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Archive: 27 May 2021

Posts in 27 May 2021

Fast track approval for oxygen cylinder import for COVID relief activities in India

May 27, 2021 747 Views 0 comment Print

A. In case the importer has applied through online application to PESO and the decision is pending in PESO, the exemption allows them to bring oxygen cylinders on urgency for COVID relief activities in India. B. In case the importer has not applied through online application to PESO, the exemption allows them to bring cylinders for urgent use for enhancing oxygen distribution logistics in India.

Electronic mechanism to amend BL number in Prior/Advance BE with Auto Approval

May 27, 2021 1371 Views 0 comment Print

While filing Bill of Entry declaration in the system where MBL is not available, MAWB/BL No. shall be declared as NOMBL (in case of sea) or NOMAWB (in case of air), as the case may be, with mandatory declaration of HBL. For regularization with Arrival Manifest, the importers have the option to update the MBL in the Bill of Entry at any point in time later to regularize/link the BE with Arrival Manifest through a simple online amendment process which is auto approved in Customs System. This online amendment process has also been elaborated in the above advisory.

Containment measures for COVID- 19 extended upto 30th June, 2021

May 27, 2021 627 Views 0 comment Print

the undersigned hereby directs that Ministry of Home Affairs’ Order of even number dated 29th April 2021, to ensure compliance to the containment measures for COVID-19, as conveyed vide Ministry of Health & Family Welfare (MoHFW) DO No. Z.28015/85/2021-DM Cell dated 25th April 2021, will remain in force upto 30th June 2021..

Policy for Used/Worn clothing and Plastic recycling units in SEZs/EoUs

May 27, 2021 1326 Views 0 comment Print

i. Setting up of new units in SEZ/EOUs is not allowed. ii. Extension/renewal of LoA of existing units will be considered for a period of five years by Board of Approval. in. Besides the NFE obligations, the units shall be required to comply with to the extent a. 66.67% i.e. 2/3rd of the exports in terms of annual turnover and b. 50% in terms of tonnage.

Section 16(2)(c) CGST Act 2017 Vires challenged in Rajasthan HC

May 27, 2021 3003 Views 0 comment Print

Rahul Agencies Vs Union Of India (Rajasthan High Court) 1. To issue notices to respondents wherein validity of Section 16(2)(c) read with Rule 86A are challenged. 2. A Division Bench of the  Rajasthan High Court issued Notices to Respondents including Finance ministry on Section16(2)(C) which provides that input tax credit (ITC) must be allowed to […]

Delhi HC Quashed Assessment Order as personal hearing was not provided

May 27, 2021 2280 Views 0 comment Print

Ritnand Balved Education Foundation (Umbrella Organization of Amity Group of Institutions) Vs National Faceless Assessment Centre & Ors. (Delhi High Court) 1. In our view, since the statute itself makes the provision for grant of personal hearing, the respondents/revenue cannot veer away from the same. 2. The impugned assessment order as well as the impugned […]

Govt shall look to waive duties on imports of medicines for Black Fungus

May 27, 2021 537 Views 0 comment Print

LAIEQ Ahmad Siddiqui Vs Goverment of NCT of Delhi (Delhi High Court) FULL TEXT OF THE JUDGMENT/ORDER OF DELHI HIGH COURT 1. During the course of arguments, it has been informed by Mr. Kirtiman Singh that Import Duty payable on import of Amphotericin B, which is a drug being used for treatment of Mucormycosis (Black […]

Revenue cannot take a different stand in case of Co-Owners

May 27, 2021 1245 Views 0 comment Print

Smt. Bachupally Laxmi (alias Routhu Laxmi) Vs ITO (ITAT Hyderabad) For the purpose of computation of LTCG arising out of the development agreement cum GPA, the Assessing Officer has accepted that the assessee has acquired the flats as on 9.11.2009 and therefore, in the year 2012 when the assessee has sold the flat, the holding […]

HC issues notice to revenue for framing Assessment order on issues which were not confronted to assessee

May 27, 2021 1212 Views 0 comment Print

Devgiri Exports Vs ITO (Rajasthan High Court) FULL TEXT OF THE JUDGMENT/ORDER OF RAJASTHAN HIGH COURT Learned counsel relies on judgements passed by the High Court of Delhi, Madras and Bombay to submit that the faceless assessment done under section 144B of Income Tax Act, 1961 has been examined by the High Court without insisting […]

If two views possible, the one in favour of assessee should be adopted

May 27, 2021 4845 Views 0 comment Print

Goldman Sachs (India) Finance Private Limited Vs DCIT (ITAT Mumbai) We are of the considered opinion that in this regard if the assessee is not called upon to pay any tax on book profit as taxes on normal computation are higher even after the aforesaid exercise of increase of the book profit by the amount […]

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