The tribunal observed that the liability to pay the Customs Duty had crystallized during the relevant year, as the company could not fulfill its export obligation. Therefore, the deduction of the Customs Duty was allowable in the same year. The ITAT Chennai cited Section 43B of the Income Tax Act, which allows deductions for statutory dues in the year of payment, irrespective of the accounting method followed by the assessee.
A comprehensive analysis of the case Bombay Fluid Systems Components Pvt Ltd Vs Commissioner of Customs, where CESTAT quashed the classification of stainless steel tube fittings under the Customs Tariff Act.
Delve into CESTAT Bangalore’s decision in Asianet Satellite Communication Ltd Vs Commissioner of Customs, where the tribunal quashed the original classification of ‘Line Extender’ as a Broadcast Signal Amplifier.
Jio Financial Services demerger from Reliance Industries results in shares soaring to Rs 261.85, surpassing predictions. With strategic plans and strong leadership, JFS signals a promising future.
Explore SEBI’s interpretative letter providing guidance on takeover regulations in response to Kreon Financial Services Ltd.’s query.
Government of India announces an extension of the Industrial License validity to 15 years for ease of doing business. Read the guidelines for extension and reconsideration.
Explore the benefits of Section 80EEB, providing a deduction for interest paid on loans for Electric Vehicles (EVs). Understand the eligibility criteria, quantum of deduction, and conditions for availing this tax benefit. Stay informed about the latest tax incentives as India pushes for a 30% EV replacement by 2030.
Get simplified insights into the clarification on Circular No. 193/05/2023-GST (17th July 2023). Understand the treatment of differences in Input Tax Credit (ITC) availed in GSTR-3B compared to GSTR-2A for the period 01.04.2019 to 31.12.2021. Learn about the applicable rules, percentages, and examples to navigate these GST updates effectively.
An examination of the recent ruling by the Madras High Court in the Sundaram Clayton Limited Vs Deputy Commissioner case, addressing the implications of technical glitches on the maintainability of statutory appeals.
Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs has issued Notification No. 55/2023-Customs (N.T.) on 21st July, 2023. This notification brings a significant amendment to the Customs Act, 1962, with particular relevance to the State of Maharashtra. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) […]
