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    Case LawsIncome Tax
    Upholding the Transfer of Assessment Proceedings u/s 127: A Judicial Perspective
    Show AI Summary
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    The Tribunal held that institutions granted provisional approval under the First Proviso to Section 80G(5) are entitled to apply for final registration under the proviso's final-registration clause, and that the relevant date of commencement is to be counted from activities undertaken after grant of provisional registration; a prior commencement of activities before provisional grant cannot alone justify rejection of a final-approval application.
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    Interpreting the Scope and Limits of Sections 153A and 153C: A Judicial Perspective
    Show AI Summary
    Search assessment provisions under Sections 153A and 153C override ordinary reassessment time limits; asset-threshold verification required.
    The judgment holds that search-triggered assessment provisions function as non-obstante clauses displacing ordinary reassessment time limits, distinguishes the enduring liability to tax from the temporal right to assess, prescribes that block periods are computed from the year of search (or date of receipt of seized records for non-searched persons), and treats the asset-represented income threshold as a mandatory, aggregable precondition requiring the assessing officer's recorded satisfaction.

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      Customs - Review of exemptions prescribed by other notifications:

      24 July, 2024

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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      (a) The BCD exemption for the goods covered under the following notifications are being extended upto 31st March, 2026.

      S. No.

      Notification No.

      Brief Description

      1.

      30/2017-Customs dated 30 June 2017

      Exemption to motion picture, music, gaming software for use in gaming console printed or recorded on media

      2.

      05/2017-Customs dated 2 February 2017

      Exemption to machinery, components for setting up fuel cell based on waste to energy

      3.

      113/2003-Customs dated 22 July 2003

      Exemption to castor oil cake and castor de-oiled cake manufactured from indigenous castor oil seeds on indigenous plant and machinery by unit in SEZ and brought to DTA

      4.

      81/2005-Customs dated 8 September 2005

      Exemption to machinery/components for initial setting up of non-conventional power generation plants

      5.

      26/2011-Customs dated 1 March 2011

      Exemption to work of art, antiques in museum or art gallery

      6.

      248/1976-Customs dated 2 August 1976

      Exemption to precious stones imported by posts on 'approval or return' basis

      7.

      24/2001-Customs dated 1st March 2001

      Exemption to copper cathodes, wire bars and wire rods produced out of copper reverts

      8.

      25/2001-Customs dated 1st March 2001

      Exemption on gold and silver produced out of copper anode slime which were exported out of India for toll smelting and processing

      9.

      32/1997-Customs dated 1st April 1997

      Exemption to goods imported for execution of an export order for jobbing

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (b) The BCD exemption for the goods covered under the following notifications are being extended upto 31st March, 2029.

      S. No.

      Notification No.

      Brief Description

      1.

      16/1965-Customs dated 23 January 1965

      Exemption to goods exported to foreign countries for display in show-rooms of Govt of India

      2.

      80/1970-Customs 29 August 1970

      Goods supplied freely under warranty as replacement for defective ones in lieu of earlier imported goods.

      3.

      207/89-Customs dated 17 July 1989

      Foodstuffs and provisions (excluding fruit products, tobacco, alcohol) by foreigners

      4.

      147/94-Customs dated 13 July 1994

      Firearms and ammunition when imported for use by a renowned shooter

      5.

      148/94-Customs dated 13 July 1994

      Specified gifts; goods gifted free under a bilateral agreement; goods imported by Indian Red cross Society, goods for the purposes of relief and rehabilitation

      6.

      152/94-Customs dated 13 July 1994

      Appliance/aids for blind/handicapped imported by institution for blind & deaf; and other specified teaching aids imported by Govt Universities

      7.

      153/94-Customs dated 13 July 1994

      Articles for foreign origin imported for repair and return, theatrical equipment and costumes, mountaineering expedition equipment, photographic, filming recording etc

      8.

      134/94-Customs dated 22 June 1994

      Specified capital goods, and other ancillary items imported for repairs

      9.

      39/96-Customs dated 23 July 1996

      Specified imports relating to Defence, internal security forces and Air Force.

      10.

      50/96-Customs dated 23 July 1996

      Specified equipment, instruments, raw materials, components, pilot plant and computer software when imported for publicly funded R & D projects

      11.

       51/96-Customs dated 23 July 1996

      Scientific and technical instruments, apparatus, equipment, accessories etc when imported by publicly funded research institution

      12.

      25/1998-Customs dated 2 June 1998

      Capital goods/machinery/ measuring instruments for manufacture of semiconductor wafers.

      13.

      23/2016-Customs dated 1 March 2016

      Parts of aircraft when imported into India under the Standard Exchange Scheme

      14.

      32/2017-Customs dated 30 June 2017

      Imports of artwork and antique books

      15.

      37/2017-Customs dated 30 June 2017

      Imports in relation to defense and international security forces including medals, decorations, personal effects of Defense Personnel, bonafide gifts from foreign donors, stores and goods for trials, demonstration

      16.

      16/2017-Customs dated 20 April, 2017

      Specified medicines from whole of the duty of customs, when imported for supply under Specified Patient Assistance Programme

      17.

      25/1999-Customs dated 28 February 1999

      Capital goods/machinery used by the IT/Electronics industry, subject to actual user condition.

      18.

      25/2002-Customs dated 1 March 2002

      Specified raw materials, inputs and parts for use in manufacture of specified electronic items

      19.

      35/2017-Customs dated 30th June 2017

      Aviation Turbine Fuel in the tanks of the aircrafts of an Indian Airline or of the Indian Air Force

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (c) The end dates prescribed are being removed in the following notifications:

      S. No.

      Notification No.

      Brief Description

      1.

      49/2017-Customs dated 30 June 2017

      Exemption to special Additional Duty on specified goods of fourth schedule to Central Excise Act

      2.

      52/2017-Customs dated 30 June 2017

      Effective rate of Additional duty for goods under Chapter 27

      3.

      29/2017-Customs dated 30 June 2017

      Exemption to specimen, models, wall pictures and diagrams for instructional purposes

      4.

      46/1974-Customs dated 25 May 1974

      Pedagogic material for educational or vocational training courses

      Note: Description of entries is indicative. Notification may be referred to for complete description

      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

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