Under the new guidelines, AIFs and VCFs now have a reduced time limit of four months to utilize the allocated investment limits effectively. If the approved funds remain unutilized within the stipulated period, SEBI can reallocate these limits to other applicant AIFs/VCFs.
CESTAT Delhi held that Universal Joints Parts to be used in transmission shaft, are more specifically covered under sub heading 8483 60 90 and not under heading 8708.
ITAT Mumbai held that deduction u/s 80IA of the Income Tax Act duly available towards FDR interest, scrap sales and EDI charges and on account profit earned from the operation of Inland container Depot (ICD).
CESTAT Chennai held that non-renewal of Private Bonded Warehouse license alleging settlement of disputes and admission of duty liability before Settlement Commission is unjustified. As post settlement, immunity is granted to the assessee from fine, penalty and prosecution under Customs Act and any other Central Act.
ITAT Delhi held that issuance of notice u/s 153C of the Income Tax beyond six Assessment Year immediately preceding the Assessment year from the date of recording of satisfaction note/ handling over of relevant material is not in accordance with law.
DGFT extends the deadline for the Track and Trace system for exported drug formulations to February 1, 2024, for both SSI and non-SSI drugs.
Directorate General of Foreign Trade (DGFT) amends SION E-136 to allow exports of Wheat Flour (Atta) mixed with Millets. Know key conditions.
ITAT Pune held that penalty under section 270A of the Income Tax Act duly leviable in absence of any plausible legal explanation with regard to misreporting of taxable income and increasing deductions.
Unveiling the Indian Government’s amendment in the Handbook of Procedures 2023; a key alteration in the certification/grading of diamonds.
ITAT Mumbai held that penalty under section 271B of the Income Tax Act for delay in furnishing of audit report not leviable on account of reasonable cause shown that delay was due to the death of director who was also an accountant of the company.
