TIOL-DDT 1343 · the untouched capture
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<!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 1343</font><br> 22.04.2010<br> Thursday</strong></font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Provisional Anti Dumping Duty on Tetrafluoroethane</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</strong> has imposed provisional anti dumping duty on the imports of Tetrafluoroethane originating in, or exported from, People's Republic of China and Japan. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Anti Dumping duty will be effective upto and inclusive of the 18th day of October, 2010 – provisionally; after that government can extend it anytime with retrospective effect. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2010/ctariff10_052.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">NOTIFICATION NO 52/2010-Customs, Dated : April 19, 2010</font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Provisional Anti Dumping Duty on Phenol</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</strong> has imposed provisional anti dumping duty on the imports of Phenol originating in, or exported from, Thailand and Japan. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Anti Dumping duty will be effective upto and inclusive of the 18th day of October, 2010 – provisionally. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2010/ctariff10_053.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">NOTIFICATION NO 53/2010-Customs, Dated : April 19, 2010</font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">WCO supports ash cloud crisis trade recovery efforts</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> World Customs Organziation (WCO) has called on Customs authorities around the world to expedite Customs clearances of air freight, to the greatest extent possible, to support rapid global recovery of aircargo supply chains following the volcanic ash cloud crisis that shutdown much of Europe's airspace for one week, resulting in the airline industry suffering its worst disruption since 9/11.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">WCO Secretary General Kunio Mikuriya said, “The global Customs community is ready to support international efforts that will bolster recovery. I have issued this call as a means of galvanising Customs authorities to facilitate trade by expediting Customs clearances of air freight to the greatest extent possible as this will play an important role in ensuring that global trade begins to flow as smoothly and as fast as possible.” </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The WCO believes that efficient Customs procedures are critical, even more so in a time of crisis and to ensure rapid recovery. It will continue to promote Customs best practices and ensure that administrations have the capacity to effectively deal with the challenges posed by global trade. </font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">1,390 kilos of Ivory Seized at Bangkok Airport </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> a massive haul, the Bangkok Customs seized 1,390 Kilos of Ivory at Bangkok International Air Port, yesterday. The tusks, valued at 2.2 million dollars could represent last mortal remains of at least 148 elephants. The tusks were sent from Qatar and ironically, Qatar (Doha)hosted the 15th Conference of the Parties to CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) </font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Infosys Narayana Murthy in CVC Advisory Council </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> the year 2004, the Central Vigilance Commission had set up a Vigilance Advisory Council, with persons of great eminence as its members to advise and guide the Commission. Now the Commission has reconstituted the Council. Former CVC Shankar, Julio F. Ribeiro, Infosys Narayana Murthy and journalist Sanjaya Baru are among the eminent members of the reconstituted Council. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/pdfdocs/wnew/vadrecon.pdf"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Ministry of Environment & Forests Office Memorandum Dated: September 24, 2009 </font></strong></a></p> <p align="center"><font face="Verdana, Arial, Helvetica, sans-serif"><strong><font face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600" size="2">Jurispruden</font><font color="#FF6633" size="3">tiol</font><font color="#006600" size="2"> – Friday's cases</font></strong></font></strong></font></p> <p align="justify"><font 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"><strong><font color="#663399">Central Excise</font></strong></font></p> <p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Just making an entry in a wrong place can take you up to High Court – Gujarat HC dismisses revenue appeal on 'assessee taking credit of duty paid on raw material in PLA instead of CENVAT account'. </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>YOU</strong> can never afford to take the revenue departments lightly. A minor omission which has absolutely no revenue implication can take you up to High Court or even to the Supreme Court. In this case, the assessee is a manufacturer of CR Coils. The raw material used is HR Coils. The assessee obtained the raw material HR coils without payment of duty under Rule 19 of the Central Excise Rules, 2002 for use in the CR coils meant for export. However, whenever the CR coils meant for export were cleared for home consumption, the assessee paid duty on the raw material, HR coils and also on the final products, CR coils. The assessee is entitled to take credit on the duty paid on HR coils. But, instead of taking credit in CENVAT account and using it for payment of duty on CR coils, the assessee made the entry in PLA itself. </font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Income Tax </strong></font></p> <p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Insurance Premium paid by a partnership firm on a Keyman Insurance Policy is allowed as expenditure of the firm: Bombay HC</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issue involved in the revenue appeal is whether the ITAT was right in upholding the order of the CIT(A) allowing the Insurance Premium paid on Keyman Insurance Policy as expenditure. The ITAT had held that the expenditure incurred by the assessee, which is a partnership firm, in paying the premium for a Keyman Insurance Policy obtained by the firm on the life of its partner must be regarded as expenditure incurred wholly and exclusively for the business of the firm. </font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Sales Tax</strong></font></p> <p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Show Cause Notice does not become illegal and void just because it allowed less time to reply - It was always possible for appellant to seek for further time: SC </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issue in the present appeal is whether the show cause notice issued by the respondent is illegal and defective as the same did not provide for a time period of 15 days as prescribed in the statute and also because it did not disclose materials leading to the satisfaction of the concerned authorities justifying the issuance of such a show cause notice.</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><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>