Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Procedures for bank guarantees and customs bonds under Indian customs law, detailing obligations for importers/exporters (obligors) and banks. Key provisions include: The bank guarantee framework requires banks to undertake payment to the government up to a specified amount in case of breach by obligors. Banks must provide unconditional guarantees without demur upon government demand, with liability restricted to the guaranteed amount. The guarantee remains effective until obligations are fulfilled and certified by relevant authorities. Banks cannot revoke guarantees during currency without prior government consent. Electronic transmission through SFMS (Structured Financial Messaging System) is mandatory for operationalizing paper bank guarantees, with specific message formats and field requirements. Non-compliance with SFMS procedures may prevent guarantee confirmation and subsequent processing.
Procedures for bank guarantees and customs bonds under Indian customs law, detailing obligations for importers/exporters (obligors) and banks. Key provisions include: The bank guarantee framework requires banks to undertake payment to the government up to a specified amount in case of breach by obligors. Banks must provide unconditional guarantees without demur upon government demand, with liability restricted to the guaranteed amount. The guarantee remains effective until obligations are fulfilled and certified by relevant authorities. Banks cannot revoke guarantees during currency without prior government consent. Electronic transmission through SFMS (Structured Financial Messaging System) is mandatory for operationalizing paper bank guarantees, with specific message formats and field requirements. Non-compliance with SFMS procedures may prevent guarantee confirmation and subsequent processing.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
