI) Subject: Judgments of the Hon'ble Bombay High Court and Delhi High Court on cessation of interim... ... ...

Government of Goa Department of Commercial Taxes Vikrikar Bhavan, Panaji - Goa - 403001 CCT/26-4/2017-2018/C/1126 Dated: 31st July, 2019 CIRCULAR (No. 17/2019-20 - GST) Subject: A number of issues have been raised regarding the GST payable on the amount charged by a Residential Welfare Association for providing services and goods for the common use of its members in a housing society or a residential complex. The same have been examined and are being clarified below. ... ... ...

This is a neutral professional article. The judgment is analysed in the context of its factual background, issues framed, and conclusions reached by the Court. 2026 (5) TMI 1611 - CESTAT CHENNAI Essential Character and Principal Function in Customs Classification 1. At a Glance The classification of multifunctional and composite electronic products cannot be determined merely from their outward form, product label, or an isolated output function. The controlling enquiry is whether th... ... ...

National Accounts Statistics in the new series use base year 2022-23, replacing the 2011-12 series. The series was updated to reflect changes flowing from the new Producer Price Index and Index of Industrial Production series. Methodological modernization expands corporate and financial-sector data coverage, refines general-government treatment, and adopts direct household-sector estimation from the Annual Survey of Unincorporated Sector Enterprises and the Periodic Labour Force Survey. Private Final Consumption Expenditure adopts COICOP 2018, while Quarterly National Accounts use the Proportional Denton approach and greater Goods and Services Tax and administrative-data use.

Kohima, Sep 21 (PTI) Nearly five lakh voters in Nagaland are expected to receive notices from electoral authorities over discrepancies in mapping their details with the 2005 electoral roll as part of the ongoing Special Intensive Revision (SIR). Addressing a press conference here on Monday, a day after publication of the draft electoral roll under SIR, Additional Chief Electoral Officer Awa Lorin said the exercise showed 9.33 per cent of electors under the no-mapping category, and 27.31 per c... ... ...

Section 115BBE applies only where income is validly assessed under the deeming provisions for unexplained income; a surrender, disclosure or addition alone is insufficient. The assessing authority must identify the relevant provision and reject the explanation of nature and source where required. The special computation denies deductions, allowances and loss set-off against qualifying income. The Rajasthan High Court treated the enhanced rate introduced with effect from 1 April 2017 as prospective, preserving the earlier rate for financial year 2016-17. Penalty under section 271AAC depends on a valid section 115BBE determination.

Regulation 5 is amended by removing the reference to "on Foreign Portfolio Investment" and replacing "and" with "or" after "Reserve Bank of India" in clause (b) of sub-regulation (7). New sub-regulation (9) excludes regulations 10 to 13 where an IIO invests retained premium in DTA to meet the specified reinsurance condition, while requiring the mode and manner of investment to conform to the applicable investment regulations.

The Deputy Commissioner of State Tax (GST) is authorised to approve physical verification of an applicant's place of business before registration is granted. This delegated approval power operates under Rule 9(1)(b) of the Goa Goods and Services Tax Rules, 2017, read with Section 25 of the Goa Goods and Services Tax Act, 2017.

Section 75(2) of the Central Goods and Services Tax Act, 2017 is to be applied in Goa GST administration consistently with central GST clarification concerning its effect on limitation. The clarification is adopted mutatis mutandis for implementation under the Goa GST Act, 2017, with appropriate contextual application within the State framework. The measure is clarificatory, and implementation difficulties may be brought before the Commissioner of State Taxes.

Search-related penalty under Section 271AAB is not automatic and requires a notice that identifies the statutory charge, applicable clause and proposed penalty rate, enabling a meaningful response. A notice referring only to concealment or inaccurate particulars, without alleging undisclosed income, is substantively defective. Land-payment entries in seized material do not establish undisclosed income merely because they are admitted during search. Vague entries showing an alleged outflow, without transaction details, supporting records or independent verification, do not prove income for the relevant year. Penalty requires independent proof that the amount falls within the statutory definition of undisclosed income.

Section 28AAA proceedings require Customs and DGFT to act according to the nature of the alleged fraud. Shipping Bill misdeclaration cases must first be investigated and adjudicated by Customs, with consequential amendment where warranted, before DGFT considers cancellation. Policy interpretation, eligibility and entitlement issues must first be determined by DGFT, whose view governs Customs proceedings. Where DGFT cannot cancel an instrument or scrip because of technical or legal constraints, adjudication may proceed on merits. In other cases where cancellation action has begun, adjudication awaits DGFT cancellation.

The earlier re-insurance regulations, together with related circulars and guidelines, cease to apply in International Financial Services Centres from commencement of the 2023 framework. Actions taken or purportedly taken before commencement are preserved through a deeming provision and treated as taken under corresponding provisions. IIOs operating before commencement must meet any additional requirements within three months, subject to an Authority-specified extension.

The Authority may address difficulties in applying or interpreting the International Financial Services Centres Authority (Re-Insurance) Regulations, 2023 by issuing clarifications through guidance notes or circulars. On an application accompanied by the specified non-refundable processing fee, it may relax strict enforcement of any regulatory provision for reasons recorded in writing.

Implementation and compliance procedures may be specified by the Authority for giving effect to the re-insurance regulatory framework and matters incidental to it. IIOs must comply with the norms, procedures, processes and prescribed manners so specified.

Regulation 9 requires an IIO to furnish information concerning inward and outward re-insurance arrangements, as applicable. Reporting must be made to the Authority in the prescribed manner, at prescribed intervals, and in the prescribed form. The reporting framework is governed by specifications issued by the Authority for the relevant re-insurance arrangements.

Insurance pool formation may be proposed by any IIO, but requires prior approval. Permission is determined after consideration of the pool's objectives, participation basis and capacity, liability limits, and applicable terms and conditions. IIOs may be directed to establish and participate in insurance pools where necessary. Pool constitution, administrator appointment, and submission of returns, re-insurance arrangement details, and performance statements must follow prescribed directions.

Every IIO must, before ceding or retroceding re-insurance business to a foreign insurer or foreign re-insurer, verify that the counterparty and its promoters, partners or controlling shareholders are not from jurisdictions identified for specified anti-money-laundering or terrorist-financing deficiencies. The counterparty must be home-country authorised for re-insurance, have conducted that business for the immediately preceding three continuous years, and be located in a country having a Double Taxation Avoidance Agreement with India.

Every IIO must adopt a Board-approved, segment-wise retention policy that maximises retention according to financial strength and risk quality and prevents re-insurance arrangements from operating as fronting. IIOs must comply with minimum retention requirements specified by the Authority. The Authority may require justification of a retention policy and issue necessary directions concerning it.

Limitation periods are modified for tax recovery and refund-related proceedings. The period for issuing an order concerning tax not paid or short paid, or input tax credit wrongly availed or utilised, for the financial year 2017-18 is extended until 30 September 2023. The period from 1 March 2020 to 28 February 2022 is excluded for calculating limitation relating to recovery of erroneous refunds and filing of refund applications.

India and Canada have accelerated negotiations for a Comprehensive Economic Partnership Agreement to establish a bilateral trade framework for goods and services. A United States law concerning sanctions on Russia and Iran authorises tariffs of up to 100 per cent on imports from leading purchasers of Russian crude oil or natural gas, creating potential tariff exposure for Indian exports. The India-European Union trade pact contemplates immediate duty elimination on 90 per cent of Indian goods and phased elimination on a further three per cent over seven years, subject to ratification.