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Cus - Subsequent to order under challenge, Customs Broker Licence of appellant has been revoked, appeal becomes infructuous: CESTATCus - Since the licence has ultimately been revoked, appeal directed against confirmation of suspension of Customs Broker licence, has been rendered infructuous: CESTATCus - Once verification of address is complete, if client moves to a new premises and does not inform authorities or does not get his documents amended, such act or omission of client cannot be held against Customs Broker: CESTATCus - Once verification of address is complete, if client moves to a new premises and does not inform authorities or does not get his documents amended, such act or omission of client cannot be held against Customs Broker: CESTATCus - Subsequent to order under challenge, Customs Broker Licence of appellant has been revoked, appeal becomes infructuous: CESTATCus - Subsequent to order under challenge, Customs Broker Licence of appellant has been revoked, appeal becomes infructuous: CESTATSuspension & Revocation of Customs Broker LicenseIranian President Ebrahim Raisi, foreign minister die in chopper crash in northwestern IranI-T - Escapement of income due to claim of deduction u/s 80-IB(10) was certainly a subject matter of appeal and admittedly so and on this income reassessment is not permissible : HCPatanjali staffers jailed after much-hyped ‘Soan Papdi’ fails food standardsFSSAI alerts Fruit Traders against use of Calcium Carbide in Fruit RipeningBlowback for Sunak mulling curbs on post-study visas for foreign studentsI-T - Additions framed u/s 68 on account of unexplained cash credit cannot be sustained where AO does not specify how such additions had been computed: ITATIranian President Raisi’s death confirmed in copter crashPoll-related seizures piling up close to Rs 9,000 croresI-T - Charitable organisation cannot be denied registration u/s 12AB solely on grounds that it is managed by one person, but where its activities are for the benefit of the entire society at large: ITATIndonesian volcano turns active; 7 villages evacuatedCitizens join big time with EC to check electoral malpracticesCongo Military claims it foiled serious bid of coup involving Americans and British menI-T - Material to be considered for invoking Search assessment should be seized in course of search u/s 132 of the Act on searched action or requisitioned u/s 132A: ITATNew Taiwanese President assumes office amid rising tensions from China889 candidates to contest elections in Phase 6I-T - Failure of AO in recording the satisfaction based on any material seized during the course of the search, vitiates search assessment proceeding: ITATECI seizures inches close to Rs 9000 Cr; 45% of seizures are drugsPMLA - If accused appears before Special Court pursuant to summons, he shall not be treated as if he is in custody and it is not necessary for him to apply for bail : SC (See 'TIOLCorplaws')Delhi logs 44.4 degrees temperature on SundayCus - Warehoused goods cleared for export & was bound for foreign-going vessel; Customs officers issued Let Export order; Department's allegation of goods being diverted not backed by evidence, hence unsustainable: CESTATAmnesty Scheme for exporters: Govt recovers Rs 852 CroreCustoms - CBIC prescribes undertaking from importers of lubrication oil for clearance of consignmentGas tanker blast in Pune; Hotels, houses guttedST - Dry Leasing - Agreement between assessee & party for leasing jet aircraft with possession solely at risk of lessee along with maintenance, is not Supply of Tangible Goods; transaction amounts to Deemed Sale under Article 366(29A) of Constitution & hence excluded from Service Tax levy: CESTATViolations of economic sanctions: Criminal penalties come into forceST - Commissionerate at Raipur lacks jurisdiction to issue SCN demanding tax for such service which was provided by assessee's unit in Delhi, where service in question is rendered outside jurisdiction of Raipur Commissionerate: CESTATBengaluru Customs nabs 4 pax with gold powder worth Rs 1.96 CroreST - No question of suppression of facts would arise where assessee regularly files returns & maintains proper books; extended limitation need not be invoked in these circumstances: CESTAT
 
CBDT inks 95 Advance Pricing Agreements in FY 2022-23

By TIOL News Service

NEW DELHI, APR 01, 2023: THE Central Board of Direct Taxes (CBDT) has entered into a record 95 Advance Pricing Agreements (APAs) in FY 2022-23 with Indian taxpayers. This includes 63 Unilateral APAs (UAPAs) and 32 Bilateral APAs (BAPAs). With this, the total number of APAs since inception of the APA programme has gone up to 516, comprising 420 UAPAs and 96 BAPAs.

The year has been a record-breaking year in several ways. This year, CBDT recorded the highest ever APA signings in any financial year since the launch of the APA programme, signing a total of 95 APAs. This year, CBDT also signed the maximum number of BAPAs in any financial year till date. The BAPAs were signed as a consequence of entering into Mutual Agreements with India's treaty partners namely Finland, the UK, the US, Denmark, Singapore, and Japan. A record of the largest number of single day signings in the history of the programme was also created with a total of 21 APAs signed on 24th March, 2023.

The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm's length price of international transactions in advance for a maximum of five future years. Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, tax certainty is provided for nine years. The signing of bilateral APAs additionally provides the taxpayers with protection from any anticipated or actual double taxation.

The APA programme has contributed significantly to the Government of India's mission of promoting ease of doing business, especially for MNEs which have a large number of cross-border transactions within their group entities.  CBDT appreciates the taxpayers for their cooperative attitude and for being equal partners in this programme.


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