Learn about recent updates to customs refund procedures, including electronic filing on ICEGATE, improved transparency, and changes to audit processes effective March 2025.
After pronouncement of the Judgment of this Court, the petitioner stopped paying IGST on ocean freight in respect of the CIF contracts and also claimed the refund of the IGST already paid on the ocean freight on the basis of the said Judgment.
In Seth Banarsi Dass Gupta v. Commissioner of Income Tax, it is held that the High Court within whose jurisdiction the AO has passed the assessment order would have the jurisdiction to entertain the appeal under Section 260A of the Act.
The focus of the paper is to issues why India needs this reform & how GST impact on different sections of the economy. Finding suggests that earlier multiple taxes in the country with different rates and law divided the nation into single economic sphere.
ITAT Ahmedabad held that where Commissioner (Appeals) passed ex-parte order in violation of principles of natural justice, one more opportunity should be granted to assessee. Accordingly, matter restored back to CIT(A) for de-novo consideration.
Delhi High Court held that approval accorded in terms of section 153D of the Income Tax Act in a mechanical manner without application of mind is unsustainable in law. Accordingly, appeal of revenue dismissed and assessment order quashed.
RBI revises Basel III norms, excluding certain AIFI investments in long-term bonds from the 25% HTM ceiling. Changes effective from April 1, 2025.
CBIC unveils trade facilitation measures, combats counterfeit currency, and detects ₹80 crore GST fraud. Key developments from International Customs Day 2025.
IFSCA revises SNRR account rules, allowing IFSC units to open accounts outside IFSC for business transactions. New regulations take effect from January 14, 2025.
IFSCA replaces Bullion Exchange Regulations with Bullion Market Regulations 2025, expanding scope, refining definitions, and enhancing regulatory clarity.
