The circular directs eligible financial institutions to provide interest support for export factoring to MSMEs. The key takeaway is improved access to export finance through regulated entities.
CBIC directed strict adherence to court rulings on duty drawback for unlocked mobile exports. The Supreme Court upheld the High Court decision and dismissed review petitions.
The Tribunal examined whether threshing and redrying of tobacco leaves fall under Business Auxiliary Services. It held that the activity is not taxable, setting aside the demand.
The Tribunal examined whether gold coin sales amounted to consignment agent services. It held that the activity was trading involving transfer of title and not a taxable service.
The issue was whether ALP can be determined without comparable transactions. ITAT held that Rule 10AB mandates comparables, making the TPO’s approach invalid and restricting the adjustment.
The notification removes Policy Condition No. 2(iii) from Chapter 95 of ITC (HS). This change alters the applicable import policy framework with immediate effect.
The case involved failure to attend hearings and file an affidavit as directed. The Committee imposed a penalty and warning, emphasizing strict compliance with tribunal orders.
ITAT set aside the addition made under Section 68 due to incomplete verification of a large gift transaction. It remanded the case for fresh examination with proper evidence and opportunity.
The case addressed whether reassessment can proceed before disposing of objections. The Tribunal ruled that such action breaches mandatory legal procedure, leading to quashing of the assessment.
The Revenue challenged allowance of bad debts due to lack of NCLT evidence. The Tribunal held that post-amendment law requires only write-off in books, not proof of irrecoverability. The ruling reinforces that accounting write-off alone is sufficient for deduction.
