Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The HC held that DGFT lacked authority to impose conditions contrary to Foreign Trade Policy (FTP) under FTDR Act. The court ruled that power to formulate and amend FTP lies exclusively with Central Government under Sections 5 and 6(3) of FTDR Act, while DGFT can only frame implementation procedures. The contested condition requiring import consignments to land at Indian ports after TRQ license issuance for clearance eligibility was deemed ultra vires DGFT's powers and contrary to Customs Act Section 15(1)(b). The HC quashed the impugned condition in Public Notice dated 14.06.2022 and directed customs authorities to permit clearance of warehoused goods under Section 68 of Customs Act upon production of TRQ license, extending notification benefits. Petition disposed of favorably.
The HC held that DGFT lacked authority to impose conditions contrary to Foreign Trade Policy (FTP) under FTDR Act. The court ruled that power to formulate and amend FTP lies exclusively with Central Government under Sections 5 and 6(3) of FTDR Act, while DGFT can only frame implementation procedures. The contested condition requiring import consignments to land at Indian ports after TRQ license issuance for clearance eligibility was deemed ultra vires DGFT's powers and contrary to Customs Act Section 15(1)(b). The HC quashed the impugned condition in Public Notice dated 14.06.2022 and directed customs authorities to permit clearance of warehoused goods under Section 68 of Customs Act upon production of TRQ license, extending notification benefits. Petition disposed of favorably.
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