In the matter above-mentioned CESTAT Delhi Bench held that customs officers are stranger to the contract between the exporter and the overseas buyer and has no locus standi to change the FOB value of the goods.
Understand the Goods and Services Tax Appellate Tribunal (GSTAT) limitation framework for filing appeals and cross-objections, including current suspension of timelines and rules for delay condonation.
New Rule 164 outlines the procedure for closing GST proceedings under Section 128A, effective November 1, 2024, detailing application, payment, and officer approval steps.
ITAT Nagpur held that short charging of rent from the trustee cannot be reason for denial of entire claim of exemption under section 11 of the Income Tax Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
Based on these observations the contentions of the appellant in their reply dated 22.6.2020 that 100% service tax payment is made by service receiver, was opined contrary to the above observations.
ITAT Chandigarh held that compensation under a family settlement is liable to be assessed under the head ‘Capital Gain’ and not ‘Income from Other Sources’. Thus, deduction u/s. 54 and 54EC allowed and addition made by AO set aside.
CESTAT Allahabad held that Cenvat Credit on Iron & Steel is rightly denied in absence of the verification of the utilization of the same for manufacture of capital goods. Accordingly, order of lower authorities upheld.
IFSCA issues new policies for Payment Service Providers in IFSC, requiring prior approval for international payment systems and authorization for systems affecting domestic transactions.
NPCI introduces NACH 3.0, an upgraded platform with enhanced security, improved interface, and optimized file handling for member banks, with migration starting in July.
CBDT authorizes income tax data sharing with Maharashtra for “Mukhyamantri Mazi Ladki Bahin Yojana” beneficiary identification, outlining the data exchange mechanism and MoU requirements.
