Taxability of business profits under the India-UK treaty depended on whether the assessee had a permanent establishment in India during the relevant year. Although the receipt was characterised as business profits rather than fees for technical services, the relevant facts had not been specifically addressed because the consolidated hearing primarily concerned group entities governed by a different treaty. A fresh opportunity was warranted to address the applicable treaty provisions and all relevant permanent-establishment issues, requiring recall of the earlier order for rehearing.

Assessment under Section 153C must be completed within the limitation period reckoned under Section 153B(1)(b)(ii). Where the assessee's case is transferred under Section 127 to the Central Circle having jurisdiction over the searched person, seized material relating to the assessee is treated as handed over to the assessee's Assessing Officer on that transfer date. Once both persons have the same Assessing Officer, separate physical transmission is unnecessary. An assessment completed after the resulting statutory period is time-barred and liable to be quashed.

A writ remedy is unavailable for a rent enhancement or revision dispute arising solely from a lease agreement where no public law element is involved; the appropriate remedy lies before the competent forum. Administrative processing of a rent reasonable certificate may proceed separately, and the concerned authorities must take expeditious steps to issue it once the applicant furnishes the required documents and completes the prescribed formalities.

Reassessment jurisdiction under sections 147 and 148 was examined in relation to whether a Shah Commission report could constitute information supporting a reason to believe that export under-invoicing had caused income to escape assessment. The stated issues included the required direct nexus or live link between information and the belief, the taxpayer's obligation to make full and true disclosure of material facts, the characterisation of income from allegedly illegal business, and Wednesbury unreasonableness. The Supreme Court dismissed the special leave petitions without interfering with the High Court judgment, while directing certain matters to be detached and listed separately.

For works performed after the GST transition date under pre-GST contracts, differential GST is reimbursable by the public employer where the GST-inclusive value of post-transition work exceeds the original contract value. GST law prescribes compliance through invoicing, accounts and return filings and does not require a contractor to obtain a jurisdictional GST officer's certificate as a condition for payment. GST returns, audited financial records and Chartered Accountant certificates sufficiently establish GST discharge when no additional departmental certification is mandated. An unsupported certification condition cannot obstruct reimbursement of admissible differential GST.

Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.

Provisional attachment under the Prevention of Money Laundering Act was reported against Singapore bank deposits held by a company promoter and associated entities in an alleged loan-fraud and money-laundering investigation. The underlying case arises from allegations of fraud, criminal misappropriation, criminal breach of trust and cheating affecting a consortium of lending banks. Service of the attachment order was reported through mutual legal-assistance arrangements, and the promoters had reportedly been declared fugitive economic offenders.

Banks must apply uniform deposit interest rates across branches and customers for similar deposit amounts accepted on the same date, without discrimination. Rates payable, including for bulk deposits, must strictly follow schedules disclosed in advance on bank websites. Bulk deposit rates must be published each business day at 10:00 am, subject to a short permitted delay. Differentiated bulk-deposit rates may be offered based on applicable differential run-off rates under the Liquidity Coverage Ratio framework.

Supply-chain continuity and energy security measures were reviewed in response to geopolitical conflicts disrupting maritime transit routes and imports. Measures included diversification of LPG procurement, maintenance of petroleum stocks, expansion of PNG, gas-grid, LNG and city-gas infrastructure, and pipeline connectivity approvals. Fertiliser requirements and alternative procurement sources were considered to ensure uninterrupted supply. A unified monitoring mechanism and support arrangements for seafarers, including timely information, emergency assistance and counselling, were directed to protect citizens, economic interests and the Indian diaspora.

The proposed Delhi Land Records Bill, 2026 contemplates a digital land-records framework requiring scientific surveys of every property, comprehensive authenticated digital records and a unique Property Aadhaar Card. The proposed system would cover rural and urban residential, commercial and other properties, including floor-level records for buildings. It is intended to improve ownership verification, property transactions, inheritance, loan access, building-plan approvals and transparency in land records.

Supply-chain continuity was reviewed in response to conflicts affecting maritime routes through the Strait of Hormuz, the Black Sea, the Red Sea and the Gulf of Aden. The concerns included disruptions to imports of petroleum, natural gas, fertilisers and other essential goods, risks to ships and seafarers, and the safety of Indian citizens in conflict areas. Measures were considered to maintain uninterrupted imports, protect economic interests and address constraints affecting critical energy and trade corridors.

United States economic growth slowed in the second quarter as increased imports reduced gross domestic product growth, despite stronger consumer spending and business investment linked to artificial intelligence. The preferred inflation measure moderated but remained above the central bank's target, with core consumer prices showing limited change. The benchmark interest rate was retained for a fifth consecutive meeting, though some regional presidents supported an increase to address elevated inflation. Employment growth and consumer spending continued to support economic resilience amid high living costs and energy-price pressures.

The notification amends the constitution of the Kerala Authority for Advance Ruling under the Kerala State Goods and Services Tax Act, 2017 and the Kerala Goods and Services Tax Rules, 2017. It substitutes the entry at Serial No. 1 of the earlier notification to appoint Sri. Jomy Jacob, Additional Commissioner of Central Tax, Thiruvananthapuram Zone, as a member of the Authority in place of the previously named member.

Gold prices rose on fresh buying by jewellers and retailers amid firm international trends, while silver prices declined. Improved domestic demand and a pullback in the US dollar supported gold, though a stronger rupee limited further gains. India's gold demand declined year-on-year during April-June, attributed to seasonally subdued sales, higher customs duty and an appeal to reduce purchases. Global gold demand remained broadly unchanged, while precious metals were expected to remain volatile and range-bound.

Schedule-II of the ITC (HS) 2022 Export Policy is amended with immediate effect to align its section notes, chapter notes, supplementary notes and tariff classifications with the Finance Act, 2026. The changes introduce, delete, split, merge and revise export-product entries across agricultural goods, chemicals, leather, metals, machinery, electronics and transport equipment, with most newly specified entries classified as free for export. Certain exports remain subject to specified policy conditions, including State Trading Enterprise requirements for zirconium ores and concentrates and No Objection Certificates for identified controlled chemical substances. Rayon-grade and other dissolving-grade chemical wood pulp are classified as prohibited exports.

The Master Circular consolidates and updates the regulatory framework for SEBI-registered merchant bankers, rescinding listed earlier circulars while preserving prior actions, rights, liabilities, penalties and pending applications. It requires portal-based registration and regulatory requests, prior approval for changes in control, and fresh registration for specified business transfers. It prescribes phased capital adequacy and liquid net worth compliance, professional certification, an independent compliance officer, and relevant experience for principal officers. Merchant bankers must submit half-yearly compliance reports, disclose issue track records and investor complaints, maintain investor charters, protect critical data, restrict outsourcing of core activities, manage conflicts of interest, and segregate non-SEBI-regulated activities through separate business units.

Bharat Maritime Insurance Pool has introduced a sovereign-backed Protection & Indemnity insurance product to cover third-party maritime liabilities, including crew and cargo claims, pollution liability and wreck removal. The product expands the pool beyond cargo and hull war-risk coverage and is supported by combined indemnity capacity and a port-correspondent network. The pool is intended to maintain uninterrupted maritime war-risk insurance, build domestic underwriting capacity, strengthen maritime risk management, reduce foreign-market dependence and promote self-reliance in specialised insurance solutions.

The Kerala Government amends the notification constituting the Kerala Authority for Advance Ruling under the Kerala State Goods and Services Tax Act, 2017. It substitutes the entries for two members, designating the Additional/Joint Commissioner in the Chief Commissioner's Office, Central Tax, Central Excise and Customs, Thiruvananthapuram Zone, and Shri. Mansur M I, Joint Commissioner, Taxpayer Services, Thiruvananthapuram. The amendment replaces the earlier specified member designations and postings.

Penal charges imposed by regulated banks and non-banking financial companies for breach of material loan terms are not consideration for tolerating an act and attract no GST. RBI-regulated Payment Aggregators qualify as acquiring banks for the limited card-payment settlement exemption, but Payment Gateway services are excluded. GST payments for specified past periods are regularized on an as is where is basis for Government-grant-funded research services, eligible skilling services, reverse-charge commercial renting involving composition taxpayers, and listed ancillary electricity transmission or distribution utility services.

Kerala State GST rate schedules are amended by substituting specified tariff classifications for entries concerning goods under heading 2202. The amendments revise classification codes in Schedule I, subject to 2.5% tax, and Schedule III, subject to 20% tax. The substitutions are made under the Kerala State Goods and Services Tax framework and are deemed effective from the notified effective date.