SEBI’s Third Amendment to SCR Regulations, 2025, modifies appointment rules for directors and public interest directors in stock exchanges and clearing corporations.
SEBI updates rules for depositories and participants, introducing a cooling-off period for non-independent and public interest director appointments.
ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher rate u/s. 115BBE for prior period is not sustainable. Accordingly, AO directed to tax addition at normal rate of tax.
CBIC notification effective May 1, 2025, changes import tariff values for palm oil, soybean oil, gold, silver, brass scrap, and areca nuts.
Central Government rescinds Customs Notification No. 04/2025 dated Feb 1, 2025, effective May 1, 2025. Past actions remain valid.
Customs Notification 25/2025 updates tariff codes under Notification 73/2005 for specified chemicals. Changes take effect from 30th April 2025.
Central Government amends anti-dumping duty notifications (31/2021, 60/2021, 12/2022), updating specified tariff item codes effective May 1, 2025.
Central Government amends Customs CVD Notification No. 05/2024, revising tariff item numbers effective May 1, 2025. Details here.
The present case revolves around the Duty Drawback Scheme. This scheme has become the subject of misuse by some traders/ exporters who make fraudulent exports merely with a view of availing the benefits under the scheme.
The petitioner, essentially, impugns a notice dated 22.07.2022 issued under Section 148 of the Income Tax Act, 1961 inter alia, on the ground that it has been issued beyond the period of limitation as specified under Section 149(1)(a) of the Act.
