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...
The DGFT amended import policy for precious metals under ITC(HS) Chapter 71, effective June 2025. Six tariff codes covering palladium, rhodium, and iridium in unwrought/powder form and other forms maintain "Free" import status. However, new restrictions apply to alloys of these metals containing gold exceeding one percent by weight, which are now classified as "Restricted" imports. The amendment was issued under Section 3 read with Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, and Foreign Trade Policy 2023. CBIC instructed all customs commissioners to implement these changes immediately, focusing on the gold content threshold for determining restricted status of precious metal alloys.
The DGFT amended import policy for precious metals under ITC(HS) Chapter 71, effective June 2025. Six tariff codes covering palladium, rhodium, and iridium in unwrought/powder form and other forms maintain "Free" import status. However, new restrictions apply to alloys of these metals containing gold exceeding one percent by weight, which are now classified as "Restricted" imports. The amendment was issued under Section 3 read with Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, and Foreign Trade Policy 2023. CBIC instructed all customs commissioners to implement these changes immediately, focusing on the gold content threshold for determining restricted status of precious metal alloys.
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