EOUs are allowed duty free import of goods under notification No.52/2003- Custom, dated 3 1-3-2003. However, in view of GST, the said notification has been consequently amended by notification No. 59/2017- Customs dated 30-6-2017.
It has been decided by the Board to extend online referral of WCCB to all Customs EDI locations with effect from 31st July, 2017. The mapping of Customs EDI locations to WCCB offices will remain the same as it was for imports.
Customs officers may draw the samples from import consignments for testing, wherever needed. The results of all test reports, adverse or otherwise, is communicated to the importer or his authorized representative/ Customs Broker immediately on its receipt.
Seeks to continue anti-dumping in force concerning imports of ‘polytetraflouroethylene or PTFE’ originating in exported from China PR.
A moot question is whether a Tax Payer is allowed to make fresh claims beyond the due date of revising the return of income? Various judicial precedents have held that the Appellate Authorities as well as Assessing authorities have the jurisdiction to exercise their discretion whether or not to permit such additional claims raised for the first time. The same are listed hereunder:
Capital reduction is a commonly adopted tool by companies for re-engineering their capital structure. The need for reducing share capital may arise owing to a number of reasons, such as returning excess funds to the shareholders, adjustment of accumulated losses, minority squeeze out, improving EPS, producing a more efficient capital structure, etc. In this article we have analysed the importance to understand the key tax aspects related to capital reduction.
I do hereby extend the last date of filing of online/hard copy of first quarter return for the year 2017-18, in Form DVAT16, DVAT-17 and DVAT-48 along with required annexure/enclosures up to 17/08/2017,
I urge all Chief Commissioners to monitor disposal of pendency of Commissioner (Appeals) to ensure that all legacy cases are disposed off by 31st December, 2017. In this regard, a detailed guideline is being issued which should be followed strictly.
The present Appeal pertains to Assessment year 200405. The learned counsel for the Appellant submits that Tribunal was not justified in not accepting the reworking of the book profits by the Assessing Officer as per the provisions of Section 115JB of the Income Tax Act.
Reimbursement of expenses against separate bills to C&F agents doesn’t require TDS and hence no dis allowance u/s 40(a)(1a)… ITAT Cochin bench held in the case of St. Mary’s Rubbers dismissing revenue’s appeal
