Read the RBI circular dated June 23, 2023, regarding the status of MIFOR as a significant benchmark. The circular highlights the cessation of MIFOR publication after June 30, 2023, and provides the updated list of significant benchmarks administered by FBIL.
DGFT issued a public notice, Public Notice No. 19/2023-DGFT, announcing amendments to Category 5B of the Appendix 3 (SCOMET List) of the Handbook of Procedures 2023. The amendments introduce a new procedure for granting General Authorization for Export of Drones (GAED) for unmanned aerial vehicles, including drones and remotely piloted air vehicles. This notice outlines the policy, eligibility criteria, application process, and post-shipment requirements for exporters. Read more for a detailed analysis of the amendments and their implications.
The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompass multiple provisions and rules within the Income-tax Act, 1961. The notification details changes to rule 2C, rule 11AA and rule 17A of Income-tax Rules, 1962, under different sections such as section 10, section 12A, section 80G, and more. Notification […]
ITAT Delhi nullifies Section 271B penalty on Parag Jain, asserting that only difference in non-delivery derivative transactions should be taken into account when determining turnover for a tax audit.
The Rajasthan High Court orders a prompt decision on a GST refund application pending for 9 months, setting a limit of 60 days for a resolution in the case Rajcomp Info Services Ltd Vs Union of India.
Delhi High Courts in Sesame Workshop Initiatives (India) Pvt Ltd vs Union of India held that interest should be allowed due to inordinate delay in refunding GST amount to petitioner, setting a precedent for similar cases in future.
Explore the recent amendments in the procedure for importing Copper products and Zinc Oxide under the Revised India-Nepal Treaty of Trade, as per the public notice issued by DGFT on 22nd June 2023
Discover the recent ruling by the Delhi High Court quashing time-barred reassessment proceedings for escaped income below the mandatory monetary threshold.
In an order dated 22nd June 2023, the Insolvency and Bankruptcy Board of India (IBBI) dismissed the appeal filed by Debasish Ghosh, a registered valuer. This verdict upheld Ghosh’s suspension based on various violations of the Companies (Registered Valuers and Valuation) Rules, 2017, primarily related to his lack of transparency and specificity in the valuation […]
Analyzing the recent ITAT Delhi verdict in the Inter Globe Air Transport Vs ACIT case, highlighting the re-adjudication directive due to improper verification under Section 154 of the Income Tax Act.
