INSIGHTS
L&S INSIGHTS
Anti-absorption measures: India’s foray into strengthening its anti-dumping enforcement01 October 2024
NEWS
23 October 2024
The provisions relating to reopening of assessments, as they stood prior to the Finance Act, 2021, were contained in Sections 147 to 151 of the Act[1] (‘Old Law’). Under the Old Law, if the AO[2] had reasons to believe that an income chargeable to tax has escaped assessment, then the AO could reopen the assessment by issuing a notice u/s. 148 of the Act. Such notice could have been issued within 4 / 6 years from end of relevant assessment year.
NEWS
10 October 2024
The Supreme Court has held that if the building in which the premises are situated qualifies for a ‘plant’, Input Tax Credit (ITC) can be allowed on goods and services used in setting up the immovable property, which is a plant.
NEWS
03 October 2024
The CESTAT Bench at Chennai has held that air compressors for use in car air-conditioners are classifiable under Tariff Item 8414 80 11 of the Customs Tariff Act, 1975 wherein Heading 8414 covers ‘Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters’. The assessee was represented by Lakshmikumaran & Sridharan Attorneys here.