TIOL-DDT 1403 · the untouched capture
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<p><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="3">TIOL-DDT 1403 </font></strong></font><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br>
16.07.2010 <br>
Friday </font></strong></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Anti-Dumping
Duty on Glass Fibre and articles </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Government has imposed provisional anti dumping duty on Glass Fibre and articles thereof falling under heading 7019, originating in or exported from People's Republic of China. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The anti-dumping duty imposed shall be effective up to and inclusive of the 13th January, 2011 and shall be payable in Indian currency. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2010/ctariff10_075.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 75/2010-Cus., Dated: July 14, 2010 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Import of Restricted Items on Re-export basis - Execution of LUT/BG </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>WITH</strong> reference to the Import Authorisation which are approved for import of restricted items on re-export basis by the EFC, the DGFT clarifies that:- </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The status holders and manufacturers with a turnover of 5 Cr and above, shall execute only a LUT for the full import value. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Other importers, not covered by Sl.No. 1 above, shall execute LUT for the full import value along with a bank guarantee (BG) for a value of Rs. 1 lakh (one lakh Rupees). </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ LUT / BG should have a minimum validity for a time period covering the re-export time plus six months. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ LUT/BG should be redeemed by RA as soon as the documentary evidence for re-export of goods is furnished by the importer. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Regional Authority (RA) <em><strong>concerned</strong></em> (<font color="#FF6633"><strong>correct usage – commerce ministry has better command over English than Finance</strong></font>) will take LUT/BG from the importers at the time of issuance of such authorization. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">But the MOC also needs a proof reader as the circular has many spelling mistakes like excute for execute, redeemded for redeemed. </font></p>
<p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The subject itself is not very clear. It reads, “ Executiion of LUT/BG against Import Authorisation issued by import of Restricted Items on Re-export basis. ” </font></p>
<p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Once we replace<strong> by </strong>with <strong>for</strong>, it makes a better sense. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=46&filename=notification/dgft/2009/dgft09cir039.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DGFT Policy Circular No. 39/2009-2014 Dated: July 15, 2010 </strong></font></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Classification of Tea fortified with Vitamins – CBEC Clarifies </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC</strong> clarifies that tea fortified with vitamins is nothing but a preparation of tea having added ingredients like stabilizers and vitamins in addition to tea. Since no Section/Chapter Note excludes this preparation from the purview of Chapter 21, it is clarified that such preparations of tea namely tea fortified with vitamins will be classified under Chapter 21. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=31&filename=notification/excise/2010/excircular931.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC Circular No. 931/21/2010-CX., Dated: July 15, 2010 </strong></font></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Canadian Indian Development Assistance (CIDA)????? </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> the year 2000, the CEBC had launched several projects for capacity building in the department of central excise and customs with the assistance of CIDA. The Computer Assisted Audit Programme is one among these projects which is now being implemented in all Commissionerates. But 10 years down the line, many people in the department forgot the full form of the acronym, CIDA. It actually stands for Canadian International Development Agency. The Annual Report of DG Audit for the year 2008-09 at page No 29 reads:</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>“The Asian Development Bank (ADB) Project (TA 4263) aims to make the gains achieved under the erstwhile </em><font color="#FF6633"><strong>Canadian Indian Development Assistance (CIDA)</strong></font><em> projects sustainable through further capacity building – particularly in the realm of risk-assessment based audit”. </em></font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Thank God. They did not make it <font color="#FF6633"><strong>Canadian Indian Departmental Audit. (CIDA)</strong></font> </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"> – Monday's cases</font></strong></font></strong></font></p>
<p align="justify"><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">When both, appeals of assessee and Revenue were rejected, it can be said that Tribunal has not arrived at any decision - ROM applications allowed - matter to be re-heard: CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Tribunal had rejected both the appeals. The appeals had canvassed diametrically opposite cases. The tenor of the order is as if both the appeals were filed by M/s Aura Oil Industries. It is also obvious from the order that this Tribunal though noted the case laws cited by the learned Advocate for M/s Aura Oil Industries in the order, gave no findings on them. When both the appeals are rejected, we find that the Tribunal has not arrived at any decision. Hence there is no decision of the Tribunal on the issues involved and canvassed. In the light of the above discussion, we are of the opinion that the matter is to be re-heard.</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">Does an entry dropping Sec 147 proceedings in order-sheet tantamount to be an AO's order, and CIT has power to review same - NO, says ITAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>ASSESSEE</strong> Company is engaged in the business of software development and had claimed deduction under section 10A. The deduction claimed was granted after scrutinizing the case of the assessee u/s143 (3) of the Act. Thereafter the AO issued notice of Sec 147 on the ground that the share holding pattern of the company was not in consonance with the provisions of section 10A (9). However after being satisfying that the beneficial share holding pattern is not changed the AO dropped the proceedings of Sec 147 in the order sheets itself. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Service Tax </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Spot recovery - Department has no jurisdiction or authority to collect any amount at the time of raid: HC</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> authority concerned has no jurisdiction or authority to collect any amount at the time of raid; simply it is not empowered legally to do so. At the stage of recovery proceedings, all sorts of legitimate coercive measures can be taken, namely attachment of property etc. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>HELD: </strong>the revenue department has no right to withhold the said amount and it is bound to return the same. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">See our columns Monday for the judgements </font></strong></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday 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"><strong>vijaywrite@taxindiaonline.com </strong></a></font></p>
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