Input tax credit is subject to electronically communicated credit details not being restricted and must be reversed with applicable interest where the supplier has not paid tax, with re-availment permitted after payment. The electronic statement identifies available and restricted credit, while prior matching mechanisms are removed. Outward-supply details and returns may not be furnished when prior compliance remains outstanding, subject to notified exceptions. The Government may cap the proportion of output tax liability discharged through the electronic credit ledger. Deadlines for credit, credit notes and specified compliance actions are shifted to 30 November.

Inventory-based cross-border e-commerce exports may be undertaken through a DGFT-registered Exporter-on-Record holding export-only inventory procured from Indian GST-registered Sellers-on-Record against confirmed overseas buyer orders. Export Inventory must be separately identified, segregated and digitally traceable. The Exporter-on-Record must pay sellers within seven days of acceptance, may claim eligible Export Rebates and Refunds, and must distribute seller-attributable benefits proportionately after any administrative charge. It must manage and bear reverse-logistics costs, while returned or rejected consignments cannot enter the domestic market.

The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.

The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.

Pending GST appeals before two or more State Benches may be placed before the Principal Bench where an identical question of law arises and the President of GSTAT is satisfied of that condition. Transfer is not automatic and should be sought through an application or representation to the President, rather than by withdrawal and re-filing. The request should provide appeal details, identify the common legal issue, and explain why uniform adjudication is required. Applications may also be filed or mentioned before the respective pending State Benches or Registries.

Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.

Appointment of Appellate Authorities under the Madhya Pradesh GST framework is made under the State GST Act and Rule 109A of the Madhya Pradesh GST Rules. The appointed Joint Commissioners of State Tax may exercise the powers and discharge the duties of Appellate Authorities within their assigned territorial jurisdictions, including specified divisions and allocated appeal cases relating to Anti Evasion Bureaux.

Rule 164 establishes an electronic mechanism for waiver of interest, penalty, or both under section 128A for specified section 73 demands. Eligible persons must file FORM GST SPL-01 for notices or statements and FORM GST SPL-02 for demand orders, supported by tax-payment details and proof of withdrawal of pending appeals or writ petitions. The proper officer may issue a deficiency notice, accept an eligible application through FORM GST SPL-05, or reject it through FORM GST SPL-07. Timely inaction results in deemed approval. Waiver becomes void if required additional tax or specified remaining interest or penalty is not paid within the prescribed period.

Transfer-pricing benchmarking cannot aggregate independently negotiated non-associated enterprise annual maintenance contracts, involving market and credit risks, with associated enterprise marketing support services performed on a cost-plus basis; arm's length pricing requires actual segmental data. Comparable selection for software development services requires functional similarity and reliable segmental operating data: diversified software-product companies and entities with unexplained abnormal revenue and profit growth should be excluded, while certain companies require reconsideration of financial and employee-cost data. A fully funded captive cost-plus service provider bearing no working-capital risk should not receive a negative working-capital adjustment, as this would artificially increase its arm's length margin.

A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.

Penalty for concealment or furnishing inaccurate particulars is not leviable where genuine statutory expenditure is disallowed solely because its year of allowability is disputed. The payments for labour, provident fund, insurance, electricity and land-compensation dues were not alleged to be misrepresented, bogus or non-genuine. As the expenditure remained allowable either on sale of stock-in-trade or, if capital in nature, on sale of the capital asset, the dispute concerned only the timing of deduction. The penalty was therefore not sustainable.

Penalty for concealment or furnishing inaccurate particulars was not leviable where genuine statutory liabilities were claimed as revenue expenditure and the dispute concerned only the timing or manner of deduction. The expenses, including labour, provident fund, ESIC, electricity and land-compensation dues connected with acquired land, were not alleged to be false, bogus, or misrepresented. They remained allowable either through stock-in-trade on sale or as capital expenditure on sale of the capital asset. As the controversy concerned allowability timing rather than concealment or inaccurate particulars, Section 271(1)(c) penalty did not apply.

Regional rural banks are deemed to be co-operative societies for Income Tax Act purposes under the Regional Rural Banks Act, 1976. Because the restrictive CBDT Circular contains no overriding non obstante clause, it cannot alter that statutory classification or deny the benefit available under Section 80P. The stated position is that regional rural banks continue to qualify for Section 80P relief despite the circular's restrictive condition.

Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.

Depreciation on acquired intangible assets requires recomputation of written-down value under earlier Tribunal directions, followed by allowance in accordance with law; TDS credit must also be granted. For transfer pricing, CUP applies only to a genuinely comparable uncontrolled transaction; because the proposed comparables were controlled or materially dissimilar, TNMM was appropriate for sales to associated enterprises. Entities exercising dominant commercial influence through substantial sales may qualify as associated enterprises through de facto control. Goodwill amortisation from a business acquisition is non-operating and should be excluded from TNMM margins, while ordinary depreciation remains operating. The ICCD interest adjustment requires fresh computation after verification of comparability and interest rate.

Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.

Transactional Net Margin Method remained the most appropriate method for benchmarking exports of chemical additives to associated enterprises because it had been consistently accepted in comparable transactions and earlier years. With no change in facts, circumstances or law, and no sound basis to depart from the established approach, the rule of consistency precluded replacement with the Comparable Uncontrolled Price Method. The transfer-pricing adjustment was therefore deleted.

Importation of Schedule-C controlled substances requires an application under Form-K containing importer, exporter, transport, substance, quantity, packaging, valuation, invoice, licensing, and no-objection certificate particulars. Applicants must disclose the purpose and use of import, prior imports, domestic procurement, transaction arrangements, and quantities procured, consumed, resold, or lost. Supporting drug licences, commercial records, disposal details, and manufacturing or trading licences are required where applicable. First-time importers must provide additional corporate, financial, operational, regulatory, and authorised-signatory information.

The amendments operationalise waiver of interest and penalty for eligible demands under section 73 through electronic applications in FORM GST SPL-01 or SPL-02. Applicants must provide demand and payment details, make the requisite tax payment, and submit proof of withdrawal of any appeal or writ petition where applicable. The proper officer may issue a notice and provide a hearing, accept eligible applications through FORM GST SPL-05, or reject them through FORM GST SPL-07. Timely inaction results in deemed approval. Required unpaid additional tax or residual interest or penalty can render an approved waiver void.

Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.