Long-term capital gains exemption remains tied to computation fiction, with depreciable assets not automatically losing eligibility.
The commentary examines whether replacing the phrase "capital gain arising from transfer of a long-term capital asset" with "long-term capital gains" affects exemption eligibility for depreciable long-term capital assets. It discusses two competing views on whether the deeming fiction for computation can extend to the exemption provision, but concludes that the fiction should remain confined to computation and not alter eligibility, absent a clear legislative directive to the contrary. (AI Summary)

Customs jurisdiction over Indian-flagged fishing expands to the high seas, resolving import treatment of offshore catch.
Section 56A of the Customs Act, 1962, introduced by the Finance Act, 2026, extends customs jurisdiction beyond the 12-nautical-mile territorial sea to fishing by Indian-flagged vessels in the Exclusive Economic Zone and the high seas. The amendment responds to the earlier treatment of fish caught outside territorial waters as imports on landing in Indian ports, which created duty liability, documentation burdens, and disincentives for deep-sea fishing. It is supported by UNCLOS flag State jurisdiction, constitutional power over extra-territorial legislation, and the doctrine of real connection, and it permits duty-free landing in Indian ports while treating foreign-port landings as exports. (AI Summary)