Mitsubishi Electric Automotive Vs ACIT (ITAT Delhi) -
ITAT Delhi held that transactions relating to currency swap contracts cannot be considered to be in the nature of speculative transaction covered u/s. 43(5) of the Act. Accordingly, the same is allowable as deduction u/s. 36(1)(iii) of the Act....
In re Shiv Shakti Minechem (CAAR Mumbai) -
In re Shiv Shakti Minechem (CAAR Mumbai) CAAR ruled that valuation of the subject goods namely ‘Laterite’ shall be done in accordance with the provisions of Customs Valuation (Determination of value of export goods) Rules, 2007 read with Customs Act, 1962. Accordingly, in respect of the rulings sought by the applicant on the p...
In re Mahaveer Impex (CAAR Mumbai) -
Applicant proposed to import Rolls made of Polyester, Taffeta, Satin etc. which are available with width ranging from 10 millimetres to 810 millimetres. The applicant submits that ultimate customer of products are companies engaged in manufacturing of readymade garments. The products will be ultimately used for the purpose to capture trad...
In re Supertron Electronics Pvt. Ltd (CAAR Delhi) -
Classification on import of Data Projector- It is evident that the projectors in question are designed for use with an automatic data processing machine. It also appears that the subject goods has got additional ports which make it capable of being a video projector, classifiable under 85286900....
A form of intellectual property known as copyright protects the expression of ideas. It shields original artistic, literary, dramatic, cinematographic, or sound recording authors or owners from unlawful use or duplication of work in India...
♦ The by products of milling of dal/pulses were exempted from tax considering these as cattle feed vide entry No 102 of Notification 2/2017. Thereafter, the government has issued clarification vide circular 179/11/2022 dated 3.8.2022 that if such byproducts are used as ingredient of cattle feed, then such byproducts will be liable to ta...
To strengthen functioning of IBC, changes to Code are being considered in relation to admission of corporate insolvency resolution process (CHIP) applications, streamlining the insolvency resolution process, recasting the liquidation process, and role of service providers under Code....
A group insolvency framework that is voluntary, flexible and enabling in nature should be provided under the Code. Such a framework may be introduced in phases. In the first phase, only provisions governing domestic group insolvency may be enacted....
The Rule of Law cannot prevent a certain class of persons from being subject to special laws. The State has the power to make laws operating differently on different classes of people, in a way that the principle of equality of civil rights and equal protection of law is followed. This is known as the […]...
It is mandatory for all importers and exporters in India to have an IEC number. This number can be obtained from the DGFT by submitting the required documents, such as the PAN card, GST No., and other documents. The IEC is valid for one year and needs to be renewed every year....