Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The Trade Notice issued by the Commissioner of Customs introduces significant procedural updates regarding the verification of Free Trade Agreement (FTA) certificates under the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR Rules-2020). - The notice identifies specific challenges encountered during the verification of FTA certificates related to third-party invoicing. These include the absence of FOB values in FTA certificates, discrepancies in item listings, and CTH mismatches, complicating the verification process. - To address these challenges, the notice prescribes alternative procedures, such as requiring importers to submit the exporter's invoice on which the FTA certificate was issued and amending the bill of entry accordingly.
The Trade Notice issued by the Commissioner of Customs introduces significant procedural updates regarding the verification of Free Trade Agreement (FTA) certificates under the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR Rules-2020). - The notice identifies specific challenges encountered during the verification of FTA certificates related to third-party invoicing. These include the absence of FOB values in FTA certificates, discrepancies in item listings, and CTH mismatches, complicating the verification process. - To address these challenges, the notice prescribes alternative procedures, such as requiring importers to submit the exporter's invoice on which the FTA certificate was issued and amending the bill of entry accordingly.
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