WELCOME TO OUR TRADE AND TAX NEWSLETTER
We are pleased to present the eighth edition of our Trade and Taxation Newsletter, sharing important updates, key developments, and practical insights on trade and taxation, all tailored to help you stay ahead in an ever-changing regulatory environment.
We hope you find this newsletter useful and informative, and we look forward to your continued engagement.
I) TAX UPDATES
DIRECT TAX
CBDT issues guidelines for compulsory selection of cases for Scrutiny
Central Board of Direct Taxes has issued guidelines for compulsory selection of returns for Scrutiny during F.Y. 2025-26. These cover following types of cases:
- Cases pertaining to survey under section 133A
- Cases pertaining to Search & Seizure before 01.04.2025
- Cases related to registration/ approval under various sections of the Act
- Cases involving addition in earlier years on a recurring issue of law or fact
- Cases related to specific information of tax evasion Selection of other cases for scrutiny will be done through the Computer Assisted Selection System (CASS) only.
CBDT Notification F.No.225/37/2025/ITA-II, dated 13 June 2025
INDIRECT TAX
CUSTOMS
New maritime laws enacted by the Government – The Bills of Lading Act, 2025 and the Carriage of Goods by Sea Act, 2025
On August 8, 2025, the Ministry of Law and Justice ushered in a significant reform of India's maritime legal regime by notifying the Carriage of Goods by Sea Act, 2025 and the Bill of Lading Act, 2025.
These enactments repeal two colonial-era statutes—the Indian Carriage of Goods by Sea Act, 1925 and the Indian Bills of Lading Act, 1856—and replace them with a modern framework better suited to contemporary international trade practices. The Carriage of Goods by Sea Act, 2025 codifies the responsibilities, liabilities, rights, and immunities of carriers in relation to goods transported by sea from any Indian port to any port, whether within India or abroad. It mandates that every bill of lading or similar document of title issued in India must expressly state that it is subject to the Act, thereby ensuring uniformity and legal certainty. Importantly, in respect of bulk cargo, where the weight specified in the bill of lading has been certified by an independent third party, the bill will not constitute prima facie evidence against the shipper for receipt of goods by the carrier, limiting disputes over weight discrepancies. The Act also introduces clear provisions on loss, damage, and recovery procedures, including strict notice periods and a one-year limitation for claims, while recognising the growing role of digital documentation and electronic bills of lading.
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