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 Directorate renumbers provisions for the Diamond Imprest Authorisation (DIA) scheme: applicants file ANF 4J online; imports/exports permitted only via Mumbai Airport and imports are subject to pre-import conditions; exports must be physical natural cut and polished diamonds ≤0.25 carat, with no one-to-one correlation required; DIA holders must achieve 10% value addition realized in freely convertible currency; deemed exports disallowed; a bond equal to the export obligation and a performance bank guarantee for duty foregone must be executed before customs clearance; exports accepted for EO only after import; DIA validity 12 months, export obligation 18 months, one authorisation per IEC per year, no extensions/revalidations; bonafide default may be regularised by paying customs duty with interest and 1% of FOB shortfall to the public account.
The Directorate renumbers provisions for the Diamond Imprest Authorisation (DIA) scheme: applicants file ANF 4J online; imports/exports permitted only via Mumbai Airport and imports are subject to pre-import conditions; exports must be physical natural cut and polished diamonds ≤0.25 carat, with no one-to-one correlation required; DIA holders must achieve 10% value addition realized in freely convertible currency; deemed exports disallowed; a bond equal to the export obligation and a performance bank guarantee for duty foregone must be executed before customs clearance; exports accepted for EO only after import; DIA validity 12 months, export obligation 18 months, one authorisation per IEC per year, no extensions/revalidations; bonafide default may be regularised by paying customs duty with interest and 1% of FOB shortfall to the public account.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
