Insights
The Ministry of Finance has recently notified amendments to the Foreign Exchange Management (Non- Debt Instruments) Rules, 2019 (‘NDI Rules’) vide the Foreign Exchange Management (Non-Debt Instruments) (Fourth Amendment) Rules, 2024 (‘Amendment’). The key amendments are summarized below:
M/s BMW India Private Limited [‘BMW’] is a wholly owned subsidiary of M/s Bayerische Motoren Werke Holding B.V., Netherlands and M/s Bayerische Motoren Werke, Aktiengesellschaft, Germany [‘Collectively referred as Parent Company’]. The parent company is engaged in the business of the manufacture and sale of ‘BMW cars’ outside India.
The Customs Act, 1962 (‘the Customs Act’) governs the levy and collection of Basic Customs Duty (BCD), including provisions related to interest, penalties, assessment, refunds, etc. The levy of other Customs Duties like Counter vailing Duty (CVD), Special Additional Duty (SAD), Integrated Goods and Services Tax (IGST), and GST Compensation Cessis governed by Section 3 of the Customs Tariff Act, 1965 (‘the Tariff Act’) read with provisions under the relevant Acts.
During FY2013-14,Sonia Pathak Khanna (‘assessee’) sold an office premises, for Rs.57 lakhs, on which depreciation had been claimed since FY 2009-10 and treated the gains arising thereon as long term capital gain. Further, the written down value of such asset as on 01 April 2013 was Rs.16.70 lakhs