IFSCA offers incentives for FMEs to establish ESG funds at GIFT IFSC, waiving fees for the first ten filings to promote sustainable finance in India.
The Ministry of Finance issues a corrigendum to Notification No. 104/2024, amending various schedules in the Income Tax regulations.
Notification 17/2024 imposes an anti-dumping duty on Isobutylene-Isoprene Rubber imports from China, Russia, Saudi Arabia, Singapore, and the USA to safeguard the domestic industry from material injury.
India imposes an anti-dumping duty on anodized aluminium frames for solar panels from China PR to protect domestic industry from unfair pricing.
The Ministry of Finance revises export duty on certain rice types, including paddy, brown, and parboiled rice, effective immediately under Notification 44/2024.
Aggrieved, the assessee challenged the matter in appeal before the Ld. CIT(A). However, the same was dismissed. Being aggrieved, the present appeal is filed.
Reassessment order was quashed on cash deposits as AO did not possess any credible information to form a belief that income had escaped assessment and there was non-application of mind for reopening the matter.
In the instant case, the classification of imported materials used in the manufacture of brake pads arose for consideration was whether these materials should be classified under CTH 3824 as declared by assessee or under CTH 6813 as argued by Revenue.
Addition of cash deposit under section 68 was not justified as the same could only be invoked if the taxpayer maintained books of accounts and assessee filed an income tax return under Section 44AD which did not require books of accounts.
Penalty under section 270 A was not leviable as the nature of addition/disallowance were not in the nature of misreporting or misreporting income of assessee and assessee had paid the demand within 30 days and filed the required form no. 68 and that form was procedural in nature.
