Alleged inflation of net-worth certificates is said to have induced approval and disbursal of two corporate loan facilities aggregating Rs 980 crore, each secured by continuing personal guarantees. The facilities subsequently defaulted. The FIR alleges that materially higher net-worth representations made in 2018 were later contradicted during insolvency proceedings, and attributes the lending to collusion among the guarantor, borrower entities and their officers. Allegations include cheating, creation of false documents, misappropriation and misapplication of loan funds, breach of trust, and asset stripping intended to frustrate recovery.

HyperVault plans to develop an artificial intelligence data-centre campus on 264 acres in Hyderabad, with capacity of up to 1 GW and investment by HyperVault and its partners of up to Rs 70,000 crore. The facility is intended to provide high-density, liquid-cooled computing infrastructure for frontier AI companies and hyperscalers. Development will proceed in phases according to customer demand and technology requirements, incorporating green-energy use and water-neutral design principles.

GST applicability is considered in relation to the import of demonstration equipment and instruments for supply to a customer for a one-year period, with return of the same equipment and instruments after use. The subject concerns the tax treatment of an arrangement involving imported demonstration goods, customer use for the stated period, and subsequent return of those goods following that use.

State Tax Commissioner confers powers under sections 69, 70, 71, 73 and 74 of the Delhi Goods and Services Tax Act, 2017 upon Sh. C.L. Roy, Assistant Commissioner, as Proper Officer for M/s Agson Global Pvt. Ltd. The taxpayer-specific conferment operates for 120 days from issuance or until further orders, whichever is earlier. During that period, the jurisdictional Proper Officer cannot exercise powers under those provisions in respect of the designated taxpayer.

CBI registration of an FIR concerns allegations that inflated personal net-worth certificates were used to secure corporate loan facilities from Life Insurance Corporation Housing Finance Ltd. The lender alleges that the certificates influenced lending decisions, the facilities subsequently defaulted, and later insolvency proceedings disclosed inconsistency between the represented and asserted net-worth figures. Allegations include collusion with borrower entities, false documentation, cheating, misappropriation of loan funds, and breach of lender trust.

Powers under sections 69, 70, 71, 73 and 74 of the Delhi Goods and Services Tax Act, 2017 are conferred on Sh. Sandeep Kumar, GSTO, in respect of M/s Kailashpati Poly Plast Private Limited. The conferment remains effective for 120 days from issuance or until further orders, whichever occurs earlier. During that period, the jurisdictional Proper Officer cannot exercise powers under those provisions in relation to the identified taxpayer.

Proper-officer powers relating to arrest, summoning, access to business premises, and determination of tax or input tax credit issues are conferred on Sh. Nagesh Kumar Mallah, Assistant Commissioner, for M/s Jindal Wax. The conferment covers sections 69, 70, 71, 73 and 74 of the Delhi Goods and Services Tax Act, 2017, and operates for 120 days from 9 January 2022 or until further orders, whichever is earlier. The jurisdictional proper officer cannot exercise those powers against the specified taxpayer during that period.

Delegation of powers under sections 69, 70, 71, 73 and 74 of the Delhi Goods and Services Tax Act, 2017 is conferred on Sh. Rajender Kumar Ahuja, Assistant Commissioner, as the specified Proper Officer in relation to M/s Dev International. The authority is taxpayer-specific, remains effective for 120 days from issuance or until further orders, and excludes exercise of those powers by the jurisdictional Proper Officer during that period.

Premium under the International Financial Services Centres Authority framework adopts the meaning assigned under the Insurance Act, 1938. For re-insurance business, premium means the consideration paid or payable under a re-insurance contract for risk coverage. The substituted definition governing payment and receipt of premium takes effect upon publication in the Official Gazette.

A designated Proper Officer is authorized to exercise powers under sections 69, 70, 71, 73 and 74 of the Delhi Goods and Services Tax Act, 2017, in respect of M/s SK&A Impex LLP. The authorization operates for 120 days from issuance or until further orders, whichever is earlier. During its operation, the jurisdictional Proper Officer cannot exercise powers under those specified sections against the identified taxpayer.

The first proviso to sub-regulation (5) of regulation 28 is modified by inserting the expression "certain situations as per its approved policy, including but not limited to" after the words "a rating in" and before "the". The amendment links the applicable rating-related position to specified situations under an approved policy while retaining the remaining terms of the existing provision. It takes effect upon publication in the Official Gazette.

Powers concerning arrest, summons, access to business premises, and determination of tax liabilities are conferred on the specified Proper Officer in relation to M/s J P Jain & Company under the Delhi Goods and Services Tax Act, 2017. The conferment operates for 120 days from issuance or until further orders, whichever is earlier. During that period, the jurisdictional Proper Officer cannot exercise those powers in respect of the identified taxpayer.

Rule 137 extends the period for retaining specified accounts and records from four years to five years. FORM GST DRC-03 is expanded to cover payments following tax intimation through FORM GST DRC-01A, scrutiny, inspection, and mismatches between return forms. Its payment table is replaced with a detailed format requiring tax-period, place-of-supply, payment-component, ledger-utilisation, and debit-entry particulars.

Shri Sujay Prakash Upadhyay, Additional Commissioner of State Tax (Headquarters, Bihar, Patna), is nominated as the Nodal Officer for participation in meetings of the Industries Department. The nomination takes effect immediately.

Proper-officer jurisdiction for registration-related provisions is assigned to the Deputy Commissioner of Commercial Taxes in charge of a Circle or, where applicable, the Assistant Commissioner in charge of that Circle. The designation covers registration liability, exemption and compulsory registration, registration procedure, deemed registration, casual and non-resident taxable persons, amendment, cancellation, and revocation of cancellation. The appointment takes effect from 1 July 2017.

Interest on fixed deposits with a licensed co-operative bank, where the funds are not required for operational lending activity, is taxable as income from other sources rather than business income attributable to providing credit facilities to members. It therefore does not qualify for deduction under section 80P(2)(a)(i). Interest from such deposits also does not qualify under section 80P(2)(d), because a scheduled co-operative bank operating under a banking licence is excluded from treatment as a co-operative society for that purpose. The fixed-deposit interest remains taxable without deduction under either limb.

Revisionary jurisdiction under Section 263 applies where an assessment order is both erroneous and prejudicial to Revenue interests. An order is deemed so where necessary inquiries or verification were not undertaken. Acceptance of a registered valuer's construction-cost report without independently examining the underlying rates, particularly where a departmental valuation based on CPWD rates materially differs, constitutes a complete absence of inquiry. Production of valuation reports, books and supporting papers does not replace the Assessing Officer's duty to verify material valuation issues. The revision was therefore validly invoked against the assessee.

Eligible registered persons with aggregate turnover not exceeding two crore rupees may optionally furnish annual returns for financial years 2017-18 and 2018-19 before the applicable due date; otherwise, the return is deemed furnished on that date. Composition taxpayers may use FORM GSTR-9A and other eligible taxpayers may use FORM GSTR-9, but the common portal will not permit filing after the due date. Taxpayers identifying short-paid tax or ineligible input tax credit during reconciliation may self-assess and voluntarily pay the liability through FORM GST DRC-03.

Post-supply discounts may be excluded from the value of supply where the supplier issues a credit note and the recipient reverses input tax credit attributable to the discount. The requirement to link such discounts with an agreement specifically connected to the relevant invoice is removed. Credit-note provisions expressly cover post-supply discounts. Provisional refund is extended to unutilised input tax credit arising from an inverted duty structure, while export refund claims for goods exported on payment of tax are excluded from the minimum-threshold condition.

Trial-run sale proceeds generated before commercial production and directly connected with setting up a new plant are capital receipts, adjustable against capitalised pre-operative expenditure rather than revenue income. Where own funds exceed investments capable of yielding exempt income, interest disallowance is not attracted; a voluntary administrative-expense disallowance need not be enhanced without a basis. An acquired trademark qualifies for depreciation when ownership passes under an assignment agreement and it is used, wholly or partly, despite the transferor's limited transitional licensed use to dispose of stock.