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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The Ministry of Finance amended notification No. 22/2022-Customs relating to India-UAE CEPA through notification No. 08/2025-Customs dated February 1, 2025. Key changes include removal of multiple serial numbers from Table I and insertion of new entries in Table II covering various goods. Notable additions include new tariff rates for marble/stone products (8-20%), automotive items including CKD kits (10.5-20%), electric vehicles (10.5-35% based on assembly level), motorcycles (0-35% based on type and assembly), and certain electronic components (0%). The amendments aim to update preferential tariff treatment under the trade agreement while introducing differentiated duty structures based on value addition and assembly levels. The notification takes effect from February 2, 2025.
The Ministry of Finance amended notification No. 22/2022-Customs relating to India-UAE CEPA through notification No. 08/2025-Customs dated February 1, 2025. Key changes include removal of multiple serial numbers from Table I and insertion of new entries in Table II covering various goods. Notable additions include new tariff rates for marble/stone products (8-20%), automotive items including CKD kits (10.5-20%), electric vehicles (10.5-35% based on assembly level), motorcycles (0-35% based on type and assembly), and certain electronic components (0%). The amendments aim to update preferential tariff treatment under the trade agreement while introducing differentiated duty structures based on value addition and assembly levels. The notification takes effect from February 2, 2025.
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