The week of 17–23 November 2025 saw significant regulatory developments across tax, GST, customs, securities law, insolvency, and judicial rulings. Key income-tax updates expanded the Capital Gains Accounts Scheme to more banks, introduced electronic deposit modes, and clarified deposit rules, while courts limited legal-heir tax liability to inherited assets. GST updates included mandatory bank-account furnishing under Rule 10A, rejection of biometric-verification mandates, and AAR rulings clarifying tax rates for infrastructure fit-outs and self-drive rentals. Customs imposed five-year anti-dumping duty on liquid epoxy resins, and DGFT shifted platinum jewellery imports to a restricted policy. SEBI issued multiple governance-focused amendments, strengthened roles of MDs, EDs, CTOs, and CISOs, and warned against unregistered online bond platforms. IBBI released major reforms on workload limits, compliance, valuation standards, due-diligence, and IP appointments, alongside several NCLAT rulings. The Supreme Court delivered key judgments on EPF priority, decree assignment, and enforceability of high-interest arbitration awards.
Notifications & Circulars issued during week (17th- 23rd Nov 2025)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
Capital Gains Accounts Scheme- Amendments: The notification incorporates section 54GA across various paragraphs and expands the definition of “Deposit Office” to include authorised branches of SBI, subsidiary banks, corresponding new banks, and any notified banking company. It also introduces “electronic mode” as a valid method for deposits, covering credit/debit cards, net banking, IMPS, UPI, RTGS, NEFT, and BHIM Aadhaar Pay. It clarifies that the effective date of deposit, whether made through cheque, draft, or electronic mode, shall be the date of receipt by the deposit office. Passbooks and statements may be furnished electronically.
(Link: Income Tax Notification 161/2025 Dated 19/11/2025)
Capital Gains Accounts Scheme- Bank Network Expanded: The notification expands the list of authorised banks permitted to accept deposits and maintain accounts under the Capital Gains Account Scheme (CGAS). The government has now approved all non-rural branches of 19 banks, including major private and regional banks, to operate CGAS accounts. It also clarifies that rural branches, defined as those located in areas with population below 10,000 as per the 2011 census, are excluded from this authorization..
(Link: Income Tax Notification 162/2025 Dated 19/11/2025)
HC sets aside Income Tax Attachment as Legal Heir Liability Limited only to Inherited Assets: Case of Anita Rani vs ITO, HC P&H Judgement Dated 11th November 2025. The court held that the liability of a legal representative is confined strictly to the value of the deceased estate, and such liability cannot exceed the assets inherited. It found that the respondent had “mechanically” attached the petitioner’s bank account, and there was no evidence that the petitioner had inherited any estate from the partners of the defaulting firm. The court held that, in the absence of such evidence, the attachment of the bank account was unjustified.
B. GST
Advisory for Furnishing of Bank Account Details as per Rule 10A: The Rule 10A, mandate taxpayers, excluding those registered under TCS, TDS, or suo moto registrations, to furnish their bank account details within 30 days of obtaining registration or before filing outward supplies in GSTR-1 or IFF, whichever is earlier. The advisory states that the GST portal will soon implement the changes, and taxpayers who have not yet submitted their bank account information, must do so promptly to prevent suspension of their GST registration and potential disruption of business operations. Bank account details can be updated via a non-core amendment on the GST portal.
(Link: GSTN Advisory Dated 20/11/2025)
SC, Judiciary would not Mandate Biometric Verification for GST Registration: Case of Rudra Vikram Singh vs Union of India, SC Judgement Dated 3rd November 2025. The apex court dismissed a Public Interest Litigation seeking judicial directives for stricter GST registration norms, including Aadhaar linkage, biometric facial verification, and multi layered anti-fraud measures. The Court emphasized that the balance between ease of doing business and prevention of fraudulent registrations is a policy matter entrusted to the executive and legislature, not the judiciary. The petitioner was advised to submit representations to the Union Government for consideration under existing administrative mechanisms.
AAR, Infrastructure Fit-Outs held Immovable, taxed under Leasing Services at 18% GST: Case of TCG Urban Infrastructure Holdings Private Limited, AAR WB Ruling Dated 14th November 2025. The applicant develops and leases commercial properties and provides essential pre-installed infrastructure and fit-outs to its tenants on a hire or rent basis. AAR held that the supply of services by the applicant will be covered by heading no. 9973 (Leasing or rental services, without operator) and as such it will be taxed under serial no. 17(viii) of the Notification 11/2017 (Rate) dated 28th June 2017. The rate of tax will be 9% CGST+ 9% SGST.
AAR, GST Classification Shift Applied as Self-Drive Rentals not treated as Transfer of Control: Case of EVM Passenger Cars India Pvt Ltd, AAR Kerala Ruling Dated 27th August 2025. The applicant offers self-drive passenger vehicles (hatchbacks, sedans, MUVs, SUVs) for personal leisure use on daily, weekly, or monthly rentals across Kerala. AAR ruled that the service is classifiable under Heading 9973, specifically SAC 997329 (Leasing or rental services concerning other goods, not elsewhere classified). The service falls under entry Serial No 17(viia) of Notification 11/2017 (Rate) , as amended) which prescribes that the GST rate must be the same as the rate applicable to the supply (sale) of like goods (motor vehicles).
C. Central Excise
No Notification/ Circular during the Week.
D. Custom Duty
Anti-dumping Duty on Liquid Epoxy Resins originating in or exported from China, Korea, Saudi Arabia, Taiwan and Thailand: Anti-dumping Duty has been imposed on imports of Liquid Epoxy Resins originating in or exported from China, Korea, Saudi Arabia, Taiwan and Thailand and imported into India. The anti-dumping duty shall be effective for a period of five years.
(Link: Customs Notification 33/2025 (ADD) Dated 17/11/2025)
E. Directorate General of Foreign Trade (DGFT)
Import Policy for Platinum Jewellery Changed from Free to Restricted: The notification amends the import policy for articles of jewellery made of platinum, specifically ITC HS Code 71131921. Previously, imports of un-studded platinum jewellery were allowed freely. However, the policy has been changed from “Free” to “Restricted,” thus imports will now require prior approval or adherence to conditions set by the DGFT
(DGFT Notification 48/2025 Dated 17/11/2025)
F. Securities and Exchange Board of India (SEBI)
Amendments to SEBI Stock Exchanges and Clearing Corporations Regulations: The amendments clarify the roles, responsibilities, and appointment procedures of managing directors, executive directors, chief technology officers (CTOs), and chief information security officers (CISOs). Managing directors now oversee overall operations, compliance, risk management, and infrastructure, while executive directors manage specific verticals with similar authority and responsibilities. CTOs are tasked with managing technology systems, IT policies, and risk frameworks, whereas CISOs handle cybersecurity governance, risk mitigation, and incident management. It also formalizes conditions for non-executive appointments on external boards and defines tenure, maximum age, and approval processes.
(Link: SEBI Notification Dated 21/11/2025)
Amendments to SEBI Depositories And Participants Regulations: The amendments revise the roles, responsibilities, and appointments of key management personnel in depositories, including managing directors, executive directors, chief technology officers, and chief information security officers. The regulation 24 and 26 have been updated to clarify appointment processes, expand the scope of executive responsibilities, and allow certain non-executive roles with prior board approval. A new regulation 26A specifies the appointment and functions of executive directors heading Vertical 1 and Vertical 2, with provisions on tenure, age, and board participation. The regulations 81B and 81C introduce roles for technology and cybersecurity oversight, ensuring risk management, policy formulation, and system efficiency.
(Link: SEBI Notification Dated 21/11/2025)
Amendments to SEBI Alternative Investment Funds Regulations: The amendments introduce a new category, “Accredited Investors only fund,” enabling funds to operate exclusively with accredited investors, with provisions for pre-existing schemes to convert subject to SEBI specified conditions. Multiple exemptions have been introduced for accredited only funds, including exclusion of accredited investors from investor count computations and relaxation from certain regulatory requirements under Regulations 4, 10, 13, and 20. Moreover, the responsibilities ordinarily assigned to trustees may now be undertaken by the fund manager in case of accredited only funds.
(Link: SEBI Notification Dated 18/11/2025)
Amendments to SEBI Listing Obligations and Disclosure Requirements Regulations: The key amendments include revised definitions covering directors, key managerial personnel, and their relatives, and removal of earlier provisos under regulation 12. These changes mainly apply to related party transactions, where thresholds are now aligned with the newly inserted Schedule XII, which prescribes a turnover based framework for determining materiality. The amendments also mandate stricter audit committee approvals for high value transactions involving subsidiaries, including those lacking one year of audited financials.
(Link: SEBI Notification Dated 18/11/2025)
Caution to Public regarding unregistered Online Bond Platform Providers: SEBI has issued a public caution regarding unregistered Online Bond Platform Providers (OBPPs), stating that some fintech companies and stock brokers are offering such services without the mandatory registration with stock exchanges. These unregistered platforms operate without regulatory oversight, investor protection mechanisms, or grievance redressal procedures, potentially violating the law, and related regulations. Investors are strongly advised to verify the registration status of OBPPs before transacting and to engage only with SEBI-registered entities to safeguard their interests. Links to verify registration on SEBI, NSE, and BSE websites were provided.
(Link: SEBI Press Release 75/2025 Dated 19/11/2025)
G. Ministry of Corporate Affairs (MCA)
No Notification/ Circular during the Week.
H. Insolvency and Bankruptcy Board of India (IBBI)
Insolvency Professional assignments limited to 10 Ongoing or 3 High Value Cases: The IBBI has amended IBBI Insolvency Professionals Regulations, to strengthen governance and workload management for insolvency professionals. The main amendment, Regulation 7B, limits individual insolvency professionals (non-entities) to a maximum of ten concurrent assignments across corporate insolvency resolution and liquidation processes, with no more than three assignments exceeding admitted claims of Rs 1,000 crore each. Professionals currently exceeding these limits must refrain from accepting new assignments until their load falls below the prescribed ceiling. The changes to the Code of Conduct specify that certain actions now require prior approval from the Adjudicating Authority instead of the Board.
(Link: IBBI Notification Dated 20/11/2025)
Insolvency Professionals Liable for Late or Inaccurate Form Filing: The amendments to IBBI Insolvency Resolution Process for Personal Guarantors to Corporate Debtors Regulations, enhance compliance and reporting requirements for resolution professionals. The regulation 23 mandates the filing of specified Forms along with enclosures on the Board’s electronic platform within stipulated timelines. The Forms must be accurate and complete, and any delay in filing, including corrections or updates, will attract a fee of Rs 500 per Form per month. The Resolution professionals are also liable for failure to submit forms, inaccurate or incomplete information, or delayed filing, including potential refusal to issue or renew their Authorisation for Assignment.
(Link: IBBI Notification Dated 20/11/2025)
Strengthening due diligence under Section 29A: The section 29A sets out ineligibility criteria for resolution applicants, and multiple responsibilities under the Code and CIRP Regulations require RPs and prospective resolution applicants to verify and confirm eligibility. These include mandatory disclosures in Form G, undertakings with Expressions of Interest, affidavits with resolution plans and due diligence by the RP to confirm compliance before presenting plans to the Committee of Creditors (CoC). RPs must now place a detailed note on Section 29A compliance before the CoC and ensure that related discussions and observations are accurately recorded in the minutes.
(Link: IBBI Circular Dated 18/11/2025)
Discussion Paper on Strengthening safeguards and transparency in the Corporate Insolvency Resolution Process (CIRP): The paper identifies procedural gaps in disclosure, decision-making, and consistency across CIRPs, particularly in real estate cases, incomplete asset disclosure, dominance of unregulated financial creditors in the CoC, and the absence of recorded reasons for recommending liquidation. The main proposals include mandatory inclusion of allottees and their treatment in the Information Memorandum and resolution plan, comprehensive disclosure of receivables, joint development agreements, and attached assets, safeguards to ensure operational creditor participation where no financial institution is represented, and mandatory recording of CoC’s rationale when recommending liquidation over a viable resolution plan. The Feedback/ comments from stakeholders are invited.
(Link: IBBI Discussion Paper Dated 17/11/2025)
Discussion Paper on Minimum Capital Contribution for IPE Directors/Partners: The paper proposes minimum shareholding or capital contribution for directors or partners of Insolvency Professional Entities (IPEs) to enhance governance, accountability, and professional independence. IPEs, recognised under IBC and Insolvency Professionals Regulations, provide a structured framework for Insolvency Professionals (IPs) to operate collectively. Currently, the absence of minimum capital thresholds has led to disproportionate ownership, with a few members holding significant equity while many IPs bear substantial professional responsibilities with nominal stakes. The proposal suggests a minimum 5% capital contribution per director/partner, with pro-rata adjustments for IPEs having more than 20 members. The Feedback/ comments from stakeholders are invited.
(Link: IBBI Discussion Paper Dated 17/11/2025)
Discussion Paper on Proposed Guidelines for Conducting Valuation under IBC: This is in continuation to earlier discussion paper on strengthening valuation process issued by IBBI. The guidelines propose a uniform format for valuation reports and prescribe comprehensive documentation requirements for Registered Valuers. Part I outlines general requirements, including mandatory documentation, minimum contents of valuation reports, and key parameters for valuing receivables. Part II provides asset-specific formats for Land & Building, Plant & Machinery, and Securities or Financial Assets, detailing the purpose, scope, valuation methods, assumptions, inspections, sustainability factors, and final conclusions. The Feedback/ comments from stakeholders are invited.
(Link: IBBI Discussion Paper Dated 19/11/2025)
Discussion Paper on Strengthening Valuation process under IBC: The paper proposes major reforms to strengthen the valuation framework, by addressing inconsistencies, lack of standardization, and varied methodologies used in current valuation practices. The key proposals include standardizing valuation report formats and documentation, harmonizing valuation standards across CIRP, liquidation, PPIRP, and other processes, widening the definition of fair value to include intangible and synergistic business assets, and allowing appointment of a single valuer for smaller corporate debtors to reduce costs and delays. It also suggests introducing a Coordinator Valuer to integrate asset-class valuations into an aggregate fair value, improving accuracy and enterprise-level assessment. The Feedback/ comments from stakeholders are invited.
(Link: IBBI Discussion Paper Dated 14/11/2025)
Guidelines for Insolvency Professional Appointments: IBBI has issued the ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2025’, streamlining the appointment process of Insolvency Professionals (IPs) for corporate and individual insolvency cases. These set eligibility criteria, including a clean disciplinary record, no convictions in the last three years, valid Authorisation for Assignment (AFA), and submission on unconditional expression of interest. The Board will prepare a panel of eligible IPs, valid from 1st January 1 to 30th June 2026, sorted by ongoing assignment volume and registration date, and share it with National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) benches. The Guidelines also define zone-wise allocations and conditions for acceptance of appointments, ensuring administrative efficiency, transparency, and uniformity in insolvency proceedings.
(Link: IBBI Circular Dated 21/11/2025)
NCLAT, Successful Resolution Applicant (SRA) duly satisfying all CIRP Regulations cannot be held as ineligible: Case of Dr Vijay Kant Dixit vs Amrapali Fincap Ltd, NCLAT Delhi Judgement Dated 7th November 2025. The appellate tribunal held that order holding Successful Resolution Applicant as ineligible is wholly erroneous and unsustainable since SRA duly satisfied all the of CIRP Regulations. The impugned order is quashed and set aside.
NCLAT, Tribunal should enforce valid Family Settlement Agreement for resolving Family Company Disputes: Case of C Vali Narayan vs C Krishniah Chetty & Sons, NCLAT Delhi Judgement Dated 19th September 2025. The appellate tribunal held that NCLT erred by not enforcing valid Family Settlement Agreement since such agreement is binding and enforceable for resolving family company disputes.
NCLAT Rejects Bank Claim as Financial Creditor Due to Lack of Builder Repayment Obligation: Case of UCO Bank vs Debashish Nanda, NCLAT Delhi Judgement Dated 29nd October 2025. The appellate tribunal held that a home loan lender Bank, in the absence of a tripartite agreement obligating Corporate Debtor to repay the loan to the bank, cannot file a claim as a financial creditor in the insolvency of the Builder.
NCLAT Upholds Assignment of admitted GST dues as Operational Debt: Case of Ellison Oil Field Services Pvt Ltd vs CITOC Ventures Pvt Ltd, NCLAT Delhi Judgement Dated 17th September 2025. The case relates to the validity of the assignment of GST dues from the GST Department to CITOC Ventures after SES Energy Services had entered the Corporate Insolvency Resolution Process (CIRP). The appellate tribunal ruled that the assignment was valid and did not constitute an unauthorized tax collection, meaning the GST dues could be assigned as operational debt to a private entity.
I. Reserve Bank of India (RBI)
No Notification/ Circular during the Week.
J. Miscellaneous
SC Rules EPF dues outrank Secured Creditors despite SARFAESI Priority: Case of Jalgaon District Cooperative Bank Limited vs State of Maharashtra, SC Judgement Dated 20th November 2025. The apex court ruled that EPF dues, including contributions, interest, penalty & damages, have first claim on sale proceeds. Only after satisfying EPF dues can the secured creditor (Bank) recover its dues under SARFAESI. Workmen’s wage claims do not override the secured creditor & have no priority unless surplus remains after satisfying EPF & Bank dues.
SC, Assignment of Specific Performance Decree does not require Registration: Case of Rajeshwari vs Shanmugam, SC Judgement Dated 19th November 2025. The apex court ruled that an assignment of a decree for specific performance of a sale agreement does not require registration under Indian Registration Act. The court held that such a decree is a “preliminary decree” that does not create or transfer a right to immovable property, and title only arises from a later registered sale deed. Therefore, an unregistered assignment deed for such a decree is valid, and the assignee can execute it.
SC, Arbitration Award Final, upholds 24% Interest Rate: Case of Lakshmi Hotel Pvt Ltd vs Sriram City Union Finance Ltd, SC Judgement Dated 18th November 2025. The dispute dates back to 2006, when the Chennai-based hotel company borrowed a total of Rs 1.57 crore from the NBFC. The loans carried 24% annual interest-high, but not unusual for risky commercial lending. The arbitrator, passed an award in 2014 directing the hotel to pay the amount plus 24% interest. The apex court dismissed the appeal, upholding all previous findings and allowing the 24% interest rate to stand.
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Compiled by:- CMA Yash Paul Bhola, MBA, FCMA, Former Director (Finance), National Fertilizers Limited.
Disclaimer: The contents of this article are for informational purposes only. The user may refer to the relevant notification/ circular/ decisions issued by the respective authorities for specific interpretation and compliances related to a particular subject matter)
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