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...
CBDT amended Income Tax Rules 1962 by introducing Rule 6GB u/s 44BBC, establishing conditions for non-resident cruise ship operators. The amendment specifies four key requirements: vessels must have 200+ passenger capacity or 75+ meter length with dining/cabin facilities; scheduled voyages must touch minimum two Indian seaports or same port twice; operations must primarily transport passengers not cargo; compliance with Tourism/Shipping Ministry guidelines required. The Income-tax (First Amendment) Rules 2025 took effect upon Official Gazette publication, aimed at regulating taxation of non-resident cruise operators' profits and gains from Indian operations under specialized computational provisions.
CBDT amended Income Tax Rules 1962 by introducing Rule 6GB u/s 44BBC, establishing conditions for non-resident cruise ship operators. The amendment specifies four key requirements: vessels must have 200+ passenger capacity or 75+ meter length with dining/cabin facilities; scheduled voyages must touch minimum two Indian seaports or same port twice; operations must primarily transport passengers not cargo; compliance with Tourism/Shipping Ministry guidelines required. The Income-tax (First Amendment) Rules 2025 took effect upon Official Gazette publication, aimed at regulating taxation of non-resident cruise operators' profits and gains from Indian operations under specialized computational provisions.
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