ITAT Agra held that neither Section 87A nor Section 111A expressly prohibits rebate on tax payable on short-term capital gains for AY 2024-25. The Assessing Officer was directed to grant the rebate.
ITAT Allahabad held that estimating gross profit solely on the basis of the subsequent years GP rate is not justified after rejection of books. It directed estimation based on the average of preceding and succeeding years’ accepted trading results.
CAAR classified complete prosthetic joints as artificial joints and held the imported implants ineligible for exemption under Notification No. 45/2025-Customs.
CAAR held ITC (HS) code matching is not mandatory for DFIA imports if goods match DFIA description and satisfy Notification 25/2023 conditions.
CAAR ruled that matching ITC (HS) codes is unnecessary if imported goods match the DFIA description and comply with quantity and value limits. CAAR held that Inshell Walnuts imported under transferable DFIA qualify for BCD exemption if all DFIA, FTP and notification conditions are fulfilled.
CAAR held that exported resultant goods qualify for proportionate duty remission under the MOOWR framework despite domestic sale of principal products.
CAAR ruled complete filtration assemblies with integrated components are classifiable as parts of filtering machinery under CTH 8421 99 00.
CAAR referred the royalty valuation issue to the SVB, holding that related-party import valuation requires examination under the prescribed statutory procedure.
CAAR referred the proposed related-party import valuation methodology to the SVB for examination under the prescribed customs procedure.
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