During the week of May 26th to June 1st, 2025, several regulatory changes and clarifications were issued across various sectors. In Income Tax, the due date for filing Income Tax Returns for Assessment Year 2025-26 was extended to September 15, 2025. Corrigenda to ITR-3, ITR-5, and ITR-6 forms were issued, adding Sikkim to the Section 80-IE deduction schedule. REC Ltd’s Zero Coupon Bond was notified under Section 2(48) of the Income Tax Act, detailing its structure and tax implications. GST saw several Advance Ruling Authority (AAR) decisions, including that renting goods carriers to GTAs is taxable but subject to a ‘Nil’ rate under specific conditions, RWA corpus funds are subject to GST, and “pre-packaged & labelled” frozen meat supplied to hotels may be taxable if “Not for Retail Sale” is not declared. High Court rulings clarified that retailer discounts are not taxable services, GST cross-charges can be valued at zero if full tax credit is available, and GST refunds from conciliation agreements are due from the agreement date. Customs notifications designated Jalna, Maharashtra, as a customs port, updated tariff values for various commodities, assigned pending appeal cases to Mumbai Customs, and amended Sea Cargo Manifest regulations. Import duty on crude edible oils was reduced, and the exemption for yellow peas was extended. The Directorate General of Foreign Trade (DGFT) aligned the RoDTEP schedule with Customs Tariff Act changes, restored RoDTEP for AA holders, SEZs, and EOUs, corrected an agency name in the FTP, and restricted imports of certain roller chains and cabinet hinges. Port restrictions and testing requirements for leather exports were removed, and AYUSHEXCIL was authorized to issue Certificates of Origin (Non-Preferential). SEBI introduced revised rules for Market Infrastructure Institutions’ Key Management Personnel and measures for trading convenience and risk monitoring in equity derivatives, including new Open Interest calculations and position limits. The Ministry of Corporate Affairs (MCA) announced the launch of the final set of 38 company forms on the MCA21 V3 portal, effective July 14, 2025, and issued amendments to Companies Accounts, Management and Administration, Audit and Auditors, Registration Offices and Fees, and Cost Records and Audit Rules. The Comptroller and Auditor General (CAG) also revised directions for statutory auditors of government companies. The Insolvency and Bankruptcy Board of India (IBBI) amended Insolvency Resolution Process for Corporate Persons Regulations, launched revised and simplified forms for CIRP, and issued new guidelines for creating a panel of Insolvency Professionals. The National Company Law Appellate Tribunal (NCLAT) ruled that only resolution professionals can file applications for avoidance of preferential transactions. Finally, the Reserve Bank of India (RBI) included The Vishweshwar Sahakari Bank Ltd, Pune, in its Second Schedule, and the Supreme Court rejected pleas by telecom companies for relief in AGR and spectrum dues, upholding the application of Res Judicata.
Notifications & Circulars issued during week (26th – 1st Jun 2025)
A. Income Tax
Extension of due date for furnishing return of income for the Assessment Year 2025-26: In view of the time required for system readiness in view of extensive changes and limited window available after reflecting of TDS credits, it has been decided that the due date for filing of ITRs, originally due on 31st July, 2025, is extended to 15th September, 2025. This relates to all case of assesses referred to in Explanation 2(c) of section 139(1) of Income Tax Act.
(Link: Income Tax Circular 06/2025 Dated 27/05/2025, Press Release Dated 27/05/2025)
ITR-3 Form, corrigendum to notification 41/2025 dated 30th April 2025, adds Sikkim to Section 80-IE deduction schedule: This corrigendum amends the previous notification 41/2025 dated 30th April 2025 relating to ITR-3 for AY 2025-26. A new entry “ah” has been added to include the state of Sikkim in the deduction schedule 80-IE, which pertains to undertakings located in the North-Eastern region of India. It now incorporate undertakings from Sikkim alongside those from Assam, Arunachal Pradesh, Manipur, Mizoram, Meghalaya, Nagaland, and Tripura. For each of these states, the revised schedule lists two undertakings (no. 1 and no. 2) for which deductions are allowed under Section 80-IE, as referenced in item 30 of Form 10CCB for each undertaking. A new row “ai” has been added to capture the total deductions for all undertakings in the North-East region (aa1 to ah2), and row “b” reflects the total deduction under Section 80-IE based on this sum.
(Link: Income Tax Notification 50/2025, Dated 29/05/2025)
ITR-5 Form, corrigendum to notification 42/2025 dated 1st May 2025, adds Sikkim to Section 80-IE deduction schedule: This corrigendum modifies the earlier notification 42/2025 dated 1st May 2025 relating to ITR-5 for AY 2025-26. A new entry “ah” has been added to include the state of Sikkim in the deduction schedule 80-IE, which pertains to undertakings located in the North-Eastern region of India. A new row “ai” has been added to capture the total deductions for all undertakings in the North-East region (aa1 to ah2), and row “b” reflects the total deduction under Section 80-IE based on this sum.
(Link: Income Tax Notification 51/2025 Dated 29/05/2025)
REC Ltd Zero Coupon Bond notified under section 2(48): The Central Government specifies the Ten year Zero Coupon Bond REC Ltd as zero coupon bond under section 2(48) Income Tax Act. The duration of the bond is ten years six months, to be issued on or before the 31st day of March, 2027, the amount to be paid on maturity or redemption of the bond is Rs.1,00,000/- for each bond, the discount is Rs. 44000/- per bond, i.e. issue price is Rs. 56000/- per bond, the number of bonds to be issued is five lakhs.
— A Zero Coupon Bond (ZCB) is a financial instrument that does not pay periodic interest (coupon) during its tenure. Instead, it is issued at a discount and redeemed at its face value upon maturity. The difference between the issue price and face value represents the return for investors. If held beyond 12 months, the long term capital gains will attract a 12.5% tax rate. If sold before 12 months, the short term capital gains will be taxed as per the bondholder’s income tax slab.
(Link: Income Tax Notification 52/2025 Dated 30/05/2025)
ITR-6 Form, corrigendum to notification 44/2025 dated 6th May 2025: This corrigendum modifies the earlier notification 44/2025 dated 1st May 2025 relating to ITR-6 for AY 2025-26. In Schedule CG, a specific row item “B4ca” has been updated to correct a typographical error. A new entry “ah” has been added to include the state of Sikkim in the deduction schedule 80-IE, which pertains to undertakings located in the North-Eastern region of India. It ensures that Sikkim is now explicitly listed among the North-Eastern states for which deductions under Section 80-IE can be claimed, in Form 10CCB.
(Link: Income Tax Notification 53/2025 Dated 30/05/2025)
B. GST
AAR, GST on Renting Goods Carrier to Goods Transport Agencies (GTAs): Case of Dharmaraju Ragul, AAR Tamil Nadu Ruling Dated 9th May 2025. AAR ruled that the supply of goods carriage on hire or lease to a Goods Transport Agency is a taxable supply. By virtue of SI. No.22 of Notification No.12/2017 (Rate) dated 28th June 2017, the activity is charged to Nil rate of tax. Column 5 of the Table in the said notification is for conditions applicable for that specific entry. At SI. No. 22 of the said notification, no condition is specified for claiming the facility provided under the notification. The service provider, namely the applicant need not be a goods transport agency to claim the facility of the notification.
AAR, GST on RWA Corpus or Sinking Funds: Case of Crimson Dawn Apartment Owners Welfare Association, AAR Tamil Nadu Ruling Dated 7th May 2025. AAR ruled that the amount of corpus/sinking/capital fund collected from the residents for the purpose of painting and carrying out some building maintenance work in the common area of the apartment is subjected to CGST and SGST and applicable tax need to be paid. As the applicant liable to pay GST on the collection of corpus/sinking/ capital fund, they can utilize the ITC availed towards their outward liability subject to following the provisions of Section 17(2) of the Act and Rule 42 of the Rules.
— In terms of SI. No. 77 of Notification No. 12/2017 (Rate) dated 28th June 2017, read with Circular No.109/28/2019-GST dated 22nd July 2019, if the subscription/contribution per month per member is less than Rs.7,500/-, no GST is liable to be charged and collected from the members.
AAR, GST on ‘Pre-packaged & Labelled’ Frozen Meat: Case of Fairmacs Shipstores Private Limited, AAR Tamil Nadu Ruling Dated 7th May 2025. AAR ruled that Hotels qualify as an industrial consumer’ as per Rule 2(bb) of the Legal Metrology (Packaged Commodities) Rules, 2011. The declaration ‘Not for Retail Sale’ is reportedly not affixed/printed in the packages, and therefore, such supplies are not exempted from payment of GST. However, on fulfilment of the requisite conditions, if such outward supplies are treated as ‘Nil’ rated, ITC on the inward supply involved in such cases cannot be availed.
— Since the mandatory requirement of declaration ‘Not for Retail Sale’ is not available in the packages instant case, and since the status of the distributor as a wholesale dealer is not clear/confirmed, the applicant should charge GST on such supplies to distributors.
HC, Retailer Discounts Not Taxable Services: Case of Vardhman Electronics vs Additional Commissioner, HC Delhi Judgement Dated 13th May 2025. HC observed that discount given by manufacturers to retailers, prima facie, cannot be considered as a consideration for services rendered by the retailer.
HC, GST Cross charges considered at zero value if previously not levied: Case of KEI Industries Limited vs Union of India, HC Delhi Judgement Dated 22nd May 2025. High Court has quashed IGST demand on non-cross charged expenses. It overturned a tax demand on expenses not cross-charged by the petitioner to its other entities. Following Circular No. 199/11/2023-GST and its own ruling that cancelled a secondment demand, the court clarified that un-invoiced services can be valued at ‘zero’ when full tax credit is available.
HC, GST Refund due from Conciliation Agreement date: Case of Delhi Metro Rail Corporation Ltd vs Commissioner (Appeals), HC Delhi Judgement Dated 21st May 2025. HC held that the relevant date for the purpose of GST refund arising due to result of conciliation shall be date of conciliation agreement.
C. Central Excise
No Notifications/ Circular during the week.
D. Custom Duty
Customs notifies Jalna in Maharashtra as custom port: The notification designate Jalna in Maharashtra as customs port. The location is now authorized for the unloading of imported goods and the loading of export goods.
(Link: Custom Notification 37/2025 (NT) Dated 26/05/2025)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 31st May 2025. The tariff value for crude palm oil is set at USD 965 per metric ton, while gold and silver have tariff values of USD 1067 per 10 grams and USD 1080 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 6970 per metric ton.
(Link: Custom Notification 38/2025 (NT) Dated 30/05/2025)
CBIC assigns 700 pending appeal cases to Mumbai Customs Zone: The notification has assigned the adjudication of 700 pending appeal cases to the Commissioner of Customs (Appeals), Mumbai Zone-I. It empowers the assigned commissioner to handle appeals against specific Orders- in-Original and Bill of Entry filings.
(Link: Custom Notification 39/2025 (NT) Dated 30/05/2025)
Amendments to Sea Cargo Manifest and Transhipment Regulations: The key change is the substitution of the entry against Sr. No. 6 in column (3) of the TABLE after FORM-XII, where the previous date has been replaced with ‘30.09.2025’.
(Link: Custom Notification 40/2025 (NT) Dated 31/05/2025)
CBIC Reduces Import Duty on Edible Oils and Extends Exemption for Yellow Peas: The notification extends the import exemption for Yellow Peas (HS 0713 10 10) to bills of lading issued on or before March 31, 2026. It also amends notification 50/2027, to reduce the basic customs duty on crude soybean oil (15071000), crude sunflower oil (15121110), and crude palm oil (15111000) from 20% to 10%.
(Link: Custom Notification 31/2025 (T) Dated 30/05/2025)
E. Directorate General of Foreign Trade (DGFT)
Alignment of RoDTEP Schedule consequent to changes in the First Schedule of Customs Tariff Act: The notification aligns the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme’s rate and cap structure (Appendix 4R) with amendments made to the First Schedule of the Customs Tariff Act, as per Finance Act, 2025. It affects specific Harmonized System (HS) Codes and is aimed at maintaining consistency between export incentives under RoDTEP and the modified customs tariff structure.
(Link: DGFT Notification 10/2025 Dated 26/05/2025)
Restoration of RoDTEP for Advance Authorisations (AAs) holders, Special Economic Zones (SEZs) and Export-Oriented Units (EOUs): The notification restores the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for exports originating from Advance Authorization (AA) holders, Special Economic Zones (SEZs), and Export- Oriented Units (EOUs). It reinstates financial support under the RoDTEP scheme for products manufactured and exported by these specific categories of units.
(Link: DGFT Notification 11/2025 Dated 26/05/2025)
Amendment in FTP- Agency name corrected: The amendment to Para 4.41(5) of the Foreign Trade Policy (FTP) revises the name of the ‘International Gemmological Institute (India) Pvt. Ltd’ located in Bandra Kurla Complex, Mumbai, to ‘International Gemmological Institute (India) Limited’.
(Link: DGFT Notification 12/2025 Dated 26/05/2025)
Amendment in Import Policy Condition of Roller chain and parts thereof: The Central Government has reclassified imports under specific HS codes. Previously categorized as ‘Free,’ the import of roller chains and their parts with a CIF (Cost Insurance, and Freight) value below Rs 235 per kilogram is now ‘Restricted.’ Thus, it require specific authorization and compliance for lower-priced goods.
(Link: DGFT Notification 13/2025 Dated 26/05/2025)
Amendment in Import Policy Condition of Cabinet Hinges: The Central Government has reclassified imports under specific HS codes. The imports of cabinet hinges with a CIF (Cost Insurance, and Freight) value below Rs. 280 per kilogram is now ‘Restricted.’ Thus, it require specific authorization and compliance for lower-priced goods.
(Link: DGFT Notification 14/2025 Dated 26/05/2025)
Removal of Port Restrictions and Testing Requirements for Export of Finished Leather, Wet Blue Leather, El Tanned Leather and Crust Leather: The notification removes previously imposed restrictions on the export of various leather types. It eliminates port restrictions for Finished Leather, Wet Blue Leather, and EI Tanned Leather exports. Additionally, the mandate for testing and certification by the Central Leather Research Institute (CLRI) for Finished Leather, Wet Blue Leather, Crust Leather, and EI Tanned Leather is no longer required.
(Link: DGFT Notification 15/2025 Dated 26/05/2025)
Agency Authorized to issue Certificate of Origin (Non Preferential) enlistment under Appendix 2E of FTP: The Ayush Export Promotion Council (AYUSHEXCIL) has been authorised to issue Certificate of Origin (Non-Preferential). It has been granted under paragraph 2.04 of the Foreign Trade Policy (FTP) and the details, including their address, website and contact number are now officially listed.
(Link: DGFT Public Notice 08/2025 Dated 30/05/2025)
F. Securities and Exchange Board of India (SEBI)
Final Settlement Day (Expiry Day) for Equity Derivatives Contracts: It has been decided that all equity derivatives contracts on an exchange must expire either on Tuesday or Thursday. Each exchange may maintain one weekly benchmark index options contract expiring on its chosen day. All other contracts, including index futures and single stock futures/options, must have at least a one-month tenor and will expire in the last week of the month on the designated day. Further, exchanges must obtain SEBI’s prior approval to change the expiry day of any derivatives contract.
(Link: SEBI Circular Dated 26/05/2025)
Updates on Rules for Market Infrastructure Institutions (MIIs) Key Management Personnel (KMPs) Roles: The circular outlines the revised procedures for the appointment, re-appointment, termination, and resignation of specific KMPs within MIIs, which include stock exchanges, clearing corporations, and depositories. It focuses on KMPs in core operational areas—Compliance Officer, Chief Risk Officer, Chief Technology Officer, and Chief Information Security Officer, who are essential to ensuring the MII’s focus on compliance, risk management, and technological resilience over commercial objectives.
— It requires MIIs to engage independent external agencies for identifying candidates, followed by review and recommendation by the Nomination and Remuneration Committee (NRC), and final decision by the Governing Board. Terminations require a fair hearing before the board. It has also introduced flexibility for MIIs to set a cooling-off period for KMPs, including the Managing Director, transitioning to a competing MII. Also, MIIs must record and communicate to SEBI the rationale for not re- appointing a PID after their first term.
(Link: SEBI Circular Dated 26/05/2025)
Measures for Trading Convenience and Strengthening Risk Monitoring in Equity Derivatives: The key revisions include a new method for calculating Open Interest (OI) as Future Equivalent Open Interest (FutEq OI) at a portfolio level, using delta adjustments for futures and options. The Market Wide Position Limit (MWPL) for single stocks will now be lower of 15% of free float or 65 times the Average Daily Delivery Value, with a 10% free float floor. During a ban period for single stocks, any trading must result in a reduction of FutEq OI by the end of the day. Intraday monitoring of MWPL utilization will be performed randomly by stock exchanges.
— New position limits for index futures and options have been set, with a glide path for implementation of index options limits until December 5, 2025. Additionally, the pre-open session will extend to current-month futures contracts, and new eligibility criteria for derivatives on non-benchmark indices have been defined. Also, individual entity-level position limits for single stocks have been recalibrated based on the new MWPL definition. These changes will be implemented in phases, with various effective dates ranging from 1st July 2025, to 6th December 2025.
(Link: SEBI Circular Dated 29/05/2025)
G. Ministry of Corporate Affairs (MCA)
MCA launches Final Set of 38 Company Forms In MCA21 V3 Portal: The Ministry of Corporate Affairs (MCA) is launching the final set of 38 Company Forms on the MCA21 V3 portal on 14th July 2025. This release includes 13 annual filing forms and 6 audit/cost audit-related forms. E-filings on the MCA V2 portal will cease from 18th June 2025, requiring all pending V2 filings to be completed beforehand. The MCA V3 portal will experience downtime from 9th July 2025, to 13th July 2025, during which no V3 filings or resubmissions will be possible. All users must create new Business User IDs, upgrade V2 IDs, or merge V2 IDs into V3, and ensure Digital Signature Certificates (DSC) are associated.
(Link: MCA Web Notice, List of all 38 Forms Dated 30/05/2025)
Amendments to Companies Accounts Rules: The key amendments relates to enhanced disclosures in Board Report to include reporting on sexual harassment cases and statement on maternity benefit cases. The new e-Forms for key extracts i.e. Board Report, Auditors Report (Standalone) and Auditors Report (Consolidated) have been introduced. It has formally substituted e-Forms i.e. Form AOC-1 (Statement containing salient features of the financial statement of Subsidiaries/associate companies/ joint ventures), AOC-2 (Form for disclosure of particulars of contracts/arrangements) , AOC-4 (Form for filing financial statement and other documents with the Registrar) , AOC-4 CFS (Form for filing consolidated financial statements and other documents with the Registrar), AOC-4-NBFC (Ind AS) (Form for filing financial statement and other documents with the Registrar) , AOC-4 CFS NBFC (Ind AS) (Form for filing consolidated financial statement and other documents with the Registrar), CSR-2 (Reporting on Corporate Social Responsibility (CSR)), Extract of Board Report, Extract of Auditor‘s Report (Standalone) and Extract of Auditor‘s Report (Consolidated) and references from ‘Form’ to ‘e-Form’.
(Link: MCA Notification Dated 30/05/2025)
Amendments to Companies Management and Administration Rules: The key amendment involves the substitution of existing e-forms MGT-7 (Annual Return (other than OPCs and Small Companies)), MGT-7A (Abridged Annual Return for OPCs and Small Companies), and MGT-15 (Form for filing Report on Annual General Meeting) in the Annexure of the Rules, with new e-forms. This change effective from 14th July 2025, mandates companies to use the updated electronic formats for specific filings.
(Link: MCA Notification Dated 30/05/2025)
Amendments to Companies Audit and Auditors Rules: The key amendment is the substitution of rule 13(2)(d), now mandating that audit reports be filed electronically in Form ADT-4. It also provides for new formats for Forms ADT-1 (Notice to the Registrar by company for appointment of auditor), ADT-2 (Application for removal of auditor(s) from his/their office before expiry of term) , ADT-3 (Notice of resignation by the auditor), and ADT-4 (Report to the Central Government). This change effective from 14th July 2025, mandates companies to use the updated electronic formats for specific filings.
(Link: MCA Notification Dated 30/05/2025)
Amendments to Companies Registration Offices and Fees Rules: The amendment primarily introduce revised Form GNL-1, used for filing applications with the Registrar of Companies (RoC). The updated form streamlines the process for various application purposes, including compounding of offenses, seeking extensions for annual general meetings, and applications related to schemes of arrangement or amalgamation. This change effective from 14th July 2025, mandates companies to use the updated electronic formats for specific filings.
(Link: MCA Notification Dated 30/05/2025)
Amendments to Companies Cost Records and Audit Rules: The changes primarily involve the substitution of Forms CRA-2 (Form of intimation of appointment of cost auditor by the company to Central Government) and CRA-4 (Form for filing Cost Audit Report with the Central Government). This change effective from 14th July 2025, mandates companies to use the updated electronic formats for specific filings.
(Link: Dated 30/05/2025Dated 30/05/2025)
Revision of Directions to Statutory Auditor under Section 143(5) of Companies Act: The revised directions for statutory auditors of government companies, require auditors to assess the fair valuation of all investments for post-retirement employee benefits, including verifying methodologies and compliance with accounting standards like Ind AS. Auditors must also examine whether all accounting transactions are processed through IT systems and report implications of off-system processing. It mandate verification of proper accounting and utilization of funds (grants/subsidies) received from government entities, including interest earned on such grants. Auditors are required to evaluate the company’s identification of key risk areas and the formulation of a risk management policy, specifically checking if it considers global best practices and if data assets are identified and valued appropriately.
(Link: CAG Directions Dated 23/05/2025)
H. Insolvency and Bankruptcy Board of India (IBBI)
Amendment to IBBI Insolvency Resolution Process for Corporate Persons Regulations: The key changes include the addition to Regulation 18, allowing the committee of creditors to invite interim finance providers as observers to specific meetings, though without voting rights. Regulation 36A has been updated, enabling the resolution professional, with committee approval, to seek expressions of interest not only for resolution plans for the entire corporate debtor but also for individual asset sales or both. In Regulation 38, a new proviso ensures that if payments in a resolution plan are staggered, financial creditors who did not support the plan must receive payments pro rata and with priority at each stage, over those who voted in favour. The Regulation 39 refine the treatment and presentation of resolution plans.
(Link: IBBI Notification Dated 26/05/2025, Press Release Dated 30/05/2025)
Launch of Revised Forms for Corporate Insolvency Resolution Process (CIRP): IBBI has introduced revised and simplified forms for the Corporate Insolvency Resolution Process (CIRP), effective from 1st June 2025. The existing nine forms (Form IP-1 and CIRP Forms 1-8) have been consolidated into five new forms (CP-1 to CP-5) by eliminating duplication and streamlining data requirements, with some information auto-populated. The new framework also introduces a standardized monthly reporting cycle, replacing the previous event- based due dates.
(Link: IBBI Circular Dated 26/05/2025)
New guidelines for creating panel of Insolvency Professionals (IPs): IBBI has issued new guidelines for creating a panel of Insolvency Professionals (IPs) eligible for appointment as Interim Resolution Professionals (IRPs), Resolution Professionals (RPs), Liquidators, and Bankruptcy Trustees (BTs). These guidelines apply to references from the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) under IBC. The panel will be zone and bench wise, and aims to minimize delays in appointments. Inclusion in the panel implies consent to accept appointments unless permitted otherwise by IBBI or the adjudicating authority.
(Link: IBBI Notification Dated 27/05/2025)
NCLAT, Application for avoidance of preferential transaction be filed by resolution professional only: Case of Ramprasad Vishwanath Gupta vs Dinesh Kumar Deora, NCLAT Delhi Judgement Dated 21st May 2025. The appellant authority held that statutory provisions of section 43 of the Insolvency and Bankruptcy Code [IBC] empowers resolution professional to file application for avoidance of preferential transactions. Hence, application filed by homebuyers rightly not entertained.
I. Reserve Bank of India (RBI)
Inclusion of The Vishweshwar Sahakari Bank Ltd, Pune in the Second Schedule: The Vishweshwar Sahakari Bank Ltd., Pune, has been included in the Second Schedule of the Reserve Bank of India Act.
(Link: RBI Notification 41/2025 Dated 27/05/2025)
J. Miscellaneous
SC, Telecom dues, Ruling on AGR and Spectrum: Case of Union of India vs Association of Unified Telecom Service Providers of India, SC Judgement Dated 19th May 2025. The apex court rejected pleas by telecom majors Bharti Airtel, Vodafone Idea and Tata Teleservices for relief in the payments of their adjusted gross revenue (AGR) liabilities. The telcos had wanted relief in the payment of their interest on the dues, penalty and interest on the penalty. The July 2020 order had made it clear that “no dispute could be raised in respect of AGR dues that had been arrived at, on the basis of calculations made by the Union of India”. In September 2020, the apex court had ordered that the annual 10% instalments of the TSPs towards their AGR dues would commence from April 2021 up to March 2031.
SC Upholds application of Res Judicata across proceedings and stages: Case of Sultan Said Ibrahim vs Pakistan, SC Judgement Dated 23rd May 2025. The apex court held that where a party is substituted as a legal representative under Order XXII Rule 4 CPC and does not object at that stage, the order attains finality; a later application under Order I Rule 10 CPC to delete that party is barred by the doctrine of res judicata. The ruling also re-affirms that (i) tenancy pleas cannot be raised belatedly to defeat a confirmed specific-performance decree, and (ii) delivery of possession is implicit when the vendor held exclusive possession at the time of the decree.
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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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