TIOL-DDT 1756 · 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 1756</font><br> 20.12.2011<br> Tuesday</strong></font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Anti Dumping Duty on Glazed Tiles - Provisional Assessment Ordered </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CENTRAL</strong> Government had imposed anti dumping duty through Notification No. 127/2009-Cus dated 02.12.2009 on imports of ceramic glazed tiles other than vitrified tiles where at least one of the sides (length or width) exceeds 17 inches or 431.80 millimeters (mm) or 43.18 centimeters (cm) or 1.4167 feet, originating in or exported from China PR. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">And M/s Gaoyao Marshal Ceramics Co. Ltd China PR (producer) through M/s Foshan Dihai Trading Development Co. Ltd.- China PR (exporter) have requested for review in terms of rule 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, in respect of exports of the subject goods made by them, and the designated authority, vide new shipper review notification No. 15/38/2010-DGAD, dated 19th October, 2011, has recommended provisional assessment of all exports of the subject goods made by the above stated party till the completion of the review by it. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Government, after considering the recommendation of the designated authority, has ordered that pending the outcome of the review by the designated authority, the subject goods, when originating in or exported from China PR in respect of the producer through exporter and imported into India, shall be subjected to provisional assessment till the review is completed. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The provisional assessment is subject to such security or guarantee as the proper officer of customs deems fit for payment of the deficiency, if any, in case a definitive anti-dumping duty is imposed retrospectively, on completion of investigation by the designated authority. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In case of recommendation of anti-dumping duty after completion of the review by the designated authority, the importer shall be liable to pay the amount of such anti-dumping duty recommended on review and imposed on all imports of subject goods when originating in or exported from China PR in respect of the producer through exporter and imported into India, from the date of initiation of the said review.</font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2011/ctariff11_109.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 109/2011-Customs Dated: December 15, 2011 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) strategy - RBI Instructions</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Government of India had constituted a National Money Laundering/Financing of Terror Risk Assessment Committee to assess money laundering and terror financing risks, a national Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) strategy and institutional framework for AML/CFT in India. Assessment of risk of Money Laundering /Financing of Terrorism helps both the competent authorities and the regulated entities in taking necessary steps for combating ML/FT adopting a risk-based approach. This helps in judicious and efficient allocation of resources and makes the AML/CFT regime more robust. The Committee has made recommendations regarding adoption of a risk-based approach, assessment of risk and putting in place a system which would use that assessment to take steps to effectively counter ML/FT. The recommendations of the Committee have since been accepted by the Government of India. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Accordingly, banks/FIs should take steps to identify and assess their ML/TF risk for customers, countries and geographical areas as also for products/ services/ transactions/delivery channels. Banks/FIs should have policies, controls and procedures, duly approved by their boards, in place to effectively manage and mitigate their risk adopting a risk-based approach. As a corollary, banks would be required to adopt enhanced measures for products, services and customers with a medium or high risk rating. </font></p> <p><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/rbi_notification.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBI/2011-12/305 , Dated : December 19, 2011</font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Enforcement Mechanism Against Corporate Frauds </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>STRENGTHENING</strong> of enforcement mechanism to deal with corporate frauds is an evolving process as aspects of fraud touch upon many jurisdictions. Based on the experience gained over the years, the existing provisions regarding inspection, enquiry and investigation are proposed to be strengthened in the Companies Bill 2011, introduced in the current session of Parliament. It provides for more effective action against companies (and their officers) who indulge in fraudulent actions of non-compliance with Law. The role of Key Managerial Personnel, Board Committees (Audit Committee, Remuneration Committee and Stakeholders Relationship Committee), Independent Director and auditors is being made more accountable in the management of company. The definition of “officer in default” is also to be proposed to be revised to make it more relevant in the corporate and economic environment. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Though fraud is not explicitly defined in the existing 'Companies Act', there are offences in IPC which include aspects relating to fraud. Frauds of various types like falsification of financial statements through overstatement of assets/ understatement of liabilities, diversion of funds in Project financing, over/under invoicing and capital market, including criminal breach of trust, misappropriation of funds/assets etc. under the IPC have been reported by the SFIO in various cases investigated by it and cases against such companies are being pursued before the courts, under provisions of relevant Act. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Union Corporate Affairs Minister, Dr. M. Veerappa Moily gave this information in a written reply in Lok Sabha yesterday.</font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">SFIO to be Strengthened </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>SFIO </strong>was established for investigations falling with the following characteristics: </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ of complex nature with inter-departmental and multi-disciplinary ramifications; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ involving substantial public interest to be judged by size, either in terms of monetary misappropriation or in terms of persons affected, and; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ with the possibility that investigation will lead to or contribute towards a clear improvement in systems, laws or procedures. </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">SFIO has investigated 42 Companies including Satyam Computer, ACC and Ultratech, in the last three years. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Ministry of Corporate Affairs has introduced the Companies Bill, 2011 in the ongoing session of the Parliament incorporating the suggestions of the expert committee to strengthen investigation process and the machinery. In addition to the legislative measures, 58 additional posts have been created and it has been decided to set up regional offices at Mumbai, New Delhi, Hyderabad, Chennai, Kolkata and Ahmadabad to increase the reach of the office and for better monitoring of prosecution cases in progress at various places. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This information was given yesterday in the Lok Sabha by Dr. M. Veerappa Moily, Minister of Corporate affairs. </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"> – Wednesday'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">Customs</font></strong></p> <p align="justify"> <font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CHALR - Licence to those who passed examination under old regulations - Department's appeal dismissed </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong> ONE</strong> more round of litigation relating to Customs House Agents Licensing Regulations, 1984 (CHALR, 1984). This time it is the Writ Appeal filed by the Department against Order of the Learned Single Judge ( A Prabhakar Vs Commissioner of Customs - <em><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=27&filename=legal/hc/2010/2010-TIOL-289-HC-MAD-CUS.htm"><strong><font size="1">2010-TIOL-289-HC-MAD-CUS</font></strong></a></em>) who had allowed the Writ Petition and directed the Commissioner to issue License under CHALR, 2004. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399">Income Tax </font></strong></font></p> <p align="justify"> <font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Whether when assessee purchases a running business in a slump sale with huge liabilities, goodwill acquired in such a deal is of no value, and no depreciation can be allowed: NO, it is allowable: ITAT </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong> THE </strong>issue before the Bench is - Whether when assessee purchases a running business in a slump sale with huge liabilities, the goodwill acquired in such a deal is of no value, and hence no depreciation is allowable on the same. And the answer favours the assessee. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399">CENTRAL EXCISE</font></strong></font></p> <p align="justify"> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6633">Notfn 3/2001-CE - Merely because manufacturer has not brought back goods to his factory to avoid transportation expenses but clears same on payment of differential duty from premises of OEM themselves, it does not create an interest liability u/s 11AB of CEA, 1944 on supplier of goods - Appeal allowed: CESTAT </font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong> THE </strong>appellant are manufacturer of tyres. During the period of dispute i.e. from 11.8.2001 to 18.08.2004, they had cleared tyres to Original Equipment Manufacturers (OEM in short) at concessional rate of duty under Notification No. 03/2001-CE dated 01.03.2001. Some of the goods so cleared were rejected by the consignee and such goods rejected were cleared by the appellant from the premises of OEM on payment of appropriate duty. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399">See our columns Tomorrow for the judgements </font></strong></font></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"><strong>vijaywrite@taxindiaonline.com </strong></a></font></p> </body> </html>