TIOL-DDT 1926 · 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 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></strong> <strong><font color="#663366" size="3">TIOL-DDT 1926 </font><br>
23.08.2012 <br>
Thursday </strong></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tax-free Shopping in UK </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IF</strong> you are from India (or for that matter from any country other than European Union) and if you shop in UK, you are entitled for VAT free shopping or refund of VAT, provided you take those things you buy, back to Your country. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">There are certain shops that offer tax-free shopping. You have to show your passport at the shop and the assistant will help you fill in a form and will tell you how you will get your tax back. You should not use the things you buy till you leave UK - no, not even perfumes. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">At the port or airport, your form has to be stamped by the Customs. At Heathrow airport there is a refund office and you may get your refund even before you board your aircraft. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">But, remember when you land in India, you have to declare all the tax-free goodies you bought in London, to the Indian Customs and pay the Indian Customs duty, if the value is beyond the exemption limit. Don't ever try to dodge the Indian Customs - they have information on what you bought and how much refund you got at Heathrow airport!. </font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Export of Cut & Polished Diamonds sent abroad for Certification/ Grading & re-import - New Laboratories Notified </strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> per Para 4A.2.1 of the Foreign Trade Policy dealing with Export of Cut & Polished Diamonds for Certification/ Grading & Reimport, following are authorized laboratories for certification/ grading of diamonds of 0.25 carat and above: </font></p>
<blockquote>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) Indian Diamond Institute, Surat, Gujarat; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) American Gem Society Laboratories (AGS Laboratories),8917 West Sahara Avenue, Las Vegas, Nevada 89117; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) Central Gem Laboratory, Miyagi Building, 5-15-14 Ueno Taito-Ku, Tokyo, Japan; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iv) Diamond Trading Company, Maidenhead, UK; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(v) European Gemological Laboratory (EGL), USA; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vi) Gemological Institute of America (GIA), USA; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vii) Hoge Road Voor Diamond, Antwerp, (HRD); </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(viii) International Diamond Laboratories DMCC, Dubai. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ix) The Robert Mouawad Campus, International Gemological Institute (IGI) USA; and </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(x) World Diamond Centre of Diamonds High Council, Antwerp, Belgium. </font></p>
</blockquote>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now, the following five additional authorized laboratories for certification/ grading of diamonds of 0.25 carat and above are added after Serial No. (x) </font></p>
<blockquote>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(xi) GIA Hong Kong Laboratory Ltd., Hong Kong; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(xii) Gemological Research (Thailand) Co. Ltd., Bangkok; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(xiii) GIA Education and Laboratory (Pvt) Ltd., Johannesburg; </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(xiv) GIA Education and Laboratory, Goborone (Botswana); </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(xv) Forevermark NV, Antwerp, Belgium </font></p>
</blockquote>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2012/dgft12not011.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DGFT Notification No. 11/(RE-2012)/2009-2014, Dated: August 22, 2012 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Policy for issue of import licenses of Rough Marble and Travertine Blocks for Financial year 2012-13 - Notified </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The following Policy provisions will be applicable for import of Rough Marble Blocks and <strong> </strong>Travertine <strong> </strong>for the financial year 2012-13. This will supersede earlier Policy /Guidelines for issue of import licenses of Rough Marble Blocks. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">I. <strong>Eligibility of the units will be decided based on the following three criteria: </strong></font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a)Units who have installed marble gangsaw machine (except 100% EOUs and units in SEZ) on or prior to 31.3.2012. The marble gangsaw machine shall be in the name of the applicant only. No gangsaw on “Lease Basis” shall be considered for the purpose of allocation of import entitlement. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b)The Units should have been in operation for 5 years on or prior to 31.3.2012. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c)All eligible units as per (a) above should have cumulative turnover of atleast Rupees Five crores( Rs 5 Crores) during the 5 years period i.e financial years 2006-07 to 2010-11 irrespective of whether it is from domestic or foreign sources in respect of processed marble slabs/tiles only. </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">II. <strong>Floor Price </strong>:Licenses for import of crude or roughly trimmed marble and travertine blocks or merely cut, by sawing or otherwise into blocks of a rectangular (including square) shape shall be subject to a floor price of US$ 325 per Metric Tonne (MT), which shall be endorsed on all licenses. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">III. <strong>Entitlement </strong>:The total import of Rough Marble and Travertine blocks under ITC HS Codes 25151100 and 25151210 will be subject to a ceiling of 6 lakh MT for the whole of the licensing year, 2012-13. <strong> </strong>Eligible units will be entitled for an import license on the basis of cumulative turnover ( indigenous or foreign) of atleast Rupees 5 crores of processed marble slabs/tiles only, over the previous five financial years 2006-07 to 2010-11. The quantity so calculated will however be subject to the overall ceiling of 3000 MT for the first gang saw and 1500 MT for every subsequent gang saw. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">IV. <strong>Actual User Condition: </strong>All licenses shall be subject to actual user condition. Modalities for submitting hard copies of the applications is attached as Annexure 1 to this notification. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">V. <strong>Monthly Return </strong>: License holders shall file monthly returns regarding imports made by them, to the concerned Regional Authority of DGFT by the 15 th of each succeeding month in which license is obtained (for example if a license is obtained on 13 th September, the license holder will file monthly return for imports made in September by 15 th of October and for each month thereafter by the 15 th ). This is a mandatory requirement. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">VI. <strong>Validity of Import licences: </strong>Licenses for Import of Marble and Travertine will have a validity upto 30 th September 2013. </font></p>
</blockquote>
</blockquote>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2012/dgft12not012.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DGFT Notification No. 12/(RE-2012)/2009-2014, Dated: August 22, 2012 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Foreign Direct Investment by citizen / entity incorporated in Pakistan </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> terms of sub-regulation (1) of Regulation 5 of the <em>Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 </em>, a person resident outside India who is a citizen of Pakistan or an entity incorporated outside India in Pakistan, is not allowed to purchase shares or convertible debentures of an Indian company under Foreign Direct Investment Scheme. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It has now been decided that notwithstanding anything contained in sub-regulation (1) of Regulation 5, a person who is a citizen of Pakistan or an entity incorporated in Pakistan may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule 1, provided further that the Indian company, receiving such foreign direct investment, is not engaged or shall not engage in sectors / activities pertaining to defence, space and atomic energy and sectors/activities prohibited for foreign investment. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=280&filename=notification/rbi/2012/rbi12cir016.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RBI AP(DIR Series) Circular No. 16Dated: August 22, 2012 </strong></font></a></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC Member yet to be given Charge </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>A</strong> new Member had joined CBEC more than ten days ago. She is yet to be given a portfolio. This is most unlike Mr Chidambaram who is known for his dynamism and quick decisions. What is holding up allocation of charges to the Members? Why should you appoint somebody as a Member of the Apex Board and then not give him/her a charge? </font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><strong><strong><font color="#006600">Jurispruden</font><font color="#FF6633" size="5">tiol</font><font color="#006600"> - Friday's cases</font></strong></strong></strong></font></p>
<p align="justify"><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">Settlement
Commission cannot mechanically interpret s. 32K of CEA, 1944 -
Legislature/Parliament would not have perceived eventuality like Tsunami
and ban of tobacco by State Government - When those grounds pleaded
by petitioner are material, they should be considered - reasoning given
by Settlement Commission for denying immunity from interest is
erroneous - similarly placed persons were given total immunity and
petitioner is also entitled to relief: High Court </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> petitioner is a manufacturer of chewing tobacco
and was issued a show cause notice demanding Central Excise duty of Rs.64,08,807/-.
An application for settlement was filed and the said application was finally
settled by the Commission on 30.09.2005, wherein, the duty was confirmed.
Though the benefit of immunity from penalty and prosecution was granted,
the interest was levied at the rate of 10% per annum. </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 resorts to multiple agreements for sale of each tangible and intangible individual item, they can still be read as a whole, to establish a slump sale u/s 50B - YES: ITAT </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>issues
before the Tribunal are - Whether when the entire line of business, including
all tangible and intangible assets are sold off as a going concern and on
an irrevocable basis, the same amounts to "slump sale" in terms
of section 50B; Whether when there are multiple agreements for sale of each
individual item, still they can be read as a whole, to establish the sale
of "lock, stock and barrels" and Whether merely relying upon provisions
of section 2(42C) can serve any purpose, when there is no valuation report
required in terms of section 50B, for supporting the claim of itemised sale.
And the verdict goes in favour of the Revenue.</font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Customs</strong></font></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Notfn. <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2009/ctariff09_103.htm"><strong>10
3/2009-Cus </strong></a>- SCN or adjudication order does not
bring out legal provisions contravened or undue benefit claimed
- It only states that there were mis-declarations of model number and
year of make, of machines - allegation that applicants wanted
to avail TUF Scheme is baseless as under that scheme only new machines
could be imported and applicants had declared machines to be old - as
the appellants have executed bonds supported by bank guarantee at
time of provisional release, pre-deposit waived and Stay granted: CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> applicants (40 of them) imported textile
machines (125 machines in all) during the year 2009 and claimed benefit
of Notification No. <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2009/ctariff09_103.htm"><strong>10
3/2009-Cus</strong></a>. dated 11.9.2009. After clearance, the officers
of Revenue received intelligence that the model number and year of manufacture
declared at the time of clearance were false. So they conducted examination
of the goods at different sites where machines were installed and found
that there had been a manipulation of the model number and year of make
embossed on the machines. Inasmuch as although the year of manufacture
was 1995-1996 the applicants had declared model numbers of the year 2000.</font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Service Tax </strong></font></p>
<p align="justify"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Applicant manufacturing liquid gases and supplying the same to customers in cryogenic tanks installed by them at customer's premises - Leasing out of Storage tanks prima facie does not fall under the category of "Storage and Warehousing" services - case made out for 100% waiver of pre-deposit - Pre-deposit waived and stay granted: CESTAT </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Prima facie, the leasing out of the storage tanks does not fall under the category of ‘Storage and Warehousing Services'. Therefore, the applicant has made out a case for 100% waiver of pre-deposit. Accordingly, the requirement of pre-deposit of the service tax, interest and penalties waived and recovery thereof stayed during the pendency of the appeal. </font></p>
<p align="justify"><font color="#660099" 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 <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>
<div 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" target="_blank"><strong>vijaywrite@taxindiaonline.com </strong></a></font></div>
</body>
</html>