TIOL-DDT 1297 · the untouched capture
Rendered as it looked. Links and images are disabled in this view; the file itself is untouched.
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
"http://www.w3.org/TR/html4/loose.dtd">
<html>
<head>
<title>Untitled Document</title>
<meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1">
</head>
<body>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3">TIOL-DDT 1297 </font></strong><br>
<strong>11.02.2010 <br>
Thursday </strong></font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Is Certificate issued by CA valid - verify online? </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Institute of Chartered Accountants of India has informed that with a view to strengthening the process of certification being issued by chartered accountants, they have hosted a link <a href="http://220.227.161.82/locm.asp">http://220.227.161.82/locm.asp </a>on ICAI website, to enable anyone to seek confirmation to the effect that certificate received by him has been issued by a member of the Institute holding full time Certificate of Practice (i.e. a member authorized to issue such a certificate). This will ensure that none of the authorities act on the certificates issued either by non members or members not holding Certificate of Practice.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DGFT wants all the RAs to make use of the above facility to confirm about the membership of the chartered accountants.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6633">DDT</font></strong> has verified the site and found that if you feed in the CA's Membership number, you get the details about his membership in the Institute.</font></p>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=46&filename=notification/dgft/2009/dgft09cir023.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DGFT Policy Circular No. 23/2009-2014 Dated: February 9, 2010</font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Export of wheat to Nepal - Foreign Trade Policy </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> prohibition on export of wheat shall not be applicable to export of 50,000 MT of wheat to Nepal through Food Corporation of India. It shall be exported by Food Corporation of India out of the Central Pool stock. Wheat may be exported at economic cost. </font></p>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2009/dgft09not029.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DGFT NOTIFICATION No. 29/2009-2014, Dated : February 9, 2010 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Invest in Gold rather than Dollars </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>WITH</strong> the US economic crisis and spending spree, the dollar is not the best bet for investment. China has increased its gold holdings by over 16 million ounces. India had recently bought 200 Tonnes of gold from the IMF. This is further evidence that confidence in the dollar is fading fast. </font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">IAS Officer with huge unaccounted assets suspended</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IT</strong> seems that the Chhattisgarh government has suspended the tainted IAS officer whose unearthed unaccounted wealth ran into over Rs. 400 Crores. He had over a dozen bank lockers and 220 bank accounts. These were revealed in an income tax raid. It seems the State is seeking the CBI's help for a thorough probe into the matter as several officials of at least two nationalised banks -- Bank of Baroda and Union Bank of India -- seemed to be hand-in-glove with the bureaucrat and his CA. A 1988 batch IAS officer is found to be in possession of over Rs. 400 Crores! </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A famous bureaucrat once remarked that an IAS officer loses his integrity once he acquires a car and a wife. And they do both within a few years of joining the service. District Collectors/magistrates are so busy making money that they forget that they are officers appointed to serve the people. The IRS is no different. Today may youngsters are joining the IRS only with the hope of making money. And it's all one day cricket – they start hitting from the very first ball. </font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Colombo Plan - FM's praise </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Finance Minister, Pranab Mukherjee inaugurated the 42nd Consultative Committee Meeting (CCM) of Colombo Plan. In his inaugural address, Mr. Mukherjee said that as a founder member, India has always been a strong supporter of the Colombo Plan initiative and has always taken a lead in promoting the cause of collective self-reliance among Colombo Plan member countries. He said that India would continue to play the role of an effective partner of the Colombo Plan, established for cooperative economic and social development in the Asia and the Pacific. Talking about the theme of the 42nd CCM, ‘Public Private Partnerships', the Minister said that for the public private partnership initiative to succeed, it is necessary to remove prevailing constraints in the form of policy and regulatory gaps, inadequate availability of long term finance, management capacity and inadequate shelf of bankable infrastructure projects. ‘We are making our best efforts to create an environment congenial for fostering public private partnerships and though much more needs to be done our endeavours are beginning to bear fruit. There are currently about 450 PPP projects being implemented in various parts of the country with an estimated project cost of US dollar 47.7 billion. India is prepared to share its experience and best practices with, and learn from the experiences of, our other Colombo Plan partners', stated Mr. Mukherjee. On the occasion, the Finance Minister released a compilation prepared by the Colombo Plan Secretariat titled, “A Legacy of Excellence: The Story of the Colombo Plan”. </font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Vacancies Galore in CBEC - applications invited </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>EIGHT</strong> posts of Under Secretary, <strong>five</strong> posts of Senior Technical Officer, <strong>one</strong> post of Technical Officer and <strong>two</strong> posts of Senior Analyst in different Wings of CBEC/ CEIB are presently vacant. These posts are required to be filled up on an urgent basis. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">So the Board wants that this information should be circulated among the eligible officers and their applications to be forwarded to the Board latest by 26.02.2010. </font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Jurispruden</font><font color="#FF6633" size="5">tiol</font><font color="#006600"> – Friday's cases</font></strong></font></strong></font></p>
<p><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_hammer.jpg" alt="Legal Corner Icon" width="100" height="84" hspace="5" border="0" align="left">Central Excise</font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">CENVAT Credit cannot be varied at recipient's end - Commissioner(Appeals) cannot proceed to decide case solely with reference to a Circular of Board regardless of case law cited by assessee – Matter remanded by CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> appellant had taken <em>CENVAT credits</em> totalling to Rs.8,04,213/- during the period from December 2003 to March 2005 on the strength of invoices issued by the input suppliers. Those invoices indicated the amounts of duty provisionally paid based on provisional assessments. When those provisional assessments were eventually finalized in favour of the assessees who could accordingly claim refund of the excise duty, the department came out with a show-cause notice against the appellant who used the inputs in the manufacture of their final products after availing input duty credit. This show cause notice proposed to recover “excess credit” availed by the appellant. It also proposed a penalty on the party. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Income Tax</font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Assessee is broadcasting Co - hires satellite transponders from non-residents - payments without TDS - Since there is a process involved in uplinking and downlinking of signals in footprint area it is nothing but royalty - even if UK Co is intermediary, it makes no difference as it was in control of transponders - AO's decision to apply rigours of Sec 40(a)(i) upheld: ITAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Broadcasting Sector has rapidly been growing in India. In a couple of years there are going to be more than 800 TV Channels across the country in various languages. More channels certainly mean existence of larger business baskets. But the same could not have been said about their contribution to the exchequer. However, after the Special Bench decision in the New Skies Satellite case, it has for the time being become a certainty for the Revenue to collect additional revenue from this sector. Apart from the tax on profits, the issue involved is the applicability of TDS u/s 195 on 'Transponder Hire Charges' payments made to the non-residents. The unique point in this case as pleaded by the assessee was that the payments were made to a third party which did not own the satellite hosting the transponders. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">SVB- Review Order passed in haste refusing to allow importer to represent matter through legal practitioner – Violation of principles of natural justice- Order passed by SVB quashed – High Court </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> importer is a company engaged in the manufacture of Fuses and Fuse Components and imports goods from associated companies abroad. In terms of Section 14 of the Customs Act, 1962 read with Customs Valuation (Determination of Value of Export Goods) Rules, 1998 (CVR) the importer was registered with Special Valuation Branch (SVB) of the Customs Department at Chennai Customs House. An investigation was registered under the Customs Valuation Rules and accordingly 1% Extra Duty Deposit (EDD) circular was issued. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">See our columns Tomorrow for the judgements </font></strong></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT</strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com </a></font></p>
</body>
</html>