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 Dept of Revenue amended the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 through Notification 07/2025-Customs. Key modifications include extending reporting periods from monthly to quarterly basis and prolonging certain compliance timelines from six months to one year. The amendment introduces definition of "quarter" as three consecutive calendar months ending March, June, September or December. These changes affect various compliance requirements under rules 6, 7, 8, 9, and 10, including submission of statements, reconciliation reports, and maintenance of account records. The amendments take effect from February 2, 2025, aiming to streamline administrative procedures and reduce compliance burden for importers.
The Dept of Revenue amended the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 through Notification 07/2025-Customs. Key modifications include extending reporting periods from monthly to quarterly basis and prolonging certain compliance timelines from six months to one year. The amendment introduces definition of "quarter" as three consecutive calendar months ending March, June, September or December. These changes affect various compliance requirements under rules 6, 7, 8, 9, and 10, including submission of statements, reconciliation reports, and maintenance of account records. The amendments take effect from February 2, 2025, aiming to streamline administrative procedures and reduce compliance burden for importers.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4921 
