CESTAT Kolkata held that granules cleared to job workers for conversion into PPCP containers could not be treated as traded goods. The Tribunal ruled that reversal of credit under Rule 3(5) had been properly carried out.
DGFT has automatically extended the Export Obligation period up to 31 August 2026 for eligible EPCG and Advance Authorisation holders. The relaxation eliminates the need for separate applications, amendments, or composition fees amid geopolitical and logistics disruptions.
RBI has standardized the 90-day NPA classification rule across all NBFC categories, including NBFC-BL entities, effective 31 March 2026. The framework also prescribes detailed provisioning requirements for standard, sub-standard, doubtful, and loss assets.
The article explains why diesel in construction businesses is treated as consumable inventory and how GST exclusion increases project costs due to non-availability of input tax credit.
Court ruled that reassessment notices under Section 148 must be issued through the faceless mechanism under Section 151A and the 2022 Scheme. Notice issued by the Jurisdictional Assessing Officer was held invalid and quashed.
The Madras High Court held that reassessment notices required to be issued by the Faceless Assessing Officer are invalid if issued by the Jurisdictional Assessing Officer. The Court followed the Bombay High Court ruling in Hexaware Technologies.
Tribunal observed that where goods are sold on FOR destination basis, the buyer’s premises may constitute the place of removal. If established on facts, CENVAT credit on outward transportation services would be admissible.
The Madras High Court held that reassessment notices required to be issued by the Faceless Assessing Officer are invalid if issued by the Jurisdictional Assessing Officer.
The Jharkhand High Court held that retrospective insertion of Section 147A removed the jurisdictional challenge against reassessment notices issued under Sections 148 and 148A. The petition was disposed of without quashing the proceedings.
The High Court ruled that deduction of broken period interest on HTM securities was a settled legal issue and could not justify reopening of assessment. The reassessment proceedings were set aside as lacking legal basis.
