Mandatory verification procedure governs rejection of country-of-origin certificates before denying preferential customs exemption and related penalti...
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The transfer of a capital asset from NPCIL to ASHVINI, both public sector companies, under the Central Government-approved plan is notified as a transaction not regarded as a transfer for the purposes of section 47(viiaf) of the Income-tax Act, 1961, read with section 536(2) of the Income-tax Act, 2025. The notification applies to the financial year of transfer, 2025-26, corresponding to assessment year 2026-27. It gives retrospective effect from that financial year and states that no person is adversely affected by the retrospective operation.
The transfer of a capital asset from NPCIL to ASHVINI, both public sector companies, under the Central Government-approved plan is notified as a transaction not regarded as a transfer for the purposes of section 47(viiaf) of the Income-tax Act, 1961, read with section 536(2) of the Income-tax Act, 2025. The notification applies to the financial year of transfer, 2025-26, corresponding to assessment year 2026-27. It gives retrospective effect from that financial year and states that no person is adversely affected by the retrospective operation.
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