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HC : Bombay High Court Orders Immediate Disbursement of Refunds Over 10-Year Delay Citing Procedural Inefficiencies

ITAT : Chennai ITAT Proposes Revenue Reassessment on Taxability of CFS Payments, Favoring Principal Classification Over Intermediary Status

ITAT : Mumbai ITAT Orders Re-computation of Rental Income, Acknowledging Business Expenses

ITAT : Delhi ITAT Endorses 15% Income Attribution to UK-Based Travel Service Provider, Aligning with Previous Bench Rulings

ITAT : Differential Value in Property Transactions: ITAT Mumbai Ruling on Section 56(2)(x) Validates Allotment Letters as Binding Documents

HC : Rajasthan HC Affirms ITAT Decision Granting Section 80-IA Deductions for Captive Power Generation Profits

SC : Supreme Court Allows Assessee's Contentions Against Delhi HC Order on Criminal Complaint Under BMA

ITAT : Tribunal Overturns Tax Reassessment for Non-existent Capital Gains Due to Missing Accounts

ITAT : Mumbai ITAT Upholds Assessee's Appeal, Nullifies Section 69 Addition for Alleged Bogus Share Purchases

ITAT : Mumbai ITAT Rules in Favor of Assessee on Deduction Eligibility for Securitization Income Under Section 36(1)(viii)

ITAT : Mumbai ITAT Upholds CIT(A)’s Order, Dismisses Revenue’s Appeal Against Ambuja Cement for Non-Leviability of Penalty on Income Reporting

ITAT : Mumbai ITAT Upholds Assessee's Tax Settlements under DTVSV, 2024, Rejects Revenue Appeals on Interest Additions of ₹50.24 Cr

ITAT : Mumbai ITAT Rules on Capital Gains Taxation for Mauritius Resident Assessee, Upholds Exemption under India-Mauritius DTAA

HC : Gujarat High Court Upholds Settlement Commission’s Ruling on Undisclosed Income, Affirms No Ground for Revenue’s Intervention

ITAT : Mumbai ITAT Rules in Favor of Assessees by Allowing Appeal Against CIT(A) on Accumulated Income Utilization under Section 11

HC : Court Overrules CBDT Circular Limiting Refund Petitions – Sun Pharma Gains Significant Legal Victory


HC : Bombay High Court Upholds Authority's Decision in Writ Jurisdiction, Allows Assessee to Pursue Normal Assessment Procedures

HC : Bombay High Court Upholds Assessee's Non-Contestation on LTCG Addition, Allows 100% Payment Rate under DTVSV Act

ITAT : Delhi ITAT Invalidates Reassessment Order Due to Flawed Approval Process Under Section 151

SC : Supreme Court Upholds Revenue's Appeal on Most Favored Nation Clause Following Nestle Judgement

ITAT : Mumbai ITAT Overturns TDS Disallowance for Non-Resident Assessee; Confirms Non-Taxability of Foreign Salary Income

HC : Bank of India Secures Legal Victory: High Court Affirms Deduction for Broken Period Interest in HTM Securities Purchase

ITAT : Cochin ITAT Upholds Section 80P Deduction for Cooperative Society’s FD Interest Income, Distinguishing Key Jurisprudence

ITAT : Mumbai ITAT Strikes Down Reassessment Under Section 148 for Failure to Address Assesse's Objections, Violating Established Legal Precedents

ITAT : Chennai ITAT Rules in Favor of Assessee: Allows Deduction for Foreign Exchange Fluctuation Loss on Currency Loan for Fixed Asset Acquisition

ITAT : Jodhpur ITAT Dismisses Revision under Section 263, Upholding AO's Plausible Assessment of Deductions Claimed

ITAT : Mumbai ITAT Rules Against Revenue's Appeal, Upholding Interest Expenditure Deduction for Business Advances

HC : Delhi High Court Upholds Reassessment Proceedings, Dismissing Assessee's Claims of Insufficient Time to Respond

HC : Bombay High Court Quashes Notice Issued Under Section 148A, Critiques Revenue Officers for Non-Application of Mind

HC : Exporters Eligible for ITC Refund on Compensation Cess, Rules Bombay HC in Favor of Beverage Exporter

HC : Allahabad HC Rules Adjustment of CGST and SGST Against IGST Demand, Highlighting Oversight in Assessee’s Submissions

HC : Gauhati High Court Nullifies Tax Demand Due to Inadequate Show Cause Notice Compliance

SC : High Court Ruling on Bangalore University’s Affiliation Fee Leads to Dismissal of Revenue’s Appeal by Supreme Court

HC : Andhra Pradesh High Court Declares CBIC Circular Restricting Refund of Unutilized ITC on Inverted Duty Structure Ultra Vires

HC : Patna High Court Clarifies Appeal Process in Inverted Duty Structure Refund Claim Case for Electric Vehicle Manufacturer

HC : Gujarat HC Upholds Export Regulation for Beach Sand Minerals, Dismissing Petition Against DGFT Notification

HC : Orissa High Court Orders 10% Pre-Deposit of Disputed Tax Amid GST Appellate Tribunal Delays

SC : Supreme Court Upholds Bombay HC Ruling in Tax Recovery Case Against Shipping Managers

SC : Show Cause Notice Over GST Short-Payment Stayed by Supreme Court in Casino Case; Proceedings On Hold Until 2025

HC : Madras HC Upholds Confiscation Notice under CGST Act for Unauthorized Gold Transportation

HC : Kerala High Court Rules on Electronic Credit Ledger, Confirms Freedom in Input Tax Credit Application

HC : Gujarat HC Upholds Jurisdiction in GST Penalty Case Against Co-Noticees in Clandestine Tax Evasion Scheme

HC : Madras HC Grants Assessee the Right to Amend GSTR-3B and Directs Refund of Output Tax Liability, Setting Precedent for Transitional Credit Claims

HC : Andhra Pradesh HC Dismisses Writ Challenging Penalties Under GST Act; Upholds Invocation of Section 74 for Non-Compliance

HC : Delhi HC Grants Relief to 100% Export Oriented Unit in Duty Demand Case for Export Obligation Shortfall

HC : Gujarat HC Upholds Revenue's Rejection of Late Compensation Cess Refund Application in Nitrocellulose Export Case

HC : Andhra Pradesh HC Rules Invalidity of GST Orders Lacking DIN; Sets Precedent for Proper Procedure in Tax Assessments

HC : Gauhati HC Invalidates Summary SCN, Underlines Necessity of Proper Procedure under CGST Act

HC : Madras High Court Overturns Tax Assessment Order, Favoring Assessee in ITC Dispute with Tax Authorities

HC : Madras High Court Overturns Tax Assessment Order; Assessees Granted Opportunity to Raise Objections by Depositing 25% of Disputed Tax

HC : Madras High Court Orders Taxpayer to Submit Returns Ahead of Registration Cancellation; Relying on Precedents from Suguna Cutpiece Center & Ors

CESTAT : CESTAT Bangalore Rules in Favor of Microsoft-India, Granting Refund of Over Rs 16.84 Crores in Unutilized CENVAT Credit Amidst Revenue's 'Intermediary' Service Classification Challenge

CESTAT : CESTAT Ahmedabad Rules Slump Sale as Non-Service Under Finance Act 1994 in Business Transfer to M/s ZeroChaos Workforce Solutions

CESTAT : CESTAT Ahmedabad Rules Against Service Tax Demands on Labor Supply to Birla Cellulosic

HC : Madras High Court Upheld Tax Authority's Decision on GST and ITC for Ramco Cements' Corporate Guarantee Transactions

HC : Delhi HC Halts GST Levy on Charitable Institution, Emphasizing Non-Business Activities in Ruling

HC : Madras HC Clarifies Modes of Service for Notices Under TNGST Act, Ensures Natural Justice Adherence

SC : Supreme Court Affirms Delhi High Court's Dismissal of Writ Petition, Protects Assessee's Right to Appeal on Limitation Grounds in CGST Demand

CESTAT : CESTAT Allahabad Upholds Jurisdiction Shift from Customs Act to Development Commissioner in SEZ Manufacturing Dispute

Appellate Tribunal Validates Dismissal of Charges Under FEMA Against Respondent Companies Based on Customs Duty Allegations - The Tribunal's clear rationale in dismissing the appeals brings forth an actionable conclusion — assists in reinforcing the importance of adhering to prescribed protocols laid out for valuation and compliance under customs laws, which significantly impacts the assessments made under FEMA. Companies engaging in export transactions should ensure robust documentation and certification from government-recognized laboratories to safeguard against potential allegations of undervaluation or evasion of duties. This decision further emphasizes the significance of grounding legal challenges within credible evidence, especially when presenting counter-evidence against findings from accredited entities.

Income Tax - Section 260A - Electricity Sale Valuation: High Court of Delhi Rules in Favor of Assessee Over Market Comparables - The Delhi High Court's decision underscores the need for sound comparison bases in transfer pricing assessments related to the sale of electricity. By reaffirming that IEX rates do not satisfy comparability requirements due to their transient nature and market volatility, the ruling sets a precedent that encourages the adoption of established benchmarks such as SEB rates for valuing power supply transactions. This decision mandates a reevaluation of the metrics used by tax authorities in similar future assessments, ensuring fair treatment for assessees, and providing them with clearer guidance in compliance matters.

Foreign Company Wins Tax Exemption on Software-Related Services Revenue in ITAT Delhi Ruling - The ruling underscores the importance of the "make available" condition in determining the taxability of services under the India-UK DTAA. It reinforces the principle that when the core service (in this case, software) is deemed non-taxable, ancillary services that are related to that core service cannot be taxed as FTS either. The ITAT's affirming of the previous decision serves as a pertinent reminder for both taxpayers and tax authorities regarding the classification of income and the applicability of tax treaties.

ITAT Strikes Down Taxability of Reimbursements as Royalty, Rules in Favor of Assessee on Legal Advisory Services - In light of the current legal interpretation provided by the ITAT, it is clear that reimbursements classified correctly as cost-to-cost without markup cannot be subject to taxation as income. Taxpayers engaged in similar transactions should adopt a proactive approach in documenting the nature of international transactions to prevent misclassification of reimbursements. It is essential that proper legal citations and invoice documentation from third-party service providers are maintained to secure favorable outcomes during assessments.

Income Tax - Section 144C - ITAT-Delhi Declares Assessment Orders Invalid Due to Lack of Draft Order and Timeliness Issues - Based on the Tribunal's decision, it is imperative for tax practitioners and assessees to diligently adhere to the procedural requirements as outlined under the Income Tax Act, specifically Section 144C(1). The absence of a draft assessment order can lead not only to invalidation of final orders but also to prolonged litigation and potential financial implications. Assessees should remain vigilant to ensure IRS compliance and advocate for their rightful procedural entitlements in assessment processes.

ITAT-Bangalore Declares Lack of Services from AE Insufficient to Justify Transfer Pricing Disallowance - The ITAT-Bangalore's decision serves as a vital reminder that robust documentary evidence is essential for proving the legitimacy of services rendered by AEs in transfer pricing matters. Organisations must ensure they maintain comprehensive records highlighting the economic benefit derived from intercompany transactions to substantiate their claims effectively. This action-oriented conclusion emphasizes proactive documentation in tax compliance and diligent adherence to transfer pricing regulations.

Income tax - Sections 92D, 271G - Legal Crux on Penalty Levy Reversed by ITAT due to Reasonable Cause in Delay of Submission - In light of the proceedings, it is evident that when the delay in furnishing requisite information is justifiable and stems from reasonable cause—such as logistical challenges in document acquisition—the TPO cannot impose penalties automatically. Therefore, tax practitioners and assessees must ensure that when negotiating with TPOs, transparency regarding documentation timelines and complexities is clearly communicated and documented to mitigate the risk of unilateral penalties under Section 271G.

Income Tax - Section 143(2) - ITAT Hyderabad Ruling on ALP Adjustments for IT Enabled Services Assessment - The Tribunal’s decision underscores the necessity for rigorous and precise comparable analysis in transfer pricing, particularly involving ITES and BPO sectors. The ruling, which rejects arbitrary adjustments and supports clear methodologies for interest computation, advocates for a reasoned approach towards maintaining Arm’s Length principles. Assessees should meticulously document their comparability and functional analysis while ensuring transparency in interest calculations to secure favorable audit outcomes in similar instances.

Income Tax - Sections 144, 144C - Tribunal Rules on Treatment of Warranty Provisions as Operative Income for Sirona Dental Systems in Transfer Pricing Case - The Tribunal’s decision underscores the imperative for taxpayers to present all relevant issues during initial assessments. In this case, though the appeal was remitted back for consideration of warranty provisions as operative income, it reiterates the significance of procedural adherence and articulating all material facts in the early stages of assessment to avoid complications in subsequent appeals.

ITAT-Mumbai Clarifies Treatment of Non-Operating Income in Transfer Pricing Adjustments - The ITAT's decision underscores the importance of clearly distinguishing between operating and non-operating income in transfer pricing assessments. This ruling merits immediate action by stakeholders engaged in similar sectors to review their income classifications and ensure compliance with the stipulations set forth by the ITAT. Proper documentation and consideration of income segmentation may serve to safeguard against unwarranted tax adjustments and disputes.

Income Tax - Section 92B, 144B, 144C - Legal Crux on Trade Receivables Adjustment by ITAT-Hyderabad: Aurobindo Pharma Limited’s Appeal Against Transfer Pricing Determination - In its decision, the ITAT established a clear framework regarding the treatment of trade receivables as international transactions warranting transfer pricing adjustments. For practitioners and taxpayers alike, this holding underscores the necessity of correctly defining the nature of financial arrangements with associated enterprises and stresses adherence to market-based benchmarks such as LIBOR + 200 basis points.

Income Tax - Sections 143(3), 144B, 144C - ITAT-Hyderabad Reconsiders Turnover Filters for Benchmarking Software Development Services - The appellate ruling underscores a pivotal shift in the approach to benchmarking transactions between associated enterprises in the realm of software development services. By necessitating a tailored turnover filter and a renewed inquiry into the excluded comparables, the Tribunal establishes a foundation for a fairer valuation process that adheres to transfer pricing norms. Taxpayers engaged in similar industries may leverage this decision to reassess their comparable selection methodologies and replicate the success of this appeal by ensuring comprehensive documentation regarding their competition and service delivery benchmarks.

Income tax - Sections 148, 149(1)(a) - ITAT-Mumbai Holds Reopening of Assessment Invalid When Escaped Income is Below ₹50 lakh and Time Limit Exceeded - This ruling from ITAT underscores the critical importance of compliance with statutory periods when the axe of reassessment is wielded. The decision reiterates that cases with escaped income below the ₹50 lakh threshold are protected from extended scrutiny post the stipulated timeframe, compelling taxpayers and authorities alike to act within legal confines.

Income Tax - Sections 144B, 144C - ITAT-Denial of Arm's Length Pricing for Intra-Group Services Overturned by Tribunal Amid Admission of Additional Evidence - This decision by the ITAT underscores the importance of the taxpayer’s right to present comprehensive evidence, particularly in cases involving transfer pricing and intra-group services. The deliberate admission of additional evidence instead of dismissing the appeal signifies a procedural fairness that should be replicated in future assessments. Taxpayers should ensure they have adequate documentation to support their claims and should proactively seek opportunities to present evidence. Assessing Officers are also encouraged to adopt a more flexible and open approach in subsequent evaluations to uphold the principle of natural justice.

Income Tax - Sections 69, 142(1), 147, 148 - Non-Resident Individual Granted Remand for Unexplained Income Reassessment Amid Communication Failures - In light of the findings, it is imperative for assessing officers, especially in circumstances involving non-resident individuals, to ensure that all communication is accurately directed to prevent procedural improprieties that could undermine the fairness of the reassessment process. The implication of this decision is clear; tax authorities must meticulously verify contact details and alternative means of communication to safeguard the rights of taxpayers.

Income Tax - Sections 154, 244A - Tribunal Upholds Taxpayer's Right to Interest on Refund Despite Late ITR Filing - In light of the Tribunal's decision, it is imperative that the AO acknowledges and is bound to grant interest on refunds when tax has been credited, irrespective of subsequent delays in return filings by the assessee. Stakeholders, especially those who file delayed returns, should consider this binding ruling as a crucial point of reference for future tax assessments.

Income tax - Sections 92CA, 292B - High Court of Delhi Rules on Amended Assessment Orders Involving Non-Existent Entities Post-Merger - This judicial ruling sets a definitive boundary regarding the procedural integrity required when agencies issue assessment orders, especially following significant corporate actions like mergers. Tax authorities must ensure accurate entity recognition to maintain the legality of their orders, and any negligence in this regard risks rendering such orders invalid. It is vital for tax officers to keep abreast of operational changes within companies they oversee to ensure compliance with legal standards.

Income tax - Sections 133(2A) - Dispute Over Permanent Establishment: High Court Of Delhi Clarifies Fact-Specific Issue In Reassessment Of Ge Group - The High Court of Delhi has established an important legal precedent asserting that each assessment year requires a separate evaluation of the existence of a Permanent Establishment. Notably, assessments relying on previous survey results without a factual basis in the relevant years will not hold. Tax professionals and entities must ensure due diligence in maintaining proper arguments and evidence during assessments to contest claims of Permanent Establishment based on outdated data.

ITAT-DELHI Affirms Tax Consistency for International Broadcasting Revenues Amid MAP Resolutions - In light of the ruling by ITAT, it becomes imperative for the assessee to adopt a consistent approach towards income disclosure concerning international revenues. The ruling serves as a clear directive that businesses, especially in the broadcasting sector, must carefully consider their PE status and the implications of past MAP resolutions in their tax strategies. The ITAT's emphasis on tax certainty offers firms a pathway to secure foreseeable tax obligations, reaffirming the importance of understanding and leveraging existing tax treaties.

Income tax - Sections 9(1)(vii), 192, 195 - Legal Verdict Declares SanDisk India's Operations Do Not Constitute Dependent Agency Permanent Establishment for Tax Purposes - The determination by the ITAT clarifies the operational boundaries between foreign entities and their Indian subsidiaries. The ruling indicates actionable insights into the definitions of DAPE and the parameters defining FTS claims. Entities similarly situated as the assessee may reassess their operational models and employee arrangements upon reviewing this case, ensuring robust documentation of agreements to avert the misclassification of roles and consequent tax liabilities.

NCLT Allows Company ‘R’ to Resume Equity Raising Following Mismanagement Allegations - In light of the NCLT's decision, companies facing similar allegations of oppression and mismanagement should carefully ensure their operational strategies align with their financial capabilities and legal frameworks. The ruling underscores that the ability to mobilize capital is vital for a company's stability and growth, and courts are likely to prioritize a company's need for operational flexibility over restrictive interim measures when ongoing management disputes arise.

NCLAT Upholds RP's Authority to Classify Appellant as Related Party; Credits Removal from Committee of Creditors - The NCLAT's decision endorses the RP’s authority to classify creditors as related parties based on their shareholding structures and affiliations. This ruling affirms that related parties lack voting and participatory rights in CoC, thereby reinforcing the integrity of the creditor committee's formation. The appellant's removal from the CoC has been validated, highlighting a critical aspect of creditor classification under the IBC.

Madras High Court Upholds CLB’s Exit Formula for Foreign Investors Amid Controversy in Joint Venture - The Madras High Court firmly established that the exit formula stipulated by the CLB does not equate to a buy-back mechanism but rather serves as a legitimate financial mechanism aimed at reducing share capital through repayment to foreign investors. The ruling underscores the necessity for compliance with the CLB's directives and the need for parties to engage with established legal procedures rather than circuitously attempting to route through alternative avenues. It encourages foreign investors to adhere to the structured protocols provided by the CLB and to safeguard their interests through proper channels.

Penalty Imposed for Delayed Filing of Board Reports Under Companies Act, 1956 - The Tribunal’s ruling underscores the imperative for meticulous compliance with statutory requirements under the Companies Act, 1956. It establishes that penalties for non-compliance regarding the filing of Board Reports are not only enforceable but also exhibit an element of continuity. Hence, organizations should prioritize adherence to deadlines for such filings to mitigate risks of escalating penalties. Given the Tribunal's allowance for compounding at an amended rate, there exists an actionable pathway for companies to address past defaults while ensuring future compliance safeguards are reinforced.

Companies Obligated to Submit Financial Statements Timely; Penalties Valid - In light of the above legal adjudication, companies must adhere strictly to the requirements for the timely submission of their financial statements as outlined in the Companies Act. The insistence on statutory deadlines implies businesses should effectively manage their timelines for AGMs and subsequent financial documentation to avoid penalties. Companies are encouraged to maintain compliance with all legal mandates and seek timely extensions when necessary, ensuring they operate within the legal framework to prevent financial and reputational damage.

Section 425 of the Companies Act, 2013 - Tribunal Addresses Contempt of Court in IL&FS Case Amid Allegations of Asset Concealment - The Tribunal’s decision underscores the necessity for clear communication and awareness of court orders to establish contempt. The ruling elucidates that mere actions perceived as fraudulent are insufficient to substantiate contempt without demonstrable knowledge of existing court orders. Nevertheless, it affirms that a demonstrated failure to adhere to restraining orders may still result in sanctions, specifically in cases involving a willful disregard for judicial directives.

Bombay High Court Affirms Rigor in Application of Section 466 of Companies Act - This ruling emphasizes the strict criteria that must be met to invoke a stay on winding-up proceedings under Section 466 of the Companies Act. Future parties seeking such stays will need to ensure they present robust, credible evidence that aligns with the scrutiny applied in this case. Reliance solely on creditor consent or settlement will no longer be tenable absent a demonstration of bona fide intent and significant shifts in the circumstances that warrant reconsideration of the court's initial decision.

Legal Dispute Over Trust Deed Amendment: NCLAT Upholds Interim Order Protecting Corporate Stability and Stakeholder Interests - The NCLAT's ruling underscores the necessity of judicial discretion in maintaining corporate stability amidst familial disputes. The interim orders issued by the NCLT have been affirmed, thereby preserving the existing management framework and shareholding structure of the corporation. It is essential for the parties involved to respect the tribunal's orders to avoid further legal complications.

High Court of Bombay Upholds Investigation into Allegations of Fraud in Real Estate Transactions under RERA - The High Court's decision underscores the necessity for a balanced judicial approach wherein the rights of both allottees and promoters are duly recognized and safeguarded under the Real Estate (Regulation and Development) Act, 2016. It is actionable for all parties involved in real estate transactions to meticulously document their agreements and claims, ensuring transparency while being aware that allegations of fraud can lead to a significantly heightened scrutiny during dispute resolution.

Section 59 of the Companies Act, 2013 - NCLT Dismisses Petition for Rectification of Register of Members Due to Undertaking Breach by Petitioner - The decision by the NCLT highlights the paramount importance of fulfilling undertakings given in legal proceedings. It further underscores the necessity for petitioners to adhere to commitments made to the tribunal, as failure to do so may result in the dismissal of petitions and a loss of legal rights. Consequently, potential petitioners should ensure that all conditions associated with their claims and undertakings are met as a best practice of litigation.

Court Directs SEBI to Produce Documents for Compounding of Offences under SEBI Act - In conclusion, the High Court's decision elucidated that for a court to effectively exercise its discretion in compounding offences under the SEBI Act, an understanding of the factors considered by SEBI during recommendations is critical. The court mandated the production of documents that would enable it to make a just determination. This ruling underscores the need for transparency from regulatory authorities to facilitate fair legal proceedings.

Legal Crux of the Supreme Court Decision on the Validity of Unprivileged Wills Involving Property Disputes - The Supreme Court’s ruling firmly highlights the necessity for clarity, transparency, and the establishment of the genuineness of a will, especially in unprivileged contexts. Individuals seeking to create or contest wills must ensure deliberate compliance with legal standards, maintain thorough documentation, and consider the implications of who bears responsibility for evidentiary support.

Limitation for Setting Aside Arbitral Award Strictly Interpreted - In light of the ruling by the Supreme Court, it is imperative for litigants to diligently track and adhere to the strict timelines established under the Arbitration and Conciliation Act, particularly when the period for filing applications falls adjacent to or within court vacation periods. This case serves as a clear reminder that judicial leniency regarding limitation does not apply once the statutory timeframe has conclusively elapsed.

Mandating Rational Policy Framework to Curb Illegal Building Registrations Under RERA - The ruling necessitates enhanced collaboration between local authorities and MahaRERA, promoting transparency in the registration and verification processes related to real estate projects. Stakeholders must adhere to these directives to foster a more accountable real estate environment. The integration protocol outlined by the court represents a significant step in reinforcing consumer protection and mitigating the risks of fraudulent activities within the sector.

Kerala High Court Rules Assessment Barred by Limitation Period under KGST Act - This decision by the Kerala High Court establishes a clear precedent that adherence to the procedural stipulations of the KGST Act is non-negotiable. The ruling underscores the importance of issuing notices timely, as non-compliance can lead to significant ramifications, including the barring of assessments. Tax professionals must ensure that all communications are documented and issued within specified time frames to avoid similar consequences in future tax assessments.

Bombay High Court Quashes Wilful Defaulter Declaration for Breach of Natural Justice - In light of the current decision, the importance of stringent adherence to procedural fairness and natural justice within financial regulatory frameworks cannot be overstated. The ruling underscores the necessity for financial institutions to provide full documentation to any party facing serious allegations, particularly regarding declarations of wilful default. Therefore, institutions must exercise caution in their processes to prevent arbitrary decisions that can severely impact entities' rights to conduct business.

Delhi High Court Grants Regular Bail in Serious Fraud Case, Emphasizes Investor Interests and Public Trust - The Delhi High Court's decision underscores the balancing act courts must perform when handling allegations of serious fraud under the Companies Act. It illustrates a judicial willingness to enable accused individuals to actively work on rectifying potential impacts of alleged fraudulent activities while ensuring that the legal framework surrounding bail applications is adhered to. This decision enables applicants to further their efforts toward project completion and restoration of investor confidence without immediate threat of incarceration, provided they comply with the stipulated bail conditions.

Court Permits Liquidation and Dissolution of Tirupati Foundry Private Limited under Section 481 of Companies Act, 1956 - The Gujarat High Court's ruling regarding M/s. Tirupati Foundry Private Limited not only complies with judicial precedents but also emphasizes the importance of following due process in corporate liquidations under the Companies Act, 1956. This decision illustrates that stakeholders should ensure timely and proper record-keeping and administrative practices throughout the liquidation process to facilitate a seamless transition to dissolution. Companies contemplating liquidation are advised to engage competent professionals early in the process to ensure compliance and expedite proceedings.

Legal Heirs Granted Standing in Company Petition Following Shareholder's Death: NCLAT Confirms Maintainability Despite Probate Issues - The NCLAT’s ruling establishes that legal heirs do possess the requisite locus standi to initiate company petitions even in the absence of a probate. The ruling reinforces the idea that consent terms can take precedence in representing interests of heirs, particularly where allegations of mismanagement and oppression could jeopardize the deceased's estate. This revelation supports legal representatives of deceased shareholders in asserting their rights under the Companies Act and underscores the importance of protecting beneficiary interests in corporate governance.

Deloitte Found Negligent in Auditing ZEEL, Punitive Measures Enforced by NFRA - The NFRA's findings against Deloitte underscore the critical importance of due diligence in the auditing profession, especially given the higher responsibilities when auditing entities of public interest. Auditors must maintain robust documentation and supportive evidence for their conclusions to uphold the integrity of the profession. Firms should implement stricter internal review processes and training to ensure adherence to auditing standards and statutory requirements in future audits.

Sections 241, 242 of the Companies Act, 2013 - NCLT Allahabad Upholds Shareholder Rights in Case of Oppression - The Tribunal's decision underscores the importance of protecting shareholder rights against oppression and mismanagement within a company. The ruling affirms the necessity for companies to adhere strictly to legal norms and procedures when it comes to shareholder rights and the process associated with directorship. This decision serves as a call to action for minority shareholders who may be facing similar oppression, encouraging them to seek legal remedies promptly under Sections 241 and 242 of the Companies Act, 2013.

Section 302 of the Companies Act, 2013 - Gujarat High Court Approves Dissolution of Liquidated Company Due to Absence of Assets - The Gujarat High Court's decision to dissolve the liquidated company is a reaffirmation that, when a company no longer possesses assets, it is not merely reasonable but necessary to bring an end to the liquidation process and discharge the Official Liquidator from their role. This ruling is actionable as it underscores the necessity for companies undergoing liquidation to provide transparent accounting of their assets at the earliest, facilitating timely resolutions. Companies should proactively assess their asset status, as the absence of assets can culminate in an expedited dissolution process that limits financial and administrative burdens.

Claims Related to Delayed Possession Deemed Not Admissible by NCLAT: CMA Clarifies Jurisdictional Limitations - The findings from the NCLAT firmly establish the limits of the CMA’s jurisdiction, emphasizing the requisite adherence to contractual obligations when assessing claims related to possession delays. Stakeholders should note that claims for damages must be grounded in explicit contractual terms or provisions to avoid being deemed as unliquidated damages, which are non-admissible in the context of this case.

Schemes of Amalgamation Approved Despite Regulatory Scrutiny: Tribunal's Decision Prioritizes Shareholder Interests Over Technical Objections - The National Company Law Tribunal (NCLT) in Chandigarh erred in its decision to interfere with the proposed scheme disregarding the commercial judgments made by shareholders, creditors, and affecting corporate governance. In line with the findings, the Tribunal granted the approval for the amalgamation scheme, underscoring the necessity of respecting shareholder prerogatives while also ensuring regulatory requirements are met.

Company’s Right to Reduce Share Capital Confirmed by NCLAT: No Objections from Creditors or Authorities - In light of the NCLAT's ruling, the earlier impugned order has been set aside. This ruling emphasizes that a company possesses the autonomy to reduce its share capital under the specified conditions in the Companies Act, provided that all necessary procedures are strictly adhered to and there are no outstanding objections from creditors or regulatory authorities. Companies intending to reduce their share capital must ensure they garner unanimous consent from shareholders and meticulously address any potential concerns from involved stakeholders.

Section 241 of the Companies Act, 2013 - Legal Crux of Opposition and Mismanagement Claim in Corporate Shareholding Dispute - The ruling of the NCLT reinforces the legal principle that a deceased member’s estate can adequately pursue remedies against oppression and mismanagement, acknowledging the legal representatives’ right to act in the interests of the estate of the deceased. It establishes a clear pathway for the continued assertion of rights by legal heirs when confronting actions that adversely affect their interests in a company.

Delhi High Court Ruling: Appeal on Equity Share Transfer Declared Inadmissible - In light of the current decision, it is critical for stakeholders engaged in share transactions to ensure that all relevant directives and orders, especially those from regulatory bodies like the RBI, are known and considered prior to executing such transactions. Compliance with existing legal frameworks, and ensuring transparency in the acquisition process, are paramount to safeguard against potential disputes regarding ownership and maintenance of transactions in corporate liquidation scenarios.

Ambiguity in Maintability: Delhi High Court Rejects Writ Petition on AGM Default Due to Alternative Remedy Availability - In light of the legal decision rendered by the Delhi High Court, it is evident that the petitioner's reliance on the writ jurisdiction was misplaced due to the availability of an alternative efficacious remedy under Section 421 of the Companies Act, 2013, leading to the conclusion that the current writ petition lacks merit and maintainability. Stakeholders must pursue all available statutory remedies before approaching higher judicial forums, as the courts are inclined to respect the legislative framework that guides corporate governance and dispute resolution.

Sections 134, 135, 441, of the Companies Act, 2013 - Corporate Social Responsibility Compliance: NCLT Chennai's Ruling on CSR Disclosures by Applicant Company - In light of the tribunal's decision, it is crucial for companies to ensure accurate and complete disclosures of their CSR initiatives and policies in compliance with the stipulations set forth by the Companies Act, 2013. Companies must proactively review and update their Annual Reports to avoid instances of non-compliance, which not only have reputational repercussions but may also invoke legal action and penalties.

Section 241 of the Companies Act, 2013 - Petition for Relief from Oppression and Mismanagement Upheld Despite Challenging Compliance with Membership Requirements under Companies Act, 2013 - The decision to uphold the maintainability of the petition highlights that the ownership rights under the Companies Act, 2013, can extend beyond mere registration in the company’s books, particularly where petitions arise from familial or legal consent agreements. Stakeholders may leverage this decision to ensure that rightful claims against oppression and mismanagement are not thwarted by technical non-compliance with membership requirements, reinforcing the importance of legal authority obtained through other means.

Revocation of Customs Broker License Declared Unlawful Due to Unsubstantiated Claims of Forgery - The CESTAT decision underscores that Regulation 10(k) should not be wielded as a tool to address matters related to the authenticity of a business address or associated documents unless solid evidence supports the claims made. In this instance, the lack of a thorough investigation and reliance on a single narrative from the landlord led to an incongruent penalization of the appellant. Henceforth, it is imperative for authorities to ensure that all claims, especially those resulting in penalties and revocations, are substantiated by factual verification rather than reliance on an isolated account.

Gold Seizure by Customs: Delhi High Court Rules in Favor of Tourist, Emphasizes Definition of Personal Effects - The Delhi High Court has categorically ruled that gold jewellery belonging to a tourist ought to be classified as personal effects under the Baggage Rules. It orders the release of the seized jewellery to the petitioner within two weeks, reinforcing the notion that tourists should not face undue legal hindrances regarding their personal belongings while traveling. This decision mandates that Customs authorities must apply a more nuanced interpretation of personal effects, recognizing the legitimate use of personal jewellery.

High Court Grants Bail in Heroin Smuggling Case, Emphasizing Right to Speedy Trial Over Prosecution Delays - The decision of the Delhi High Court to grant bail to the applicant underscores the significance of the right to a speedy trial within the broader spectrum of legal rights afforded to individuals. It highlights that, irrespective of the provisions established under Section 37 of the NDPS Act, the courts must not overlook fundamental rights that protect individuals from protracted and potentially unjust detention.

Madras High Court Rules Against Absolute Confiscation of Gold; Upholds Redemption Rights Under Customs Act - This ruling reaffirms the necessity for customs authorities to respect the rights of individuals carrying goods into the country. Not only should they have provided alternatives to absolute confiscation, but they must also establish a clear procedure for handling goods that, while undeclared, are not of a nature that renders them inherently prohibited. Going forward, it is actionable for customs officials to ensure that owners of such goods are afforded the opportunity to redeem their possessions through the prescribed legal avenues outlined in the Customs Act.

CESTAT Kolkata Dismisses Smuggling Charges Against Firoze Sekh and Associates - The decision rendered by CESTAT Kolkata underscores that documentary evidence, when adequately substantiated, outweighs oral declarations, particularly in customs proceedings concerning the ownership and legality of seized goods. Given the affirmation of the lawful acquisition of the gold by appellants and the established compliance with tax obligations, it is actionable for assessees to ensure meticulous documentation of their transactions to defend against potential confiscation claims effectively.

Legal Crux of CESTAT Kolkata Decision: Misclassification and Penalty Overturned for Imported Data Processing Servers - In conclusion, the CESTAT's ruling confirms that the confiscation of the imported servers is unwarranted, as they do not contradict DGFT Notification No.05/2015-2020, dated May 7, 2019, nor the Electronics And Information Technology Goods (Requirement for Compulsory Registration) Order, 2012. The penalties of ₹20,00,000 under Section 112(a) and ₹30,00,000 under Section 114AA are hereby annulled. This decision serves as a strong reminder for customs authorities about the importance of correctly assessing classification and valuation based on the functional characteristics of imported goods.

Revocation of Customs Broker License Over Breaches; Penalties Deemed Disproportionate by CESTAT Mumbai - In summation, the Tribunal identified that:

The customs broker's failure to adequately verify client details confirmed the breach of Regulation 10(n).
The original penalties imposed, namely the revocation of the license and financial penalties, were excessive given the nature of the breach.
Nevertheless, the forfeiture of the security deposit was upheld, with the potential for restoration of the broker's license upon the deposit of a new security amount.

CESTAT New Delhi Revokes Penalty Under Customs Act, 1962 Due to Lack of Evidence of Collusion - The Tribunal's decision highlights the critical need for substantial evidence when imposing penalties under Sections 114A and 114AA of the Customs Act. The absence of evidence indicating collusion or willful misstatement led to the cancellation of the penalties previously enforced upon the appellant. Furthermore, it is imperative to acknowledge that mere liability for duty does not presuppose penalties without demonstrable intent or knowledge of fraudulent conduct. The amount deposited must be promptly appropriated to offset the duty demand confirmed against the appellant.

No Penalties Upheld under Customs Act for Mis-declared Prohibited Goods Export - This ruling underscores the necessity of establishing clear evidence of intentional involvement and knowledge of wrongdoing when determining penalties under Section 114(i) of the Customs Act. Parties engaging in similar business operations should ensure the segregation of responsibilities and maintain diligent records to substantiate their roles, which could be crucial in potential disputes. The decision advocates for a thorough examination of individual actions within a larger operation to ascertain responsibility adequately.

CESTAT Chennai Upholds Classification of Epoxidised Soya Bean Oil, Sets Aside Penalties - The CESTAT Chennai has affirmed the classification of Epoxidised Soya Bean Oil under CTH 1518, established that the SCN was appropriately timed, and set aside both the confiscation and penalties levied against the appellant. This ruling emphasizes the necessity of procedural fairness in tax assessments and serves as a critical legal benchmark for similar future disputes regarding classification and SCN validity. Assessors must ensure comprehensive documentation to avoid procedural pitfalls, and taxpayer reliance on recognized classifications must be respected to maintain the integrity of tax processes.

CESTAT Upholds Appeal for Interest from 'Let Export Order' Date in Customs Drawback Case - In light of the ruling, it is imperative for the customs jurisdiction authority to ensure that all drawback requests are processed within the stipulated timelines to avoid unwarranted delays in interest payments. The current decision underscores the judicial affirmation of rights regarding timely transactions, reinforcing the precedent for immediate rectification of delayed payments commencing after a month of the “let export order” issuance.

CESTAT Clarifies Limitations in Customs Duty Classification Issues - The CESTAT upheld the Commissioner (Appeals) ruling on the non-invocation of the extended limitation period, reinforcing the critical balance between regulatory enforcement and the principles of due process. As a result, this decision underscores the importance of meticulousness in customs declarations and the necessity for authorities to confirm factual veracity before imposing additional duties.

Multimedia Speakers Classification: CESTAT Kolkata Confirms CTH 8518 as the Appropriate Tariff Heading - In consideration of the established legal precedents and the consistent rulings by CESTAT, it is conclusive that imported multimedia speakers should be classified under Customs Tariff Heading 8518. Importers are advised to adhere to this classification to ensure compliance and mitigate the risk of disputes with customs authorities regarding tariff classification issues.

Legal Crux in Classification of Imported Goods - CESTAT Rules Against Appellant in LG Watch W7 Case - In light of the above rulings from CESTAT, it is critical for the appellant to review its classification methodology for imported goods. This decision signifies a clear directive on how technological devices such as Smart Watches should be categorized under customs tariffs. Moving forward, companies in similar sectors should ensure that their product classifications align with tribunal interpretations to avoid disputes and ensure eligibility for exemptions that pertain to correct tariff entries.

Bombay High Court Upholds Petitioner's Claim for MEIS Benefits, Clarifying Registration Requirements under Foreign Trade Policies - The ruling by the Bombay High Court is a significant clarification for exporters regarding the eligibility requirements for MEIS benefits under varying Foreign Trade Policies. As established, the FTP 2015-20 allowed registrations with either FIEO or EPCES, underscoring the Court's affirmation that any claim submitted under that framework must be considered valid, notwithstanding subsequent regulatory changes. It underscores the necessity for authorities to adhere to the policies in force at the time of an export transaction, thereby allowing the Petitioner’s claims to be rightfully accepted.

Upheld MEIS Entitlements Despite Scheme Expiry with Focus on Timely Applications - The key takeaway from this ruling is that the expiration of a governmental scheme does not invalidate benefits that have accrued during its implementation, especially if delays caused by administrative processes hindered timely claims. Entities affected by such delays are encouraged to maintain diligent documentation of their applications and actions taken, while government bodies are reminded of their obligations to move expeditiously to uphold exporters' rights.

Export Obligation Violation by 100% EOU Leads to Rehearing Directive - The Delhi High Court has provided a structured pathway for the petitioner to contest the prior impugned orders regarding export obligations. Assessees in similar spheres are urged to ensure complete compliance with the Import & Export Policy to avoid facing adverse actions. It is paramount to maintain meticulous records of export obligations and promptly respond to any communication from regulatory bodies. These steps would not only uphold good standing in the eyes of regulatory authorities but also mitigate the risk of future complications.

Improper Classification of Imported Communication Modules Nixed by CESTAT: Correctly Classified Under CTI 8517 70 90 - The ruling unequivocally clarifies that the communication modules imported should be classified under CTI 8517 70 90. The unfounded allegations of mis-classification and intent to evade duties are rejected, reinforcing the integrity of the self-assessment approach for importers. Moving forward, importers of comparable goods should ensure proper documentation that aligns with their classification to prevent unwarranted penalties and disputes.

Misdeclaration of Goods Found to Be Zinc Ingot Instead of Lead – CESTAT New Delhi Rules That Confiscation and Penalty Are Unjustified - The analysis leads to the conclusion that the misdeclaration was indeed a bona fide mistake. Given the circumstances—a lack of profit motive, genuine error, and legal precedent—neither confiscation, redemption fine, nor penalties should have been applied. This decision sets a precedent for future cases with similar facts, ensuring that bona fide errors are treated justly without punitive measures.

Differential Duty Demand Overturned: CESTAT Rules Against Extended Limitation Period In TMT Bars Case - The CESTAT ruling reinforces the principle that while tax compliance is critically important, there must be credible evidence demonstrating the existence of deceitful behavior before invoking extended limitation periods for duty demands. This decision emphasizes the requirement for tax authorities to engage thoroughly when seeking to contest records already examined by their officers. Therefore, in cases where discrepancies exist—yet lack supporting evidence of intentional misconduct—assessees should robustly defend against demands based solely on such discrepancies.

Suo-Moto Abatement of Duty Granted for Non-Operational Days as CESTAT Rules in Favor of Appellant in Central Excise Case - This decision illustrates a critical interpretation of the Pan Masala Packing Machines Rules, underscoring the necessity for compliance with established protocols in reporting machine operation status. It is imperative for appellants like the one in this case to maintain clear communication and documentation regarding machine operation and sealing processes to safeguard their rights for duty abatement. Stakeholders in the pan masala manufacturing sector should ensure adherence to the procedural requirements, as outlined in the Rules, to mitigate potential disputes regarding Central Excise duties in the future.

Taxpayer Secures Interest on Refund in CESTAT Ruling: A Crucial Judgment on Excise Duty Refund Procedures - Based on the Tribunal’s finding, it is imperative for assessees to recognize their entitlement to interest on amounts deposited under compulsion of duty or during investigations, particularly where such amounts have been appropriated. The Court's reliance on established precedent underscores the necessity of adhering to legislative provisions when determining claims for interest on refunds. Assessees should be vigilant, ensuring timely claims for refunds are accompanied by requests for accrued interest, thus affirming their rights under Section 11BB of the Central Excise Act, 1944.

CESTAT Mumbai Rules in Favor of CENVAT Credit for Outward Transportation via GTA Services - Based on the clear delineation of facts, legal standards, and documentation presented by the appellant, the CESTAT’s conclusion strongly affirms the entitlement to CENVAT credit related to the outward transportation of goods conducted via GTA services. Companies engaged in such operations should ensure they appropriately document their transactions, explicitly reflecting terms of freight arrangements within invoices and purchase contracts, thereby protecting their entitlements under CENVAT credit provisions.

CESTAT Chennai Rules Against Wrongful Invocation of Extended Limitation Period Over CENVAT Credit Issues - The CESTAT concluded that the Revenue did not satisfactorily establish the justification for invoking the extended period of limitation while asserting the demand for CENVAT credit recovery. The absence of detailed allegations of suppression or fraudulent actions in the SCN led to the decision being set aside on grounds of limitation alone. This case reinforces the necessity for Revenue authorities to delineate clear and specific allegations when pursuing extended limitation measures, thereby upholding legal standards necessary for fair administrative actions.

Interest on Pre-Deposit Amount Under Central Excise Act: CESTAT Allahabad Rules on Refund Timing and Interest Entitlement - The appellant’s claim for interest on the refunded pre-deposit lacks legal footing according to the governing statutes, particularly since the refund was issued within the stipulated timeframe without an explicit provision for interest payment under the relevant sections of the Central Excise Act. Therefore, taxpayers and practitioners must note the significance of the applicable statutory timelines when considering potential interest claims on similar refunds.

Customs Broker License Revocation Challenged: Reliability of KYC Documents Upheld, No Evidence of Facilitation for Non-Existent Exporters Established - The tribunal concluded that the customs broker had adhered to the stipulations of Regulation 10(n) and had not violated KYC guidelines. As there was an absence of credible evidence linking the broker to any illegal activities or facilitation of exports through non-existent entities, the revocation of the customs broker's license and associated penalties were deemed unjustified. This ruling reinforces the importance of substantiating claims against customs brokers with concrete evidence when alleging violations.

CESTAT Upholds Total Confiscation of Foreign Marked Gold - Burden of Proof Placed on Appellant - Given the absence of evidence proving the legitimate acquisition of the seized gold and the failure to establish a reasonable doubt regarding its origin, the CESTAT concluded that the confiscation decision was justified. The burden of proof, once shifted, remained unmet by the appellant, affirming that the impugned order correctly applied the relevant law and was justified based on the presented facts.

CESTAT Kolkata Decides on Classification of Paddle Wheel Aerators Under CTH 8436 or CTH 8479; Time Limitation Considered - The Tribunal's decision to potentially remand the matter back to the ld. Commissioner (Appeals) suggests that appropriate consideration should have been given despite the timeliness issue. It reaffirms that paddle wheel aerators must be recognized under the agricultural machinery category as per the established precedent, which preserves the appellants' rights in similar future circumstances. This is crucial for ensuring compliance with the intended classifications under the customs tariff.

Bombay High Court Overturns Penalty and Forfeiture of Security Deposit Due to Lack of Evidence and Non-Compliance with Natural Justice Principles - The verdict from the Bombay High Court meticulously delineates the necessity for clear and incontrovertible evidence to support the imposition of penalties and forfeitures. Without substantial proof of negligence or misconduct, such punitive actions cannot be sustained under law. The decision underscores the essential nature of adhering to principles of natural justice where rationale and substantiation are imperative for any administrative authority’s actions.

Gujarat High Court Declares Arbitrary Show Cause Notice Invalid: Entitlement to Duty Drawback Affirmed - To ensure fairness and compliance with legal standards, it is crucial for administrative actions related to taxation and duties to remain within jurisdictional confines and base their decisions on verifiable information. The ruling clarifies that where proper documentation exists, claimants, such as the petitioner in this case, are entitled to their rightful benefits without undue interference from authorities. It is recommended for all parties to ensure comprehensive documentation is maintained and proactive legal recourse is considered when faced with unjustified administrative actions.

Personal Income-tax reforms with special focus on middle class - FAQ

MEMORANDUM REGARDING DELEGATED LEGISLATION

Notes on Clauses

PRESIDENT’S RECOMMENDATION UNDER ARTICLES 117 AND 274 OF THE CONSTITUTION OF INDIA

THE FIRST SCHEDULE

Information received from Ministry of Civil Aviation (MoCA) with respect to Gazette notification No. 08/2024 - Integrated Tax (Rate) dated 08.10.2024 notified by Department of Revenue
Corrigendum - Notification No. 05/2025-Integrated Tax (Rate), dated the 16th January, 2025
Clarification on applicability of late fee for delay in furnishing of FORM GSTR-9C
Regularizing payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer
Clarifications regarding applicability of GST on certain services
Framework for Monitoring and Supervision of System Audit of Stock Brokers (SBs) through Technology based Measures.
Parameters for external evaluation of Performance of Statutory Committees of Market Infrastructure Institutions (MIIs); and Mechanism for internal evaluation of Performance of MIIs and its Statutory Committees
Details/clarifications on provisions related to association of persons regulated by the Board, MIIs, and their agents with persons engaged in prohibited activities
Central Government introduce Unified Pension Scheme
Format of Due Diligence Certificate to be given by the DTs
Extension of Time Limit to 15.02.2025 for submission of e-BRCs by the Exporters - Public Notice No. 21/2024 dated: 31.12.2024 issued by Air Cargo Commissionerate (Chennai – VII)- Reg.
Amendment in Export Policy of De-Oiled Rice Bran
Amendment in 4.59 of Handbook of Procedures, 2023 and modification in Standard Input Output Norms (SION) M- 1 to M-8 for export of jewellery
Corrigendum - Notification No. 05/2025-Customs, dated the 1st February, 2025
Corrigendum - Notification No. 50/2024-Customs, dated the 30th December, 2024
Seeks to Amend Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 to extend certain timelines.
Seeks to further amend notification No. 27/2011-Customs dated 30th June, 2017 so as to reduce the export duty on crust leather
Seeks to exempt the import duty on goods which are being rationalized in the tariff.
eks to further amend notification No. 50/2017-Customs dated the 30th June, 2017 so as to notify BCD related changes.
Seeks to further amend notification No. 11/2021-Customs dated the 01st February, 2021 to prescribe effective rates of AIDC to certain goods

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