Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.
The principal notification No.66/2008-Customs, dated the 10th May, 2008 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.359(E) of the same date and was last amended vide notification No.115/2008-Customs, dated the 31st October, 2008, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 759(E) of the same date
In terms of the provisions of Section 75 (1) of the Customs Act, 1962 read with sub-rule 16A (1) of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, where an amount of drawback has been paid to an exporter but the sale proceeds in respect of such export goods have not been realized within the time allowed
Facts- The assessee had not debited current year depreciation to the profit and loss account but had disclosed this fact and the quantum of depreciation in the notes appended to the accounts.
