Recorded cash sales supported by purchase invoices, stock records, payment details, VAT disclosures and supplier confirmations explain demonetisation-period bank deposits; absent proof that the underlying purchases or sales were bogus, the deposits cannot be treated as unexplained cash credits. General investigation material alleging that suppliers provide accommodation entries does not disprove transaction-specific purchases where contemporaneous records, corresponding sales and supplier confirmations remain unrebutted. Adverse third-party statements cannot support additions when requested cross-examination is denied. Once purchases are accepted as genuine, estimating a profit element on those purchases lacks a legal basis. The business transactions and resulting cash balance therefore eliminate both additions.

Employees' provident fund contribution deposited one day after the prescribed date remained deductible where the delay resulted from technical glitches on the provident fund portal. Material on record established the portal-related cause, identical decisions on such delays supported deduction, and no contrary material was produced. The disallowance was therefore required to be deleted.

Internal inconsistency in return entries can constitute an incorrect claim apparent from information in the return, permitting adjustment during processing under section 143(1). Where interest sub-fields were shown as nil but the aggregate interest column disclosed an amount, the interest claim was capable of adjustment. Interest expenditure recorded in audited accounts but entered in an incorrect return column remains subject to verification of applicable tax-deduction compliance and any resulting disallowance under section 40(a)(ia). Following verification, the expenditure may be allowed or disallowed accordingly.

Transfer-pricing benchmarking of captive software development service providers requires turnover-based and functional comparability. Entities with turnover exceeding ten times that of the tested party, diversified operations, product activities, or materially different functional profiles should be excluded, while suitable comparables should be included for fresh arm's-length computation. A separate adjustment for interest on delayed trade receivables requires verification and should not be made where the delay is already reflected in a working-capital adjustment, as this would duplicate the adjustment. Penalty proceedings require consequential reconsideration after recomputation of the underlying transfer-pricing adjustment.

Non-filing of a return attracts statutory deemed concealment even where income is later disclosed in response to a reassessment notice and accepted in reassessment. Acceptance of the returned income does not remove concealment because the income would otherwise have escaped assessment. For computing tax sought to be evaded, tax deducted at source and self-assessment tax paid before issue of the reassessment notice must be reduced from tax on the assessed income. Penalty is therefore leviable, subject to computation after allowing those eligible tax credits.

Interest expenditure on borrowings used to advance funds generating taxable interest income is deductible under Section 57(iii) where a reasonable and proximate nexus exists between the expenditure and the income-earning purpose. The relevant test is the dominant purpose of incurring the expenditure, not whether income arises in the same accounting period. Where accounts establish that borrowed funds were advanced to entities from which interest income was earned and offered to tax, and the remaining interest cost was capitalised, the corresponding interest expense is allowable. The expenditure's genuineness and factual linkage must not be disproved.

Under the CGST and KGST Acts, each tax period must be subjected to separate proceedings under the statutory framework for tax determination. Clubbing multiple tax periods or financial years into a single composite show-cause notice exceeds the authority provided under the relevant provisions. Such a notice is invalid for want of jurisdiction, and adjudication or appellate proceedings based on it cannot be sustained. The defect does not prevent initiation of fresh proceedings separately for each relevant tax period in accordance with law.

Anticipatory bail was sought in allegations of fraudulent availment and passing of fake input tax credit without actual supply of goods or services. The allegations concerned non-payment of GST on substantial transactions and were characterised as an economic offence involving a cognizable and non-bailable offence. The Supreme Court dismissed the special leave petition without interfering with the High Court's judgment and order.

Imports of clear float glass, 4 mm to 12 mm, under ITC (HS) codes 70051090 and 70052990 move from the Free to Restricted category. Imports remain free where the CIF value is at least Rs.34,000 per MT, creating a minimum import price condition. Advance Authorisation holders, EOUs and SEZ units are exempt from this condition if the imported inputs are not sold in the Domestic Tariff Area. The minimum import price condition applies for one year from publication.

Mutual fund registration applications are consolidated into a revised single Form A, replacing the separate forms previously required for in-principle sponsor approval and final registration. The two-stage registration process continues: Stage I requires sponsor identification, ownership, financial strength, eligibility-route compliance, regulatory history, governance and policy disclosures; Stage II requires AMC particulars, governance, infrastructure, business planning, investor-service, technology, continuity, compliance and conflict-management information. Sponsors and AMCs must provide prescribed annexures, supporting records and self-certified declarations confirming that submitted information is true, complete and compliant. Existing conditions under the Master Circular remain unchanged.

Administrator denotes the Administrator identified under section 2(a) of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. Under the Income-tax Act, 2025, this meaning applies for tax deduction at source and tax collection at source purposes. Under the Income-tax Act, 1961, the same expression carries the meaning assigned by clause (a) of section 2 of that enactment.

Transportation services for goods sent to a destination outside India, where supplier and recipient are both in India, have their place of supply at the foreign destination. The supply is inter-State, and IGST is chargeable because the supplier is in India while the place of supply is outside India. The Indian recipient may avail input tax credit of the IGST, subject to general eligibility conditions, apportionment rules and blocked-credit restrictions. The supplier must report the place of supply in GSTR-1 using code "96-Foreign Country".

Punjab SGST appellate filing timelines under section 112 are revised, with the earlier notification superseded subject to preservation of prior actions and omissions. Appeals against orders communicated before 1 May 2026 and applications concerning orders passed before 1 February 2026 may be filed before the Appellate Tribunal up to 31 July 2026. Later appeals remain subject to a three-month period from communication, while later applications remain subject to a six-month period from the order date. The revised timelines are deemed effective from 30 June 2026.

Mandatory charges paid to the property owner as a condition for permission to sub-let are directly connected with earning sub-letting receipts. Where the obligation applies for a specified period, the proportionate charge for the relevant year is not income retained by the assessee. Sub-letting income should therefore be computed from the net amount actually retained after reducing the mandatory sub-letting charges.

Alleged examination irregularities involved suspected cheating through the receipt of an answer sheet by an examinee from personnel of a private firm conducting the examination. Police arrested a biometric operator following an investigation into his alleged involvement. His prior work with biometric firms and manpower supply agencies was examined in connection with clues concerning allegedly managed examination centres and a suspected solver gang.

UAE trade restrictions on Iran halted all trade, commercial exchanges and financial transactions until further notice following reported ballistic-missile incidents and regional security escalation. The UAE assessed the missiles as directed at maritime traffic, while Iran denied launching them. The suspension disrupts the UAE's role as a major trade and re-export gateway for Iran and may increase Iran's economic isolation. Continuing threats to shipping through the Strait of Hormuz also create economic risk for the UAE's regional business, finance and tourism position.

Bihar GST provisions treat transactions for consideration between a person other than an individual and its members or constituents as supplies between separate persons, retrospectively from 1 July 2017. Input tax credit requires supplier-furnished invoice or debit-note details to be communicated to the recipient. Interest on delayed returns applies to tax paid through the electronic cash ledger, subject to proceedings-related exclusion. The framework also revises annual-return compliance, self-assessed tax recovery, provisional attachment, detention-and-seizure penalties, appeals, confiscation, information powers, and confidentiality safeguards.

Monetary policy calibration remains contingent on clearer evidence that supply-side price shocks are becoming persistent, broad-based inflationary pressures. The policy rate was maintained unchanged amid uncertainty from higher energy costs, supply-chain disruption, an erratic monsoon and food, fuel and input-price risks. Policy tightening may be required if inflation becomes generalised, expectations become de-anchored, or inflation persists. A wait-and-watch approach was preferred pending clearer realised inflation, forecasts, weather effects and global conditions.

Online credit card applications through the JioFinance app combine card comparison, eligibility checks, electronic verification, application submission and status tracking. Eligibility screening may occur without affecting the applicant's credit score, but approval remains subject to the issuing bank's criteria and internal policies. Aadhaar-based e-KYC or other accepted electronic verification may be used where applicable. Applicants should provide accurate Aadhaar, PAN and mobile details. Eligible approved applicants may receive a virtual card before physical-card delivery, subject to applicable terms and conditions.

Real-estate ITC attribution and reversal are revised through project-wise carpet-area calculations for construction services. Common ITC and capital-goods credit are finally computed at completion or first occupation, with excess reversals made through FORM GSTR-3B or FORM GST DRC-03 and excess eligible credit claimable within the prescribed September return deadline. Integrated-tax credit must be exhausted before central, State or Union territory tax credit is used. Revised assessment, demand, payment, recovery, rectification and withdrawal procedures prescribe standard electronic ASMT and DRC forms.