ITAT Jodhpur held that if the books of accounts are rejected, and net profit is estimated by application of net profit rate, there cannot be again addition on account of any disallowance based on the same set of books of accounts. Thus, addition u/s. 40(a)(ia) set aside.
Govt amends Customs Notification 153/94, updating classifications under chapters 86, 88, and 89. Changes effective from February 2, 2025.
Govt modifies Customs Notification 19/2019, updating classifications for ammunition imports. Changes effective from February 2, 2025.
Budget 2025 amends notification to exempt more capital goods from basic customs duty for lithium-ion battery manufacturing for mobiles and EVs.
Budget 2025 amends Customs Notification No. 57/2017 to revise BCD rates on inputs/parts for mobile phone manufacturing and high-tech telecom equipment.
Budget 2025 amends Notification No. 16/2017-Customs, exempting specific drugs supplied under Patient Assistance Programs by leading pharmaceutical companies.
Govt revises import duties under Notification 08/2025, affecting goods like motor vehicles, PVC products, and footwear. Changes take effect from February 2, 2025.
Govt revises customs duties under Notification 07/2025, affecting goods like vehicles, jewelry, medical equipment, and electronics. Effective February 2, 2025.
Govt revises AIDC rates on goods via Notification 06/2025-Customs. Changes include rates for marble slabs, PVC films, footwear, and others.
ITAT Delhi held that denial of exemption under section 54B of the Income Tax Act for purchase of agricultural land in the name wife of the assessee is not justifiable. Accordingly, denial of benefit of deduction set aside.
