COMMERCIAL TAX DEPARTMENT NOTIFICATION The 7th September 2026 S.O. 214, dated The 8th September 2026- In exercise of the powers conferred by sub-section (1) read with sub-section (3) of section 112 of the Bihar Goods and Services Tax Act, 2017(Bihar Act 12, 2017) and in supersession of Commercial Taxes Department notification No. S.O. 91, dated 19th March, 2026, published in the Bihar Gazette, Extraordinary, vide number 283, dated 19th March, 2026, except as respects things done or omit... ... ...

Appellate Tribunal filing timelines under section 112 are revised, while preserving acts done or omitted before supersession. Appeals against orders communicated before 1 May 2026 may be filed up to 31 July 2026; appeals against later communications must be filed within three months. Applications concerning orders passed before 1 February 2026 may be filed up to 31 July 2026; applications concerning later orders must be filed within six months from the order date.

Tax treatment of salary arrears attributable to a deceased employee's prior service is in issue where a State University declares arrears after her death for years in which she was alive and employed. Consideration is sought on whether the declared arrears retain the character of taxable salary income, may be included or clubbed with the husband's salary income, or qualify for exemption because the employee has died.

Powers under Section 83 of the Delhi Goods and Services Tax Act, 2017 are delegated to Assistant Commissioners and Goods and Services Tax Officers. Each Proper Officer must obtain case-to-case approval from the concerned Zonal Incharge, Special Commissioner, Additional Commissioner, or Joint Commissioner before exercising the delegated powers.

Third-party fund management services are excluded from Regulation 107M where an FME's parent entity or any associate provides fund-management-related support or advice to that FME. The relevant regulatory part is inapplicable to schemes of an FME affected by such parent-entity or associate involvement.

All other relevant provisions of the International Financial Services Centres Authority (Fund Management) Regulations, 2025, including circulars or guidelines issued under them, apply mutatis mutandis to FMEs authorised under the third-party fund management services framework. The application covers schemes managed under a third-party fund management arrangement, unless an express contrary specification applies.

Fund Management Entities using third-party fund management services must verify third-party eligibility, competence, and careful onboarding. Schemes established under these arrangements remain schemes of the FME, whose liability towards Restricted Schemes and investors continues unaffected. FMEs must monitor and review third-party services, report to fiduciaries, retain termination rights in investors' interests or on regulatory directions, ensure indemnity protection, pay prescribed fees, and remain responsible for all third-party acts, omissions, and commissions.

Fund Management Entities undertaking third-party fund management must maintain a comprehensive internal risk-management framework addressing arrangement-specific risks and conflicts. They must ensure segregation of funds and operational independence of all schemes, extend investor complaint and dispute mechanisms to third-party managed schemes, and conduct periodic internal audits and compliance reviews. Audit and review reports must be submitted to fiduciaries, alongside any further measures specified by the Authority.

Regulation 107I requires a Fund Management Entity managing Restricted Schemes through third-party fund management services to make additional prominent disclosures in the placement memorandum, apart from disclosures under regulation 36. These include the identity of the third party and persons conducting its business, segregated responsibilities of the Fund Management Entity and third party, potential conflicts of interest, and measures to avoid, resolve and mitigate those conflicts. Further disclosures specified by the Authority must also be made.

Third-party fund management services may be provided only to a third-party fund manager incorporated in India, an International Financial Services Centre, or a foreign jurisdiction, with adequate resources and experienced responsible persons. The third-party and its officers, directors, partners, designated partners, key managerial personnel and controlling shareholders must be fit and proper persons. Eligibility is not affected merely because its ultimate or interim parent entity is not engaged in fund management activities.

Third-party fund management arrangements require a Fund Management Entity to manage Restricted Schemes under Part B of Chapter III. Each scheme must remain within a corpus limit of USD 50 million, unless another value is specified by the Authority. The third party is treated as an associate of the Fund Management Entity for compliance with specified associate-related governance and transaction requirements.

SUDERSHAN KUMAR MISRA, J. For the Petitioners : Mr. Abhimanyu Mahajan with Mr. Susmit Pushkar, Advocates For the Official Liquidator : Mr. Rajiv Bahl, Advocate, Mr. V. K. Gupta, Dy. Registrar of Companies ORDER SUDERSHAN KUMAR MISRA, J. 1. This joint petition has been filed under Sections 391(2) & 394 of the Companies Act, 1956 by the petitioner companies seeking sanction of the Scheme of Amalgamation of M/s. Genpact Infrastructure (Hyderabad) Private Limited (hereinafter referred... ... ...

Wholly for charitable or religious purposes, for purposes of Part B relating to non-profit organisations under the Income-tax Act, 2025, includes activities undertaken wholly for charitable purposes, wholly for religious purposes, or wholly for both charitable and religious purposes. The expression encompasses each of these exclusive-purpose categories within the applicable non-profit organisation framework.

Third-party fund management services require a Fund Management Entity seeking authorisation to maintain an additional net worth of USD 500,000 or such other amount as may be specified by the Authority. This amount must be separately maintained, in addition to net worth required for registered fund management, schemes, portfolio management services, other permitted activities without third-party arrangements, and activities conducted within or outside the International Financial Services Centre.

An FME under a third-party fund management arrangement must appoint a dedicated Principal Officer for each scheme, responsible for fund management, risk management and compliance. Non-Retail FMEs may use an existing Compliance Officer for third-party managed schemes, while Retail FMEs must keep Retail Scheme compliance oversight separate from Non-Retail Scheme oversight. Third-party managed scheme assets under management count towards additional KMP requirements, excluding fund of funds schemes.

A Fund Management Entity seeking authorisation for third-party fund management services in an IFSC must be constituted as a company, limited liability partnership, or another form permitted by the Authority. Its constitutional documents must expressly authorise the provision of third-party fund management services.

Third-party fund management services require an FME to obtain authorisation and comply with applicable conditions. The FME must maintain a strengthened compliance function, with resources proportionate to its IFSC operations and adequate scheme-specific compliance oversight. The FME and fiduciaries must ensure compliance, while the FME remains liable for all obligations and liabilities arising from a third-party fund management arrangement despite any contractual or indemnification arrangement with the third party.

Third-party fund management services or arrangements arise where a Registered FME manages schemes on behalf of a third party. A third-party fund manager includes an entity registered or regulated by the relevant financial-sector regulator in its country of incorporation for fund management, portfolio management, investment advisory, or a similar activity, and which avails such services from a Registered FME.

Value means the value of any benefit or facility granted or provided free of cost or at a concessional rate. For specified NPO-related purposes under the Income-tax Act, 2025, the recipient is a related person. Under the Income-tax Act, 1961, the term applies to persons identified under the relevant categories of section 13(3).

Before sanctioning a GST or DVAT refund, the Proper Officer must verify whether insolvency or liquidation proceedings against the registered person are pending or concluded and ascertain their status. Government dues constitute operational debt, requiring departmental claims to be addressed in the insolvency process. Where proceedings exist, refund processing must be undertaken through the concerned Zonal In-charge in consultation with the Law and Judicial Branch. For DVAT refunds sent for ECS processing, the Ward In-charge must certify that no such proceeding is pending or concluded against the dealer.