TIOL-DDT 1867 · the untouched capture
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<p align="justify"><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" size="3">TIOL-DDT 1867 </font><br>
</strong></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>29.05.2012 <br>
</strong></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tuesday </strong></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>What is the Customs Duty on Mono Potassium Phosphate? Will Board Clarify? </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Sl</strong>. No 202 of the Table to Notification No. 12/2012-Cus dated 17.03.2012 reads as: </font></p>
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<td width="0" valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></strong></p></td>
<td width="0" valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter or Heading or sub-heading or tariff item </font></strong></p></td>
<td width="0" valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods </font></strong></p></td>
<td width="0" valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Standard rate </font></strong></p></td>
<td width="0" valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Additional duty rate </font></strong></p></td>
<td width="0" valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Condition No. </font></strong></p></td>
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<td width="0"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) </font></p></td>
<td width="0"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) </font></p></td>
<td width="0"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) </font></p></td>
<td width="0"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(4) </font></p></td>
<td width="0"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(5) </font></p></td>
<td width="0"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(6) </font></p></td>
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<td width="0"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">202 </font></p></td>
<td width="0"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">31 </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">I.The following Water Soluble Fertilizers included in Schedule 1, part A of the Fertilizers Control Order, namely:- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) Potassium nitrate (13:0:45) </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) Calcium nitrate </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) Mono ammonium phosphate </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>(d) Mono potassium phosphate (0:52:34) </strong></font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(e) 13:40:13 NPK fertilizers </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(f) 18:18:18 NPK fertilizers </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(g) 13:25:26 fertilizers </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(h) 20:20:20 NPK fertilizers </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) 6:12:36 NPK fertilizers </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(j) Potassium magnesium sulphate </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(k) 19:19:19 NPK fertilizers </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(l) NPK 12:30:15 </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(m) NPK 12:32:14 </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.5% </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
<td width="0" valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">- </font></p></td>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Please note that rates of duty against <font color="#FF0000"><strong>(d) Mono potassium phosphate (0:52:34)</strong></font> are shown as blank. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The JS TRU DO letter issued on the Budget Day in para 24.2 explains that for <em>Specified soluble fertilizers and liquid fertilizers, other than urea,</em> the customs duty was reduced to 5% or 2.5%. So, the effective rate of duty for <font color="#FF0000"><strong>Mono potassium phosphate</strong></font> should have been 5% or 2.5%. But the Board while drafting this notification obviously made a mistake and forgot to fill the columns 4,5 and 6 against <font color="#FF0000"><strong>Mono potassium phosphate</strong></font> in the notification. Even after two and a half months after issue of this notification, this gap glaringly mocks at the notification making capacity of the Board. This means that there is no exemption for <font color="#FF0000"><strong>Mono potassium phosphate</strong></font>, which was certainly not the intention. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Let us hope the Board would correct this lapse soon and correct it properly with a notification instead of smuggling it through the backdoor. </font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Internship Programme of CBDT </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBDT</strong> has launched an internship programme in the Foreign Tax and Tax Research Division so that officers of the Department of Revenue and Income Tax, particularly of the Directorate of International Taxation and Transfer Pricing are able to interact with young scholars with brilliant academic background from reputed academic institutions. This programme will enable the Department to analyse various aspects of international taxation, Transfer Pricing etc, on the basis of refreshing ideas from the field of academics. It will also help the interns to familiarise themselves with the process of development of this important part of India's Tax Systems. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The following candidates are eligible to apply: </font></p>
<blockquote>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Graduates or PG Students in Economics. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. Research scholars in Economics/Finance/Management. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Students of Five-year Law courses from National Law Schools. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. Students of IITs </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5. Candidates who have cleared PE II stage of CA Course. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The interns will be given a token remuneration of Rs. 5000/- per month. Should the Finance Ministry show all its austerity on the interns? How will anyone live in Delhi on Rs. 5000/- per month unless he gets some tips from the most honourable Dr. Montek Singh who believes that Rs. 30 is more than enough, though he is known to spend Rs. 2 lakhs of Public money per day? </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=70&filename=pitara/phoren_training/Circular_Internship.htm"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Circular in F. No. 500/63/2012-FTD.1 of CBDT Foreign Tax and Tax Research Division, Dated: May 28, 2012 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><em>Jagan - Jagati - Sakshi</em> - Income Tax - CBI </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>JAGAN </strong>Mohan Reddy - Member of Lok Sabha from Kadapa in Andhra Pradesh - won the election with a huge majority of over 5 Lakh votes against formidable opponents, one of whom is his chief adviser now. Jagan Mohan Reddy whose father YSR Reddy was the Chief Minister of Andhra Pradesh for more than five years, is said to have built up a financial empire of about one lakh Crores. Jagan who was the prince, is today in jail facing charges of Criminal conspiracy, Cheating, Forgery of documents, Criminal breach of trust and corruption. Jagan by his own declaration is one of the richest MPs in India with a net worth of over 350 Crores. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Jagan is also a Press Baron being the promoter of Jagati Publications, which runs SAKSHI a Telugu Newspaper and a TV Channel. One of the charges of CBI against Jagan is that he got huge investments in Jagati as a quid pro quo - the Government had allotted thousands of acres of land to SEZ units and investors at very low prices and for the favour shown, these investors were only too glad to invest good money in loss making Jagati. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Interestingly, the Income Tax Department investigated this issue long ago. The Income Tax Assessing officer found that Jagan and his friends who held 90% of the shares of Jagati contributed only 20% of the capital. The AO could not understand the logic of leading financial wizards investing huge amounts of money in a loss making company. So, he refused to consider it as share premium but took it as income of the Company. A demand of Rs. 122 Crores was slapped on Jagati. Of this, Jagati paid Rs. 28 Lakhs. The ITAT, Hyderabad Bench in S.A. No. 03/Hyd/2012 <em>M/s. Jagati Publications Ltd vs ACIT Hyderabad Circle-2(1),</em> granted stay subject to a deposit of Rs. 12 Crores in six instalments.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This issue is pending in the ITAT and Jagan is in jail. </font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RBI and 926 branches of Banks to accept Advance Income Tax </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> many as 926 computerised branches of Public and Private Sector Banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches, 862 branches are Public Sector Bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches. The Reserve Bank of India has advised income tax assesses to take advantage of these standing arrangements made for their convenience. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Long queues and inconveniences can be avoided at the Reserve Bank of India counters if the assesses in Mumbai and Navi Mumbai utilise the services being made available at various designated branches of banks and deposit their income tax dues well in advance of the last date.</font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/RBI_Press_Release.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RBI Press Release 2011-2012/1886, Dated: May 28, 2012 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC Transfers 100 Commissioners </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC</strong> has issued the much awaited transfer order of 100 Commissioners, in spite of protest from the IRS Association. Late in the evening after everybody left the office, assuming that the order would not come, CBEC sprang a surprise and issued the transfer order late in the evening yesterday. With much difficulty, we could manage to upload the transfer list last night. </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"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><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"></font>Service Tax </strong></font></p>
<p align="justify"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>EPC Contracts for State Irrigation Projects - Taxable under WCS; all turnkey projects cannot be EPC projects but all EPC projects are turnkey projects: CESTAT </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>only items of works contracts specifically excluded from levy of service tax under Section 65(105)(zzzza) of the Finance Act, 1994 are roads, airports, railways, transport terminals, bridges, tunnels and dams. Irrigation canals do not find a place here. The mention of "dams" in the excluded category is of no aid to the appellants' case either inasmuch as these "dams" -- not a word defined or explained anywhere under the Finance Act, 1994 / Rules thereunder - have to be understood according to the common parlance. These are gigantic RCC structures built across rivers and are not to be confused with the earth dams/barrages/constructed by the appellants as part of some of the EPC projects for irrigation. The services provided by the appellants to the Government of Andhra Pradesh satisfy the statutory requirements of "works contract" defined under Section 65(105)(zzzza) of the Finance Act, 1994 inasmuch as (i) transfer of property in goods was involved in the transaction and VAT was paid on such goods, (ii) the contracts were for the purpose of carrying out irrigation projects of the Government through turnkey/EPC mode, and (iii) none of the contracts was in the excluded category of works contracts. </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>Whether when assessee has received 50% of sale proceeds of land, and rest sum, kept in scrow account, to be paid on final transfer but interest of same being received by assessee on monthly basis and State Govt agreeing to release land out of its acquisition notice, such deal amounts to effective transfer u/s 2(47) - YES: ITAT </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> CIT (A) granted the relief to the assessee by holding that the assessee did not have absolute and clear title over the land once it was under notification of acquisition by the Haryana Government. Once, a land had been notified for acquisition, the same cannot be sold/transferred unless and until it is released from the notification. Further, the MOU between the two parties clearly spells out conditions enabling return of land to the assessee and refund of the consideration, if the land would not be released from the acquisition notification. The assessee was not legally competent to transfer the land during the pendency of the notification and could not have got the conveyance deed registered in favour of the Tecumseh without necessary permission/approval of the Haryana Government regarding the acquisition. There was no transfer in terms of section 2(47) or otherwise and therefore, capital gains would not be attracted in this year. </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>Assessee could not get extension of stay due to non availability of Bench - Revenue initiates coercive steps - High Court grants relief till Bench is constituted and matter decided by CESTAT</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> the instant case, though the Tribunal was not even in session, by way of abundant caution, the petitioner has filed applications before the Tribunal seeking extension of stay already granted on 09.05.2011, which was due to expire on 09.11.2011, but, the said applications were not taken up due to non-availability of the Bench. Of course, on the expiry of stay, the respondent was empowered to act upon the impugned proceedings, but, at the same time, it was incumbent on his part to keep in mind the non-availability of the Tribunal and maintain status quo until further orders, but not to take advantage of the expiry of stay and no extension thereof, which were wholly due to non- availability of the quorum. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>See our columns Tomorrow for the judgements </strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow 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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