DGFT amends Chapter 5 of HBP 2023 to ease compliance for EPCG authorizations, reducing annual reporting requirements and extending reporting periods.
The case of assessee-company was that originally the assessment was transferred to the National e-Assessment Centre and notices were issued by the National e-Assessment Centre, New Delhi.
ITAT Ahmedabad held that addition towards unsecured loan where loan was repaid is unsustainable, whereas, addition where assessee failed to demonstrate repayment or interest payment to creditor sustained.
Assessee-bank had calculated tax for the relevant assessment year based on both book profits under Section 115JB at Rs.604,86,39,540 and normal provisions at Rs.1153,29,54,493.
Tax Concession on the buses owned by assessee to transport students and staff could not be denied just because the vehicle was registered in the name of Trust and not school as the respective authority failed to see the objects of assessee-trust as an educational Trust.
Light green float glass (tinted non-wired type) should be classified under tinted glass for duty purpose under the Customs Tariff Heading (CTH) 70051010 provided that the goods imported matched the description of “Light Green Float Glass (Tinted Non-Wired Type).
Madras High Court held that order passed against the dead person, who passed away before issuance of show cause notice, is unsustainable in law and liable to be set aside. Accordingly, order quashed.
MCA introduces amendments to the Companies (Prospectus and Allotment of Securities) Rules, 2014, affecting producer companies’ compliance timeline.
Karnataka High Court held that the practice of issuing a single, consolidated show cause notice under section 73 of the CGST Act for multiple assessment years contravenes the provisions of the CGST Act and established legal precedents.
ITAT Ahmedabad held that the revisionary jurisdiction under section 263 cannot be exercised to widen the scope of the original assessment beyond the specific reasons recorded for reopening the assessment.
