During the week of October 14-20, 2024, various notifications and circulars were issued across income tax, GST, central excise, custom duty, and insolvency regulations. The Income Tax department specified forms for electronic submission, including Form 3CEDA and Form 3C-O. A circular extended the condonation of delays for co-operative societies claiming deductions under section 80P for the assessment year 2023-24. The CBDT established tolerance ranges for arm’s length pricing, with a 1% limit for wholesale trading and 3% for other transactions. In GST, new advisories were introduced, including a three-year limit for filing returns and biometric authentication for registration in Ladakh. The Supreme Court ruled against separate service tax on interchange fees when tax is already paid on the Merchant Discount Rate. In customs, new import/export declarations were mandated for synthetic diamonds, and revised regulations for high-value medical equipment were released. The IBBI launched a centralized electronic auction platform for asset liquidation, while NCLAT addressed key rulings on appeal limitations and claims in insolvency.
Notifications & Circulars issued during week (14th – 20th Oct 2024)
A. Income Tax
Specifying Forms under Rule 131 to be furnished electronically: The notification specify the forms to be electronically furnished and verified in prescribed manner. It includes Form 3CEDA (Application for rollback of an Advance Pricing Agreement) and Form 3C-O (Application form for approval under section 35CCC(1) of Income Tax Act. (Income Tax Notification 5/2024 (Systems) Dated 30/10/2024)
Condonation of delay for returns of income claiming deduction under section 80P for AY 2023-24: Applications have been received from co-operative societies claiming deduction u/s 80P for AY 2023-24, regarding condonation of delay in furnishing return of income caused due to delay in getting the accounts audited under the respective State Laws, and to treat such returns as ‘returns furnished on or before the due date under section 139(1) of the Act’. CBDT has extended the applicability of Circular No.13/2023 dated 26th July 2023 (allowing tax authorities to decide applications for condonations on merits related to AY up to 2022-23) to the AY 2023-24, subject to the conditions stipulated therein. (Income Tax Circular 14/2024 Dated 30/10/2024)
Tolerance Range for Arm’s Length Price: CBDT had issued notification 116/2024 dated 18th October 2024 notifying the tolerance range for variations in arm’s length price under Section 92C of the Income tax Act, for the assessment year 2024-25. For international or specified domestic transactions involving wholesale trading, the permissible variation between the arm’s length price and the actual transaction price is up to 1%. For all other cases, the tolerance limit is set at 3%. “Wholesale trading” is defined as transactions where at least 80% of the total cost pertains to the purchase of finished goods, and the average monthly closing inventory does not exceed 10% of sales. (Income Tax Press Release Dated 29/10/2024)
HC, Goodwill is an intangible asset which is eligible for depreciation: Case of PCIT vs Esys Information Technologies Ltd, HC Delhi Judgement Dated 8th October 2024. The court held that goodwill could be considered as an intangible asset and the same is eligible for depreciation. Assets acquired for 47.00 lacs, assets valued at 12.37 lacs, hence balance amount treated as intangible asset and the same is eligible for depreciation. (HC Delhi Judgement Dated 08/10/2024)
HC, TDS deducted but not deposited by employer cannot be demanded from employee: Case of Satwant Singh Sanghera vs ACIT, HC Delhi Judgement Dated 1st October 2024. The court held that TDS deducted by the employer and not deposited cannot be demanded from the employee. Thus, order demanding the TDS amount is liable to be set aside. (HC Delhi Judgement Dated 01/10/2024)
B. GST
Advisory, Barring of GST Return on expiry of three years: As per the Finance Act, 2023 implemented vide Notification No. 28/2023 dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing the said return under Section 37 (Outward Supply), Section 39 (payment of liability), Section 44 ( Annual Return) and Section 52 (Tax Collected at Source). These Sections cover GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9. The said changes are going to be implemented in the GST portal from early next year (2025). Hence, the taxpayers are advised to reconcile their records and file their GST Returns as soon as possible if not filed till now. (GSTN Advisory Dated 29/10/2024)
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Ladakh: CGST rule was amended which provide for identification of applicants through biometric- based Aadhaar authentication, which includes taking the applicant’s photograph and verifying the original documents submitted with the application. The new functionality mandates that after submitting Form GST REG-01, applicants will receive an email with either a link for OTP-based Aadhaar Authentication or a link to book an appointment at a GST Suvidha Kendra (GSK). It has been rolled out in Ladakh effective from 30th October 2024. (GSTN Advisory Dated 30/10/2024)
Corrigendum to Circular 237/2024 regarding clarifications on implementation of provisions of section 16(5) and 16(6) of CGST: Reference is invited to section 16(5) and 16(6), whereby the time limit to avail input tax credit under provisions of of section 16(4) has been retrospectively extended in certain specified cases. The taxpayers against whom demands have been issued alleging wrong availment of input tax credit in contravention of provisions of section 16(4) of CGST Act, are now entitled to avail the said input tax credit. A special procedure has been notified, and affected taxpayers can file applications electronically.
— The clarification further provided that no refund shall be made of all the tax paid or the input tax credit reversed, which would not have been so paid, or not reversed, had the amendments been in force at all material times. The corrigendum now issued clarifies that the restriction on refunds does not apply to amounts paid by taxpayers as a pre-deposit at the time of filing an appeal under the CGST Act. (CGST Circular 237/2024 Corrigendum Dated 25/10/2024)
SC, No Separate Service Tax on Interchange Fee When Tax Paid on MDR: Case of Comm of GST and CE vs Citibank N.A., SC Judgement Dated 16th October 2024. The apex court addressed the service tax obligations concerning the Merchant Discount Rate (MDR) and interchange fees. The court observed that the show cause notice proceeds on the basis that, regardless of the service tax paid by the acquiring bank on the full MDR, the issuing bank would be liable to pay service tax on the proportion of its share in the MDR, which is the interchange fee. SC held that service tax is not separately payable on the interchange fee, as service tax has been paid on the MDR. (SC Judgement Dated 16/10/2024)
HC, Temporary business suspension due to health not justify GST registration cancellation: Case of Ram Niwas vs Commissioner CGST, HC Delhi Dated 23rd October 2024. The case relates to Ram Niwas, proprietor of M/s Maha Kuber Garments, concerning the cancellation of his Goods and Services Tax (GST) registration due to alleged non-existence at the registered business premises. The court found that a temporary suspension of business activities due to health issues does not justify the cancellation of a taxpayer’s GST registration. (HC Delhi Judgement Dated 23/10/2024)
C. Central Excise
Amendment in excise duty rates on Blended Aviation Turbine Fuel (ATF): The notification introduces new excise duty rates on Blended Aviation Turbine Fuel (ATF) utilized by selected airline or cargo operators under the Regional Connectivity Scheme (RCS) – Ude Desh ka Aam Nagrik (UDAN). Specifically, ATF drawn from RCS- designated airports, heliports, or waterdromes for RCS flights will now attract a 2% duty, while other ATF supplies will incur an 11% duty. (Central Excise Notification 27/2024 (T) Dated 28/10/2024)
D. Custom Duty
Ultapani-Sarpang route via Saralpara for trade with Bhutan notified: The notification adds road route from Ultapani through Saralpara and Naharani (SSB Camp) to Sarpang District in Bhutan for facilitating smoother cross-border trade for goods moving between India and Bhutan. (Custom Notification 71/2024 Dated 29/10/2024)
New Adjudicating Authority Appointments: The notification designate the Commissioner of Customs (Adjudication) from Mumbai Customs Zone-I to act as the Adjudicating Authority for certain cases originally under the jurisdiction of the Commissioner of Customs, Nhava Sheva-V, Mumbai Customs Zone-II. This delegation, authorized under sections 3, 4, and 5 of the Customs Act, relates to adjudication for cases, including show cause notices issued to entities like Navitasys India Pvt. Ltd., Reliance Jio Infocomm Ltd., LG Electronics Pvt. Ltd., and others. (Custom Notification 72/2024 Dated 29/10/2024)
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 October 2024. (Custom Notification 73/2024 Dated 30/10/2024)
Amend Sea Cargo Manifest and Transhipment Regulations: The notification has extended the dates till which the transitional provisions are applicable. (Custom Notification 74/2024 Dated 30/10/2024)
Mandatory additional qualifiers in import/export declarations in respect of Synthetic or Reconstructed Diamonds: The importers/exporters are now required to declare specific production methods and other additional identifiers (Lab Grown Diamonds- Chemical Vapour Deposition/ High Pressure High, Temperature, La Grown Diamonds- Others), when filing import/export declarations. It aims to improve the quality of assessment and facilitate smoother clearance processes. (Custom Circular 21/2024 Dated 30/10/2024)
Revised List of High End and High Value used/refurbished Medical Equipment other than critical case medical equipment: The revised list includes 38 types of equipment, such as MRI, CT, robotic-assisted surgical systems, and high-end dental chairs, reflecting the latest amendments communicated by the Ministry of Environment, Forest and Climate Change (MOEFCC). Key conditions for importing this equipment mandate compliance with hazardous waste management rules, including the necessity of a minimum 7-year residual life for each item, certified by a chartered engineer or accredited agency. Additional requirements include a one-year warranty followed by a three-year Comprehensive Maintenance Contract (CMC), as well as documentation on employment impact and adherence to Extended Producer Responsibility (EPR) if relevant. (Custom Instructions 25/2024 Dated 28/10/2024)
Disposal of gold- revised mapping of jurisdictions to Focal Customs Commissionerate (FCC) and India Government (IG) Mints: The present instructions prescribe the procedure for disposal of seized/confiscated gold in any form of 24 carat purity i.e. including gold ornaments/jewellery/articles of 24 carat purity. On account of operational requirements of Security Printing and Minting Corporation of India Limited (SPMCIL), henceforth the seized/confiscated gold meant for disposal from Customs Zones in Telangana and Andhra Pradesh would be lifted and processed by IG Mint, Mumbai (in place of IG Mint, Hyderabad). (Custom Instructions 26/2024 Dated 30/10/2024)
Guidelines for Customs field formations in maintaining ease of doing business while engaging in investigation into tax evasion cases in import or export: It relates to investigation of type of cases of tax evasion in import or export of goods which are generally referred to as commercial intelligence/ fraud. Since import or export through filing of documentary declarations is also connected with doing business, the approach in investigation must keep balance with ease of doing business. The guidelines in this regard have been issued. (Custom Instructions 27/2024 Dated 01/11/2024)
E. Directorate General of Foreign Trade (DGFT)
Alignment of RoDTEP Schedule consequent to changes in the First Schedule of Customs Tariff Act: Vide this notification, 39 new tariff lines have been added, while 13 lines have been deleted from the RoDTEP (Remission of Duties and Taxes on Export Products) Schedule. The descriptions for two existing tariff lines have been updated. The details regarding the affected HS Codes and their corresponding RoDTEP rates and value caps are accessible on the DGFT portal. (DGFT Notification 39/2024 Dated 28/10/2024)
Modification of SION E-125 for export of Shea Stearine: The revised Standard Input Output Norms (SION) specifies that for every one metric ton of Shea Stearine exported, 5.02 metric tons of Shea Nuts (with an oil content of 45% to 46%) or 2.21 metric tons of Shea Butter are required, along with smaller quantities of Activated Bleaching Earth and Acetone. The notice includes provisions for adjusting import quantities based on variations in oil content, with a pro-rata decrease or increase of 150 kilograms for every percentage change. (DGFT Public Notice 28/2024 Dated 28/10/2024)
Abeyance of Public Notice No. 05/2024 dated 27th May 2024: Keeping in view the representation of the Gem & Jewellery Export Promotion Council (GJEPC), Public Notice No. 05/2024 dated 27.05.2024 which was in abeyance till 31st October 2024, had been further kept in abeyance till 31st December 2024. (DGFT Public Notice 29/2024 Dated 01/11/2024)
Amendment 4.59 of HBP and SION M-1 to M-8 for export of Jewellery: The wastage permissible and Standard Input Output Norms (SION) under Handbook of Procedures (HBP) with regard to export of Jewellery has been revised. (DGFT Public Notice 30/2024 Dated 01/11/2024)
F. Securities and Exchange Board of India (SEBI)
Consultation Paper on modifying the requirement of uploading initial draft Scheme Information Documents (SIDs) on SEBI website: It is proposed to reduce the public comment period for draft Scheme Information Documents (SIDs) submitted by Asset Management Companies (AMCs) from 21 working days to 5 working days. The proposal suggests that only final SIDs, which have received SEBI observations, be uploaded for public comments for a minimum of 5 working days prior to the scheme’s launch. This shift reflects the standardization of SID contents and aims to streamline the approval process. The comments from stakeholders are invited. (SEBI Consultation Paper Dated 30/10/2024)
Consultation Paper on specifying timelines for deployment of funds collected by Mutual Funds in New Fund Offers (NFO): The paper suggests that AMCs should deploy NFO funds within 30 business days from the allotment date, with a potential extension of another 30 days if approved by the Investment Committee. If funds are not deployed within the specified timeline, AMCs may face restrictions on launching new schemes, and investors may be exempted from exit load fees. This initiative seeks to reduce indefinite holding periods and ensure timely allocation of NFO funds as per the Scheme Information Document (SID). The comments from stakeholders are invited. (SEBI Consultation Paper Dated 30/10/2024)
Consultation Paper, Draft Circular on SMS and E-mail alerts to investors by Stock Exchanges: It relates to guidelines for SMS and email alerts to investors by stock exchanges. The existing guidelines required stock brokers to upload distinct mobile numbers and email addresses for each client, with exceptions for family members under specific circumstances. The proposed changes aim to extend this exception to non-individual clients, such as Hindu Undivided Families (HUFs), partnerships, trusts, and corporates, thus easing compliance for these entities. The brokers can also upload shared contact details for authorized persons of these non-individual clients when there is prior approval. The comments from stakeholders are invited. (SEBI Consultation Paper Dated 28/10/2024)
Consultation Paper on proposals related to review of regulatory framework for Small and Medium REITs (SM REITs): SM REITs were introduced in March 2024 to encourage smaller real estate investments and increase participation in the sector. These are similar to REITs but operate on a smaller scale with a minimum asset value of Rs 50 crore compared to Rs 500 crore for regular REITs.
— It is proposed to standardise disclosures in scheme offer documents and simplifying public issue processes for such schemes. It suggested splitting the scheme offer document into two parts — Key Information of the Trust (KIT) that contains information about the SM REIT, its Investment Manager, Trustee, and overall structure and Key Information of the Scheme (KIS) that includes details specific to the individual scheme and its assets. It is proposed to align SM REIT regulations with existing REIT norms. SM REITs can set up special purpose vehicles (SPVs) to manage assets and are required to invest 95 per cent of assets in completed, revenue-generating properties and distribute 95 per cent of net income to investors quarterly. The comments from stakeholders are invited. (SEBI Consultation Paper Dated 30/10/2024)
Consultation Paper on introduction of regulatory framework for restricted return Infrastructure Investment Trusts (InvITs): SEBI’s consultation paper explores a framework for InvITs that offer restricted returns, suggesting floor (downside protection), cap (upside restriction), or both. This aligns with global investment products like Defined Outcome ETFs, which cap upside returns in exchange for downside protection. SEBI recommends they be restricted to privately placed InvITs, setting high minimum investment and trading thresholds (proposed at 500 crore rupees per investment). Only InvITs with assets valued over 50,000 crore rupees are eligible. In includes provisions regarding Investor Agreement, Credit Rating, and Monitoring and Evaluation. The comments from stakeholders are invited. (SEBI Consultation Paper Dated 30/10/2024)
Consultation Paper on proposals related to REITs and InvITs: The paper has proposed permitting InvITs, REITs, and SM REITs to use interest rate derivatives to hedge, locked-in units may be transferred within sponsor groups, fixed deposits can be included for cash balances while computing leverage and REITs may be able to invest in liquid mutual funds. It also proposes that REITs cannot invest in unlisted equity shares other than those of holdco and special purpose vehicles. The comments from stakeholders are invited. (SEBI Consultation Paper Dated 30/10/2024)
Consultation paper on review of provisions of LODR Regulations pertaining to corporate governance norms for High Value Debt Listed entities (HVDLEs): The proposals include introduction of a separate chapter for corporate governance norms in the LODR Regulations which will be applicable only to HVDLEs; Relaxation in the threshold for identification of High Value Debt Listed Entities for applicability of Corporate Governance Norms; Introduction of the sunset clause for applicability of Corporate Governance norms; Relaxation for HVDLEs which are not companies as per the Companies Act, 2013; Relaxation with regard to constitution of the Nomination and remuneration committee (NRC), Risk Management Committee (RMC) and Stakeholders Relationship Committee (SRC); Introduction of Business Responsibility and Sustainability Report (BRSR) for HVDLEs on a voluntary basis; Requirements related to maximum number of directorships; Requirements pertaining Related Party transactions (RPT). The comments from stakeholders are invited. (SEBI Consultation Paper Dated 31/10/2024)
Consultation paper on review of SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations: Securitization of debt is a process in which assets are pooled together and then sold to investors in small units. The cash flow from these underlying assets is passed on to investors through instruments. The proposals relate to the ticket size, offer period, definition of debt, rights of investors, among other criteria. The comments from stakeholders are invited. (SEBI Consultation Paper Dated 01/11/2024)
Consultation Paper on Ease of Doing Business by ESG Rating Providers (ERPs): The proposals include requirement of sharing draft ESG rating report with the issuer in case of ERPs following a subscriber-pays model; dealing with appeal and representation by the rated issuer in case of ERPs following a subscriber-pays model; dispensing with the requirement to disclose the ESG ratings to the stock exchange(s) where the issuer or the security is listed, in case of ERPs following a subscriber-pays model; specifying Activity Based Regulation for ERPs. The comments from stakeholders are invited. (SEBI Consultation Paper Dated 31/10/2024)
G. Ministry of Corporate Affairs (MCA)
No Notification/ Circular during the week.
H. Insolvency and Bankruptcy Board of India (IBBI)
Centralized Electronic Listing and Auction Platform for the Sale of Assets under Liquidation Process: IBBI has introduced a centralized electronic auction platform, eBKray, to streamline the sale of assets in corporate debtor liquidation cases. All liquidators managing assets in liquidation are required to list these assets on eBKray, the auction platform developed in partnership with the Indian Banks’ Association (IBA) and managed by PSB Alliance Private Limited, a consortium of 12 public sector banks. This platform will serve as a single, publicly accessible hub for listing assets under liquidation, offering detailed information such as asset status, geographical details, photos, and videos. Liquidators must list unsold assets from ongoing liquidation cases within seven days of asset memorandum submission to the Adjudicating Authority and may use eBKray for all ongoing cases as per this circular. (IBBI Circular Dated 29/10/2024)
NCLAT, Limitation period starts on order pronouncement date: Case of Shakir vs Fruitful Buildcon, NCLAT Delhi dated 17th October 2024. The appellant sought to condone an 18-day delay in filing an appeal, arguing that this period should be reduced by the time taken to receive a free copy of the order from the NCLT. However, the NCLAT ruled that failure to apply for a certified copy does not allow a litigant to use the receipt of a free copy as a reason to extend the limitation period for filing an appeal. The tribunal emphasized that the limitation period begins from the date the order is pronounced, regardless of when a copy is received. NCLAT dismissed the petition for condonation of delay, stating that the delay exceeded the permissible limits set by Section 61(2) of IBC. (NCLAT Judgement Dated 17/10/2024)
NCLAT, No tax claims should be accepted by RP after lapse of extended period of 90 days of Insolvency commencement date: Case of CIT vs Sundaresh Bhat, NCLAT Delhi Dated 15th October 2024. The appellant tribunal held that Resolution Professional (RP) could not accept any claim after the lapse of extended period of 90 days of the insolvency commencement date as tax claims did not create any charge or security interest in favour of the Income Tax Department, therefore could not be considered as secured creditor. The appeal has been dismissed. (NCLAT Judgement Dated 15/10/2024)
NCLAT, Assets held in name of partnership firm is not personal property of personal guarantor: Case of Ramesh Kumar Chugh vs Assets Care & Construction Enterprises, NCLAT Judgement Dated 15th October 2024. NCLAT Delhi held that assets held in the name of the partnership firm is not the personal property of the personal guarantor and cannot be subjected to the provisions of interim moratorium merely because a Section 95 application has been filed against a partner of the firm in respect of a personal guarantee given for a party other than the partnership firm. (NCLAT Judgement Dated 15/10/2024)
RTI, Personal information cannot be disclosed without clear public interest justification: In an RTI appeal, Ashish Mohan Gupta sought details of personal guarantors in insolvency cases, specifically data on cases withdrawn, dismissed, or closed due to rejected repayment plans. The Central Public Information Officer (CPIO) had earlier denied this request, citing Section 8(1)(j) of the RTI Act, which exempts disclosure of personal information unless justified by a larger public interest. The First Appellate Authority, examined the RTI definitions and exemptions, confirming that personal information cannot be disclosed without clear public interest justification. (IBBI-FAA Order Dated 29/10/2024)
I. Reserve Bank of India (RBI)
Directions for Central Counterparties (CCPs): The notification update the earlier directions issued in June 2019 regarding capital requirements and governance frameworks for CCPs. It will apply to both domestic CCPs authorized by the RBI and foreign CCPs recognized under the Payment and Settlement Systems Act, 2007. The key areas include a diverse Board composition, which must include nominee and independent directors, as well as a Managing Director. The Board has specific roles, such as overseeing risk management and ensuring compliance with regulatory standards. The process for appointing directors is defined, along with requirements for relevant experience and a fit-and-proper criteria assessment by the RBI. (RBI Notification 85/2024 Dated 28/10/2024)
Note Sorting Machines: Standards issued by the Bureau of Indian Standards: With a view to strengthen the banknote sorting architecture across the country, the Bureau of Indian Standards (BIS) after due consultation with RBI and other stakeholders, had published the standards for Note Sorting Machines (NSM) – ‘IS 18663: 2024’ on 19th March 2024. Now, it has been decided that banks should deploy only such NSM models that conform to the aforesaid Indian Standards and are duly certified by BIS. (RBI Notification 86/2024 Dated 30/10/2024)
J. Miscellaneous
SC, Aadhar Not conclusive proof of individual’s date of birth: Case of Saroj vs IFFCO-TOKYO General Insurance, SC Judgement Dated 24th October 2024. The apex court clarified that an Aadhar card, while useful for establishing identity, does not serve as conclusive proof of an individual’s date of birth. The appeals were filed by the family of the deceased, Silak Ram, who died in a motorcycle accident. The High court had considered Aadhar card listed deceased’s date of birth as 1st January 1969, suggesting an age of 47 at the time of death. It also reduced the compensation. The family sought the Supreme Court’s intervention. SC referenced a circular issued by the Unique Identification Authority of India (UIDAI) in December 2023, which reiterated that while Aadhar cards can establish identity, they do not inherently serve as proof of date of birth. (SC Judgement Dated 24/10/2024)
SC, Onus of Proving Employment Nature Lies with Claimant as ‘Workman’: Case of Lenin Kumar vs Express Publications, SC Judgement Dated 21st October 2024. The apex court reiterated that the burden of proof rests with the employee asserting the workman status. It acknowledged the need for clarity on employment roles within the purview of the Industrial Disputes Act. The court highlighted that the determination of workman status should focus on the nature of work performed, rather than the job title held. The appeal filed by the employee stands dismissed. (SC Judgement Dated 21/10/2024)
SC, Legislative Competence Over Industrial Alcohol: Case of State of UP vs Lalta Prasad Vaish and Sons, SC Judgement Dated 23rd October 2024. The apex addressed critical questions regarding the regulation of industrial alcohol by state legislatures. The case emerged from the Uttar Pradesh government’s attempt to impose a licensing fee on the sale of specially denatured spirits, a form of industrial alcohol. This brought into focus two primary issues: whether “intoxicating liquors,” as defined in Entry 8 of List II of the Seventh Schedule of the Constitution, encompasses industrial alcohol, and whether states hold the legislative authority to enact laws governing industrial alcohol.
— In a decisive ruling, the nine-judge bench, with a majority of 8:1, concluded that “intoxicating liquors” as per Entry 8 of the State List does include industrial alcohol. It asserted that this interpretation covers all alcohol types harmful to health, thus allowing state legislatures to regulate industrial alcohol. The majority opinion rejected the previous narrow definition, broadening the interpretation to include any alcohol that could potentially be misused or converted into potable liquor. (SC Judgement Dated 23/10/2024)
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