TIOL-DDT 1943 · the untouched capture
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<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" size="3">TIOL-DDT 1943</font><br>
17.09.2012<br>
Monday</strong></font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Excise Duty on Petrol Reduced and Diesel Hiked </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>EFFECTIVE</strong> rate of excise duty on Petrol has been reduced from Rs. 6.35 to Rs.1.20 and on Diesel, hiked from ‘nil' to Rs. 1.46. </font></p>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2012/etariff12_35.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 35/2012 - Central Excise, Dated: September 14, 2012 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Anti-Dumping
Duty on Ductile Iron Pipes - Extended JIT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong> THE </strong>anti dumping duty on imports of Ductile iron Pipes, originating in, or exported from, China PR was imposed by Notification No. 103/2007-CUSTOMS, dated the 14th September, 2007 and would have expired on 13 September 2012. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now, the Government has extended it by another year till 12 September 2013. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Well done, CBEC - you have extended it Just In Time (JIT) and what is really commendable is that the Designated Authority had initiated review only on 7th September and within a week, the Board got the extension notification issued, before the death of the existing notification. This is how the Board should work. We hope this would be a regular practice now. </font></p>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=337&filename=notification/custom/2012/ctariffadd12_041.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 41/2012-Customs (ADD), Dated: September 13, 2012 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs - Tariff Value of Brass, Poppy Seeds, Gold and Silver </font></strong></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT </strong>has changed the Tariff Values as follows. </font></p>
<table width="450" border="0" align="center" cellpadding="3" cellspacing="0">
<tr bgcolor="#8CC622">
<td width="243" valign="top"><p><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of the goods </font></strong></font></p></td>
<td colspan="2" valign="top"><p align="center"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff Value </font></strong></font></p></td>
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<td valign="top"> </td>
<td width="94" valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Existing </font></strong></p></td>
<td width="95" valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Changed </font></strong></p></td>
</tr>
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<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBD Palmolein </font></p></td>
<td valign="top"><p><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">1014 </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">USD per MT </font></p></td>
<td valign="top" bgcolor="#D9F1B8"><p><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">1042</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per MT </font></p></td>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Brass Scrap (all grades) </font></p></td>
<td valign="top"><p><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">4011</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per MT </font></p></td>
<td valign="top" bgcolor="#D9F1B8"><p><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">3996</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per MT </font></p></td>
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<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Poppy Seeds </font></p></td>
<td valign="top"><p><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">5435</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per MT </font></p></td>
<td valign="top" bgcolor="#D9F1B8"><p><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">5346</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per MT </font></p></td>
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<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed </font></p></td>
<td valign="top"><p><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">540</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per 10 grams </font></p></td>
<td valign="top" bgcolor="#D9F1B8"><p><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">563.50 </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per 10 grams </font></p></td>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed </font></p></td>
<td valign="top"><p><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">996</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per kilogram </font></p></td>
<td valign="top" bgcolor="#D9F1B8"><p><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">1102 </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> USD per kilogram </font></p></td>
</tr>
</table>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_081.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 81/2012-Cus.,(N. T.), Dated: September 14, 2012 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Katupalli Notified as Port</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>KATUPALLI</strong> in Tamil Nadu is already notified as a Customs port for <em>unloading of imported goods in containers for trans-shipment and loading of export goods trans-shipped in containers for export</em>. Now it is made a port for<em> "Unloading of imported goods and loading of export goods or any class of such goods". </em></font></p>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_082.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 82/2012-Cus.,(N. T.), Dated: September 14, 2012 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs - Bra Cups and Other Items imported for use in Textile Exports Exempted</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</strong> has exempted "<em>bobbin elastic; textile flowers;water soluble lining, poly pouch, high density sticker, heat transfer sticker; anglets on draw strings-hooded jacket;bra cup, bust cup, moulded cups for bra and metal underwire for bra;hook and bar, extra button covers-plain, ribbons, waist bands, shooter pin, O Ring, thermo strips and metal clip;pin bullets for packing, plastic tag bullets, metal tabs, bows, ring & slider and rings" </em>imported by a manufacturer of textile garments or leather garments; or by a merchant exporter tied up with supporting manufacturer of textile garments or leather garments, for use in the manufacture of textile garments or leather garments for export by that manufacturer directly or through a merchant exporter. - Notification No. 12/2012 - Cus is amended in Sl. No. 282. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>What is "gold findings"?:</strong> As per Sl. No. 323 of Notification No. 12/2012-cus, <em>Gold bars, other than tola bars, bearing manufacturer's or refiner's engraved serial number and weight expressed in metric units, gold coins having gold content not below 99.5% and <strong>gold findings</strong>, other than imports of such goods through post, courier or baggage </em>attracts an effective rate of customs duty of 4%. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the Notification is amended to clarify what <em><strong>gold findings</strong></em> are: The Explanation inserted clarifies: <em>"gold findings" means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of jewellery in place." </em></font></p>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2012/ctariff12_051.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 51/2012-Cus., Dated: September 13, 2012 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs - Reimport of Export Goods - Parts of Aircraft from SEZ Exempted</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT </strong>has exempted Parts, components of aircraft replaced or removed during the course of maintenance, repair or overhaul of the aircraft in a Special Economic Zone and brought to any other place in India, provided <em>the goods are returned to the owner of the aircraft without any sale.</em> Notification No. 94/1996-Cus is amended. In the process they have also made some technical amendments covering their earlier lapses made in the year 1999 and 2006. </font></p>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2012/ctariff12_052.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 52/2012-Cus., Dated: September 13, 2012 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Allocation of Rough Marble for import for Financial Year 2012-13 - DGFT Clarifies </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN </strong>terms of Notification No.12(RE-2012)/2009-2014 dated 22.8.2012, the DGFT has made allocation of 6 lakh MTs of Rough Marble and Travertine Blocks for import to 449 applicants. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Issue of import license by RAs of DGFT would commence from 17th September 2012 and end on 20th September 2012. In case any applicant/firm is found to have submitted false or erroneous information or have made any misdeclaration / misrepresentation, such applicant / firm, </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) shall forfeit the allocation made in this Trade Notice, </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) shall be debarred from allocation of marble in future and </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) shall be liable for penal action under the provisions of Foreign Trade (D&R) Act, 1992, as amended. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Licence holders shall file monthly returns regarding imports made by them, to the <em><strong>concerned</strong></em> Regional Authority of DGFT by the 15th of each succeeding month in which license is obtained. </font></p>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=329&filename=notification/dgft/2012/dgft_trade_notice_04_2012.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DGFT Trade Notice No. 04/2012., Dated: September 14, 2012 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">CBI Books ITO for Bribe - Uncle Arrested </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>KAKINADA</strong> is a small rich port town in Andhra Pradesh and here during the weekend the CBI trapped an Income Tax Officer demanding a bribe of Rs. 65 Lakhs! It seems the ITO demanded Rs. 80 Lakhs but later his uncle intervened and got the bribe amount reduced to Rs. 65 Lakhs. And it was the uncle who was caught red-handed by the CBI while accepting an amount of Rs. 15 lakhs. This uncle was arrested and will be produced before the CBI court today. The ITO was not arrested because of his "ill health" and hospitalisation. Eventually he will be! </font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Drug Detecting Wonder Dog </font></strong></p>
<p align="center"><font 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 picture1943.jpg" alt="Drug Detecting Wonder Dog " width="288" height="196" hspace="5" border="0" align="center"></font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">"<strong>ROGUE"</strong> is a 5-year-old Belgian Malinois, currently employed with the US Customs and Border Protection (CBP) at Chicago. Last week, this wonder dog helped the Customs uncover a shipment of opium-saturated decorative cloth from an international mail processing centre near O'Hare International Airport. The drugs are valued at 300,000 US Dollars. In Chicago alone, the drugs detected by <em>Rogue the Dog </em>is worth more than 4 Million USD. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The CBP dogs are trained to detect narcotics, explosives, dangerous food and plant material. </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"> - Tuesday'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">Income Tax</font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Whether entire income is to be assessed in year in which development rights are transferred and cost of acquisition to be allowed as deduction - YES: ITAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issues before the Bench are - Whether postponement of payment stops accrual of income - Whether entire income is to be assessed in the year in which development rights are transferred irrespective of payments received in instalments; Whether in case the entire consideration is received and offered to tax in a year, it is justified to allow cost of acquisition as a deduction and Whether there would be any impact on the taxability of consideration received, in case search proceedings were initiated for that same assessment year. And the verdict partly goes in favour the assessee.</font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Service Tax </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Applicant seeking clarification from department as to whether activity undertaken by them is chargeable to Service Tax - CCE informing vide letter dated 07.12.2006 that applicant is not covered under category of ‘Commercial Training & Coaching' service - SCN issued in April, 2009 demanding ST of Rs.3.58 Crores for period 2003 to 2008 - extended period not invokable - Prima facie case for waiver of pre-deposit - Stay granted: CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> applicant National Institute of Bank Management (NIBM) was established by the Reserve Bank of India (RBI) in consultation with the Government of India in the year 1969 as an apex autonomous and non-profit institution in the arena of banking and finance with the role of a "think-tank" for the banking system. The applicant had sought a clarification from the department as to whether the activity undertaken by them is chargeable to service tax or not and it has been clarified by the department that the applicants are not covered under ‘Commercial Training' for the purpose of levy of Service Tax vide letter dated 7.12.2006. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Excise </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Appellant manufacturing insecticides on job work basis and clearing same in 25 kgs packs by adopting transaction value on ground that those packages were meant for industrial consumers - department seeking valuation u/s 4A of CEA, 1944 - since consignee M/s Bayer Crop Science Ltd. is registered with Excise Department as dealer and not an industrial producer, exemption from affixing MRP not available - so also, 25 kgs pack are out of scope of rule 2A of SWAM Rules - Pre-deposit ordered: CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RULE</strong> 2A(a) provides exemption from printing MRP on the packages more than 25 kgs. Admittedly, in this case, the packages cleared by the appellant were of 25 kgs. and not more than 25 kgs., as such, Rule 2A does not help the appellant. As regards limitation, the case of the Department is that the appellant in his ER-1 return did not disclose the fact that he was clearing 25 kgs. package without printing MRP to industrial consumer. Thus, this is a clear case of concealment of the fact from the Department otherwise also. The question of limitation is a mixed question of law which cannot be looked into at this prima facie stage. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">See our columns Tomorrow for the judgements </font></strong></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>
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