Share application money was treated as satisfactorily explained for Section 68 purposes where the investor-company substantiated its investment through share capital and declared profit, with an earlier disclosed component settled under the Vivad se Vishwas Scheme. Other investors furnished confirmations, income-tax returns, computations and bank statements, establishing their identities as regular taxpayers and supporting the genuineness of their investments. On these facts, the nature and source of the share application money were accepted and no unexplained cash-credit addition remained sustainable.

Invalid reference for special audit rendered the assessment completed in the extended period time-barred and void. The earlier appellate determination invalidating the special-audit reference remained effective after rejection of the Revenue's miscellaneous application, while the prior writ order had not decided that issue on merits. Because the additions arose from a void assessment, the Revenue's grounds contesting their deletion or restriction became academic and could not survive independently.

Delay in filing the first appeal during the COVID-19 pandemic may be condoned where affidavits establish that tax matters were not diligently attended because the chartered accountant had ceased active practice and senior-citizen directors faced age-related and medical difficulties. Prior acceptance of the same circumstances as reasonable cause for non-compliance with statutory notices supports condonation. Where reassessment was completed without proper representation during the pandemic, the assessment dispute should be restored for fresh determination after a reasonable opportunity of hearing.

Section 149 permits reassessment beyond the ordinary three-year limitation only where material available to the Assessing Officer indicates income escaping assessment of at least fifty lakh rupees. Alleged unexplained bank deposits and credits aggregating below that threshold did not satisfy the extended limitation requirement, and inconsistent figures in the proceedings did not establish qualifying escapement. Reassessment proceedings initiated under section 148A after three years were therefore time-barred and void in law.

Cash deposits during the demonetisation period were not assessable as unexplained money where opening cash in hand and prior cash withdrawals adequately established their source. The withdrawals exceeded the amount deposited, and the deposits were attributable to a family comprising three adult members. The deposits were therefore satisfactorily explained, and the addition for unexplained money was deleted.

Expenditure incurred to establish a proposed Russian branch, including rent, salaries, travel, administration and project-feasibility costs, may be deducted as revenue expenditure under Section 37 when the expansion project is abandoned. Although the costs were incurred in earlier years and intended for capitalisation and amortisation after the branch commenced operations, no deduction had then been claimed. Where the branch does not materialise because of unfavourable business conditions, the liability crystallises on discontinuance of the project, making the expenditure allowable in the relevant assessment year.

Advances written off by an assessee carrying on financing and investment activities qualify as bad debts under Section 36(1)(vii) where financing and lending form part of its business objects and actual operations. Substantial loans and advances recorded in the accounts, coupled with no evidence of any later change in business activity, establish that the advances were made in the ordinary course of business. Once such advances are written off in the accounts, the deduction is allowable as bad debts.

Valid service of a GST show-cause notice and a meaningful opportunity of hearing were placed in issue before the High Court. A prima facie basis existed to examine whether the notice had been properly served. The respondent authorities were directed to file an affidavit proving service, and coercive action under the impugned GST adjudication was restrained until the next hearing.

For reverse-charge supplies received from unregistered suppliers, the relevant financial year for the input tax credit time limit is the year in which the registered recipient issues the self-invoice. Credit may be availed up to the thirtieth day of November following that financial year, or until furnishing of the relevant annual return, whichever is earlier. The credit is subject to payment of reverse-charge tax and fulfilment of applicable input tax credit conditions. Delayed invoice issuance requires interest on delayed tax payment and may attract penalty.

Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.

Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.

Import of services from a foreign related person is treated as a supply even without consideration and is taxable in the hands of the Indian registered recipient under reverse charge, requiring self-invoicing. Where the Indian recipient is eligible for full input tax credit, the value declared in its invoice is deemed to be open market value. This treatment applies to related-party imports of services, and where no invoice is issued for a service received from a foreign affiliate, the value may be treated as nil and deemed to be open market value.

Courier Bill of Entry-X requires an authorised courier to provide consignment, consignee, valuation, tariff classification, duty, IGST and GST Compensation Cess particulars for dutiable imported goods. Assessable value must include commissions and other includible charges. The courier must confirm consignee authorisation, disclose any subsequently received contradictory information on price, value, quantity or description, and certify that the entry accords with airway bills, invoices and accompanying records. The format also records enclosed documents and provides for assessment, audit and proper-officer signatures.

Courier Bill of Entry-IX is used for customs clearance of bona fide commercial samples, prototypes and bona fide gifts for personal use imported through an authorised courier. Goods must remain within the prescribed value limit and must not be subject to import prohibition or restriction. The entry records consignee, invoice, valuation, tariff classification, duty, IGST and compensation cess particulars. The authorised courier must hold consignee authorisation, enclose airway bills and invoices, and certify that the declared information is true and consistent with supporting documents.

Form CBE-VIII governs courier bills of entry for document-only consignments. The authorised courier must declare that it has authority from each consignee to act as clearance agent and that the consignment contains only documents of no commercial value. The declaration must confirm that no dutiable, prohibited or restricted goods are included. The form records consignment and arrival particulars and provides for audit, assessment and proper-officer signatures, including clearance from customs charge.

Form Courier Bill of Entry-VII (CBE-VII), prescribed under regulation 5, establishes the authorised courier manifest for courier consignments through a land Customs station. It records the authorised courier's details, land Customs station, vehicle registration, place of origin or loading, and relevant Customs serial numbers and dates. Each entry requires invoice details, packages, weight, goods description, consignor and consignee particulars, and value. Aggregate totals and the authorised courier's signature are required.

Courier Import Manifest in Form Courier Bill of Entry-VI, prescribed under regulation 5, records import-arrival particulars for courier consignments. Required particulars include the courier company, courier or authorised representative, land customs station, vehicle, registration, arrival date, origin or loading place, and customs serial particulars. The form also records authorised courier details, number of bags, weight, totals and the requisite signature.

Courier Bill of Entry-V requires authorised couriers clearing dutiable goods to provide consignment, consignee, valuation, classification, duty, IGST, and GST compensation cess particulars. Assessable value must include freight, insurance, landing charges, commissions, and other includible charges. Couriers must confirm consignee authorisation, declare the absence of contrary information on price, value, quantity, or description, promptly disclose later contrary information, certify accuracy against airway bills and invoices, and attach the required supporting documents.

Courier Bill of Entry-IV prescribes customs clearance requirements for bona fide commercial samples, prototypes, and qualifying personal gifts imported through an authorised courier. The courier must hold consignee authorisation, ensure that goods remain within the prescribed value and are not prohibited or restricted, and provide shipment, consignee, valuation, tariff, duty, GST, IGST, exemption, and cess particulars. Airway bills and invoices must accompany the entry, and the courier must certify the accuracy of the declared information and supporting records.

Delhi's GST exemption framework grants nil-rated treatment to insurance services supplied by the Motor Vehicle Accident Fund where insurers make contributions from third-party motor vehicle insurance premiums. It also expands the relevant training-service exemption to include training partners approved by the National Skill Development Corporation, substitutes "transmission or distribution" for "transmission and distribution", omits item (w) from the definitions paragraph with effect from 1 April 2025, and adopts the Insurance Act meaning of "insurer".