Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Instruction No. 12/2024-Customs, dated 01-05-2024, addresses the review of the necessity of G-Card holders at Customs stations and the conduct of G-Card examinations as per Regulation 13 of CBLR, 2018. Regulation 13 allows Customs Brokers to employ individuals based on business volume, requiring them to pass an exam for a Form-G or Form-H identity card. To ensure consistency, annual reviews of G-Card requirements will be conducted by Principal Chief Commissioners or Chief Commissioners in Customs Clearance Facilitation Committee meetings, with outcomes discussed in Customs Consultative Group meetings. This aims to streamline G-Card examination practices and ensure trained personnel for efficient EXIM consignment clearance. Any implementation challenges should be reported to the Board.
Instruction No. 12/2024-Customs, dated 01-05-2024, addresses the review of the necessity of G-Card holders at Customs stations and the conduct of G-Card examinations as per Regulation 13 of CBLR, 2018. Regulation 13 allows Customs Brokers to employ individuals based on business volume, requiring them to pass an exam for a Form-G or Form-H identity card. To ensure consistency, annual reviews of G-Card requirements will be conducted by Principal Chief Commissioners or Chief Commissioners in Customs Clearance Facilitation Committee meetings, with outcomes discussed in Customs Consultative Group meetings. This aims to streamline G-Card examination practices and ensure trained personnel for efficient EXIM consignment clearance. Any implementation challenges should be reported to the Board.
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