During the week of 15–21 December 2025, multiple notifications, circulars, and landmark judicial pronouncements were issued across Income Tax, GST, Customs, DGFT, SEBI, IBBI, RBI, and allied laws, significantly impacting compliance and regulatory practice. Income Tax updates included reallocation of appellate jurisdiction for search and survey cases, fresh exemptions to statutory authorities, and Supreme Court and High Court rulings on reassessment validity and delay condonation standards. GST developments were dominated by consolidated FAQs on GSTR-9/9C, clarifying ITC reporting, reversals, imports, and system logic. Customs notifications revised tariff values and imposed or extended anti-dumping duties on key imports. DGFT issued major policy changes on restricted IT hardware imports, gold TRQ allocation under India-UAE CEPA, revised SIONs, and low-priced pharmaceutical imports. SEBI strengthened registrar regulations, disclosure norms, and retail debt issuance. IBBI enabled CIRP form modification with late-fee rules, while RBI amended banking regulations and reassigned lead bank responsibilities. Courts also delivered important rulings on wills, arbitration, insolvency guarantees, cheque dishonour, and travel restrictions, reinforcing procedural fairness and statutory discipline.
Notifications & Circulars issued during week (15th– 21st Dec 2025)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
Appellate Authority for Search and Survey Assessments: The notification reallocate appellate jurisdiction among specified Commissioners of Income-tax (Appeals) for search, requisition, and survey- related cases. It authorises designated appellate authorities across multiple locations to exercise powers over appeals arising from assessments completed pursuant to searches under section 132, requisitions under section 132A, or surveys under section 133A, including cases where additions are based on seized or impounded material and related penalty orders.
(Link: Income Tax Notification 170/2025 Dated 15/12/2025)
Exemptions to New Okhla Industrial Development Authority (NOIDA): New Okhla Industrial Development Authority, an authority constituted by the State Government of Uttar Pradesh, has been notified under section 10(46) for exemption on its income arising from amount received as Grants from state government, disposal of properties, rent, fees, tolls, charges under UPIADA and interest on bank deposits.
(Link: Income Tax Notification 171/2025 Dated 15/12/2025)
Exemptions to Punjab Urban Planning And Development Authority: Punjab Urban Planning And Development Authority, an authority constituted under the Punjab Regional and Town Planning and Development Act, 1995, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Act.
(Link: Income Tax Notification 172/2025 Dated 15/12/2025)
SC upholds quashing of reassessments for sanction under Wrong Provision: Case of ITO vs Sri Chand Mandhyan, SC Delhi Judgement Dated 8th December 2025. The central issue revolved around the validity of reassessment proceedings initiated by the Income Tax Officer when the mandatory sanction for reopening the case was obtained from the wrong authority. The apex court affirmed the principle that obtaining sanction from the incorrect authority is a fatal error that invalidates the entire reassessment process.
HC, Internal director disputes not ‘Genuine Hardship’ for ITR filing Delay: Case of Sirez Limited vs Union of India, HC Delhi Judgement Dated 8th December 2025. HC noted that director disputes were not ‘genuine hardship’ for condoning significant delays.
B. GST
Advisory, Consolidated FAQs on GSTR – 9/9C for FY 2024-25: GSTN has released consolidated FAQs, consolidating clarifications issued in October and December 2025. The FAQs explain system enablement of annual returns, auto-population logic from GSTR-1, 1A, IFF, 2B and 3B, and detailed reporting of Input Tax Credit across multiple scenarios such as claim, reversal and reclaim spanning different financial years. The key clarifications include the introduction of Table 6A1 for separating ITC of preceding years, refined treatment of reclaimed ITC under Rules 37/37A, revised logic for Tables 8A, 8B, 8C and 8D to avoid mismatches, and new reporting for import IGST claimed in subsequent years through Table 8H1. The FAQs also clarify treatment of RCM liabilities, non-GST purchases, HSN reporting support through downloadable utilities, removal of the 65% concessional rate option.
(Link: GSTN Advisory Dated 17/12/2025, Consolidated FAQs)
C. Central Excise
No Notification/ Circular during the week.
D. Custom Duty
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. 16th December 2025. The tariff value for crude palm oil is set at USD 1035 per metric ton, while gold and silver have tariff values of USD 1398 per 10 grams and USD 2081 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7679 per metric ton.
(Link: Customs Notification 77/2025 (NT) Dated 15/12/2025)
Anti-Dumping Duty on Faced Glass Wool extended: The existing notification 14/2021 (ADD), dated the 18th March, 2021 has been amended to provide that anti-dumping duty on imports of “Faced Glass Wool in Rolls” falling under tariff heading 7019 and originating in or exported from China, shall remain in force up to 17th June 2026.
(Link: Customs Notification 34/2025 (ADD) Dated 15/12/2025)
Anti-dumping Duty on Cold Rolled Non‐Oriented Electrical Steel originating in or exported from China: Anti-dumping Duty has been imposed on imports of Cold Rolled Non‐Oriented Electrical Steel originating in or exported from China, and imported into India. It shall be effective for a period of five years.
(Link: Customs Notification 35/2025 (ADD) Dated 18/12/2025)
E. Directorate General of Foreign Trade (DGFT)
Import Restrictions due to Low-Priced Potassium Clavulanate Imports: The notification amends the import policy for specific chemical and pharmaceutical items under Chapter 29 of ITC. A new Policy Condition No. 08 has been introduced, restricting imports of diluted Potassium Clavulanate, Potassium Clavulanate (KGA), and specified intermediates used in the manufacture of Clavulanic Acid or Potassium Clavulanate when imported below prescribed CIF value thresholds, up to 30th November 2026. However, exemptions are provided for Advance Authorisation holders, Export Oriented Units, and SEZ units, subject to the condition that the imported goods are not diverted to the Domestic Tariff Area.
(DGFT Notification 50/2025 Dated 18/12/2025)
Procedure for implementation of Import Management System for import of restricted IT Hardware: The circular prescribe the procedure for implementing the Import Management System (IMS) for the import of restricted IT hardware during the calendar year 2026. The imports of laptops, tablets, all-in-one PCs, ultra-small form factor computers, and servers under HSN 8471 are classified as “restricted.” Importers are required to apply online through the DGFT portal for import authorisation under the IMS and any authorisation granted will be valid until 31st December, 2026.
(DGFT Policy Circular 08/2025 Dated 17/12/2025)
Revision of SIONs for the Chemical and Allied Products: The Public Notice revises specific Standard Input Output Norms (SIONs) applicable to Chemical and Allied Products. DGFT has revised multiple existing SIONs, namely K18, K34, K58, K65, K117, A1569, A1576, A1579, A1766, and A1806, and has also introduced two new SION entries, A3696 and A3697. In addition, Serial No. 8 of the General Note applicable to all export product groups has also been revised.
(DGFT Public Notice 38/2025 Dated 17/12/2025)
Procedure for Allocation of Tariff Rate Quota (TRQ) for gold imports under India-UAE CEPA: DGFT has notified the procedure for the first round of allocation of Tariff Rate Quota (TRQ) for gold imports under tariff head 7108 pursuant to the India–UAE CEPA for FY 2025–26. The allocation will be carried out through a competitive e- auction on the MSTC portal, with an initial quota of 30 metric tonnes, extendable by 50% depending on bid response. In compliance with directions of the Delhi High Court, eligibility for this round is restricted to Micro and Small Enterprises to ensure broader and more inclusive participation, with allocation caps of 10 kg and 25 kg respectively.
(DGFT Public Notice 39/2025 Dated 17/12/2025)
SBER Bank added to authorized Gold Import Banks List under HBP: The Public Notice revises the list of banks authorised by the Reserve Bank of India to import only gold for FY 2025-26. The updated list includes Indian Overseas Bank and Union Bank of India for the full period, and additionally includes SBER Bank with a restricted authorisation. SBER Bank is permitted to import gold solely for domestic consumption, with validity from 25th June 2025 until 31st March 2026.
(DGFT Public Notice 40/2025 Dated 19/12/2025)
F. Securities and Exchange Board of India (SEBI)
Amendments to SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations: The main amendment across the regulations and multiple schedules is a uniform substitution of terminology, replacing references to ‘Share Transfer Agent’ with ‘Registrar to an Issue and Share Transfer Agent’. The changes have been carried out in Regulation 7, Schedules I, II, III, VI, and VII to ensure consistency in language relating to disclosure obligations, compliance requirements, and reporting formats applicable to listed entities.
(Link: SEBI Notification Dated 15/12/2025)
Amendments and consolidation of SEBI Registrars to an Issue and Share Transfer Agents Regulations: The notification consolidate and replace existing framework, establishing a comprehensive regime for registration, governance, and oversight of registrars to issues and share transfer agents. The regulations mandate compulsory registration with SEBI, prescribe application procedures, fit and proper criteria, infrastructure and governance requirements, and set a minimum net worth of Rs 50 lakh, with an 18-month transition for existing registrants. A robust compliance architecture is introduced, including appointment of compliance officers, internal controls, fraud prevention systems, whistle-blower mechanisms, and dispute resolution processes. SEBI is empowered to conduct inspections, appoint auditors, and initiate disciplinary action for defaults.
(Link: SEBI Notification Dated 15/12/2025)
Mandating periodic disclosure requirements for Securitised Debt Instruments (SDIs): The circular, in terms of Regulation 11B of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, requires trustees of special purpose distinct entities to submit specified disclosures on a half-yearly basis to SEBI and to the stock exchanges where the SDIs are listed. Separate disclosure formats have been prescribed for SDIs backed by loans, listed debt securities or credit facility exposures, and for SDIs backed by other types of exposures.
(Link: SEBI Circular Dated 16/12/2025)
Zero-Coupon Debt Securities at reduced Rs 10,000 Denomination: SEBI has modified the conditions for issuing debt securities at a reduced denomination of Rs 10,000 under its circular dated 18th December 2025. The issuers may now privately place listed debt securities at a Rs 10,000 face value whether the instrument is interest-bearing or zero-coupon, provided other conditions remain satisfied.
(Link: SEBI Circular Dated 18/12/2025)
G. Ministry of Corporate Affairs (MCA)
No Notification/ Circular during the week.
H. Insolvency and Bankruptcy Board of India (IBBI)
Form Modification Facility and Late Filing Fees introduced under CIRP Regulations: IBBI has introduced a modification utility on its electronic platform to allow Insolvency Professionals (IPs) to correct or update Corporate Insolvency Resolution Process (CIRP) forms already submitted. Where a form is initially filed and subsequently modified before the prescribed due date, no fee will be levied, as the computation of fees begins only after the due date. It has also announced the commencement of fees for delayed filing of CIRP forms under Regulation 40B of the CIRP Regulations.
(Link: IBBI Circular Dated 18/12/2025)
NCLAT, Resignation from directorship of Corporate Debtor does not lead to revocation of Personal Guarantee: Case of Subhash Aggarwal vs State Bank of India, NCLAT Delhi Judgement Dated 29th October 2025. The appellate tribunal held that resignation from directorship of Corporate Debtor not a sufficient ground leading to revocation of his personal guarantee. Accordingly, application under section 95 of the IBC rightly admitted for failure of repayment in respect of their guarantee obligation.
NCLAT, Acknowledgment of liability by Corporate Debtor constitutes valid acknowledgment for both Borrower and Guarantor: Case of State Bank of India vs Bernard John, NCLAT Delhi Judgement Dated 17th October 2025. The appellate tribunal held that acknowledgment of liability by Corporate Debtor in its balance sheets constitutes valid acknowledgement for both borrower and guarantor. Accordingly, the appeal is allowed.
RTI Appeal rejected where Disclosure could impede ongoing Disciplinary Proceedings: The appellant had sought extensive information, including internal file notings, communications with Resolution Professional and the Committee of Creditors member bank, copies of the show cause notice, replies, hearing details, and status of disciplinary proceedings. The CPIO had informed that the complaint was admitted and disciplinary proceedings were initiated, but declined detailed disclosure. On appeal, the FAA held that most of the information sought was exempt under the RTI Act, as disclosure at this stage could impede ongoing disciplinary proceedings and any prosecution. However, FAA directed disclosure of file notings pertaining to the complaint.
(Link: IBBI ED&FAA RTI Order Dated 18/12/2025)
I. Reserve Bank of India (RBI)
Amendments to Banking Regulation (Co-operative Societies) Rules: The notification define an ‘ineligible director’ as one not meeting criteria under Section 10-A(2) of the Banking Regulation Act. A new Rule 5-A prescribes the procedure for determining, by drawing of lots, which ineligible directors or persons will cease to hold office or be removed from the Board, with the Reserve Bank authorized to oversee the process and allow the cooperative bank to nominate a representative. Rule 11 is omitted, and reporting dates in FORM I and FORM IX are revised to the 15th and last day of the month.
(Link: FinMin Notification Dated 10/12/2025)
Amendments to Banking Regulation (Companies) Rules: The key changes include omission of references to ‘subsidiary banks’ in rules and forms, and removal of certain sub-clauses in rule 2, rule 2A, and rule 15B. Reporting timelines in FORM VIII and FORM X are revised from alternate Fridays to the 15th and last day of the month, aligning filings with a regular monthly schedule. Reporting formats have also been updated.
(Link: FinMin Notification Dated 10/12/2025)
Assignment of Lead Bank Responsibility for new district Vav-Tharad in Gujarat: The Lead Bank Responsibility for new district i.e Vav-Tharad in the state of Gujarat has been assigned to Bank of Baroda.
(Link: RBI Circular 155/2025 Dated 18/12/2025)
J. Miscellaneous
ESIC Registration mandated after Social Security Code Rollout: The Code on Social Security has been implemented with effect from 21st November 2025, consolidating social security laws to provide medical and financial protection to employees across all establishments. The registration with the Employees State Insurance Corporation (ESIC) has become mandatory for all establishments meeting the prescribed criteria, including educational and medical institutions. The notification reiterates that the new definition of “wages” under the Code includes only basic pay, dearness allowance, and retaining allowance, if any.
(Link: ESIC Circular Dated 10/12/2025 and 11/12/2025)
SC, Will-based mutation cannot be rejected merely on objection by Third Party: Case of Tara Chand vs Bhawar Lal, SC Delhi Judgement Dated 19th December 2025. The apex court held that mutation cannot be refused merely because it is based on a will, especially when no legal heir disputes it. Since mutation does not decide title, the HC was wrong to interfere. The appeal was allowed and the mutation order was restored.
SC, Disputed ‘Debt or Liability’ is a matter for trial, not Quashing: Case of Sri Om Sales vs Abhay Kumar, SC Delhi Judgement Dated 19th December 2025. The apex court ruled that the presumption under Section 139 of the Negotiable Instruments Act is a cornerstone of the legislative scheme to enhance the credibility of negotiable instruments. Any defence regarding the absence of a debt or liability is a factual assertion that must be proved by evidence during trial, where the accused can cross-examine witnesses and lead their own evidence to rebut the statutory presumption.
SC, Arbitration referred despite objections because court’s role Is limited at Section 11 Stage: Case of Andhra Pradesh Power Generation Corporation Limited vs Tecpro Systems Limited, SC Delhi Judgement Dated 17th December 2025. The apex court upheld the order of the HC appointing the Arbitral Tribunal. It clarified that all objections regarding the maintainability of the arbitration, including the capacity of Respondent (Tecpro) to invoke it, are left open to be raised, contested, and conclusively decided by the Arbitral Tribunal under Section 16 of the Arbitration and Conciliation Act.
SC upholds Will excluding one daughter, leading questions in cross-examination can prove Attestation: Case of KS Dina Chandran vs Shyla Joseph, SC Delhi Judgement Dated 17th December 2025. A father executed a registered Will, leaving property to 8 of 9 children, excluding the daughter (the plaintiff) who married outside their community. The daughter filed a partition suit, which trial and High Courts initially allowed. The apex court set aside lower court decisions, allowed the appeals, and dismissed the partition suit, declaring the Will valid and the daughter without a partible claim.
SC, Concealment of mortgage vitiates land Sale Agreement, Refund to buyer Upheld: Case of Moideen Kutty vs Abraham George, SC Delhi Judgement Dated 15th December 2025. The apex court found the seller concealment fraudulent and upheld the principle that sellers must disclose encumbrances. It ruled against the seller, ordering a refund and rejecting the seller claim for damages, noting the buyer explanation for not demanding original deeds at the outset was reasonable.
HC, No Criminal case, banks cannot seek travel bans for Defaults: Case of Bank of Baroda vs Sahil Chugh, HC Delhi Judgement Dated 18th December 2025. HC upheld that Look out Circulars (LOCs) should not be issued just for mere inability to pay debts, especially without criminal proceedings, thus dismissing appeals by the bank and quashing LOCs against the defendant, emphasizing fundamental travel rights over debt recovery in such civil matters.
******
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)
Author Bio
