TIOL-DDT 1648 · 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 1648</font><br> 11.07.2011<br> Monday </strong></font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification of Customs port - Dhamra </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DHAMRA</strong> in Orissa is already notified as a Customs Port by Notification No. 62/1994-Customs (N.T.) dated the 21st November 1994, for “<em>unloading of imported goods, namely, Coking Coal, Thermal Coal and limestone and loading of Iron ore for export</em>” </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now this is changed to, “<em>Unloading of all types of coal and limestone and loading of Iron ore and concentrates of all types.</em>” </font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2011/cnt11_045.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 45/2011-CUSTOMS (N.T.), Dated : July 07, 2011 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Dhamra as Coastal Port For All Types of Coal </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> per Notification No. 64/1994-Customs (N.T.) dated the 21st November 1994, Dhamra is appointed as a Coastal Port. The second Proviso to the Notification states that, “<em>provided also that Dhamra Port is appointed to be coastal port for carrying on of trade in <strong>coking coal, thermal coal and limestone</strong></em>”. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the Government wants to substitute “<strong>all types of coal and limestone</strong><em>” for “<strong>coking coal, thermal coal and limestone</strong></em>”. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">So they have amended the third proviso to the Notification. There is a small problem, though; the notification has only two provisos and God knows how the Board could amend the third proviso, which does not exist. </font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2011/cnt11_046.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 46/2011-CUSTOMS (N.T.), Dated : July 07, 2011 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Anti Dumping Duty on Hydrofluoric Acid - Withdrawn </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Anti-Dumping duty on imports of Hydrofluoric Acid, originating in, or exported from, China PR, imposed vide Notification 10/2003-CUSTOMS, dated the 15th January 2003 and extended vide Notification 45/2007 Cus dated 26th March 2007 was effective upto and including 27th March 2008. Instead of resurrecting a dead notification, they issued a fresh notification No. 54/2008 – Cus dated 28.04.2008, imposing the anti dumping duty afresh for a period of five years. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now based on the recommendation of the Designated Authority, the Government has rescinded this Notification No. 54/2008 – Cus. </font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2011/ctariff11_057.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 57/2011-CUSTOMS, Dated: July 07, 2011 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">CESTAT Members Transfer - Modification </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>ON </strong>1.7.2011, two Members of the Tribunal, were transferred, one to Bangalore and one to Mumbai. Now the President has kept in abeyance the transfer of Technical Member BSV Murthy, who will continue to hear Single Member matters at Ahmedabad till further orders.</font></p> <p><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/office_order.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">F.No. 27(39)/Trf.Policy/CESTAT/Admn-08, Dated : July 01, 2011 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Check your tax credits in 26AS statement before filing IT return for faster processing and quick refunds </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">“<strong>TAXPAYERS</strong> are advised to verify the tax credits available in 26AS statement before filing the Income Tax Return. It will facilitate faster processing and quick refunds. In order to avoid the TDS mismatch i.e if your claim of TDS is higher than the tax credits available in 26AS statement, please contact the Deductor for filing of the correction TDS statement”, says a CBDT advisory. </font></p> <p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Income Tax Department facilitates a PAN holder to view its Tax Credit Statement (Form 26AS) online. Form 26AS contains </font></strong></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Details of tax deducted on behalf of the taxpayer by deductors </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Details of tax collected on behalf of the taxpayer by collectors </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders) </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Details of paid refund received during the financial year </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Details of the High value Transactions in respect of shares, mutual fund etc. </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS statements. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tax Credits Statement (Form 26AS) can be viewed/accessed through 3 ways: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1.<strong> View Tax Credit from <a href="https://incometaxindiaefiling.gov.in">https://incometaxindiaefiling.gov.in </a></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Taxpayers who are registered at the above portal can view 26AS by clicking on 'View Tax Credit Statement (From 26AS)' in "My Account". The facility is available free of cost. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">For "New Registration", Click on 'Register' on the portal. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. <strong>View Tax Credit (Form 26AS) from bank site through net banking facility</strong> </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The facility is available to a PAN holder having net banking account with any of authorized banks. View of Tax Credit Statement (Form 26AS) is available only if the PAN is mapped to that particular account. The facility is available free of cost. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">List of banks registered with NSDL for providing view of Tax Credit Statement (Form 26AS) are as below </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Axis Bank Limited </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. Bank of India </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Bank of Maharashtra </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. Citibank N.A. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5. Corporation Bank </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6. ICICI Bank Limited </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7. IDBI Bank Limited </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8. Indian Overseas Bank </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9. Indian Bank </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">10. Kotak Mahindra Bank Limited </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">11. Oriental Bank of Commerce </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">12. State Bank of India </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">13. State Bank of Mysore </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">14. State Bank of Travancore </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15. The Federal Bank Limited </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">16. UCO Bank </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">17. Union Bank of India </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">18. Bank of Baroda </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">19. Karnataka Bank </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">20. The Saraswat Co-operative Bank Limited </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">21. City Union Bank Limited </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">22. State Bank of Patiala </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. <strong>View Tax Credit (Form 26AS) from TIN website </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The facility is available to PANs that are registered with Tax Information Network for view of 26AS statement. The PAN holder has to fill up an online Registration form for such purpose. Thereafter, verification of PAN holder's identity is done by the TIN-Facilitation Centre personnel either at PAN holder's address or at the TIN-facilitation centre that has been chosen by the PAN holder. The verification involves a cost at prescribed rates. Once authorised, the PAN holder can view Tax Credit Statement online.</font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">FM Hikes Revenue Targets by ten percent </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> most active cabinet minister in India, our own Finance minister Pranab Mukherjee was in Chennai last weekend. Politics with Karunanidhi was not the only item on his agenda. Here is a minister who can handle politics and economics with equal ease. He had a meeting with the senior officers of the Customs, Excise and Income Tax Departments and he sought from them a ten percent hike in tax collections. The year 2011-12 may see a major milestone in Indian tax collection, which may cross ten Lakh Crores! And there is a rumour that our FM may soon become the Deputy PM. </font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Tax which is more than what is absolutely required for Public Welfare is legalised larceny </font></strong></p> <p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">WHEN</font></strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> we turn from what was rejected to inquire what was accepted, the policy that stands out with the greatest clearness is that of economy in public expenditure with reduction and reform of taxation. The principle involved in this effort is that of conservation. The resources of this country are almost beyond computation. No mind can comprehend them. But the cost of our combined governments is likewise almost beyond definition. Not only those who are now making their tax returns, but those who meet the enhanced cost of existence in their monthly bills, know by hard experience what this great burden is and what it does. No matter what others may want, these people want a drastic economy. They are opposed to waste. They know that extravagance lengthens the hours and diminishes the rewards of their labour. I favour the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">If extravagance were not reflected in taxation, and through taxation both directly and indirectly injuriously affecting the people, it would not be of so much consequence. The wisest and soundest method of solving our tax problem is through economy. Fortunately, of all the great nations this country is best in a position to adopt that simple remedy. We do not any longer need wartime revenues. The collection of any taxes, which are not absolutely required, which do not beyond reasonable doubt contribute to the public welfare, is only a species of legalized larceny. Under this republic, the rewards of industry belong to those who earn them. The only constitutional tax is the tax, which ministers to public necessity. The property of the country belongs to the people of the country. Their title is absolute. They do not support any privileged class; they do not need to maintain great military forces; they ought not to be burdened with a great array of public employees. They are not required to make any contribution to Government expenditures except that which they voluntarily assess upon themselves through the action of their own representatives. Whenever taxes become burdensome a remedy can be applied by the people; but if they do not act for themselves, no one can be very successful in acting for them. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The time is arriving when we can have further tax reduction, when, unless we wish to hamper the people in their right to earn a living, we must have tax reform. The method of raising revenue ought not to impede the transaction of business; it ought to encourage it. I am opposed to extremely high rates, because they produce little or no revenue, because they are bad for the country, and, finally, because they are wrong. We cannot finance the country; we cannot improve social conditions, through any system of injustice, even if we attempt to inflict it upon the rich. Those who suffer the most harm will be the poor. This country believes in prosperity. It is absurd to suppose that it is envious of those who are already prosperous. The wise and correct course to follow in taxation and all other economic legislation is not to destroy those who have already secured success but to create conditions under which every one will have a better chance to be successful. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">[<font color="#FF6633"><strong>This appears to be fully relevant to India, but this is an extract from US President Calvin Coolidge's Inaugural address on March 4th 1925</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"> – Tuesday's cases</font></strong></font></strong></font></p> <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a></a><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">Customs</font></strong></font></p> <p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Refund of duty paid under protest - Once cause of protest came to an end with dispute being settled in favour of importer, limitation under Sec 27 (1) of Customs Act, 1962 becomes applicable: CESTAT </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> dispute in assessment came to finality once the matter was decided in favour of the appellants by the lower appellate authority and the department chose not to file any further appeal against the same. Once the very cause of the protest came to an end by the resolution of the assessment dispute at the hands of the lower appellate authority, it cannot be held that the protest would survive beyond the date of the order passed by the lower appellate authority in favour of the appellants. Thereafter, it was the duty of the appellants to take steps to file necessary refund claims within the time limit prescribed. </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">Whether assessee is entitled to interest on deposit with Revenue from end of 120 days from date of last of authorisations for search u/s 132 or from date when sum is transferred into AO's account from PD Account - after 120 days, rules HC</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> two issues before the Bench are - Whether the interest u/s 234A, 234B, 234C & 220(2) is rightly levied on the demand for various years when the department is having huge deposit on account of the assessee in PD account and the assessee repeatedly requested to adjust the said amount against the demand – Whether the assessee is entitled to interest on the deposit with the department u/s 132D from the end of 120 days from the date on which the last of the authorizations for search under Section 132 or requisition under Section 132A and not from the date when sum is transferred into AO's account from PD a/c. And the verdict goes in favour of the assessee.</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">GTA service - Exemption under Notification No 33/2004 ST is not admissible for Transport of Processed Mushrooms as same cannot be treated as fresh vegetables – CESTAT.</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> appellants in the instant case availed the benefit of the exemption under Notification No 33/2004 for transport of canned mushrooms which was denied by the revenue. They submitted before the Adjudicating Authority that Chapter Note 1 of Chapter 4 of the brings edible mushroom to the category of "vegetables" and the canned mushrooms are "vegetables" for the purpose of enjoying exemption from payment of service tax by GTA in respect of transportation of the such vegetables. Without an explanation to the Notification to say vegetables means green vegetables and not processed vegetable, there is no basis to read the term vegetable as fresh vegetables. </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"><strong> <a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com </a></strong></font></p> </body> </html>