Section 69A applies to unexplained money attributable to the assessee, and an addition cannot be sustained where cash deposits are established to belong to another person. This distinction is relevant where deposits are held in an account belonging to a partnership firm, while the assessee's separate account was closed before the relevant year.

Section 68 treatment of an unexplained loan turned on bank records showing that the funds were received and transferred out on the same day. No evidence supported the allegation that the funds belonged to the assessee or represented an accommodation entry, and the loan addition was deleted. Additions had also been made in the lender's assessment, while the related assessment and appellate orders were revenue records that did not require inquiry as fresh evidence.

Funds transferred from an individual's loan account with a company and treated as that individual's loan to the assessee are distinct from a company loan, so the deemed-dividend addition is unsustainable. Interest on funds used for property-booking advances in the ordinary course of a real-estate business is deductible; non-recognition of rental income alone does not justify disallowance. The unexplained-credit addition remains open for fresh determination after an adequate hearing because lenders' creditworthiness and transaction genuineness were not examined and the assessee had no opportunity to respond.

Reassessment under section 147 of the Income-tax Act, 1961 requires a valid notice under section 148 issued by an officer with jurisdiction over the assessee. A notice issued by an officer from a different ward who lacks jurisdiction does not satisfy this condition, even if the assessment is subsequently transferred. Reassessment based on such a notice is invalid for want of jurisdiction.

Section 115JC applies to specified non-corporate persons, including partnership firms, when regular income tax is lower than alternative minimum tax. Adjusted total income includes Chapter VI-A deductions claimed under the heading concerning certain incomes, except the deduction under section 80P. The section 80JJAA deduction must therefore be added back for alternative minimum tax, even when allowed in computing ordinary taxable income. The Tribunal lacks jurisdiction to determine the constitutional validity of statutory provisions. Alternative minimum tax credit is available in subsequent years in accordance with law.

Section 115JB and clause (f) of Explanation 1 provide the framework for considering whether expenditure attributable to exempt income must be added to book profit. The issue includes interest voluntarily disallowed under the regular provisions. In the circumstances considered, the proposed book profit adjustments, including the voluntarily disallowed interest, were not required.

Regular tax devolution of Rs. 1,09,019 crore was released by the Union Government to State Governments on 5 November 2026, ahead of its normal monthly release date of 10 November 2026. The instalment was advanced in view of the festive season to enable States to accelerate capital spending and finance development and welfare expenditure.

Monetisation proposals for surplus land and buildings of Central Public Sector Enterprises (CPSEs), involving assets valued at over Rs.1,100 crore, have been recommended by the Inter-Ministerial Group for consideration and approval by the Cabinet-delegated Alternative Mechanism. Further monetisation activities are to follow the requisite approvals in accordance with prescribed procedures. The programme aims to realise the economic potential of surplus and underutilised public assets through systematic assessment, professional transaction preparation and competitive price discovery.

Banking and financial institution registrations engaged in accepting deposits or extending loans or advances may opt for the 50% eligible input tax credit method under section 17(4); if one eligible registration opts, all registrations of the same entity engaged in those services must follow it. The exception for supplies from another registered person with the same PAN applies only where that supplier has also opted for section 17(4). Eligible credit is apportioned and reported in GSTR-3B, while credit that may become eligible later is temporarily reversed or, where IMS applies, its document is kept pending.

Input tax credit on demo vehicles purchased by authorised dealers operating under the dealer-agency model is not blocked under section 17(5)(a) of the West Bengal Goods and Services Tax Act, 2017. The earlier clarification denying credit because the dealer supplied marketing or facilitation services rather than vehicles on its own account has been withdrawn. In this model, the manufacturer sells new vehicles directly to customers, while the dealer purchases and maintains demo vehicles for demonstration and test drives. The expression "such motor vehicles" is interpreted to include vehicles used to further the supply of similar vehicles, rather than only the particular vehicle sold.

Refund-related GST clarifications issued by the Central Board of Indirect Taxes and Customs on 10 November 2022 apply, with necessary modifications, to implementation of the Odisha Goods and Services Tax Act, 2017. Their application is intended to promote uniformity in addressing refund-related issues under the state GST framework. Difficulties encountered in implementing the clarification may be brought to the attention of the Commissioner of State Tax, Odisha.

Verification of transitional GST credit in filed or revised TRAN-1 and TRAN-2 applications follows the central guidelines, applied with necessary adaptations under the Odisha Goods and Services Tax Act, 2017, in the context of the Supreme Court's orders in Union of India v. Filco Trade Centre Pvt. Ltd. Jurisdictional circle heads are responsible for checking the claims, issuing appropriate orders under paragraph 5 of the central guidelines and adhering to the prescribed timelines.

Government companies implementing publicly funded railway infrastructure may qualify for charitable income exemption where their dominant purpose is advancing general public utility rather than making profit. Receipts or incidental surplus alone do not establish a profit motive. The nature and dominant purpose of the activities determine whether the restriction concerning trade, commerce or business applies. Administrative cost allocations and the application of interest and surplus towards charitable objects are relevant to that assessment. Incorporation in a form other than a non-profit company is not, by itself, a bar to exemption.

Manager determinations are valid for three years and recognised by managers in the same group; investment advisers and research analysts may rely on them but cannot determine status independently. A manager outside the group must determine status afresh on onboarding. The manager records and confirms the status, accreditation date and validity in writing. The agency route remains available, and a valid agency certificate must be accepted without fresh determination. Agency certificates also last three years from accreditation; existing certificates retain their unexpired validity. An investor accredited at onboarding retains that status for the scheme's remaining life.

Central GST clarifications on imitation zari thread or yarn and certain services apply, with necessary modifications, to implementation of the Odisha Goods and Services Tax Act, 2017. The Commissioner of State Tax, Odisha, extended the clarifications on 28 November 2023 to promote uniformity in implementing the State GST framework. They are clarificatory in nature, and implementation difficulties may be brought to the Commissioner.

Scheme-level net settlement of funds is permitted for outright cash-market transactions of mutual fund schemes from April 1, 2027, while securities continue to settle gross. Netting is confined to the same scheme and settlement cycle, with no adjustment between schemes or portfolios. Where eligible purchases exceed eligible sales, the scheme must fund the residual obligation. Excess eligible sale proceeds cannot be applied to non-outright purchase obligations, which remain separately funded on a gross basis.

The commencement date should be properly recorded and communicated to the taxpayer because it starts the three-month audit period. Where completion within that period is not expected, an additional six months should be obtained from the Commissioner of CT and GST before the initial period expires. The audit report should not be issued with the word "draft" left unchanged alongside Form ADT-02; approval should be obtained through a forwarding letter or in the record. When adjournments are granted for producing required documents, the taxpayer's acknowledgment or signature should be obtained on the order sheet.

The Odisha Commissioner of State Tax withdrew ab initio the matching GST circulars issued under letter Nos. 9363/CT dated 19 July 2019 and 13232/CT dated 4 October 2019. The withdrawal was made under section 168(1) of the Odisha Goods and Services Tax Act, 2017. The earlier guidance under letter No. 9363/CT addressed doubts concerning the GST treatment of supplies of information technology-enabled services (ITeS). The withdrawal followed representations to CBIC expressing apprehensions about the implications of its guidance and was intended to support uniform implementation of the law across field formations.

Domestic clients and foreign portfolio investors may take long or short positions in Indian rupee currency derivatives without establishing underlying exposure, up to a single USD 5 million equivalent in outstanding notional value, aggregated across all rupee currency pairs and recognised stock exchanges. Foreign portfolio investors must also keep their short positions across all foreign currency-rupee contracts and stock exchanges within USD 5 million. Their long positions above USD 5 million across those contracts require underlying exposure to Indian debt or equity securities, including units of equity or debt mutual funds.

The special procedure for furnishing returns by a class of registered persons is amended under section 148 of the Tamil Nadu Goods and Services Tax Act, 2017, on the recommendations of the Council. In the first proviso to the third paragraph of the 2019 provision, 31 August 2020 is substituted for 15 July 2020.