TIOL-DDT 1707 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3">TIOL-DDT 1707 </font><br>
</strong></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>05.10.2011 <br>
</strong></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Wednesday </strong></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Anti
Dumping Duty - Caustic Soda from Korea - Deleted from Notification and
introduced in another </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>NOTIFICATION </strong>No. 137/2008 dated 26 th December 2008, imposed anti dumping duty on Sodium Hydroxide commonly known as Caustic Soda originating in or exported from Korea and China. Sl. Nos 1 to 5 of the table to the notification lists the anti dumping duty pertaining to Korea ROK and Sl. No. 6 to 9 pertains to the Anti Dumping Duty for imports from China. Now the Sl. Nos. 1 to 5 pertaining to Korea is omitted. - <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2011/ctariff11_094.htm" target="_blank">Notification No. 94/2011-Cus., Dated: October 03, 2011 </a></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Re-imposed </strong>: Now it is re-imposed at a lesser rate, valid till 25 th December 2013 that is till the validity of the original Notification 137/2008. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2011/ctariff11_095.htm">Notification No. 95/2011-Cus., Dated: October 03, 2011 </a></strong></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DRI Case Assigned to Commissioner for Adjudication </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC</strong> has assigned the Show Cause Notice dated 06-12-2010 issued by Additional Director General, Directorate of Revenue Intelligence, Delhi Zonal Unit, New Delhi in the case of M/s Prime Leathers, Jalandhar and others, to the Commissioner of Customs (Customs Preventive), Custom House, CR Building, The Mall, Amritsar, for the purpose of adjudication. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2011/order_08_2011.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC F. No. 437/23/2011-Cus. IV., Dated: October 04, 2011 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Income Tax Returns - Date Extended - For Sikkim </strong></font></p>
<p><font face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2">CONSIDERING </font></strong><font size="2"></font></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">the disturbance of general life caused due to earthquake in the State of Sikkim, the Central Board of Direct Taxes (CBDT) has extended the 'due date' of filing of returns of income for the Assessment Year 2011-12, from 30 th September 2011 to 31 st October 2011 in respect of assesses assessed at Sikkim. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Accordingly, the 'specified date' for Tax audit report as prescribed under Section 44 AB of the Income Tax Act, is also extended to 31 st October 2011. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/Order_Sikkim.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBDT F. No. 225/72/2010-ITA.II., Dated: September 30, 2011 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Expenses for Filing SLP - CBDT to directly make payments </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBDT</strong> has informed all the Chief Commissioners that Board has decided to remit any sum to the Ministry of Law for filing SLP/Counter Affidavits in the Supreme Court, instead of through field offices. The Directorate of Legal and Research in CBDT will make the payment and intimation of filing SLP will be communicated to the CIT concerned. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=67&filename=notification/cbdt/2011/slp_order.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Directorate of Income Tax (L&R) F.No.2011-12/301 to 407., Dated: October 04, 2011 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Company Law Settlement Scheme 2011 - Extended </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Company Law Settlement Scheme 2011 (Please see <strong><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=12912" target="_blank">DDT 1668 - 08 08 2011</a></strong>), which was to expire on 31 October 2011 has been extended till 15 December 2011. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/mca_circular_65_2011.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>MOC General Circular No. 65/2011 ., Dated: October 04, 2011 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Allotment of Director's Identification Number - DIN </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> time for filing DIN-4 by DIN holders for furnishing the PAN and to update PAN details has been extended till 15.12.2011. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/mca_circular_66_2011.htm"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>MOC General Circular No. 66/2011 ., Dated: October 04, 2011 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Money Spent Has to be Paid For - Aussie PM </strong></font></p>
<p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>OPENING</strong> a two day Tax Forum in Canberra yesterday, Australian Prime Minister Julia Gillard said, "Money spent has to be paid for". She also said, "Clever ideas about spending money have to be matched with clever ideas about where that money is coming from" </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Other quotes from her economic speech: </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ government would not contemplate any changes that increased the burden on the poorest Australians. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ it was crucial that any reforms did not inhibit the changes Australia needed to make to deal with external circumstances, such as the increase in the influence of Asia and the patchwork economy. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ People will need to adapt in order to prosper, and I want to make sure our tax system is not sending them perverse messages as they seek to adapt and change. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Let's not forget that tax is the money that enables us to build a better society together. Whether it's meeting our needs for defending our nation, or whether it's ensuring that a child can get an operation in a hospital or a disadvantaged kid can get a great start in life through a great education. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ We need to bear both sides of the equation in mind. </font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Supreme Court gets two new 'young' judges </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CHIEF</strong> Justice Dipak Misra of the Delhi High Court and Chief Justice J. Chelameswar of the Kerala High Court have been elevated to the Supreme Court. For Justice Misra it is a sort of Birthday gift. He was born on October 3 1953. Born on 23 June 1953, Justice Chelameswar is a few months older. Both will have about seven years in the Supreme Court. They will be the youngest judges of the Supreme Court. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=12877" target="_blank">DDT 1665 03 08 2011</a> </strong> had reported about the classic English of Justice Misra. Justice Chelameswar has a long experience in Customs, Central Excise and Income Tax matters as a lawyer and later while heading the tax bench of the AP High Court. </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 align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399"><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">Service Tax </font></strong></font></p>
<p align="justify"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Business
Support Services - Freight and Terminal Sharing from Railways;providing
of vacant land with facilities to get water connection and electricityconnection;-Not
BSS: CESTAT </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Railways operates the said railways and after recovering all the operation cost, pays balance amount to the investors. Admittedly, the payment is the cost of investment made by the private parties. As such, it cannot be said that such consideration paid by the railways is towards service of providing infrastructural facilities to the railways. </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"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Income
tax - Whether loss arising on account of reduction in share capital can
be subjected to provisions of Sec 45 and thus such notional loss can be
allowed as capital loss - NO, rules ITAT Special Bench</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>issues
before the Special Bench were - Whether the loss arising on account of reduction
in share capital can be subjected to provisions of section 45 r.w.s. 48 and,
thus, such loss can be allowed as capital loss; Whether notional loss or
income can be subjected to the provisions of the Income Tax Act and whether
assessee’s rights can
be said to have been extinguished upon reduction of share capital for the
purpose of charging under capital gains.<strong> NO is the Tribunal's answer.</strong></font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Central Excise </strong></font></p>
<p align="justify"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Classification of Treated Tamarind Powder - CESTAT ought to have considered whether by the process of treatment the Tamarind Kernel Powder has undergone achange-Supreme Court remands the issue. </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> CESTAT ought to have considered whether by the process of treatment the Tamarind Kernel Powder has undergone a change when TPT-12 is manufactured and sold as a marketable commodity. However, the CESTAT has not answered this issue. This is a primary issue which should have been considered and answered by the CESTAT. The CESTAT is the last finding authority on the question of fact. Therefore, the matter requires to be remanded to the CESTAT for a fresh determination of the issue which it had raised for its consideration. </font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399"><img src="http://www.taxindiaonline.com/RC2/image/stories/vijaya_dasami.jpg" alt="Vijaya Dasami " width="248" height="244" hspace="5" border="0" align="center"></font></strong></font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6633"><em>Saraswati namastubhyam varade kaamarupini vidyaarambham karishyaami siddhirbhavatu me sadaa. </em></font></strong></font></p>
<p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>See our columns Friday for the judgements </strong></font></strong></font></p>
<p align="justify"><font color="#FF0000" size="3" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tomorrow is a Holiday - Vijaya Dasami </strong></font></p>
<p align="justify"> <font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Friday with more DDT </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>
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