Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Under the faceless assessment framework, specialized units (Assessment, Verification, Technical, Review) must conduct or procure factual verification when complex technical claims arise. The Principal Commissioner found the assessment silent on actuarial valuation of post employment benefit remeasurement, payments vis a vis tax deductibility rules, and adjustments for realized foreign exchange gains to capital assets, with no Verification Unit report or recorded enquiries. That absence amounted to a lack of enquiry rather than mere inadequate enquiry; consequence: the assessment was set aside and the Assessing Officer directed to carry out proper verification and pass a fresh order after allowing the taxpayer opportunity to be heard.
Under the faceless assessment framework, specialized units (Assessment, Verification, Technical, Review) must conduct or procure factual verification when complex technical claims arise. The Principal Commissioner found the assessment silent on actuarial valuation of post employment benefit remeasurement, payments vis a vis tax deductibility rules, and adjustments for realized foreign exchange gains to capital assets, with no Verification Unit report or recorded enquiries. That absence amounted to a lack of enquiry rather than mere inadequate enquiry; consequence: the assessment was set aside and the Assessing Officer directed to carry out proper verification and pass a fresh order after allowing the taxpayer opportunity to be heard.
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