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    TMI Tax Updates e-Newsletter
    Jun 16,2025

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    32 Highlights / Catch Notes Toggle
    4 Articles Toggle
    By: DR.MARIAPPAN GOVINDARAJAN
    Summary : A private university sought approval under Section 80G(5) of the Income Tax Act, which was initially rejected by the tax authorities. The university argued it was established for charitable educational purposes, with substantial infrastructure, student enrollment, and research activities. The Income Tax Appellate Tribunal found the rejection order arbitrary and lacking substantive reasoning, setting aside the order and directing reconsideration. The High Court subsequently supported the tribunal's decision, instructing the department to comprehensively review the university's application with proper hearing.
    By: Bimal jain
    Summary : A tax dispute arose involving an input tax credit claim by a company. The Delhi High Court directed the tax authority to provide a personal hearing regarding a pending rectification application. The court disposed of the writ petition without ruling on the demand's merits, instructing the authority to communicate the hearing date through official portal and counsel. All legal rights and remedies of the company were preserved.
    By: YAGAY andSUN
    Summary : Concise Legal Summary:The article analyzes a new customs circular addressing anti-dumping duties on titanium dioxide imports. The circular introduces selective duty exemptions for critical sectors including food, pharmaceuticals, skincare, textiles, and nano-applications. Importers must now electronically declare the specific end-use of titanium dioxide at customs clearance, with potential penalties for misdeclaration. The approach aims to balance trade protection with industrial and economic considerations, requiring precise documentation and compliance from importers across various industries.
    By: YAGAY andSUN
    Summary : The Central Board of Indirect Taxes and Customs issued a circular clarifying customs duty classification for interactive flat panel displays and monitors. The circular distinguishes between interactive and standard monitors based on technical features like touch capability, screen size, and interactivity. It establishes a 20% duty rate for interactive displays and 10% for standard monitors, removing previous compliance conditions. The guidance aims to provide clarity for importers and customs authorities in classifying and taxing display devices.
    8 News Toggle
    Summary : Escalating tensions between Israel and Iran threaten global economic stability, potentially driving up prices across multiple sectors. Energy markets saw immediate impacts with oil and gold prices surging, while shipping costs and consumer goods may experience price increases. The conflict could complicate the Federal Reserve's efforts to manage inflation, potentially influencing interest rates and economic policy. Travel and transportation industries may face additional challenges as geopolitical uncertainties persist.
    Summary : Oil prices surged 7% and stock markets declined due to escalating tensions between Israel and Iran, raising concerns about potential disruptions in global oil supply. The conflict sparked market volatility, with benchmark crude prices jumping significantly. Investors worried about potential impacts on oil flow through the Strait of Hormuz, leading to shifts in stock valuations across energy, transportation, and defense sectors. Market sentiment remained cautious about potential economic implications.
    Summary : A union minister addressed an inland fisheries conference, urging states to boost fish production and exports. He highlighted India's status as the world's second-largest fish producer, with 70% of output from inland sources. The minister emphasized potential for growth, quality improvement, and increased export contributions through government initiatives and support for inland fisheries development.
    Summary : A deputy registrar of the National Company Law Tribunal Mumbai bench received bail in a bribery case. The official was arrested after allegedly demanding Rs 3.50 lakh from a hotel owner involved in an ownership dispute, later agreeing to accept Rs 3 lakh. The CBI caught an individual accepting the bribe on the official's behalf. The special court granted bail, with the detailed order pending.
    Summary : The Income Tax Department has sent emails to thousands of individuals with unreported cryptocurrency transactions for assessment years 2023-24 and 2024-25. The department suspects potential tax evasion and money laundering, targeting those who have not properly declared crypto income. Under section 115BBH, a 30% tax rate applies to crypto transfers with no expense deductions or loss set-offs. The communication is part of a NUDGE campaign to encourage voluntary compliance, with potential further verification of tax returns against exchange records.
    Summary : India's oil minister reassured the public about energy supplies amid rising tensions between Israel and Iran. The country, which imports over 85% of its crude oil and half its natural gas needs, particularly from the Middle East, has sufficient energy resources for the coming months. Global oil prices spiked following the conflict, with Brent crude trading near $75 per barrel, but remain lower compared to previous years.
    Summary : Oil prices surged 7% and stocks weakened due to concerns about potential escalation between Israel and Iran, impacting global oil markets. Benchmark crude prices jumped, reflecting market uncertainty. Stock indices declined, with technology and travel sectors experiencing notable losses. Investors are monitoring potential economic implications, with oil producers and defense contractors seeing modest gains amid geopolitical tensions.
    Summary : The Enforcement Directorate attached a Congress party office and assets worth Rs 6.15 crore in Chhattisgarh, linked to an alleged Rs 2,100 crore liquor scam. The action targets a former minister and involves properties belonging to him and his son. This marks the first time a political party's assets have been attached under anti-money laundering laws. The agency claims the proceeds from an illegal liquor trade were used to build the party office, with allegations of systematic financial misconduct during 2019-2022.
    1 Notifications Toggle

    Customs

    1.
    43/2025 - dated - 13-6-2025 - Cus (NT)
    Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
    Summary : The notification amends customs tariff values for various goods including edible oils, brass scrap, areca nuts, gold, and silver. It establishes new tariff values per metric ton or per unit for specific categories such as crude palm oil, brass scrap, gold bars, silver, and areca nuts. The changes will take effect from 14th June 2025, updating previous tariff valuations for import and customs purposes.
    1 Circulars / Instructions / Orders Toggle

    FEMA

    1.
    07 - dated 13-6-2025
    Import of Shipping Vessel - Relaxation
    Summary : A regulatory circular from the Reserve Bank of India relaxes import rules for shipping vessels. Authorized dealer banks can now permit importers to make advance remittances up to USD 50 million for vessel imports without requiring a bank guarantee or standby letter of credit. The directive aims to enhance business ease while maintaining sector-specific regulatory constraints, issued under the Foreign Exchange Management Act provisions.
    47 Case Laws Toggle
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