GOVERNMENT OF JAMMU AND KASHMIR CIVIL SECRETARIAT- FINANCE DEPARTMENT SRINAGAR/JAMMU. Notification Srinagar, the 14th of July, 2026. SO. 200.-In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Jammu and Kashmir Goods and Services Tax Act, 2017 (Act No. V of 2017), the Government, on the recommendations of the Council, hereby makes the following further amendments in notification S.O. No. 228/2025, dated the 17th September, ... ... ...

Enforcement Directorate used PMLA information-sharing powers to seek a police FIR over alleged bribery, sham consultancy payments, and laundering of funds linked to CMRL and Exalogic Solutions. The allegations concern purported payments for IT consultancy services, use of Exalogic Solutions as a corporate vehicle for routing payments, and alleged transfers of funds to Dubai. The investigation also draws on allegations of fictitious corporate expenditure that generated cash for unlawful payments.

Section 66(2) of the Prevention of Money Laundering Act permits the Enforcement Directorate to share criminal-investigation findings with law-enforcement agencies for registration of a fresh FIR or complaint. A police case registered on that information can form the basis for a PMLA case. In the reported investigation, FIR registration was sought on evidence gathered during the PMLA probe and searches concerning alleged consultancy payments.

SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI N.K.PRADHAN, ACCOUNTANT MEMBER For the Appellant : Dr. Sunil M. Lala For the Respondent : Shri A. Mohan ORDER PER VIKAS AWASTHY, JM: This appeal by the assessee is directed against the assessment order dated 26/10/2019 passed under section 143(3) r.w.s. 144C(3) of the Income Tax Act, 1961 ( in short 'the Act'). 2. Dr. Sunil Moti Lala, appearing on behalf of the assessee, narrating the facts and background of the assessee/appe... ... ...

Strategic Advisory Board appointments add Mr. Rajaram and Mr. Bala Swaminathan to UpTik's advisory leadership for its invoice discounting and alternative credit operations. Their respective experience in structured finance, regulatory compliance, banking operations, treasury and institutional finance is intended to strengthen governance, risk oversight, compliance, credit-management frameworks and institutional partnerships. The appointments support expansion of transparent and responsible alternative credit access for MSMEs.

A taxpayer intending to file a Tribunal appeal may secure a stay of recovery of the balance confirmed demand by paying an amount equivalent to the prescribed pre-deposit through the electronic liability ledger and furnishing an undertaking to file the appeal when the Tribunal becomes operational. Payments inadvertently made through FORM GST DRC-03 may, through FORM GST DRC-03A, be treated as payments towards the relevant demand and adjusted against appellate pre-deposit requirements, subject to timely appeal filing.

The Special All-India Drive targets suspicious and high-risk GSTINs through coordinated verification by Central and State tax authorities. Non-existent or fictitious taxpayers may face registration suspension and cancellation, while officers must examine blocking of input tax credit and identify recipients receiving credit through unsupported invoices. Wrongly availed credit may be pursued for demand and recovery, with cross-jurisdictional cases shared through nodal officers and the 'Initiate Enquiry' functionality. Weekly action-taken reports, verification feedback, and novel modus operandi reporting support coordinated monitoring.

Proceedings concerning delayed real-estate projects require a fresh comprehensive proposal addressing possession, refunds, delayed-possession compensation, and enforcement-related claims of all homebuyers across the developer's group entities. An inadequate proposal may lead to appointment of a High-Powered Committee to assume relevant responsibilities. Frozen bank accounts remain under restraint, and a request by the Insolvency Resolution Professional to operate an account for company affairs was not entertained. The proceedings also raise concerns over enforcement of real-estate regulatory directions and protection of homebuyers facing prolonged delays.

Proper Officers handling refunds, assessments, cancellation, demands and recovery must follow prescribed procedure and issue reasoned and speaking orders addressing all issues in the matter. Orders concerning show-cause notices and other cases require detailed consideration and must not merely reproduce standard passages without addressing the issues involved. Recording reasons supports quasi-judicial decisions in disputed claims and demonstrates that decisions rest on legal principles.

Income from eligible shipping operations computed under the Tonnage Taxation Scheme is determined independently of the actual receipts, revenue and expenditure of the shipping business. Transfer-pricing adjustments concerning interest on ship purchases, ship acquisition prices and hire charges therefore do not affect tonnage income, where those transactions relate to the eligible shipping business. A negative lien over shares, although it creates no repayment obligation or direct financial commitment, provides lender comfort and remains subject to arm's-length benchmarking. The benchmarked charge was restricted to 0.25%, requiring recomputation of the related adjustment.

Tax audit applicability under section 44AB is considered for a partnership firm with turnover of 44 lakhs, book profit of 56,000, and discontinued business operations. The issue is whether audit is required for filing its mandatory income-tax return and declaring actual book profit, after its accounts had been audited in the preceding assessment year when turnover was two crores.

Inspection-based adjudication under the TNGST framework is allocated by the revenue effect in FORM GST DRC-01. Following non-payment, partial payment, or objections to FORM GST DRC-01A, the inspecting officer must issue a complete show-cause notice and obtain approval for transfer to another proper officer. Assistant Commissioners (ST) adjudicate matters exceeding Rs. five crore; State Tax Officers adjudicate all other matters. For multi-year inspections, crossing the threshold in any one year requires transfer of all years' notices to an Assistant Commissioner.

Solar cookers using solar energy and grid electricity, all sprinklers including fire water sprinklers, and parts of poultry-keeping machinery attract GST at 12%. Agricultural farm produce in packages exceeding 25 kilograms or 25 litres is excluded from "pre-packaged and labelled" and does not attract GST at 5%. Past issues concerning specified goods are regularised on an "as is where is" basis. Regularisation for government distribution supplies of pulses and cereals requires prescribed certification and reversal of any input tax credit availed.

Elevated crude prices arising from West Asia supply and maritime-transit risks increase India's oil import costs and may pressure the trade balance and currency. Higher international crude prices can feed into domestic inflation through fuel, transport and energy costs, depending on domestic price pass-through and the duration of the increase. Retail fuel-price restraint may compress fuel-retailer margins and increase LPG under-recoveries. Refiners, distributors, airlines, petrochemical businesses and other energy-intensive sectors also face higher costs, particularly where crude, LPG and naphtha supplies depend on regional transit flows.

Taxability of loans provided by an overseas affiliate to its Indian affiliate, or by a person to a related person, under the Delhi GST framework is governed, mutatis mutandis, by the corresponding central GST clarification. The position applies the central clarification to identified affiliate and related-person loan arrangements for implementation of GST law. It is clarificatory in nature and intended to ensure uniform application of the clarified treatment.

Alternative Investment Fund units are not offered through public solicitation. Subscriptions, purchases or dealings in units may occur only by private placement to eligible investors and on the terms of the relevant private placement memorandum and constitutive documents. The material is not investment advice or a recommendation concerning securities or companies. Securities-market investments carry market risk, and past performance does not assure future results. Category III fund management is also associated with investment-process assessment, risk governance and institutional infrastructure.

GST treatment of warranty and extended-warranty transactions, including related input tax credit availability, is aligned with the applicable central clarification for implementation under the Delhi GST framework. The central clarification applies mutatis mutandis to promote uniform treatment of GST liability and input tax credit. The clarification is explanatory in nature, and implementation difficulties may be brought before the Commissioner of State Tax, Delhi.

CENVAT credit is admissible for additional duty of customs paid on imported steam coal at a concessional rate under a customs exemption notification. The restriction in Rule 3(1)(i) applies only to concessional excise duty paid under specified central excise notifications. Although additional duty is measured by reference to equivalent excise duty, it is levied and collected as customs duty under the Customs Tariff Act. As the concession arose under a customs notification rather than a central excise notification, Rule 3(1)(vii) permitted credit and disallowance was not legally sustainable.

Input tax credit on ducts and manholes used in optical fiber cable networks is to be assessed under the blocked-credit framework in section 17(5) of the CGST Act, 2017. The Central clarification applies mutatis mutandis for implementation under the Delhi Goods and Services Tax Act, 2017, ensuring aligned treatment within Delhi. Implementation difficulties may be referred to the Commissioner of State Tax, Delhi.

Input tax credit on demo vehicles is available to authorised motor-vehicle dealers where the vehicles are used for test drives and demonstrations that facilitate further supply of similar motor vehicles. Credit is not available for vehicles used for staff or management transportation, or where a dealer merely provides marketing or test-drive facilitation services to a manufacturer without making vehicle supplies on its own account. Capitalisation does not itself affect credit eligibility, subject to applicable conditions, depreciation restrictions on the tax component, and tax obligations upon subsequent sale.