The Central Government rescinds the earlier notification establishing an Information Technology and Information Technology Enabled Services Special Economic Zone at Kistapur Village, Chevella Mandal, Ranga Reddy District, Telangana. The rescission de-notifies the entire notified area of the Special Economic Zone. Actions taken or omitted before the rescission remain unaffected, preserving the legal effect of prior acts under the earlier notification.

Form ITR-BN is inserted in Appendix IV for filing block-period returns under the Income-tax Rules, 2026. The amendment applies to searches initiated or requisitions made on or after 1 April 2026 and is deemed effective from that date. The form requires a verified declaration by the competent person and provides for Tax Years Y6 to Y1, Y0 and, where applicable, Y+1. It prescribes the block-period treatment for other persons, permits provisional figures for specified unaudited periods without treating them as regular returns, and requires such income to be included in the relevant regular return. Undisclosed income from specified international or domestic transactions for part tax years is excluded from the block return.

Section 49 warehousing requests for imported goods awaiting clearance are digitised through the ICEGATE portal and ICES. Importers may submit fresh applications, provide Bill of Entry and warehouse details, upload supporting documents, track status, respond to Customs queries, and obtain a system-generated request number. Customs officers process requests through the Section 49 Approval option, with separate codes for fresh warehousing and extension requests, and may approve applications or raise queries after reviewing records. Approved storage permissions may be extended for 30 days at a time, including successive 30-day periods, subject to approval by the concerned Customs officer.

Regional Rural Banks are regularly reviewed for financial performance, technology upgradation, MSME lending, loan diversification and financial inclusion in rural and remote areas. Their financial health improved over recent years, with growth in deposits, loans, credit-deposit ratio, net worth and capital adequacy, alongside improved asset-quality indicators. Financial-inclusion targets for bank-account access, micro-credit, insurance and pension schemes are set and periodically monitored to extend formal financial services.

Public sector banks reported improved balance-sheet health, rising business and lending, higher profits, stronger capital adequacy, and lower gross non-performing assets through FY 2025-26. Credit expanded across retail, agriculture, MSME, and infrastructure segments. Emergency Credit Line Guarantee Scheme 5.0 provides guarantee coverage to member lending institutions for eligible additional credit facilities addressing short-term liquidity mismatches, with full coverage for MSMEs and differentiated coverage for non-MSMEs and scheduled passenger airlines. Airline assistance is linked to peak credit outstanding and may require proportionate promoter or owner equity contribution above the applicable threshold.

Toy-sector measures combine quality regulation, import-duty changes, domestic manufacturing support, export facilitation, and promotional initiatives. The National Action Plan for Toys covers toy design, learning-oriented toys, quality monitoring, restrictions on unsafe imports, indigenous clusters, and domestic production. A Quality Control Order and BIS licensing framework support compliance with toy-safety standards. Cluster assistance, startup recognition, export-duty remission support, and zero-duty market access under specified trade agreements seek to strengthen competitiveness, while stated measures are associated with improved quality conformity, lower imports, and increased exports.

For sections 54(2) and 54F(4), the period for utilising capital gains or depositing them under the Capital Gains Accounts Scheme includes the extended return-filing period under section 139(4), rather than being limited to section 139(1). Purchase of a vacant plot may support exemption where a residential building is constructed on it within the prescribed period. As the record did not establish whether construction was completed by the relevant date, factual verification is required; exemption is available if the residential building is found to have come into existence by then.

India's FTA framework is used to promote preferential tariff utilisation, export diversification and expanded market access. The Government monitors recently operationalised agreements through Certificates of Origin and partner-country trade data. Agreements with the UAE, Australia, Mauritius, Oman and EFTA are associated with increased product-line coverage, tariff preference utilisation and export opportunities. Labour-intensive sectors receive priority through preferential access, while calibrated tariff liberalisation and transition arrangements seek to protect sensitive domestic sectors. Trade e-Connect and the Trade Intelligence and Analytics Portal support exporters with market intelligence, rules of origin guidance, trade data and export-performance monitoring.

Preferential tariff utilisation under recently operationalised trade agreements is monitored through Certificates of Origin and partner-country trade data. Increased certificate issuance and expansion in exported HS-level tariff lines are treated as indicators of export diversification and market penetration. Labour-intensive sectors receive improved market-access opportunities under FTAs, while calibrated tariff liberalisation and transition arrangements preserve policy space for sensitive domestic sectors. Trade e-Connect and the Trade Intelligence and Analytics Portal provide exporters and policymakers with market intelligence, Rules of Origin guidance, FTA advisory services and trade-performance analytics.

Excise duty based on an alleged finished-goods shortage requires credible evidence of clandestine removal; stock-taking conducted during ongoing production, unsupported working sheets, and anomalies in the panchnama cannot establish clearance by themselves. In the absence of evidence of unaccounted raw materials, excess electricity use, transport, cash sales, purchasers, or private records, the alleged removal was not proved. The extended limitation period is also unavailable where a notice issued nearly three years after stock-taking rests solely on the detected shortage and gives no justification for the delay. The consequential duty demand therefore fails on proof and limitation.

Bad debts written off against provisions created by a co-operative bank before 1 April 2006 were treated as deductible because the statutory deduction for provisions for bad and doubtful debts applied to co-operative banks only from assessment year 2007-08. The earlier provision therefore fell outside that statutory regime, and it had not previously been allowed as a deduction. The write-off concerned advances classified as non-performing assets before that date; no separate claim was made for the balance write-off relating to later non-performing assets.

Sports-quota recruitment enabled medal-winning student-athletes to obtain government employment on the basis of sporting performances at state, national and international levels. Appointments covered armed forces, central armed police and paramilitary organisations, railways, police, the Income Tax Department, a public-sector bank, sports departments and other government institutions. The described sports framework provides scholarships, coaching, infrastructure, dietary support, travel, accommodation, equipment and selection-oriented physical, mental and personality-development training.

Sugar dealers may not retain stock beyond thirty days from receipt or hold sugar above 4,000 quintals at any time or place. Government-account stocks and authorised Public Distribution System stocks are excluded. State Governments and Union territory administrations may prescribe limits only within the national ceiling and holding period. Dealers must declare and regularly update stock positions on the designated portal. The temporary restrictions are intended to maintain domestic availability, discourage speculative buying and contain sugar prices.

Addition of preference share capital and premium as unexplained cash credit requires complete verification of the source and movement of funds and a fair opportunity for the assessee to rebut adverse material. Relevant concerns included the timing and manner of pay orders, investments by common entities in group concerns, and pay orders issued in a former name. As the alleged cash routing was not fully established, relevant treatment in investor and related entities was unavailable, and only some directors' statements had been supplied, the addition was set aside for fresh examination after completing investigation and permitting the assessee to substantiate its claim and confront adverse material.

Delayed employees' provident fund contributions could not be disallowed while processing returns for assessment years preceding the Finance Act 2021 amendments, because such adjustment fell outside the limited scope of permissible return-processing adjustments. The amendments to the provisions governing employees' contributions and tax deductions were prospective and could not be applied to support adjustments for earlier assessment years. The disallowances were consequently deleted.

Section 206C continues to operate independently as a tax-collection-at-source mechanism after repeal of Section 44AC. Sections 44AC and 206C are machinery provisions, while the charge on income arises under the Income-tax Act's charging provisions. The retention and subsequent expansion of Section 206C support its independent application to specified goods and collection arrangements. Timber obtained otherwise than under a forest lease is not limited to timber from standing trees in India, and imported timber has no stated statutory exclusion. Sellers of imported timber must collect tax at source from buyers; failure triggers consequences applicable to an assessee in default.

Net labour-charge receipts must be included in total turnover when computing the export deduction under Section 80HHC of the Income-tax Act, 1961. The analysis states that excluding labour-charge receipts entirely conflicts with the applicable Supreme Court principle. However, only the net receipts, rather than gross labour charges, form part of total turnover for this computation. The earlier exclusion was therefore modified, with the issue decided partly in favour of the Revenue.

Reassessment initiated through an order under section 148A(d) and notice under section 148 must be issued by the Assessing Officer holding the applicable pecuniary jurisdiction. Where CBDT instructions assigned the assessee to a Circle under Range-22, but the order and notice were issued by an Income Tax Officer of Ward 22(1), the defect concerned pecuniary rather than territorial jurisdiction under section 124(3). A reassessment notice issued by an officer lacking jurisdiction is inherently invalid and cannot be cured. The reassessment proceedings and consequential assessment order were therefore quashed for want of jurisdiction.

Export proceeds for software services must be realised and routed through an Authorised Dealer bank, but no identified RBI/FEMA provision expressly requires a sole proprietor to use a Current Account. No identified FEMA provision or RBI notification expressly prohibits correction of an erroneous purpose code where supporting evidence establishes that the remittance relates to software export services. A mismatch between family-maintenance and software-services classification may affect export documentation and compliance. The bank should be asked in writing to record the correct purpose and cite any regulatory basis for refusing correction.

Constitutional judicial review remains available to challenge the validity of delegated tariff regulations because the Appellate Tribunal cannot review their validity, although it may interpret or apply them in appeals. A challenge to relaxation of operating norms and a validity challenge to the norm itself are distinct, so pursuing both did not amount to abuse of process; costs imposed for invoking Article 226 were removed. Station-specific heat-rate norms may differ where supported by historical performance, achievable efficiency, technical assessment and stakeholder consultation. The National Tariff Policy does not require identical norms for similarly designed units. Courts will not substitute an expert regulator's tariff assessment absent statutory breach, manifest arbitrariness or procedural illegality.