Analysis of Notifications and Circulars for Week Ending 20th September 2026

Summary: The week from 14th to 20th September 2026 saw significant regulatory, tax and judicial developments across Income Tax, GST, Central Excise, Customs, DGFT, SEBI, IBBI and RBI. Income Tax developments included extension of transitional registration deadlines for valuers and authorised income-tax practitioners, approval of IIT Roorkee for scientific research, procedure for submission of Form 98 and authorisation of DGIT Systems to share specified taxpayer information with the Ministry of Petroleum & Natural Gas. GST updates included a GSTN advisory concerning emSigner v3.3 and several Advance Rulings covering C-295 aircraft, transfer of a proprietorship business to an LLP, electric vehicles without batteries, imported related-party services, IIT water pipeline works, overseas student recruitment, professional coaching, MEDISEP insurance, NSQF training, nutraceuticals, printing services and residential projects. Central Excise notifications revised RIC and SAED rates on fuel exports. Customs measures dealt with tariff values, anti-dumping duty and ICD Dhanakya. DGFT issued measures relating to RCMC, raw sugar TRQ, PSIC and non-preferential Rules of Origin. SEBI renewed recognition of market infrastructure institutions and issued a consultation paper. RBI amended KYC Directions for multiple categories of banks. Judicial developments included an NCLAT ruling on the 45-day appeal limitation and Supreme Court proceedings concerning prosecution of trusts, GST penalty appeals and reopening of assessments concluded by the Settlement Commission.

Notifications & Circulars issued during week (14th– 20th Sep 2026)

(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)

A. Income Tax

Extension of Deadlines for Valuer and Tax Practitioner Registration

Extension of Deadlines for Valuer and Tax Practitioner Registration: The notification extends the transitional registration deadline for eligible valuers and authorised income-tax practitioners from 30^th September 2026 to 31^st March 2027. It also provide updates on compliance procedures and forms under the Income-tax framework.

(Link: Income Tax Notification 120/2026 Dated 17/09/2026)

Indian Institute of Technology, Roorkee notified under section 45(4)(b) for Scientific Research

Indian Institute of Technology, Roorkee notified under section 45(4)(b) for Scientific Research: It notifies Indian Institute of Technology, Roorkee for ‘Scientific Research’ under the category of ‘University, college or other institution’, for the purposes section 45(3)(a)(i) of the Income-tax Act, read with rules 32 and 34 of the Income-tax Rules. This section allows for deduction for any sum paid to such notified institutions for scientific research while computing income tax.

(Link: Income Tax Notification 119/2026 Dated 14/09/2026)

Procedure and Guidelines for submission of Form 98 under Rule 160

Procedure and Guidelines for submission of Form 98 under Rule 160: Form No 98 is a half-yearly statement filed by reporting entities to report particulars of declarations received in Form No 97 from individuals who do not possess a PAN. The notification provides that declarations are to be reported each half year by 31^st October, and 30^th April. The procedure covers registration and generation of the Income Tax Department Reporting Entity Identification Number (ITDREIN), submission of Form No 98 through the Reporting Portal or Generic Submission Utility, correction of defects, and deletion.

(Link: Income Tax Notification 03/2026 (System) Dated 15/09/2026)

DGIT Systems authorised to Share Taxpayer Data With MoP&NG

DGIT Systems authorised to Share Taxpayer Data With MoP&NG: The notification provides that the Director General of Income Tax (Systems), Delhi shall be the specified authority for furnishing information to the Joint Secretary (Marketing), Ministry of Petroleum & Natural Gas (MoP&NG), as per Notification 118/2016.

(Link: CBDT Order Dated 15/09/2026)

B. GST

GSTN Advisory on use of version 3.3 of emSigner

GSTN Advisory on use of version 3.3 of emSigner: Anyone receiving a fresh DSC USB token, renewing an existing DSC with a new token, or downloading a new certificate onto a new dongle on or after September 21, 2026, must upgrade to emSigner v3.3. Older versions will not work with these newer tokens If you have an existing, valid DSC on a working token issued on or before September 21, 2026, you can continue using your current version of emSigner.

(Link GSTN Advisory Dated 19/09/2026)

AAR, GST applies on C-295 Aircraft Supply to Ministry of Defence (MoD)

AAR, GST applies on C-295 Aircraft Supply to Ministry of Defence (MoD): Case of Airbus Group India Pvt Ltd, AAR Gujarat Ruling Dated 11^th September 2026. Tata Advanced Systems Limited (TASL) manufactures and assembles 40 aircraft at Vadodara, passing title to Airbus locally. The outward supply of these 40 locally assembled aircraft from Airbus to the MoD is taxable and does not qualify for a blanket exemption. AAR ruled that the applicant is liable to pay GST on the supply of 40 C-295 aircraft to MoD and must obtain a GST registration in Gujarat.

AAR, GST on Proprietorship Business Transfer to LLP

AAR, GST on Proprietorship Business Transfer to LLP: Case of Vivek Hetamsaria, AAR West Bengal Ruling Dated 9^th September 2026. AAR ruled that the transfer of a business as a going concern to an LLP constitutes a ‘supply’ under Section 7 of the Central Goods and Services Tax (CGST) Act, 2017, even if the transaction is executed without financial consideration. It further ruled that the transaction qualifies for an exemption from GST under entry 2 of notification No. 12/2017, which exempts services provided by way of transfer of a going concern, as an independent part or a whole business.

AAR, Electric Vehicles without Battery remain Classifiable under HSN 8703/8711 at 5% GST

AAR, Electric Vehicles without Battery remain Classifiable under HSN 8703/8711 at 5% GST: Case of Jaidka Power Systems Private Limited, AAR West Bengal Ruling Dated 9^th September 2026. The core issue was whether supplying electric vehicles without being fitted with a battery at the time of supply affects their HSN classification and disqualifies them from the concessional 5% GST rate. AAR ruled that electric vehicles supplied without batteries remain classified under HSN 8703 or 8711 and attract a 5% GST rate.

AAR, Self-Invoice Value Deemed Open Market Value for RCM

AAR, Self-Invoice Value Deemed Open Market Value for RCM: Case of Wood India Engineering & Projects Private Limited, AAR West Bengal Ruling Dated 9^th September 2026. AAR ruled that the value specified by the applicant in its self-invoice for the imported services from its related party will be legally treated as the Open Market Value for calculating GST under RCM. As the applicant is eligible to claim the full Input Tax Credit (ITC) on the tax paid under reverse charge, the transaction is revenue-neutral.

AAR, GST on IIT Water Pipeline Works at 18% Rate

AAR, GST on IIT Water Pipeline Works at 18% Rate: Case of Jaypee Projects Limited, AAR West Bengal Ruling Dated 9^th September 2026. AAR ruled that the applicant must discharge an 18% GST rate on water pipeline infrastructure contracts executed for IIT Kharagpur. It is not treated as a traditional government or local authority for the specific exemption entry claimed. Goods constituted roughly 75% of the total contract value, disqualifying it as a pure service contract.

AAR, Overseas Student Recruitment Is Intermediary Service under GST

AAR, Overseas Student Recruitment Is Intermediary Service under GST: Case of Global Educational Consultants, AAR Kerala Ruling Dated 21^st August 2026. The applicant represent foreign universities in India, promote their academic programmes, and assist student admissions. Its commission is paid directly by the foreign university. AAR held that services supplied by the applicant to overseas universities for recruiting and enrolling prospective students constitute ‘intermediary’ services.

AAR, Professional Coaching for ACCA, CMA and CPA not Exempt from GST

AAR, Professional Coaching for ACCA, CMA and CPA not Exempt from GST: Case of Learnfluence Education Private Limited, AAR Kerala Ruling Dated 21^st August 2026. AAR ruled that training and coaching services provided by the applicant for professional commerce courses are fully taxable under GST. The private coaching centres are not ‘educational institutions’ under notification 12/2017-Central Tax (Rate) as they do not grant recognized degrees or conduct qualifying exams.

AAR, MEDISEP Insurance Premium paid by Govt is Exempt from GST

AAR, MEDISEP Insurance Premium paid by Govt is Exempt from GST: Case of The Oriental Insurance Co Ltd, AAR Kerala Ruling Dated 17^th August 2026. AAR held that health insurance services proposed to be supplied by the applicant to Govt of Kerala under Medical Insurance Scheme for State Employees and Pensioners (MEDISEP) Phase-II, qualify for GST exemption under serial 40 of notification 12/2027 (Rate), provided the entire premium payable to the insurer for such beneficiaries is paid by the Govt.

AAR, NSQF-Aligned Junior Software Developer Course Exempt from GST

AAR, NSQF-Aligned Junior Software Developer Course Exempt from GST: Case of Расĸаpeer Academy Pvt Ltd, AAR Kerala Ruling Dated 17^th August 2026. AAR held that services provided by the applicant in respect of its ‘Junior Software Developer’ vocational training course qualify for GST exemption under entry No. 69(e)(iii) of notification 12/2017 Central Tax (Rate). It ruled that the exemption extends to the entire course fee collected from students towards the NSQF- aligned Junior Software Developer training programme.

AAR Turmeric Extract Nutraceutical Taxable at 5% GST

AAR Turmeric Extract Nutraceutical Taxable at 5% GST: Case of CSM Universe Pvt Ltd, AAR Kerala Ruling Dated 7^th August 2026. AAR held that Turmeric Extract / Curcuma Elixir supplied by the applicant as a nutraceutical/dietary supplement under is classified under HSN 2106 taxable at a 5% GST rate.

AAR, Customer-Supplied Paper Printing is Job Work under SAC 9988

AAR, Customer-Supplied Paper Printing is Job Work under SAC 9988: Case of Ebenezer Printpack Private Limited, AAR Kerala Ruling Dated 7^th August 2026. When the client provides both the paper and the content, and the printer only uses its own consumables (ink, chemicals, plates), the activity is treated as a service on goods owned by another person. It falls under SAC 9988 (“Manufacturing services on physical inputs owned by others”) and attracts a concessional GST rate of 5% if supplied to a registered person. However, where the printer supplies all materials it is classified as a composite supply of service under SAC 9989, which is taxable at an 18% GST rate.

AAR, KIIFB-Funded Project Management Services Attract 18% GST

AAR, KIIFB-Funded Project Management Services Attract 18% GST: Case of Kerala Road Fund Board (KRFB), AAR Kerala Ruling Dated 4^th August 2026. KRFB is a statutory body established in 2001 by the Government of Kerala to manage funds and finance transport and state infrastructure projects. AAR held that the centage and consultancy charges received by KRFB for project management of Kerala Infrastructure Investment Fund Board (KIIFB) projects attract 18% GST.

AAR TSSC-Accredited NSQF Training Exempt from GST

AAR TSSC-Accredited NSQF Training Exempt from GST: Case of Magnus Innovative Technical Services Private Limited, AAR Kerala Ruling Dated 29^th July 2026. AAR held that vocational training services (repair and maintenance of handheld devices such as mobile phones and tablets) provided by the applicant, an accredited training partner of the Telecom Sector Skill Council (TSSC), in relation to NSQF-aligned qualifications for which the National Council for Vocational Education and Training (NCVET) has approved qualification packages, are exempt from GST with effect from 10^th October 2024 under entry No. 69(e)(iii) of notification 12/2017 Central Tax (Rate) dated 28^th June 2017.

AAR, New Residential Villa Projects Taxable at 5% Without ITC

AAR, New Residential Villa Projects Taxable at 5% Without ITC: Case of iCLOUD Homes Private Ltd, AAR Kerala Ruling Dated 10^th July 2026. AAR ruled that the residential villa projects commencing on or after 1^st April 2019, by the party are taxable at an effective GST rate of 5% without the benefit of input tax credit (ITC). The post- 01/04/2019 real estate tax regime strictly binds new construction services to the 5% rate without allowing an option to pay a higher rate in exchange for retaining ITC.

C. Central Excise

Road and Infrastructure Cess revised on Export of Diesel to NIL per Litre

Road and Infrastructure Cess revised on Export of Diesel to NIL per Litre: The notification amends earlier notification 11/2026 dated 26^th March 2026, to revise Road and Infrastructure Cess (RIC) applicable on export of Diesel. The RIC rate has been substituted with NIL per litre (Pre-revised Rs 1.00 per litre), effective from 16^th September 2026.

(Link: Central Excise Notification 51/2026 (T) dated 16/09/2026)

SAED revised on Export of ATF to Rs 15.00 per Litre

SAED revised on Export of ATF to Rs 15.00 per Litre: The notification amends earlier notification 08/2026 dated 26^th March 2026, to revise the Special Additional Excise Duty (SAED) applicable on export of Aviation Turbine Fuel (ATF). The SAED rate has been substituted with Rs 15.00 per litre (Pre-revised Rs 19.00 per litre), effective from 16^th September 2026.

(Link: Central Excise Notification 50/2026 (T) dated 16/09/2026)

SAED revised on Export of Petrol to Rs 0.50 and Diesel to Rs 20.00 per Litre

SAED revised on Export of Petrol to Rs 0.50 and Diesel to Rs 20.00 per Litre: The notification amends earlier notification 06/2026 dated 26^th March 2026, to revise the Special Additional Excise Duty (SAED) applicable on export of Petrol to Rs 0.50 (Pre-revised Rs 1.50 per litre) and Diesel to Rs 20.00 per litre (Pre-revised Rs 24.00 per litre), effective from 16^th September 2026.

(Link: Central Excise Notification 49/2026 (T) dated 16/09/2026)

D. Custom Duty

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

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. 16^th September 2026. The tariff value for crude palm oil is set at USD 1219 per metric ton, while gold and silver have tariff values of USD 1373 per 10 grams and USD 2028 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 11574 per metric ton.

(Link: Customs Notification 75/2026 (NT) Dated 15/09/2026)

Anti-Dumping Duty on Calcined Gypsum Powder Extended

Anti-Dumping Duty on Calcined Gypsum Powder Extended: The notification amends earlier notification 73/2021 (ADD) dated 17^th December 2021, and extends the levy of anti-dumping duty on imports of Calcined Gypsum Powder or gypsum plaster falling under tariff heading 2520 and originating in or exported from Iran, Oman, Saudi Arabia and the United Arab Emirates, up to and inclusive of 16^th March 2027.

(Link: Customs Notification 22/2026 (ADD) Dated 14/09/2026)

Customs Adds ICD Dhanakya as Food Import Entry Point

Customs Adds ICD Dhanakya as Food Import Entry Point: Following a review of the Points of Entry notified for food imports, FSSAI has added ICD Dhanakya, Jaipur, Rajasthan, bearing port code INDNK6, to the existing Points of Entry. The authorised officers at this Inland Container Depot and Special Economic Zone entry point are the Superintendent, Appraiser, Inspector or Examiner.

(Link: Customs Instructions 16/2026 Dated 18/09/2026)

E. Directorate General of Foreign Trade (DGFT)

Exemption to Exports up to Rs 3 Lakh from Registration-cum-Membership Certificate (RCMC) Requirements

Exemption to Exports up to Rs 3 Lakh from Registration-cum-Membership Certificate (RCMC) Requirements: The notification exempts export consignments with an FOB value not exceeding Rs 3,00,000 from the requirement of obtaining a RCMC or Certificate of Registration. Export consignments with an FOB value exceeding Rs 3,00,000 shall continue to require a valid RCMC or Certificate of Registration wherever such requirement is otherwise applicable.

(Link: DGFT Notification 36/2026 Dated 15/09/2026)

Extension of timeline for surrender of unutilised TRQ quantity allocated for Import of 10 Lakh MT of Raw Sugar

Extension of timeline for surrender of unutilised TRQ quantity allocated for Import of 10 Lakh MT of Raw Sugar: The public notice extends the timeline prescribed for surrender of unutilised TRQ quantity allocated for import of Raw Sugar under TRQ up to 30^th September 2026, subject to payment of an amount equivalent to 0.5% of the CIF value of the surrendered quantity, as prescribed under the existing modalities.

(Link: DGFT Public Notice 30/2026 Dated 14/09/2026)

Revision in Timeline for Issuance of Pre Shipment Inspection Certificate (PSIC)

Revision in Timeline for Issuance of Pre Shipment Inspection Certificate (PSIC): Under the revised provision, the PSIC is to be generated and issued within two days from the date of inspection. The system will permit generation and issuance of the PSIC only within the prescribed timeline, and PSIC uploading is required to be undertaken from the same geographical location/country where the inspection is carried out. A one-time transitional arrangement of seven days has been provided to recognized PSIAs for clearing backlog PSICs relating to inspections conducted prior to 25^th August 2026.

(Link: DGFT Trade Notice 28/2026 Dated 16/09/2026)

DGFT Seeks Comments on Non-Preferential Rules of Origin for Exports & Imports

DGFT Seeks Comments on Non-Preferential Rules of Origin for Exports & Imports: The draft provisions for exports provide criteria for determining Indian origin where imported inputs have been used, including processing or operations exceeding specified simple operations. They also address Non-Preferential Certificates of Origin, online applications, documentation, authorised issuing agencies, self- certification and back-to-back certificates. For imports, the proposed provisions prescribe country-of-origin criteria based on wholly obtained or produced goods. They also provides for importer self- declaration of country of origin, generally dispensing with separate origin documents except where specifically mandated, and risk-based subsequent verification.

(Link: DGFT Trade Notice 27/2026 Dated 14/09/2026)

F. Securities and Exchange Board of India (SEBI)

SEBI Renews Recognition of Metropolitan Stock Exchange for One Year

SEBI Renews Recognition of Metropolitan Stock Exchange for One Year: The renewed recognition is for a period of one year, ending on 15^th September 2027, in respect of contracts in securities. It is subject to the condition that the Exchange shall comply with conditions as may be prescribed by SEBI from time to time.

(Link: SEBI Notification dated 14/09/2026)

SEBI Renews Recognition of NSE Clearing Limited for Three Years

SEBI Renews Recognition of NSE Clearing Limited for Three Years: The renewed recognition is for a period of three years, ending on 2^nd October 2029. It is subject to the condition that the Exchange shall comply with conditions as may be prescribed by the Securities and Exchange Board of India from time to time.

(Link: SEBI Notification dated 14/09/2026)

Consultation Paper on Measures to strengthen Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs)

Consultation Paper on Measures to strengthen Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs): The proposals seek to shorten mock DR drill sessions by requiring operations to commence at the Primary Data Centre (PDC) and switch over to the Disaster Recovery Site (DRS) during a non- working day, with an overall session of at least four hours including the switchover. MIIs would be required to cover market-operation scenarios and simulate real-life loads and participation, while comprehensive scenarios would be reviewed by the Standing Committee on Technology (SCOT). For Stock Exchanges, SEBI proposes a framework to recover lost data from Clearing Corporations where disruption affects replication at the NS or DRS, supported by necessary Standard Operating Procedures. The feedback/ comments from stakeholders are invited.

(Link: SEBI Consultation Paper dated 15/09/2026)

G. Ministry of Corporate Affairs (MCA)No Notifications/ Circulars during the week.

H. Insolvency and Bankruptcy Board of India (IBBI)

NCLAT Holds It cannot Condone Delay beyond 45 Days under IBC

NCLAT Holds It cannot Condone Delay beyond 45 Days under IBC: Case of Keshav Kumar Nachani vs Encore Asset Reconstruction Company Pvt Ltd, NCLAT Delhi Judgement Dated 2^nd September 2026. The appellate tribunal ruled that it has no jurisdiction to condone any delay in filing an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) once the outer statutory limit of 45 days has expired.

(Link: NCLAT Delhi Judgement Dated 01/09/2026)

I. Reserve Bank of India (RBI)

Zero Charge for UPI transactions up to Rs 2,000 or RuPay debit card payments

Zero Charge for UPI transactions up to Rs 2,000 or RuPay debit card payments: The notification mandates that no banks or payment system providers can charge users for UPI transactions up to Rs 2,000 or RuPay debit card payments. These transactions are required to be processed without charges imposed by banks or system providers.

Link: Government Allows Charges on UPI Payments Exceeding ₹2,000 

Amendments to RBI Rural Cooperative Banks Know Your Customer Directions

Amendments to RBI Rural Cooperative Banks Know Your Customer Directions: Under the existing framework, the bank may, in the case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), alternatively obtain an original certified copy certified by specified authorities or authorised officials. The amendment extends this facility to Foreign Portfolio Investors (FPIs). Accordingly, in the case of NRIs, PIOs and FPIs, the bank may alternatively obtain the original certified copy certified by authorised officials of overseas branches of Scheduled Commercial Banks registered in India, branches of overseas banks with whom Indian banks have relationships, a Notary Public abroad, a Court Magistrate, a Judge, or the Indian Embassy / Consulate General in the country where the non-resident customer resides.

(Link: RBI Circular 262/2026 Dated 18/09/2026)

Amendments to RBI Urban Cooperative Banks Know Your Customer Directions

Amendments to RBI Urban Cooperative Banks Know Your Customer Directions: Under the existing framework, the bank may, in the case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), alternatively obtain an original certified copy certified by specified authorities or authorised officials. The amendment extends this facility to Foreign Portfolio Investors (FPIs).

(Link: RBI Circular 261/2026 Dated 18/09/2026)

Amendments to RBI Regional Rural Banks Know Your Customer Directions

Amendments to RBI Regional Rural Banks Know Your Customer Directions: Under the existing framework, the bank may, in the case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), alternatively obtain an original certified copy certified by specified authorities or authorised officials. The amendment extends this facility to Foreign Portfolio Investors (FPIs).

(Link: RBI Circular 260/2026 Dated 18/09/2026)

Amendments to RBI Local Area Banks Know Your Customer Directions

Amendments to RBI Local Area Banks Know Your Customer Directions: Under the existing framework, the bank may, in the case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), alternatively obtain an original certified copy certified by specified authorities or authorised officials. The amendment extends this facility to Foreign Portfolio Investors (FPIs).

(Link: RBI Circular 259/2026 Dated 18/09/2026)

Amendments to RBI Small Finance Banks Know Your Customer Directions

Amendments to RBI Small Finance Banks Know Your Customer Directions: Under the existing framework, the bank may, in the case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), alternatively obtain an original certified copy certified by specified authorities or authorised officials. The amendment extends this facility to Foreign Portfolio Investors (FPIs).

(Link: RBI Circular 258/2026 Dated 18/09/2026)

Amendments to RBI Commercial Banks Know Your Customer Directions

Amendments to RBI Commercial Banks Know Your Customer Directions: Under the existing framework, the bank may, in the case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), alternatively obtain an original certified copy certified by specified authorities or authorised officials. The amendment extends this facility to Foreign Portfolio Investors (FPIs).

(Link: RBI Circular 257/2026 Dated 18/09/2026)

J. Miscellaneous

SC, A Trust cannot be Prosecuted in Criminal Proceedings

SC, A Trust cannot be Prosecuted in Criminal Proceedings: Case of Madasa Masih-UI-Uloom Educational And Charitable Trust vs State of Karnataka, SC Judgement Dated 10^th September 2026. The apex court reiterated that a trust does not possess an independent legal personality or a separate legal existence distinct from its trustees It held that a trust is not a juristic person and cannot be arrayed or prosecuted as an accused in criminal proceedings. The criminal proceedings were quashed.

(Link: SC Judgement Dated 10/09/2026)

SC allows GST Penalty Appeal without Pre-Deposit

SC allows GST Penalty Appeal without Pre-Deposit: Case of PVCON Engineering Co Vs CGST And Central Excise, SC Judgement Dated 7^th September 2026. The tax laws require a 10% pre-deposit for appeals that involve only a penalty, from 1^st October 2025. The core issue was whether this 10% rule apply based on the date when the original notice or penalty order was issued, or the date when the appeal is actually filed. The party received a penalty order before 1^st October 2025, but filed its appeal later. The apex allowed the taxpayer to file an appeal before GSTAT without paying pre-deposit.

(Link: SC Judgement Dated 07/09/2026)

SC, Assessing Officer (AO) cannot Reopen Assessment concluded by Settlement Commission

SC, Assessing Officer (AO) cannot Reopen Assessment concluded by Settlement Commission: Case of ACIT Vs Omaxe Limited, SC Judgement Dated 16^th September 2026. The apex court held that an Assessing Officer has no jurisdiction under Section 148 of the Income Tax Act to reopen a concluded assessment or reassess a matter already settled by a final and conclusive order of the Income Tax Settlement Commission (ITSC). If the Revenue believes a settlement was obtained through fraud or misrepresentation, its sole recourse lies within the settlement framework itself.

(Link: SC Judgement Dated 16/09/2026)

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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)