INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 12th January, 2023 IFSCA/2022-23/GN/REG029. - In exercise of the powers conferred by Section 28 read with sections 3, 12 and 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations, namely - CHAPTER I GENERAL 1. Short title, commencement and applicability - (1) These regulation... ... ...

SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM For the Assessee : Shri Sharad Shah For the Revenue : Shri Rajeev Kumar, CIT ORDER PER D. KARUNAKARA RAO, AM : This is the appeal filed by the assessee against the orders of AO/TPO/DRP for the A.Y. 2010-11. 2. Assessee raised various grounds as well as additional grounds which were subsequently concised vide letter dated 16-10-2017. The Concise grounds raised by the assessee read as under : "1. The Ld. AO/TPO erred i... ... ...

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.

No.J.21011/7/2023-TAX GOVERNMENT OF MIZORAM TAXATION DEPARTMENT NOTIFICATION No. 51/2023-State Tax Aizawl, the 24th November, 2023 In exercise of the powers conferred by section 164 of the Mizoram Goods and Services Tax Act, 2017 (6 of 2017), the Governor of Mizoram, on the recommendations of the Council and in supersession of the Mizoram Goods and Services Tax Rules (Second Amendment) Rules, 2023, hereby makes the following rules further to amend the Mizoram Goods and Services... ... ...

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.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION GANDHINAGAR, the 12th January, 2023 IFSCA/2022-23/GN/REG031.-In exercise of the powers conferred by Section 28 read with Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, and clause (ga), (j) of sub -section (2) of section 114A read with clause (c) of sub-section (1) of section 14 and sub-section (7) of section 33 of the Insurance Act, 1938, the International Financial Services Cent... ... ...

Special additional excise duty on aviation turbine fuel cleared for export is revised by substituting the entry at serial number 1, column (4), with a rate of Rs. 15 per litre. The amendment updates the relevant duty table and applies from 16 September 2026, the date of publication in the Official Gazette.

The designated trial-court arrangement for money-laundering offences in Himachal Pradesh is amended. The Additional Sessions Judge (CBI), Shimla is specified to try offences punishable under section 4 of the Prevention of Money-laundering Act, 2002 for the districts of Shimla, Kinnaur, Solan and Sirmaur at Nahan. The amendment substitutes the prior court and territorial-area entries for those districts, thereby defining the competent court and territorial jurisdiction for these trials.

Special additional excise duty on exports of petrol and diesel is amended by substituting the applicable rates: petrol at Rs. 0.5 per litre and diesel at Rs. 20 per litre. The revised rates apply to the specified petroleum exports from 16 September 2026, being the date of publication in the Official Gazette.

Ms. MADHUMITA ROY, JUDICIAL MEMBER AND SHRI BHAGIRATH MAL BIYANI, ACCOUNTANT MEMBER For the Assessee : Shri Anil Khabya, A.Rs. For the Revenue: Shri P. K. Mitra, CIT.D.R. ORDER PER BENCH: The bunch of appeals filed by the Revenue and Cross Objections filed by three different assessees are directed against the orders passed by the Commissioner of Income Tax (Appeals)-3, Bhopal (in short 'CIT(A)') all dated 31/08/2016 arising out of the orders passed by the DCIT Central, Bhopal unde... ... ...

The time limit for issuing orders under section 73(9) for recovery of tax not paid or short paid, or input tax credit wrongly availed or utilised, is extended. For financial year 2018-19, the order issuance deadline is extended until 30 April 2024. For financial year 2019-20, the deadline is extended until 31 August 2024.

Export General Manifest errors identified in listed shipping bills require correction under the prescribed procedure, or filing of the relevant departure manifest, to enable post-export benefits and incentives. The person in charge of a conveyance carrying export goods must deliver a departure manifest to the proper officer before the conveyance leaves the customs station. Incorrect departure manifests can delay export incentives. Exporters, customs brokers, shipping lines, custodians and other concerned parties should rectify the identified EGM errors or file the required departure manifests.

Recognised pre-shipment inspection agencies may, during a one-time seven-day transitional period, issue backlog Pre-Shipment Inspection Certificates for inspections completed before 25 August 2026 where system restrictions prevented certificate issuance. Thereafter, each Pre-Shipment Inspection Certificate must be generated and issued within two days of inspection; the system permits issuance only within that period. Certificate uploads must be made from the same geographical location or country in which the inspection occurred. All other requirements governing the revised pre-shipment inspection agency and certificate process remain unchanged.

State GST officers may conduct initial document verification of inter-State consignments but cannot detain, seize or confiscate goods merely passing through their State. Cross-empowerment under CGST and IGST laws requires both administrative allocation of the taxpayer to the State and assignment of the relevant proper-officer function; it is not unrestricted authority. Coercive action under Sections 129 and 130 additionally requires territorial and fiscal nexus, including the State's entitlement to IGST apportionment under Section 17. For consignments originating and destined outside the intercepting State, discrepancies should be referred to the consignor's or consignee's proper officers. Confiscation requires statutory grounds, material supporting intent to evade tax where applicable, and notice and hearing; transit checks cannot become valuation assessments.

Sections 73 and 74 of the CGST Act permit a common show cause notice covering multiple tax periods or financial years, as the expressions "for any period" and "such periods" do not impose a financial-year-specific bar. Financial-year references in the order-limitation provisions operate as separate limitation benchmarks for each demand component; consolidation cannot extend limitation or defeat period-wise objections. Section 74 requires disclosed material supporting fraud, wilful misstatement or suppression of facts to evade tax, and cannot be invoked merely because tax remains unpaid. Rule 142 and FORM GST DRC-01 regulate electronic notice communication without restricting consolidation. Notice-specific allegations, quantified demands, hearing rights, reasoned orders and limits on confirmation remain applicable.

Section 138 of the Negotiable Instruments Act applies where a cheque issued for a legally enforceable debt is returned unpaid, statutory demand is served, and the drawer fails to pay within the prescribed period. Admitted signatures on the cheque, promissory notes and undertakings provide prima facie support for the complaint and engage the Section 139 presumption of liability. Return of a cheque because a clearing portal rejects its MICR code does not, on these facts, displace those requirements. Challenges to the underlying debt and consequences of a bank merger are matters for trial.

Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer specifically examined delayed employees' PF/ESI contributions, obtained an explanation and allowed the deduction consistently with binding High Court precedent then in force, the assessment order cannot be revised merely because a later Supreme Court ruling adopts a contrary position. The subsequent ruling does not retrospectively make the earlier assessment erroneous or prejudicial. Revisional jurisdiction was therefore invalidly assumed, and the deduction remained allowable for the assessment under review.

Website design, development and maintenance must conform to applicable governmental and agency guidelines, and the website must be registered under the gov.in or nic.in domain. Hosting arrangements must account for networking, storage, security, backups and disaster recovery. Content may be organised for easy access and archival retrieval, with outdated material removed or archived to maintain accuracy. Security safeguards must address cyber threats and natural disasters, with security audits by CERT-In-empanelled agencies required before hosting and after major updates.

Interest on non-performing assets that is neither credited to the profit and loss account nor received, and is not recognised under RBI guidelines, does not accrue to tax under the income-recognition framework. A supplier's failure to respond to an information notice, without corroborative evidence, does not by itself establish that a payment is bogus. Disallowance of an inter-corporate dividend deduction requires a show-cause notice and evidentiary support. Treating commission expenditure as unexplained requires disclosure of sufficient payee particulars to permit a meaningful response; where those particulars are absent, fresh fact-finding after proper disclosure and a reasoned decision is required.

Foreign Universities must rank within the top 500 of the latest QS global overall or subject ranking, while Foreign Educational Institutions must be reputable in their home jurisdiction. Applicants must demonstrate financial capacity, suitable infrastructure and continuity of operations, and file governance approval, academic and financial plans, student-contingency arrangements, a degree-equivalence undertaking and a home-jurisdiction quality audit. Following expert appraisal, the Authority may grant in-principle approval, followed by conditional or unconditional registration.