CBIC has continued existing tariff values for edible oils, precious metals, brass scrap, and areca nuts under Notification No. 54/2026-Customs (N.T.). The decision ensures continuity in customs duty calculations by avoiding any changes in valuation benchmarks.
RBI has issued draft amendment directions to harmonise governance standards for risk management, compliance, and internal audit functions. The proposals aim to enhance accountability, independence, and board oversight across regulated entities.
RBI has released draft amendment directions on the Standardised Approach for Counterparty Credit Risk after reviewing legal and regulatory developments. Stakeholders have been invited to submit comments by July 1, 2026.
SEBI has granted additional time for merchant bankers to comply with SBU segregation and revised net worth norms after industry participants highlighted implementation difficulties. The circular aligns major financial compliance milestones with the financial year-end.
FIR registered against officials and the liquidator of Punj Lloyd Ltd. (PLL), which alleged non‑payment of subcontractor dues and misuse of Goods and Services Tax (GST) input credits in connection with the Gas Authority of India Ltd (GAIL) pipeline project was quashed as mere breach of contractual obligations, delayed payments, GST disputes, or financial reconciliation issues did not constitute the offence of cheating unless fraudulent or dishonest intention existed from the inception of the transaction.
KSCAA has urged Karnataka authorities to assess empanelment eligibility based on the audit experience of Chartered Accountants within a firm rather than the firm’s age. The representation emphasizes that professional competence should prevail over technical considerations relating to firm reconstitution.
The issue was whether ITC could be denied solely because the taxpayer failed to produce lorry receipts and weighment slips despite possessing tax invoices and dealing with a registered supplier.
The High Court held that merely issuing a notice is insufficient if the assessee is not informed of further developments or given a meaningful opportunity to be heard. The decision underscores the importance of compliance with procedural safeguards in jurisdiction transfer matters.
The Kerala High Court condoned a 676-day delay in filing an ITAT appeal after finding that the assessee had bona fide relied on its auditors to file the appeal. The Court held that specific and plausible explanations indicating absence of deliberate inaction justified a liberal approach in the interest of justice.
The Chennai ITAT ruled that indexation benefits under Section 48 cannot be denied when construction details are already part of the registered sale deed. The Tribunal held that annexures forming part of the sale deed cannot be treated as additional evidence.
