During the week (27 April–3 May 2026), major legal and regulatory developments were issued across taxation, GST, customs, DGFT, SEBI, RBI, MCA and courts. Income tax rulings clarified that rural agricultural land outside municipal limits is not a capital asset and reassessment requires incriminating material. GST saw multiple rulings on classification, including coaching institutes being taxable, electric bus rentals at 18%, catering mandatorily at 5% without ITC, and clarification on solar power exemption and employee transport recovery. Customs and DGFT aligned tariff classifications, revised export policy for wheat, and updated commodity valuations. SEBI introduced fast-track AIF approvals and a new verified performance reporting framework. RBI significantly overhauled banking regulation through ECL-based credit risk, NBFC restructuring, co-operative bank lending norms, and disaster relief frameworks. MCA enabled single-member NCLT benches for faster disposal. Courts reinforced strict evidentiary standards and upheld promissory estoppel. Overall, reforms focused on tax clarity, financial stability, trade alignment, and procedural efficiency.
Notifications & Circulars issued during week (27th – 3rd May 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
HC, Agricultural Land outside Municipal Limits not a Capital Asset: Case of Superb Infotech Pvt Ltd vs DCIT, HC Rajasthan Judgement Dated 13th April 2026. HC held that profit from sale of rural agricultural land was not taxable under either capital gains or business income. The proceedings under Section 153C were invalid for lack of incriminating material. The impugned assessment orders were quashed.
B. GST
Harmonisation of GST Classification Framework for Non-Alcoholic Beverages: The notification seek to align GST tariff references with revised customs tariff classifications and provide greater clarity in the taxation framework applicable to fruit juice-based drinks, milk-based beverages, caffeinated beverages and other non-alcoholic drinks classified under tariff heading 2202. Changes relate to the classification of these goods across Schedule I (5%) and Schedule III (40%).
(Link: CGST Notification 01/2026 (Rate), IGST Notification 01/2026 (Rate), UTGST Notification 01/2026 (Rate) all Dated 30/04/2026)
AAAR Remands GST case after finding Contradictory Facts in Ruling for Dealer Incentive: Case of Karthik & Co, AAAR Tamil Nadu Ruling Dated 24th April 2026. The appellate authority noted that the facts presented during the appeal and personal hearing materially differed from those originally submitted before the AAR. The initial application had indicated that there was no agreement between the parties and that the appellant functioned as a franchise, whereas the revised submissions clarified the existence of agreements and a principal-to-principal relationship. It remanded the case back to AAR to take up the matter afresh.
AAR, GST on Coaching Classes upheld as Taxable due to its Non-Recognition as Educational Institution: Case of Sanjaykumar Ishwerlal Sadadiwala, AAR Gujarat Ruling Dated 28th April 2026. AAR observed that the applicant, being a private coaching institute, does not provide education as part of a recognized statutory curriculum nor does it grant any qualification recognized by law. AAR ruled that the services provided by the applicant do not qualify for exemption under entry 66 of Notification 12/2017.
AAR, Electric Bus Rentals Taxable at 18% GST: Case of JBM Ecolife Mobility Surat Pvt Ltd, AAR Gujarat Ruling Dated 28th April 2026. The dispute was over whether the electricity used in electric buses could be considered fuel or not, so that the benefit of a lower GST rate could be availed. AAR held that electric mobility services do not fall within the scope of the exemption provided to fuel-based transport services. It is clarified that 18% GST will be applicable on electric buses.
AAR, Employee Transport Recovery not taxable as it is not in Course of Business: Case of Renault Nissan Technology & Business Centre India Pvt Ltd, AAR Tamil Nadu Ruling Dated 9th April 2026. AAR considered the employer-employee relationship and noted that the transportation facility was provided as a perquisite under the employment contract. The arrangement of transportation for employees was neither part of the applicant business nor incidental or ancillary to it. It was a welfare measure rather than a business activity. AAR ruled that the nominal recovery from employees for transportation services does not constitute a ‘supply’ under CGST Act.
AAR, GST not applicable on Solar Power Supply due to Exemption for Electrical Energy: Case of Evolve Green Power Private Limited, AAR Tamil Nadu Ruling Dated 7th April 2026. AAR ruled that the applicant is not required to get GST registration in terms of Section 23 of the Act, as they are engaged in the exclusive supply of exempted goods, namely, ‘Electrical Energy’.
AAR, Fan Drive Assembly classifiable as Fluid Coupling due to its Functional Characteristics: Case of BorgWarner Cooling Systems (India) Private Limited, AAR Tamil Nadu Ruling Dated 6th April 2026. AAR ruled that the Fan Drive Assembly is classifiable as a fluid coupling under HSN 8483.60, it attracts GST at 18%. The individual parts and components of the Fan Drive Assembly, when procured or purchased separately by the applicant, are classifiable under HSN 8483.60.90 under Other category. It emphasises that classification must be based on functional characteristics and specific tariff entries rather than end-use in motor vehicles.
No Option for 18% GST with ITC as Outdoor Catering falls under Mandatory 5% without ITC Entry: Case of Friends Catering CBE, AAR Tamil Nadu Ruling Dated 26th March 2026. The applicant is engaged in outdoor catering without providing hotel accommodation or operating from ‘specified premises’, supplied (i) composite catering services involving preparation, transport, and on-site serving with manpower, and (ii) supply of food prepared at its premises and delivered to customers without any on-site service or labour involvement. AAR ruled that GST at 5% without ITC is applicable to both models of supply, there is no option exists to pay 18% with ITC, and the applicable SAC for both supplies is 996334.
C. Central Excise
Excise duty on exports of diesel will be Rs. 23 per litre (SAED as Rs. 23 and RIC as Nil), exports of ATF Rs. 33 per litre (SAED only) and Nil duty on exports of petrol: Export levies [Special Additional Excise Duty (SAED)/Road and Infrastructure Cess (RIC)] on the exports of petrol, diesel and aviation turbine fuel (ATF) were introduced with effect from 27th March, 2026 so as to ensure domestic availability of petroleum products by disincentivising exports in the backdrop of the West Asia crises. The rates are being revised on a fortnightly basis. The rates notified for the fortnight beginning 1st May, 2026 prescribes, the rate of duty on exports of diesel as Rs. 23 per litre (SAED – Rs. 23 and RIC – Nil). Further, the rate of duty on exports of ATF will be Rs. 33 per litre (SAED only). The rate of duty on exports of Petrol continues to remain Nil. There is no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption.
(Link: Central Excise Notification 19/2026 (T), 20/2026 (T), and 21/2026 (T) all Dated 30/04/2026)
D. Custom Duty
Amendments in various customs notifications for rationalisation and alignment of tariff classifications: The notification amends a wide range of earlier notifications issued between 2004 and 2026, covering sectors such as electronic components, beverages, railway equipment, industrial chemicals, leather products, machinery parts, air-conditioning equipment, paper products, and food preparations. These amendments have been carried out with the objective of updating tariff entries, streamlining customs classification references, and ensuring consistency across exemption notifications and duty schedules.
(Link: Customs Notification 14/2026 (T) Dated 30/04/2026)
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. 1st May 2026. The tariff value for crude palm oil is set at USD 1202 per metric ton, while gold and silver have tariff values of USD 1456 per 10 grams and USD 2360 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 9155 per metric ton.
(Link: Customs Notification 42/2026 (NT) Dated 30/04/2026)
Anti-Dumping Duty (ADD) notifications aligned with Revised Tariff Classification: The notification align various Anti-Dumping Duty notifications issued between 2021 and 2025, with revised tariff classifications incorporated in the First Schedule of the Customs Tariff Act.
(Link: Customs Notification 06/2026 (ADD) Dated 30/04/2026)
Revision in Countervailing Duty (CVD) Notification for SAW Line Pipes Following Changes in Customs Tariff Classification: The notification revises tariff classifications relating to longitudinally submerged arc welded (SAW) iron and steel pipes used in oil and gas pipeline infrastructure. The earlier tariff item 7305 11 29, covering non-galvanised longitudinally submerged arc welded pipes and tubes of iron or steel, has been substituted with tariff items 73051141 (clad, plated or coated longitudinally submerged arc welded line pipes of iron or steel having an external diameter exceeding 406.4 mm, commonly used in oil and gas transmission pipelines) and 73051149 (other longitudinally welded tubes and pipes of iron or steel with an external diameter exceeding 406.4 mm).
(Link: Customs Notification 01/2026 (CVD) Dated 30/04/2026)
Drawback allowed for re-export of duty paid on goods supplied by SEZ to DTA: The audit findings had noted that some field formations denied drawback by not treating, SEZ to DTA clearances, as imports. The Section 30 of the SEZ Act, which provides that such clearances attract customs duties, and that SEZ is treated as foreign territory for trade purposes. The movement of goods from SEZ to DTA qualifies as import. Since Section 74 allows drawback on re-export of duty paid imported goods that are identifiable, it has been clarified that such goods are eligible for drawback.
(Link: Customs Instructions 06/2026 Dated 27/04/2026)
E. Directorate General of Foreign Trade (DGFT)
RoDTEP Schedule amended due to Alignment with Customs Tariff Changes under Finance Act: The notification aligns the RoDTEP framework with changes introduced in the First Schedule of the Customs Tariff Act, through the Finance Act 2026. As part of the revision, 142 tariff lines have been added, 50 tariff lines deleted, and descriptions of 2 tariff lines modified at the 8-digit level. Updated HS codes along with applicable RoDTEP rates and value caps have been made available on the DGFT portal.
(Link: DGFT Notification 15/2026 Dated 30/04/2026)
Extension in MIP Condition of specific items under Chapter 48 (Paper and Paper Boards): The Notification extends the Minimum Import Price (MIP) condition on specified items under Chapter 48 of ITC (HS), till 30th September 2026. The extension applies to imports of Virgin Multi-layer Paper Board (VPB) under specified ITC (HS) codes. The MIP remains fixed at INR 67,220 per metric tonne based on Cost, Insurance, and Freight (CIF) value.
(Link: DGFT Notification 14/2026 Dated 30/04/2026)
Wheat Export remain Prohibited but allowed 25 LMT Relaxation Quota: The notification introduces a limited relaxation by permitting export of an additional 25 Lakh Metric Tonnes (LMT) of wheat, subject to modalities to be specified through a separate public notice by DGFT. The existing policy conditions shall remain applicable, which include allowing exports based on permissions granted by the Government of India to other countries to meet their food security requirement.
(Link: DGFT Notification 13/2026 Dated 27/04/2026)
New Rules for Wheat Export Allocation and Application Process: The export authorizations must be applied online between 1st May and 10th May 2026 by IEC holders and will remain valid for six months, with possible extensions on a case by case basis. Allocations are to be recommended by a Special Exim Facilitation Committee (SEFC) based on eligibility criteria such as export turnover, minimum quantity applied for, and supporting documents. Of the total 25 LMT quota, 18 LMT is reserved for large exporters, 5 LMT for state trading entities and cooperatives, and 2 LMT for MSMEs.
(Link: DGFT Public Notice 05/2026 Dated 30/04/2026)
F. Securities and Exchange Board of India (SEBI)
Fast-Track Mechanism for Processing of Placement Memorandum of AIFs: SEBI has introduced a fast-track mechanism for processing Private Placement Memoranda (PPMs) of Alternative Investment Funds (AIFs). Under the revised framework, AIFs (excluding Large Value Funds for Accredited Investors) can launch schemes and circulate PPMs after 30 days of filing with SEBI, unless advised otherwise. For first-time schemes, launch is permitted after registration or 30 days from filing, whichever is later. The circular mandates specific filing requirements, including due diligence certificates and declarations, and introduces a strict timeline for first close within 12 months.
(Link: SEBI Circular Dated 30/04/2026)
Operationalisation of Past Risk and Return Verification Agency (PaRRVA): SEBI has operationalised the Past Risk and Return Verification Agency (PaRRVA) framework. CARE Ratings Limited has been recognised as PaRRVA, with National Stock Exchange of India Limited acting as the data centre. The framework mandates that regulated entities must enrol with PaRRVA within three months to continue communicating certified past performance, failing which such communication will be prohibited. Further, after two years, only PaRRVA verified performance metrics may be disclosed, disallowing reliance on pre-operational data.
(Link: SEBI Circular Dated 29/04/2026)
Extension of compliance timeline by Debenture Trustees (DTs) for carrying out activities outside SEBI Purview: The circular extends the timeline for DTs to comply with Regulation 9C introduced under the SEBI Debenture Trustees Regulations. It required DTs to segregate non-SEBI regulated activities into separate business units within six months from the notification. SEBI has now granted an additional six-month extension. Accordingly, the revised deadline for compliance is now 27th October 2026.
(Link: SEBI Circular Dated 28/04/2026)
G. Ministry of Corporate Affairs (MCA)
NCLT allows Single Member benches to hear cases to Speed Up Disposal of Cases: The order authorises Single Judicial Member Benches to hear and dispose of specified classes of matters under the Companies Act and the IBC to ensure faster disposal and reduce pendency. It permits single-member benches to handle procedural, urgent, and uncontested matters such as early hearing applications, condonation of delay, extensions of CIRP or liquidation periods, substitution of IRP/RP/liquidator, and recording of CoC changes. However, safeguards are retained, i.e. the contested matters affecting substantive rights must continue before Division Benches, and any party can request such transfer.
(Link: NCLT Order Dated 27/04/2026)
H. Insolvency and Bankruptcy Board of India (IBBI)
SC, IBC Proceedings do not Shield Directors from Cheque Bounce Prosecution: Case of Abhaykumar Anandkumar Bhambore vs Ortho Relief Hospital and Research Centre, , SC Judgement Dated 16th April 2026. The apex court upheld the HC Judgement, which held that the Directors of the Company remain liable under Section 138 of the NI Act, even if the Company debt is resolved under the Insolvency and Bankruptcy Code. Section 138 proceedings are penal in nature, aimed at maintaining the integrity of commercial transactions and not just compensating.
NCLAT, IBC Petition dismissed for failing Rs 1 Crore Threshold due to Separate Entity Debt Allocation: Case of Bhushan Power and Steel Limited vs AG Pipes Private Limited, NCLAT Delhi Judgement Dated 21st April 2026. The appellate tribunal ruled that a proprietorship and a corporate entity are separate legal entities, and their debts cannot be aggregated to satisfy the Rs 1 Crore threshold requirements under IBC.
I. Reserve Bank of India (RBI)
RBI Conduct of Government Business by Agency Banks (ABs) Payment of Agency Commission and Oversight Directions 2026: The directions governs conduct of Government business by Agency Banks (ABs), covering appointment, commission payment, reporting, and oversight. These clearly define transactions eligible for agency commission (like government receipts and payments) and exclude items such as prefunded schemes, bank’s own tax payments, and certain financial transactions. Updated commission rates apply (Rs 40 for physical receipts, Rs 12 for e- receipts, Rs 80 for pension payments, and 7 paise per Rs 100 for other payments). Strict timelines for reporting, claim submission (within 60 days), and data uploads are mandated.
(Link: RBI Directions 400/2026 Dated 30/04/2026)
RBI Disbursement of Government Pension by Agency Banks (ABs) Directions 2026: The directions regulate pension payments by authorized banks acting on behalf of Central and State Governments. Banks are required to implement government orders promptly, credit pensions based on instructions from Pension Sanctioning Authorities, and address excess payments by refunding amounts depending on whether the error lies with the bank or the government. Specific procedures are prescribed to assist elderly, sick, or incapacitated pensioners in accessing funds. The Directions mandate issuance of acknowledgements for life certificates, promote digital submission through “Jeevan Pramaan,” and require improved customer service, grievance redressal mechanisms, and compensation for delays.
(Link: RBI Directions 399/2026 Dated 30/04/2026)
RBI Commercial Banks Asset Classification, Provisioning and Income Recognition Directions 2026: The directions introduce a forward-looking Expected Credit Loss (ECL) framework alongside existing NPA norms, supported by a three stage classification approach based on credit risk changes. Banks must adopt the Effective Interest Rate (EIR) method and compute provisions using probability based models incorporating macroeconomic factors. NPAs continue to be defined primarily by a 90 day overdue rule, with borrower level classification and detailed norms for special cases such as agriculture, guarantees, and consortium lending. Prudential provisioning floors are prescribed across loan categories to ensure minimum loss coverage.
(Link: RBI Directions 398/2026 Dated 27/04/2026)
RBI Commercial Banks Capital Charge for Credit Risk Standardised Approach Directions 2026: The directions implement the Basel III framework for calculating risk-weighted assets in a more consistent and risk sensitive manner. These mandate the Standardised Approach for assessing credit risk across banking book exposures, covering sovereigns, banks, corporates, MSMEs, retail, real estate, and off-balance sheet items. The framework prescribes detailed risk weights based on external credit ratings, exposure types, and collateral, while emphasizing due diligence, alignment with internal risk assessment, and prudent valuation norms.
(Link: RBI Directions 397/2026 Dated 27/04/2026)
Amendments to Directions- Relief Measures in areas affected by Natural Calamities: RBI has issued a series of directions for commercial banks, small finance banks, local area banks, cooperative banks, NBFCs, and All India Financial Institutions. A bank need not wait for receipt of a formal request from a borrower and may decide to suo-moto implement a resolution plan for the impacted borrowers, The relief measures may include rescheduling of payments, moratoriums, conversion of interest dues into a separate credit facility, or additional financing. Borrowers will have an opt-out window of up to 135 days from the date of disaster declaration. The eligibility is restricted to standard accounts not overdue by more than 30 days at the time of the calamity. Such accounts can retain their standard classification upon resolution, and those slipping into NPA between the calamity and implementation may be upgraded to standard. The central bank has retained a 5% additional provisioning requirement and expanded the definition of natural calamities to include events recognised under the State Disaster Response Fund and National Disaster Response Fund.
— RBI Resolution of Stressed Assets Directions: (Link: RBI Circular 44/2026, 48/2026, 52/2026, 56/2026, 60/2026, 64/2026, 68/2026, and 72/2026, all Dated 29/04/2026)
— RBI Income Recognition, Assets Classification and Provisioning Directions: (Link: RBI Circular 45/2026, 49/2026, 53/2026, 57/2026, 61/2026, 65/2026, 69/2026, and 73/2026, all Dated 29/04/2026)
— RBI Responsible Business Conduct Directions: (Link: RBI Circular 46/2026, 50/2026, 54/2026, 58/2026, 62/2026, 66/2026, 70/2026, 74/2026, all Dated 29/04/2026)
— RBI Credit Risk Management Directions: (Link: RBI Circular 47/2026, 51/2026, 55/2026, 59/2026, 63/2026, 67/2026, 71/2026, 75/2026, all Dated 29/04/2026)
— RBI Relief Measures in Areas Affected by Natural Calamities Repeal Directions: (Link: RBI Circular 76/2026, and 77/2026 both Dated 29/04/2026)
Amendment to RBI NBFC Registration, Exemptions and Framework for Scale Based Regulation Directions: The amendment introduces clear categorisation of NBFCs into Type I (not availing public funds and without customer interface) and Type II entities, along with recognition of ‘Unregistered Type I NBFCs’. NBFCs meeting specified conditions,, such as asset size below Rs 1,000 crore, no public funds, and no customer interface, are exempted from registration requirements under Sections 45IA and 45IC, with an option for voluntary deregistration. The framework mandates strict disclosures, board resolutions, and auditor certifications to ensure compliance. Entities exceeding thresholds or changing business models must seek registration.
(Link: RBI Circular 43/2026 Dated 29/04/2026)
Updates on UNSC Sanctions List Under UAPA Compliance: MEA has informed about the UNSC amendments on its Taliban Sanctions List of individuals and entities, which are subject to the assets freeze, travel ban and arms embargo. Regulated Entities (REs) are advised to take note for necessary compliance in terms of Master Directions on KYC.
(Link: RBI Circular 42/2026 Dated 29/04/2026)
Amendments to Directions- Lending Norms for Urban Co-operative Banks (UCBs): Under the revised framework, UCBs are permitted to maintain aggregate unsecured loans up to 20% of their total advances. Unsecured loans up to Rs 50,000 per borrower, classified under the priority sector, will be excluded from this ceiling for UCBs compliant with eligibility criteria for business authorisation (ECBA). RBI has also specified borrower level caps on unsecured lending within this overall limit, fixing ceilings at Rs 5 lakh for Tier 1 banks, Rs 7.5 lakh for Tier 2 banks, and Rs 10 lakh for Tier 3 and Tier 4 UCBs. The loans to nominal members for purchase of consumer durables have been capped at Rs 2.5 lakh per borrower.
— In the housing segment, Tier 3 and Tier 4 UCBs are allowed to determine loan tenor and moratorium periods based on board approved policies. However, Tier 1 and Tier 2 banks will continue to be subject to a maximum housing loan tenure of 20 years, including a moratorium period of up to 24 months, which is permitted only for under-construction properties.
(Link: RBI Circular 39/2026, 40/2026, and 41/2026 all Dated 29/04/2026)
Reporting instructions for Authorised Dealer Category-I Banks: The circular requires Authorised Dealer Category-I banks to report all OTC foreign exchange derivative contracts involving INR undertaken globally by their related parties to the Trade Repository of CCIL. The existing reporting obligations have been expanded to include offshore related-party transactions, both deliverable and non-deliverable, while allowing exemptions for back-to-back trades and contracts below USD 1 million.
(Link: RBI Circular 38/2026 Dated 27/04/2026)
RBI Access Criteria for Negotiated Dealing System– Order Matching (NDS-OM) Platform Directions: The circular prescribe eligibility and procedural requirements for direct, indirect, and stock broker based access to the platform. The application forms for seeking access to NDS-OM platform are prescribed as part of the Directions.
(Link: RBI Circular 37/2026 Dated 27/04/2026)
Amendments to Directions– Asset classification, Provisioning, and Income recognition: A significant change is a shift from how banks recognise bad loans and set aside provisions. Banks will now move from the old ‘incurred loss’ model to a forward-looking Expected Credit Loss (ECL) model. The ECL model requires banks to build sufficient buffers on the basis of the likely losses an asset will incur. To measure ECL, banks should assess whether the credit risk on a financial instrument has increased significantly since initial recognition. A bank shall recognise loss allowance using a ‘three-stage’ approach, based on changes in credit risk since initial recognition. The banks shall compute Stage 1 ECL using a 12-month Probability of Default (PD) and Stage 2 ECL using a lifetime PD. The new rules retain the definition of a non-performing asset (NPA), which defines it as a loan which has not been repaid for 90 days straight
(Link: RBI Circular 23/2026, 24/2026, 25/2026, 26/2026, 27/2026, 28/2026, 29/2026, 30/2026, 31/2026, 32/2026, 33/2026, 34/2026, 35/2026 and 36/2026, all Dated 27/04/2026)
Amendments to Directions– AgriSURE Fund included as a Permitted Financial Service for Banks: The amendment adds ‘AgriSURE– Agri Fund for Start Ups & Rural Enterprises’ included as a Permitted Financial Service. This enables banks to participate in financing agricultural start-ups and rural enterprises as part of their permitted activities.
(Link: RBI Circular 15/2026, 16/2026, 17/2026, 18/2026, 19/2026, 20/2026, 21/2026, and 22/2026, all Dated 27/04/2026)
Withdrawal of Rs 2000 Denomination Banknotes Status: The Reserve Bank of India (RBI) had announced the withdrawal of Rs 2000 denomination banknotes from circulation vide Press Release dated 19th May 2023. These notes can be exchanged/ deposited/ send through India Post from any post office in the country, to any of the 19 RBI Issue Offices for credit to their bank accounts in India. The Rs 2000 banknotes continue to be legal tender. The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.56 lakh crore, has declined to Rs 5451 crore as at the close of business on 30th April 2026. Thus, 98.47% of the banknotes has since been returned.
(Link: RBI Press Release Dated 01/05/2026)
J. Miscellaneous
SC, Sale Deeds Invalid as Power of Attorney not proved through Proper Evidence: Case of Tharammel Peethambaram vs T Ushakrishnan, SC Judgement Dated 6th February 2026. The apex court held that primary evidence is the rule and secondary evidence is only an exception, admissible strictly in accordance with Section 65 of Indian Evidence Act. Before leading secondary evidence, a party must establish foundational facts, i.e. the existence and execution of the original document and valid reasons for its non-production. It clarified that mere marking of a document as an exhibit does not amount to proof, and admissibility does not automatically establish the contents of the document. The court held that if the original document itself is not proved to be valid, secondary evidence of its contents cannot be relied upon. The court thus dismissed the appeal, and confirmed that the sale deeds executed on the basis of such inadmissible evidence were invalid.
HC Upholds Promissory Estoppel in Renewable Energy Dispute: Case of Ultra Tech Cement Limited vs Energy Department, HC Rajasthan Judgement Dated 6th April 2026. HC held that the State cannot arbitrarily withdraw fiscal incentives after investments have been made based on specific policy assurances. While the fiscal policy can evolve, the sanctity of government assurances in long-gestation infrastructure projects are judicially protected.
(Link: HC Rajasthan Judgement Dated 06/04/2026)
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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)
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