Mumbai, Sep 2 (PTI) The rupee traded in a narrow range and fell 2 paise to 94.97 against the US dollar in early trade on Wednesday, amid renewed US-Iran tensions, higher oil prices and rising Treasury yields. Forex traders said the RBI is keeping a tab on the rupee's fall as Brent crude prices have risen to USD 95 per barrel and dollar index is hovering around 99.70 on a bout of risk aversion on renewed US-Iran tensions. Moreover, market participants have raised the probability of a Sept... ... ...

Responsible artificial intelligence governance requires continuous innovation, inclusive development, responsible deployment and trust-based governance. AI systems should be ethical, safe, transparent, fair and human-centric, with safeguards for privacy, bias, security and accountability. Proportionate and adaptive regulation should provide clear accountability, standards, monitoring, auditability and grievance redressal. Good governance, cybersecurity, personal data protection and responsible AI together strengthen organisational resilience, stakeholder trust, transparency and sustainable innovation.

National Land Monetization Corporation will facilitate the e-auction and outright sale of 459 encumbrance-free RINL land parcels, including residential plots and parcels suited for commercial and logistics use. Competitive bidding will occur through the RailTel E-Nivida e-procurement platform. Participation requires online registration, KYC verification, and plot-wise submission of an earnest money deposit within prescribed timelines. The process supports transparent monetisation of surplus land and non-core public assets.

Competition Commission of India approval applies to the acquisition of Aseem Infrastructure Finance Limited by TPG Nicobar SG Pte. Ltd., a subsequent minority share acquisition by ICICI Bank Limited, and Aseem's divestment of its shareholding in NIIF Infrastructure Finance Limited to National Investment and Infrastructure Fund II. Following the acquisition, Climate Finance India Private Limited is intended to merge into Aseem as the surviving entity. The entities involved include RBI-registered non-deposit taking NBFCs operating in infrastructure finance, investment and credit, and infrastructure debt financing.

Competition Commission approval covers KCIL's acquisition of up to 100% equity shareholding in AFCPL and 100% equity shareholding in ASHPL. The combination includes KCIL issuing equity shares and optionally convertible debentures to AHLL, representing 9.9% fully diluted shareholding as partial consideration, together with a further KCIL equity investment by Arvon Investments Pte. Ltd. KCIL operates mother and baby care hospitals, while AFCPL provides assisted reproductive treatment and reproductive-medicine services.

Section 112(2) gives the Appellate Tribunal discretion to refuse admission of small-value GST appeals, reducing avoidable litigation. Taxpayers considering low-value second appeals should assess admission risk, litigation cost, recurring issues and the strength of their grounds. Departmental appeals remain governed by monetary limits that operate as general guidelines, subject to exceptions for recurring issues, classification, refunds and other specified matters. Tax officials should apply these limits consistently to prevent repetitive and low-value litigation.

Nil turnover in GST returns does not by itself establish discontinuance of business or justify cancellation of registration. Cancellation under Section 29 requires an actual statutory ground and the Proper Officer's independent satisfaction based on the real factual position. Return data may trigger scrutiny, but cannot replace verification, cogent and tangible evidence, and a factual finding that business has ceased. Documents already submitted in revocation proceedings must be considered, and procedural default cannot prove substantive discontinuance. Nil turnover may invite verification, not automatic cancellation.

Electronic movement between SEZ locations and Customs Bonded Warehouses requires matched physical movement and ledger debit-credit entries. SEZ-to-Warehouse movement uses a W-type Bill of Entry, linked Z-type Bill of Entry details, warehouse code, bond debit on assessment and Warehouse Ledger credit after out-of-charge. Warehouse-to-SEZ movement uses a Z-type Bill of Entry, linked W-type Bill of Entry details, Warehouse Ledger debit, SEZ Bond debit, an Ex-Bond Shipping Bill, let export order, SEZ receipt and goods registration before SEZ Ledger credit. No IGM particulars or duty payment apply under the stated procedure.

Vicarious liability under the Foreign Exchange Management Act, 1999 depends on whether a former officer was in charge of and responsible for the company's relevant day-to-day business when the contravention occurred. Designation alone is insufficient; actual functions, control, authority, and involvement in export and recovery operations must be established. Delegated authority to sign export-related and banking documents may indicate responsibility. Technical or procedural non-compliance concerning realisation of export proceeds may attract compliance consequences without proof of a particular mental state.

Extended limitation is an exceptional jurisdiction, not an additional period available after normal limitation expires. A tax discrepancy or possible taxability does not establish fraud, wilful misstatement, suppression of facts, or intent to evade tax. The show cause notice must set out the factual and legal basis for both classification and extended limitation, including the specific statutory limb invoked and material supporting culpable conduct. Audit observations, return mismatches, or protective proceedings cannot replace these foundational facts.

Occupation pursuant to a secured creditor's statutory auction is traceable to the sale certificate and does not constitute unauthorised occupation merely because leasehold-transfer formalities remain incomplete or prior dues are disputed. Unauthorised occupation requires possession without authority, or continued possession after the underlying authority has expired or been duly determined. Summary eviction under the M.P. Lok Parisar (Bedakhali) Adhiniyam, 1974 cannot rest solely on unresolved lease-transfer formalities or disputed liabilities of the former lessee. Recoverable arrears must be pursued against the person legally liable rather than by treating the auction purchaser as a trespasser.

Delayed deposit of Foreign Travel Tax before issuance of a show-cause notice constitutes delayed payment, not failure to pay under Section 38(3) of the Finance Act, 1979. Delays in deposit and return filing fall under Section 38(4) and the Foreign Travel Tax Rules, which permit condonation on sufficient cause. Notice-and-hearing requirements preserve discretion to decline penalty despite mandatory wording or a prescribed minimum. Penalty was therefore unwarranted for explained delays. The prohibition against reformatio in peius also prevents an appellant from facing an enhanced penalty solely for pursuing an appellate remedy. The penalties and consequential demands were invalid, requiring refund and discharge of the bank guarantee.

Export refund claims under Rule 5 of the CENVAT Credit Rules, 2004 should not fail where export clearances, accumulated unutilised credit, and the nexus with exported goods are undisputed. Supporting documents sought during verification are evidentiary for quantification and may be furnished later without affecting substantive eligibility. A refund application filed within the statutory period retains its original filing date; later document submission does not re-date the claim. Limitation cannot be introduced through adjudication where it was absent from the show cause notice, and a limited remand for document verification does not permit reopening settled issues. Only verification and computation of the eligible refund remain.

Excise assessment and PDS exemption eligibility are determined by the character, intended use and applicable conditions when SKO leaves the refinery. Subsequent intermixing of SKO with MS/HSD in a common pipeline outside the factory does not retrospectively reclassify the cleared goods or create differential duty liability. A departmental circular cannot impose a duty unsupported by statute. Extended limitation and penalties require evidence of suppression or wilful misstatement with intent to evade duty; where the Department could have made timely enquiries and a bona fide belief is supported by prevailing decisions, those consequences do not apply.

Sugar syrup containing more than 65% sugar by weight is stable, capable of being bought and sold, and therefore marketable and excisable under the Central Excise Act, even when captively consumed in exempt biscuit manufacture; actual sale is unnecessary. Extended limitation, interest and penalty apply where production and captive consumption of the syrup without duty payment were not disclosed in communications or ER-1 returns. Where duty is payable on the intermediate syrup, Cenvat credit for sugar used in its manufacture is available upon production and verification of duty-paying invoices; the credit requires verification and quantification.

Cenvat credit cannot be denied merely on an unsubstantiated allegation that invoiced copper ingots were not physically received. Transporter-issued goods receipts and supplier invoices supporting transportation and delivery remain material evidence where the department neither investigates the transporter nor disproves the records. Reliance on uncorroborated statements and third-party material requires compliance with the statutory conditions governing such evidence under Section 9D. The burden lies on the department to produce cogent evidence of non-receipt, particularly where no enquiry, statement, or premises search supports the allegation and duty-paid clearance of manufactured goods is undisputed.

Statutory appellate remedy against an order-in-original may remain available where the order is issued while related writ proceedings are pending, especially where constitutional challenges have already been resolved through final earlier orders. In those circumstances, the appellant may pursue the prescribed appeal and raise all grounds available under law. Limitation protection can be provided where the appeal is filed within the stipulated period, while merits issues remain open for consideration in the appellate process.

Perpetual assignment of copyright in independently produced television programmes constitutes a sale of goods, not taxable TV or Radio Programme Producer Service, where the programmes were not produced for or on behalf of broadcasters. Copyright is capable of transfer and commercial exploitation and therefore has attributes of goods. Exclusive, perpetual transfer of all rights in dubbed serials, leaving no rights with the producer, supports treatment as a sale; payment of VAT further confirms that the transaction falls outside service tax. Consequently, service tax, interest and penalties are not sustainable.

Construction services supplied to statutory bodies qualify for exemption under Entry 12 where the recipients fall within the definition of Governmental Authority. Comparable statutory authorities cannot be denied that status without reasoned grounds distinguishing them from authorities granted exemption; the resulting service-tax demand requires reconsideration. Entry 12A separately conditions exemption on a contract having been entered into and applicable stamp duty having been paid before 1 March 2015. Entitlement under that conditional exemption depends on verification of newly produced supporting documents and the relevant work contracts.

Substantively eligible CENVAT credit remains available where receipt of input services, service-tax payment and supporting documents are undisputed; non-reflection in ST-3 returns and delayed utilisation are procedural lapses that do not defeat entitlement. A service-tax demand based solely on information from the Income Tax Department cannot invoke the extended limitation period without material establishing suppression, misstatement, fraud, collusion or intent to evade tax. The original adjudication was restored, preserving eligible credit and preventing demand confirmation through extended limitation.