TIOL-DDT 1807 · 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 size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=14276"><img src="http://www.taxindiaonline.com/RC2/image/ddt/ddt_1794.jpg" alt="DDT in Limca Book of Records" width="175" height="120" hspace="5" border="0" align="right"></a></font></strong></font><font color="#663399">TIOL-DDT 1807</font><br> 02.03.2012 <br> Friday </strong></font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Definitive Anti-dumping duty on Phenol rescinded </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <strong>CENTRAL</strong> Government has rescinded Notification No. 30/2008-Cus dated March 3, 2008 wherein definitive anti dumping duty was imposed on phenol falling under Chapter 2707 99 00 or 2907 11 10 of the first schedule to the Customs Tariff Act, 1975 originating in, or exported from the United States of America, Korea RP and Taiwan and imported into India. </font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=337&filename=notification/custom/2012/ctariffadd12_014.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No.14/2012-Customs (ADD) , Dated: February 29, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amendment of conditions in appointment of Dhamra as specified port </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>NOTIFICATION</strong> No. 62/94-Cus (N.T.) dated November 21, 1994 is amended to appoint Dhamra port in Orissa State as a specified port for “ Unloading of imported goods and loading of export goods or any class of such goods, except containers, project imports, hazardous cargo and liquid cargo, but including carbon black feed stock and edible oil”. The existing entry related to Dhamra port in S. No. 9 of the Notification ibid is substituted accordingly. </font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_016.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 16/2012 - Customs (N.T.), Dated: February 29, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">More Land Customs Stations and Routes notified for Nepal </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>NOTIFICATION</strong> No. 63/94-Cus (N.T.) dated November 21, 1994 is amended to incorporate more land customs stations and routes relating to land border of Nepal in S. No. 6 of the said notification. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_017.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 17/2012 - Customs (N. T.), Dated: February 29, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Specified Income accrued to CCI exempted by CBDT </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> terms of sub-section 46 of section 10 of Income Tax Act, 1961, Central Government has notified Competition Commission of India established under section 7(1) of Competition Act, 2002 as one of the specified organizations for the purpose of the said clause and the following types of income earned by CCI as specified income (as explained in the Explanation to the said sub-section) not to be included in the total income computed for the previous year as per section 10 ibid: </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) amount received in the form of Government grants; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) fee received under the Competition Act, 2002; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) interest income accrued on Government grants and interest accrued on fee received under the Competition Act, 2002. </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This Notification shall be applicable for the specified income of the Competition Commission of India for the financial year 2011-12 to financial year 2015-16. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Notification shall be effective where- </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) the activities and the nature of the specified income of the Competition Commission of India remain unchanged throughout the financial year, and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) the Competition Commission of India files return of income in accordance with clause (g) of sub-section (4C) section 139 of the Act. </font></p> </blockquote> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2012/it12not012.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT Notification No. 12/2012, Dated: February 28, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Adjudicating Authorities Notified for DRI SCNs </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC</strong> has assigned various Commissioners of Central Excise in Kolkata Central Excise Zone to act as adjudicating authorities in respect of twenty four Show Cause Notices issued by Customs authorities and DRI to various noticees. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=25&filename=notification/custom/2012/order12_437_06.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC Order F. No. 437/06/2012-Cus. IV, Dated: March 1, 2012. </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Establishment of Branch Offices/Liaison Offices in India by Foreign Entities - Delegation of Powers by RBI - Clarification </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> terms of A.P. (DIR Series) Circular No.24 dated December 30, powers have been delegated to the AD Category-I banks regarding submission of Annual Activity Certificate by BO / LOs, extension of the validity period of LOs and closure of BO / LOs of foreign entities in India. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In the Circular ibid, powers with regard to transfer of assets of LO / BO to others have not been delegated. It is, therefore, clarified that transfer of assets of Liaison Office / Branch Office to subsidiaries or other LO / BO or any other entity is permitted only with the specific approval of the Central Office of the Foreign Exchange Department, Reserve Bank of India. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All the other instructions of A.P. (DIR Series) Circular No.24 dated December 30, 2009 remains unchanged. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=280&filename=notification/rbi/2011/rbi11cir088.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBI A. P. (DIR Series) Circular No. 88, Dated: March 1, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Registration of Companies or LLPs of CAs, Architect etc - MOCA Instructions </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>MINISTRY</strong> of Corporate Affairs clarifies that:- </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ at the time of incorporation of companies where one of the objects is to carry on the business of Banking, Insurance or to practice the profession of Chartered Accountancy, Cost Accountancy & Company Secretaries, then the <em><strong>concerned</strong></em> Registrar of Companies shall incorporate the same only on production of in-principle approval / NOC from the <strong><em>concerned</em></strong> regulator/professional Institutes.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ where one of the objects is to carry on the business/profession of Architecture, then the <em><strong>concerned</strong></em> Registrar of Companies/Registrar of LLP shall incorporate the same only on production of in-principle approval /NOC from the <em><strong>concerned </strong></em>regulator. </font></p> </blockquote> <p><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/mca_circular_02_2012.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">MOCA General Circular No. 02/2012, Dated: March 1, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC Scheme to Support Education of Girl Child </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC </strong>has announced a scheme to support the education of one girl child of its junior most staff like Sepoys, Havaldar etc. One Girl Child of a Sepoy, Havaldar etc will be eligible for a fee reimbursement up to Rs. 36,000/- per annum for Certificate/Diploma/Degree courses. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The DG, HRD of CBEC has requested Chief Commissioners and Commissioners to give wide publicity to the scheme.</font></p> <p><a href="http://www.taxindiaonline.com/RC2/pdfdocs/wnew/circular_girls_child_scheme.pdf" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DG, HRD F. No. 712/326/HRD/WF-1/11, Dated: February 21, 2012 </font></strong></a></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><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">Rebate received paid back along with interest and CENVAT Credit taken subsequently - Refund claim filed under rule 5 of CCR, 2004 regarding accumulated CENVAT Credit - prima facie case in favour - unconditional waiver of pre-deposit granted: CESTAT </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> appellant filed refund claims of Rs.3,03,64,498/-, Rs.1,68,38,399/- and Rs.1,01,97,308/- under Rule 5 of <em>CENVAT Credit</em> Rules, 2004 towards unutilized CENVAT Credit availed on inputs used in the manufacture of final products which were exported, during the period April 2008 to June 2008. The claim was filed on the ground that they were not able to utilize such credit of duty paid on inputs used in the manufacture of goods exported under bond/LUT during the said quarter.</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">Income tax - Whether when assessee pays entire tax with interest before conclusion of penalty proceedings, immunity u/s 271AAA(2) cannot be denied to assessee - YES, rules ITAT</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issues before the Tribunal are - Whether when assessee pays the entire tax with interest before conclusion of penalty proceedings, immunity u/s 271AAA(2) cannot be denied to the assessee and whether when the statute does not prescribe any time limit for payment of tax with interest, AO cannot lay down any outer limit of payment before filing of tax return. And the questions are answered in favour of the assessee. </font></p> <p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs </font></strong></p> <p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs: Stay and Waiver of Pre-deposit: Import of urea; Violation of License condition; appellants directed to make pre-deposit of Rs 5 Lakhs against demand of Rs. 32 Crores - CESTAT </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>LICENCE</strong> was issued by the DGFT to PSU Fertilizer Company for import of urea to be taken into the appellants-factory for manufacture of NPK Fertilizer. However, the same was packed and sold by the appellants to authorized dealers to be used as manure for agricultural use by the farmers in accordance with the provisions of Essential Commodities Act, 1955 and Fertilizer Control Order, 1973. Commissioner confirmed duty demand of over Rs.32 Crores, confiscated the impugned goods valued at over Rs. 97 Crores and imposed penalty of over Rs. 32 Crores. </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 Weekend. </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"><strong> <a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></strong></font></p> </body> </html>