TIOL-DDT 1986 · 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" size="3">TIOL-DDT 1986</font><br> 20.11.2012 <br> Tuesday</strong></font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">No Bank Loans for Purchase of Gold </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> per the existing RBI guidelines, no advances should be granted by banks against gold bullion to dealers/traders in gold if, in their assessment, such advances are likely to be utilised for purposes of financing gold purchase at auctions and/or speculative holding of stocks and bullion. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In this context, Reserve Bank of India notes the significant rise in imports of gold in recent years is a cause for concern as direct bank financing for purchase of gold in any form viz., bullion/primary gold/jewellery/gold coin etc. could lead to fuelling of demand for gold. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">So, RBI has advised the banks that no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">However, banks can provide finance for genuine working capital requirements of jewellers. </font></p> <p align="justify"><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/2012-13/296; DBOD.No.Dir.BC.57/ 13.03.00/ 2012-13, Dated: November 19, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Authorized Economic Operator (AEO) programme - CBEC Issues Revised Programme </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CONSISTENT</strong> with the "SAFE Framework" developed by the WCO, the Indian Customs administration has developed an AEO Programme that encompasses various players in the international supply chain such as importers, exporters, warehouse owners, Custom House Agents, cargo forwarders and carriers. The objective of the AEO Programme is to provide businesses with an internationally recognized quality mark which will indicate their secure role in the international supply chain and that their Customs procedures are efficient and compliant. An entity with an AEO status can, therefore, be considered a 'secure' trader and a reliable trading partner. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC had announced this programme by Circular No. 37/2011-Cus., dated 23.08.2011. Now, Board has approved the following major changes in the AEO Programme.</font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) Inclusion of stringent requirements in regard to Business partner security, procedural security, etc. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) Inclusion of authorised couriers and custodians in the AEO Programme. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) Automatic disqualification on non-furnishing of the information by the applicant. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iv) Non-requirement of the compliance records of advocates directly employed by the applicant. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(v) Outreach of AEO Programme by organizing workshops etc. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vi) The time limit of 90 days should be reckoned from the date of furnishing of complete information. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vii) In regard to security seals, in case it is not possible to procure and use PAS / ISO 17712 seals for air consignments / courier consignments any international seal compatible with standards of PAS / ISO 17712 may be used. However in case of maritime containerized cargo only PAS / ISO 17712 seals shall be used. The officers carrying out validations under AEO Programme should carefully ascertain this aspect. </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board Circular No 37/2011-Cus., dated 23.08.2011 is superseded. Board wants suitable Public Notice and Standing Orders to be issued. Board also requests DGICCE and Chief Commissioners of Customs to give wide publicity to the Programme. </font></p> <p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Please see DDT <a href="http://taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=11755" target="_blank">1500</a>, <a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=12824" target="_blank">1660</a> and <a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=13025" target="_blank">1678 </a></font></strong></p> <p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=25&filename=notification/custom/2012/cuscir12_028.htm" target="_blank">CBEC Circular No.28/2012-Customs, Dated: November 16, 2012 </a></font></strong></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">AEO Benefits to CHAs </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC</strong> has amended the Customs House Agents Licensing Regulation, 2012 to stipulate that: </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Licence granted to a Customs House Agent, authorized under the Authorised Economic Operator Programme, shall be valid till such time the authorization granted to the Customs House Agent under the Authorised Economic Operator Programme is valid. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. There shall be no fee for renewal of a licence under sub-regulation (2) in respect of the Customs House Agents authorized under the Authorised Economic Operator Programme. </font></p> </blockquote> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_105.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No.105/2012 - Customs (N T), Dated: November 16, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Similar Benefits for Customs Cargo Service Provider </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> per the proviso to Regulation 5(3) of the Handling of Cargo in Customs Areas Regulations, 2009, Major Ports, the Central Government or State Governments or their undertakings are not required to furnish bank guarantee or cash deposit. Now this facility is extended to Customs Cargo Service provider authorised under Authorised Economic Operator Programme. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per Regulation 10(2), the Customs Commissioner may extend the approval for a period of five years at a time. Now, in case of Customs Cargo Service provider authorised under Authorised Economic Operator Programme, the approval granted may be extended for a further period of ten years at a time. </font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_104.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No.104/2012 - Customs (N T ), Dated: November 16, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Board appoints Specific Adjudicating Authorities </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC</strong> has appointed specific Adjudicating Officers to adjudicate certain DRI cases. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_103.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Notification No.103/2012 - Customs (N T ), Dated: November 05, 2012 </strong></font></a></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_102.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No.102/2012 - Customs (N T ), Dated: November 05, 2012 </font></strong></a></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_101.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No.101/2012 - Customs (N T ), Dated: November 16, 2012 </font></strong></a></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2012/cnt12_100.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No.100/2012 - Customs (N T ), Dated: November 16, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">It's not Cricket - Customs Plays Spoilsport </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/ICC_Womens_World_Cup_2012.jpg" alt="" width="146" height="129" hspace="5" border="0" align="left"><strong>THE</strong> ICC Women's World Cup India 2013, is to be launched today in Mumbai. The trophy, which was to be exhibited in today's launch, is lying with the Mumbai Customs as they promptly detained the trophy from an ICC Official who flew into Mumbai with the trophy. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This is the third time that Mumbai Customs has detained a Cricket Trophy.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Please see <font color="#663399"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=12340" target="_blank">DDT 1583 - Controversial Cricket Cup 2011</a> and <a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=12351" target="_blank">TIOL - COB(WEB) - 234 - A Tale of ICC 'Lies' And A Cup of Woes for Indian Customs!</a></font> </strong></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><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">Service Tax </font></strong></p> <p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Applicant collecting rent and paying service tax under category of ‘Renting of Immovable Property Service' - however, electricity charges collected from tenants not included in value of taxable service - as electricity is ‘goods', said charges may not form part of taxable value in terms of notfn. 12/2003-ST - Prima facie case made for waiver of pre-deposit of adjudged dues of over Rs.5.70 Crores - Stay granted: CESTAT</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>applicant is the owner of premises, which have several units and were given on rent to various persons. On this rent collected, the applicant is paying Service Tax under the category of ‘Renting of Immovable Property Service'. They are also involved in the activity of maintaining and repairing of the building and the applicant are paying Service Tax on this activity also. The department is more than happy to receive these Service Tax payments on time. However, the CCE, Pune-III has an objection to another activity which the applicant does, objection to the fact that the applicant is not diligent in including the following charges collected from their tenants while paying Service Tax on the activity of ‘Renting of Immovable Property'. Inasmuch as the applicant is under an obligation to supply electricity to their tenants and for that a common electricity connection has been taken by the applicant from MSEB and separate meters have been installed in each of the premises and on the basis of reading in the meter the applicant is charging electricity charges from the tenants. Further, when electricity is not being supplied by MSEB, the same is supplied through DG set to the tenants and on that also they are charging electricity charges from the tenants. </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">Whether when assessee submits revised return after making self-assessment u/s 140A, he is liable to pay interest u/s 220(6) from date of his filing revised returns - NO, from date of determination of his final tax liability: HC </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issues before the Bench are - Whether when the assessee submits revised return after making self-assessment u/s 140A, he is liable to pay interest u/s 220(6) from the date of his filing revised returns or from the date of determination of his final tax liability and Whether a notice u/s 156 is obligatory if any interest liability is determined to be due from the assessee. And the verdict goes in favour of the assessee. </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">Writ Petition - Entertaining of - It is unfortunate that learned Tribunal should have converted itself to departmental Tribunal giving total go by to principles of fair play in action: HC</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Petitioner has challenged the order dated 21st March, 2012, passed by the Tribunal by holding as-</font></p> <blockquote> <p align="justify"><em><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">"…..the Department itself is questioning the legality and propriety of the impugned order. Therefore, it is expedient to set aside the impugned order and remand the matter to the Original Authority for a fresh decision". </font></em></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The High Court observed, "With the greatest of respect to the Tribunal, it is absolutely shocking that an appeal should be remitted on the sole ground that the Department had questioned the legality and the propriety of the order impugned". </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><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>