Saturday, 26 May 2018

CBIC fixes Rs. 2.5 lakh monetary limit for appeals to Commissioner (Appeals) in legacy matters


CBIC fixes monetary limit of Rs. 2.50 lakh for appeals to Commissioner (Appeals) in respect of legacy central excise and service tax matters; Such limit would also apply to cases currently pending at Appellate Commissioner level, and same practice of withdrawal of Dept. appeals from CESTAT and HC shall be followed : CBIC Instruction 

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ITAT: Property Received on Family Trust Dissolution Qualifies as ‘Devolution’, Long-Term Capital Gains Tax Applies

Under income tax law, when a capital asset is acquired by way of succession, inheritance or devolution, the cost of acquisition is deemed to...