Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Pursuant to powers under s.25(1) of the Customs Act, 1962, the Central Government has amended Notification No. 9/2012-Customs dated March 9, 2012. The amendment modifies condition (v) by substituting a new proviso that permits specific variances for diamonds: +/-0.05 mm in diameter for round diamonds, +/-0.07 mm in length and breadth for other shapes, +/-0.01 mm in height, and +/-1 cent in weight. This modification, implemented through Notification No. 18/2025-Customs dated March 20, 2025, was deemed necessary in the public interest and provides greater tolerance parameters for diamond specifications in customs matters.
Pursuant to powers under s.25(1) of the Customs Act, 1962, the Central Government has amended Notification No. 9/2012-Customs dated March 9, 2012. The amendment modifies condition (v) by substituting a new proviso that permits specific variances for diamonds: +/-0.05 mm in diameter for round diamonds, +/-0.07 mm in length and breadth for other shapes, +/-0.01 mm in height, and +/-1 cent in weight. This modification, implemented through Notification No. 18/2025-Customs dated March 20, 2025, was deemed necessary in the public interest and provides greater tolerance parameters for diamond specifications in customs matters.
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