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...
Under s.25(1) of Customs Act 1962, GOI issued a notification establishing revised import duty rates for specified goods effective Feb 2, 2025. Key provisions include duty exemptions for various metal waste/scrap items, 70% duty on imported passenger vehicles and motorcycles, 20% duty on most consumer goods including furniture, bicycles, and smart meters. The notification sets differential rates: nil duty for metal scrap/waste (copper, tin, tungsten etc.), 7.5% for chemical compounds, 20% for most manufactured goods, and 70% for vehicles and personal imports. Special provisions apply to personal baggage and goods for personal use. The measure aims to rationalize the tariff structure while protecting domestic industries through strategic duty calibration.
Under s.25(1) of Customs Act 1962, GOI issued a notification establishing revised import duty rates for specified goods effective Feb 2, 2025. Key provisions include duty exemptions for various metal waste/scrap items, 70% duty on imported passenger vehicles and motorcycles, 20% duty on most consumer goods including furniture, bicycles, and smart meters. The notification sets differential rates: nil duty for metal scrap/waste (copper, tin, tungsten etc.), 7.5% for chemical compounds, 20% for most manufactured goods, and 70% for vehicles and personal imports. Special provisions apply to personal baggage and goods for personal use. The measure aims to rationalize the tariff structure while protecting domestic industries through strategic duty calibration.
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