Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Delay in finalization of Provisional Assessment - The mandatory Pre-SCN consultation as mandated under proviso to Section 28(1)(a) of the Customs Act, 1962 read with Pre-Notice Consultation Regulation, 2018 are not complied with while issuing the impugned SCNs - The High court agreed, holding that finalization of provisional assessments well beyond the reasonable period is barred by limitation. The court underscored that procedural directives under the CBIC Manual of Instructions are binding on the customs authorities and must be followed. The delay in finalization, thus, invalidated the subsequent demands for differential customs duty and penalties.
Delay in finalization of Provisional Assessment - The mandatory Pre-SCN consultation as mandated under proviso to Section 28(1)(a) of the Customs Act, 1962 read with Pre-Notice Consultation Regulation, 2018 are not complied with while issuing the impugned SCNs - The High court agreed, holding that finalization of provisional assessments well beyond the reasonable period is barred by limitation. The court underscored that procedural directives under the CBIC Manual of Instructions are binding on the customs authorities and must be followed. The delay in finalization, thus, invalidated the subsequent demands for differential customs duty and penalties.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
