"09 October 2017" Archive

CBEC guideline for Refund of IGST paid on export of goods

Instruction No. 15/2017- Customs (09/10/2017)

As you are aware, Rule 96 of the CGST Rules 2017 deals with refund of Integrated Tax paid on goods exported out of India. It provides that the shipping bill filed by an exporter shall he deemed to be an application for refund of integrated tax paid on the goods exported out of India once export general manifest (EGM) and valid return in F...

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Retention of seized cash to be utilised towards tax dues already determined

Fatema Hussain & Anr. Vs UOI & Ors. (Patna High Court)

Facts on record go to show that on 21-3-2014 when the petitioners were carrying a sum of Rs. 30 lakhs in New Delhi purportedly having received it as certain sale proceeds, the author­ities of the Income Tax Department at New Delhi seized the amount and thereafter when the amount was not released and no action was taken for a period of ab...

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Broad functionality not sufficient to find comparable entity unless similarity with controlled transaction

Avenue Asia Advisors Pvt. Limited Vs. DCIT (Delhi High Court)

Avenue Asia Advisors Pvt. Limited Vs. DCIT (Delhi High Court) Broadly, it appears that the ITAT has gone on the usage of several terms such as debt syndication, debt financing, IPO advisory, corporate restructuring, mergers, acquisitions etc, appearing in the annual reports of the comparable to hold that the Assessee and the said comparab...

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PFMS portal not ready to issue IGST Refund on export of goods

Instruction No. 16/2017-Customs (09/10/2017)

It is directed to use the existing system to make immediate payment of refund of IGST on Exports w.e.f. 10th October 2017 till 14th October 2017. The payment through PFMS portal would be started from 16th October 2017...

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Sale of Chinese goods may drop 45% this Diwali; India to Celebrate a Make in India Diwali: ASSOCHAM

Be it decorative items like lights, gift items, lamps and wall hangings or other product, the sale of Chinese products may decline by 40-45% this Diwali as compared to last year which was about 30% as per the market report from various states, a quick survey by ASSOCHAM-Social Development Foundation (ASDF)....

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Posted Under: Custom Duty |

AO cannot disallow expense U/s. 14A without recording his dis-satisfaction

Pr. Commissioner of Income­Tax­ Vs M/s. Reliance Capital Asset Management Ltd. (Bombay High Court)

Whether on the facts and in the circumstances of the case, the Hon. Income Tax Appellate Tribunal was justified in restricting the disallowance u/s 14A to Rs.3,50,000/­ as against Rs.1,46,78,090/­ made by the Assessing Officer u/s 14A r.w. Rule 8D without appreciating the fact that for invoking disallowance u/s 14A, it is not material t...

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Anti-dumping duty imposed on imports of Wire Rod of Alloy or Non- Alloy Steel

Notification No. 48/2017- Customs (ADD) (09/10/2017)

Seeks to impose definitive anti-dumping duty on the imports of Wire Rod of Alloy or Non- Alloy Steel originating in or exported from China PR...

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Penalty cannot be levied merely for non-challenge of addition by assessee in appeal

CIT Vs. Smt. Madhuri Satish Misal (Bombay High Court)

CIT Vs. Smt. Madhuri Satish Misal (Bombay High Court) Amount which has been subjected to levy of penalty primarily on the ground that the assessee agreed to the addition and did not challenge it in appeal. The Tribunal in paras 19 to 21 of its order considered the principles which have to be invoked and […]...

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Clarification: Legislative changes relating to Customs Act, 1962 proposed in Finance Bill, 2017

Standing Order No. 33/2017- Custom Duty (09/10/2017)

Attention of all officers working in import appraising groups of NS-I, II, III, IV and V is invited to the Standing Order No. 17/2017, dated 03.07.2017 on the above mentioned subject. ...

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Re-Export/Repair/Replacement of Capital Goods Imported under EPCG Scheme

Public Notice No. 29/2015-20 (09/10/2017)

Capital Goods imported under EPCG Scheme, may be re-exported for repairs abroad within three years from the date of clearance by Customs of such goods, with permission of RA/Customs Authority. The duty component on the expenditure incurred on the repairs as well as the insurance and the freight, both ways shall be taken into account for ...

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