Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
This notification rescinds the earlier Notification No. 26/2011-Customs which exempted the import duty on works of art imported for exhibition in public museums or national institutions. Consequently, such imports will now attract applicable customs duties. The rescission takes effect from September 7, 2024, barring any actions taken prior to this date under the previous exemption notification. This change indicates a policy shift, potentially aimed at generating revenue or promoting domestic art exhibitions.
This notification rescinds the earlier Notification No. 26/2011-Customs which exempted the import duty on works of art imported for exhibition in public museums or national institutions. Consequently, such imports will now attract applicable customs duties. The rescission takes effect from September 7, 2024, barring any actions taken prior to this date under the previous exemption notification. This change indicates a policy shift, potentially aimed at generating revenue or promoting domestic art exhibitions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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