Absence of a valid jurisdictional notice under Section 143(2) renders the underlying assessment a nullity. This jurisdictional defect may be challenged when the assessment is enforced or relied on, including during collateral penalty proceedings. Because penalty proceedings derive their legal basis from the assessment, a penalty founded on an invalid assessment lacks a valid legal foundation and is non est. The invalidity of the assessment can therefore be raised in the penalty appeal, resulting in quashing of the consequential penalty.

The enhanced leave-encashment exemption ceiling applies to Assessment Year 2021-22 under the relevant notification. The increase is characterised as a beneficial and curative fiscal measure intended to remedy hardship arising from prolonged non-revision of the exemption limit. Such measures warrant liberal construction and may extend to pending assessments unless retrospective application is expressly barred. The notification's stated effective date does not prevent application of the enhanced exemption to the pending assessment, rendering the full qualifying leave-encashment amount exempt.

Penalty proceedings must be initiated within a reasonable period and completed within the prescribed limitation period. The assessing officer's reference to the competent penalty authority, rather than the later issuance of a show-cause notice, triggers the relevant action. Revenue discretion cannot permit indefinite delay because that would defeat the purpose of limitation law. Where initiation is delayed beyond a reasonable period, the doctrine of delay and laches applies, rendering the penalty order and consequential demand unsustainable and liable to be quashed.

Penalty proceedings must be initiated within a reasonable period, even where the limitation provision specifies only the period for their completion after initiation. The initiating step is the assessing authority's reference to the competent penalty authority, not the later show-cause notice. A purposive construction of the limitation framework prevents indefinite delay and excludes unfettered discretion in commencing penalty action. Delayed initiation rendered the penalty order and consequential demand notice unsustainable, resulting in their quashing.

Penalty proceedings commence when the assessing authority refers the matter to the competent penalty authority, not when a show-cause notice is issued. Although Section 275(1)(c) fixes the period for completing penalty proceedings, delay and laches prevent the Revenue from initiating proceedings after an unreasonable delay. The limitation principle therefore restricts any unfettered discretion to defer commencement. On these principles, the delayed penalty order and consequential demand were treated as invalid and quashed in favour of the assessee.

Interest awarded under Section 28 of the Land Acquisition Act, 1894 on enhanced compensation for compulsory land acquisition is treated as an accretion to the value of the acquired land and forms part of the enhanced compensation. It compensates for inflation during the period between determination and payment of compensation. Tax may not be deducted at source from this interest component payable with enhanced compensation.

Money-laundering investigation into alleged bank-loan fraud involving DHFL has resulted in the freezing of bank deposits held by Al Jalore Trading FZE under the Prevention of Money Laundering Act. A United Kingdom property was allegedly disposed of through a purported loan arrangement that created an encumbrance to settle an Indian liability. Sale proceeds were credited to Al Jalore Trading FZE's Indian bank account rather than to the registered owner, indicating alleged dissipation of proceeds of crime through a structured foreign-property transaction.

Open General Export Licence arrangements permit eligible exporters to self-generate authorisations for multiple consignments of specified defence items without obtaining separate authorisation for each consignment. Three existing licence procedures are consolidated into a unified framework. Licence validity is extended to three years, and territorial coverage is expanded to all countries other than negative or sensitive nations and destinations subject to United Nations Security Council sanctions or arms embargoes. Eligible companies with long-term foreign original equipment manufacturer agreements may obtain licences aligned with the underlying contract, subject to prescribed conditions.

SEBI's final observations enable Jio Platforms Ltd to proceed with an initial public offering comprising up to 27 crore newly issued equity shares. The transaction is structured as a fresh issue of shares. Offer proceeds are primarily allocated towards repayment or prepayment of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms' material subsidiary, with the balance designated for general corporate purposes.

Domestic bullion prices declined for a third consecutive session as a stronger US dollar and sustained profit-booking after a recent rally weakened gold and silver. Gold fell sharply in the national capital and silver also declined in domestic trading, with the three-day movement reflecting ongoing price volatility in the bullion market. International spot gold remained marginally lower while investors awaited policy-related remarks concerning inflation and elevated yields.

Direct Benefit Transfer has transferred welfare benefits directly to beneficiaries, largely through Jan Dhan accounts, reducing intermediaries and supporting transparent delivery. The Pradhan Mantri Jan Dhan Yojana provides unbanked adults basic accounts without minimum-balance or maintenance-charge requirements, along with RuPay debit cards, accident insurance coverage, and emergency overdraft access. Banking outlets, digital-payment infrastructure, and Bank Mitras extend formal financial services to women, rural and semi-urban communities, strengthening financial inclusion and participation in the formal economy.

Residential property development involving purchase of sites, construction of houses and sale to customers is ordinarily business activity. Where properties are acquired, developed and held for sale, they generally constitute stock-in-trade and the profit is taxable as business income rather than capital gains. Registration in the developer's own name is not determinative. Section 44AD may be considered where eligibility conditions are met, subject to verification of the assessee's status, nature and regularity of activity, holding intention, accounting treatment, and receipt details. GST turnover supports business activity but does not determine the income-tax head.

GST rate liability for government civil works turns on the time of supply, rather than solely on delayed payment of a work bill. Completion, measurement, invoicing, return filing and payment dates require examination. A demand for 18% instead of 12% must be tested against the rate applicable when the supply became taxable. Disclosure of turnover in GST returns, GSTR-7 tax-deduction details and income-tax returns is material to any allegation of suppression. A rate dispute alone does not establish the fraud, wilful misstatement or suppression required for Section 74 proceedings, and limitation must also be verified.

India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.

Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.

Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.

Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.

Arrests under the Prevention of Money Laundering Act form part of an investigation into alleged digital arrest cyber fraud and laundering of fraud proceeds. Funds were reportedly routed through numerous bank accounts, withdrawn in cash, and converted into foreign currency through licensed money changers. The financial trail is linked to commodity trading, travel and foreign-exchange entities allegedly connected with cyber-fraud complaints and first information reports. The inquiry also identified alleged shell or dummy companies using proxy directors to conceal control and facilitate fund movement.

Foreign exchange market conditions supported a six-paise appreciation of the rupee against the US dollar at the close of trading. Lower global crude oil prices and Reserve Bank of India intervention to limit significant rupee depreciation contributed to the movement. A marginal strengthening of the US dollar and foreign institutional investor equity outflows continued to exert pressure, while FCNR(B) scheme inflows supported the currency.

Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.