Section 92CD(3) requires an assessment for a year covered by a unilateral advance pricing agreement to be completed in accordance with that agreement when proceedings remain pending and a modified return is filed. For AY 2022-23, compliance with the UAPA and filing of the modified return meant that retaining the original transfer-pricing adjustment without considering the modified return was erroneous. The assessment must be completed after taking the modified return into account and applying the UAPA terms and conditions.

Tariff classification of nuts, bolts, washers, hand tools and allied goods for duty drawback had been conclusively resolved under Chapter Headings 7318, 8205 and 3926, rather than Heading 7308. Earlier decisions had settled the classification controversy and quashed comparable misclassification notices, leaving no issue open for reconsideration. The High Court consequently quashed the show cause notice alleging misclassification and allowed the writ petition.

Vitamin and enzyme premixes used as animal-feed additives are classifiable as preparations of a kind used in animal feeding under Customs Tariff Heading 2309, rather than as vitamins or pro-vitamins under heading 2936 or enzymes under heading 3507. Classification requires a comprehensive comparison of competing tariff entries and applicable HSN Explanatory Notes. Premixes containing vitamins, minerals, trace elements, appetisers, soya flour or meal, yeast and comparable constituents support classification within animal-feed preparations. Tribunal and Supreme Court precedent, together with a later Tribunal ruling on animal-feed additives, support this tariff treatment. Classification under the chemical and enzyme headings is unsustainable, with consequential relief following.

Statements recorded under section 108 of the Customs Act are admissible evidence, subject to natural-justice safeguards, including cross-examination where the statements are relied upon. Retraction of such statements requires supporting affidavits or documents; an unsupported retraction may not displace the evidentiary material. Liability for abetment of smuggling may rest on consistent statements from persons involved in import clearance when corroborated by financial transactions, emails, and witness testimony establishing control over the importing concern. Penalties for involvement in smuggling may be reduced where considered excessive, while findings on liability remain sustained.

Indian Refractory Mortar, being a mixture used as refractory mortar rather than a mineral employed in metallurgical extraction of chromium, does not meet Chapter Note 2 to Chapter 26. It is therefore classifiable under CTH 3816 0000, not CTH 2610 for chromium ores and concentrates. This classification removes the basis for export duty and consequential penalties.

Oppression in a quasi-partnership family company arises where a founder and substantial shareholder is excluded from management and profit-related benefits without due process or justification. Permitted competition under an exit settlement, absent misuse of company data or employee solicitation, did not justify exclusion. In the absence of proof that board-meeting notices or minutes were served, non-attendance did not establish vacation of the directorship. The oppression finding was therefore sustained. Although the articles contained pre-emptive transfer rights, an independently supervised Swiss Challenge process for either shareholder group to acquire the other's shares substantially met their purpose and was upheld as a fair, transparent remedy for irretrievable breakdown of trust.

Private-courier delivery of an insolvency demand notice to the corporate debtor's undisputed registered office constitutes effective service where dispatch and delivery establish knowledge and an opportunity to pay or dispute the claim; a technical objection to the service mode does not defeat the proceedings. Foreign-currency advances are converted at the exchange rate on the demand-notice date when testing the operational-debt threshold, while uncrystallised disputed damages may be excluded. Admitted advances for undelivered goods, with no repayment or genuine pre-existing dispute, establish operational debt and default; asserted solvency is not a separate bar. Corporate insolvency resolution proceedings were directed to be initiated, subject to payment before the initiation order.

Pending PMLA attachment proceedings do not by themselves disqualify a prospective resolution applicant; disqualification requires the conviction specified under section 29A. Disclosure requirements under Regulation 39(1)(c) operate harmoniously with section 29A, particularly where the CoC knew of, assessed, and deliberated on the proceedings before plan approval. Review of the CoC's commercial assessment of plan feasibility, viability, and implementation remains confined to statutory approval and appeal grounds. A plan may conditionally protect a disputed creditor's position by automatically revising distribution if secured-financial-creditor status is later established. On these grounds, the challenge to plan approval failed, with no statutory infirmity found.

Continuing personal guarantees are not novated by a consent arbitral award that merely revises the payment schedule, nor by third-party assumption of debt, absent creditor-approved substitution or express release. A financial creditor retains standing to invoke its unassigned and unpaid debt despite other consortium lenders assigning their debts or enforcing security. Surety discharge for contractual variation requires an unauthorised change between the principal debtor and that creditor; restructuring by another creditor is insufficient, particularly where the guarantee preserves liability. For an on-demand guarantee, limitation runs from the subsequent default after demand. Once debt and default are established, calculation disputes do not defeat admission, though recoveries from all sources must reduce the amount ultimately payable.

Lease-deed mortgage provisions limited to the lessor's share in unearned increase, contingent on a mortgage sale or foreclosure, do not create a present general charge over all outstanding dues. A statutory power to recover arrears as land revenue is a recovery mechanism, not a consensual security interest. The 2026 Explanation excluding interests arising merely by operation of law is treated as clarificatory and retrospective. Accordingly, development authorities' dues lacking an express unconditional charge are classified as unsecured statutory or operational dues rather than secured debt under the resolution-plan distribution framework.

Prolonged pre-trial incarceration in money-laundering proceedings, assessed alongside the Article 21 right to a speedy trial, supported regular bail where a voluminous charge-sheet and extensive witness list made early commencement and conclusion of trial unlikely. Parity with a co-accused already released on bail further supported release. Regular bail was made subject to stringent conditions addressing attendance at trial, non-interference with evidence or witnesses, travel restrictions, and deposit of passports to mitigate risks of absconding or re-offending.

Post-merger validity of cheques is a mandatory precondition to prosecution for cheque dishonour under Section 138. Merger terms made cheques drawn on Syndicate Bank invalid after 30 June 2021. A cheque presented nearly four years after that deadline was therefore not a valid instrument, even if dishonoured. Because presentation within the instrument's validity period is essential to Section 138 liability, proceedings founded on the invalid cheque were quashed. The complainant retained liberty to pursue other remedies available in law.

India's foreign exchange reserves declined to USD 780.782 billion for the week ended September 11, driven by reductions in foreign currency assets and gold holdings. Foreign currency assets fell to USD 645.796 billion, with their dollar value reflecting movements in reserve currencies against the US dollar. Gold reserves also declined, while Special Drawing Rights increased to USD 18.845 billion. The reserve position with the IMF stood at USD 4.916 billion.

Under sub-rule (4) of rule 48 of the Arunachal Pradesh Goods and Services Tax Act, 2017, the first paragraph of No. 12/2020-State Tax is amended by substituting the monetary threshold of twenty crore rupees with ten crore rupees. The reduced prescribed threshold applies from 1 October 2022 and is confined to the stated monetary expression.

Reverse-charge payment by corporate recipients of manpower-supply services precludes a second service-tax demand on the proprietary supplier, as taxing the same service again would result in double taxation. Receipts disclosed in Form 26AS and income-tax returns do not establish suppression or wilful misstatement with intent to evade tax. Consequently, the extended limitation period under the proviso to section 73(1) of the Finance Act, 1994 is unavailable, and the service-tax demand and connected penalty cannot survive.

IIOs conducting direct insurance business must operate under a board-approved Product Oversight and Governance Policy covering product design, approval, review, distribution and corrective action. Products must suit the needs, characteristics and objectives of target prospects, with rates, terms and conditions justified and certified by a qualified actuary. IIOs must test products, manage intermediary-related conflicts, retain approval records and submit product information when required. Non-conforming or policyholder-adverse products may be suspended, modified or withdrawn, and their marketing must then cease.

Transfer-pricing analysis must account for material economic differences affecting comparability and margins, including capacity utilisation, working capital, customs duty and cash PLI. Functional comparability may be reassessed even for companies initially selected by the taxpayer, subject to factual verification. Comparable-company margin corrections require verification and appropriate incorporation. A corroborative approach using the associated enterprise as the tested party requires a comprehensive study under applicable law. Alternative arm's length price computations and related adjustment claims require reasoned consideration through a speaking order after an opportunity of hearing; unresolved matters require fresh determination.

Appointed actuary governance for IIOs requires the Board to appoint a qualified, independent Fellow actuary with a valid practising certificate, relevant post-fellowship insurance experience, and no misconduct, conflicting role, or concurrent appointment. The appointed actuary has access to relevant records, advises on products, pricing, investments and reinsurance, monitors solvency and reserves, certifies valuations and returns, and reports legal or regulatory non-compliance directly to the Authority. IIOs must provide resources, preserve direct reporting, and notify the Authority of appointments or changes.

Taxable value of online gaming, including actionable claims in online money gaming, equals the total amount paid or payable to, or deposited with, the supplier by or for the player in money, money's worth, or virtual digital assets. Amounts returned or refunded to the player, including unused deposits, cannot be deducted. Casino actionable claims are valued on payments for tokens, chips, coins or tickets, or for participation where such instruments are not required. Winnings reused without withdrawal are excluded from the player's amount paid or deposited.

Road and Infrastructure Cess on petrol and diesel cleared for export is set at nil by substituting the entry against serial number 2 in the table to Notification No. 11/2026-Central Excise. The amendment takes effect from 16 September 2026, the date of its publication in the Official Gazette. Consequently, export clearances of the specified petrol and diesel products receive a nil cess rate under the amended notification.