TIOL-DDT 2128 · 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 size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><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=17063"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2013.jpg" alt="DDT in Limca Book of Records" width="175" height="120" hspace="5" border="0" align="right"></a></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></font><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"></font></strong></font><font color="#663399" size="3">TIOL-DDT 2128</font><br>
17.06.2013<br>
Monday</strong></font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">More Qs on VCES, 2013</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>LAST</strong> Friday, in DDT we carried a capsule titled<font color="#FF6633"> ‘<strong>How many times can I apply under the VCES, 2013?'</strong>.</font> Even before the ink had dried from that page, literally speaking that is, we received this mail from a learned netizen- </font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">“I have come across an interesting case with respect to VCES, 2013. </font></em></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>1) Whether the Scheme is applicable only where no ST has been paid? Will it be applicable to the cases wherein tax has been paid partially? </em></font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As you know there are large number of assessees who have not been paid ST by their clients / customers and, in such cases, for want of funds, ST has not been paid or paid partially. An issue that arises whether VCES will be applicable to cases entire amount of liability could not be discharged? </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2) Another issue that arises is whether the Scheme will be applicable to the cases wherein ST has been paid in the past at relevant point of time. However, for certain reasons, ST-3 has not been filed till date. As you know, substantial amount of additional fees are required to be paid for late filing of ST-3. A question arises whether VCES can cover such cases? To put it differently, whether the Assessee can have the benefit of waiver of payment of fees for late filing of ST-3. </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">There is a strong case for such assessees. This is for the reason that those who have not paid any tax at all are provided benefit of waiver of late filing fee, interest and penalty etc. As compared to such cases, those assessees who could not file ST-3 for one reason or the another and who want to regularize their affairs, deserve benefit of waiving of late filing fee. If not permitted so, those who paid the tax in time will look fool for paying the tax. </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Apart from that those who have committed sin on a large scale i.e. of not paying the tax and filing the return etc. will be given royal treatment as compared to those who were honest enough to pay the ST. </font></em></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC should consider such cases at an early date otherwise it will be travesty of justice. Or CBEC is waiting for some tax payer to file PLI for such issues? </font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">DDT sincerely feels that the CBEC should bring out the FAQ as early as possible - after all, it would complement the hype created by the quarter page advertisements that have become a regular feature of the national dailies. </font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">GST - Modi-fied - NaMo</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IT</strong> appears that the Empowered Committee of State Finance Ministers on GST is a jinxed body. Asim Kumar Dasgupta, the Finance Minister of West Bengal laid the foundation for the edifice of GST as the first Chairman of the Empowered Committee, but electoral debacle of his party in the State elections found him out of the Finance Minister's office and he had to be replaced by Sushil Modi, the Finance Minister and Dy. Chief Minister of Bihar who had worked hard and ensured consensus among Member States on many issues. But now the political ambition of another Modi has rocked the GST boat. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Narendra Modi wants to replicate his Gujarat model in Delhi in 2014 and many in BJP believe, he is the best bet for them to sit in the treasury benches of Parliament post 2014. L K Advani does not think so, but is quickly enlightened. Nitish Kumar also does not think so, but there is no parivar to enlighten him. So he says, it's quits with BJP and his Finance Minister is sacked - And the Finance Minister is Sushil Modi, the Chairman of the Empowered Committee on GST - which means we will have to now find a new Chairman and start the game all over again. Which means no GST in the near future! </font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Stay for HP in Customs Case - Now? </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>LAST</strong> week all the major newspapers in India from Times of India to the Hindu Business Line reported that Hewlett-Packard got a stay from CESTAT against a Customs demand of 386 Million US Dollars. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Honestly they did not get a stay - they were asked to pay Rs. 120 Crores and this was in January 2013. Why did all the newspapers wake up after five months? </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It all started with a PTI report on 12th June 2013 which simply stated, </font></p>
<blockquote>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">US-based Hewlett-Packard's (HP) India unit has won a stay against Customs Department order asking the computer manufacturer to pay USD 386 million in alleged duty evasion. The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has stayed the Commissioner of Customs Bangalore's order against HP India Sales Private Ltd (HPI), HP said. </font></em></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All the newspapers added their own paddings to the story and cried hoarsely that HP got a Stay from the Tribunal. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">And PTI must have got the story from the quarterly report filed by HP to the UNITED STATES SECURITIES AND EXCHANGE COMMISSION on 6th June 2013. In the Report HP had stated, </font></p>
<blockquote>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>India: Directorate of Revenue Intelligence Proceedings</strong>. On April 30 and May 10, 2010, the India Directorate of Revenue Intelligence (the "DRI") issued show cause notices to Hewlett-Packard India Sales Private Ltd ("HPI"), a subsidiary of HP, seven current HP employees and one former HP employee alleging that HP underpaid customs duties while importing products and spare parts into India and seeking to recover an aggregate of approximately USD 370 million, plus penalties. Prior to the issuance of the show cause notices, HP deposited approximately USD 16 million with the DRI and agreed to post a provisional bond in exchange for the DRI's agreement to not seize HP products and spare parts and to not interrupt the transaction of business by HP in India. </font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">On April 11, 2012, the Bangalore Commissioner of Customs issued an order on the products show cause notice affirming certain duties and penalties against HPI and the named individuals of approximately USD 386 million, of which HPI had already deposited USD 9 million. On December 11, 2012, HPI voluntarily deposited an additional USD 10 million in connection with the products show cause notice. On April 20, 2012, the Commissioner issued an order on the parts show cause notice affirming certain duties and penalties against HPI and certain of the named individuals of approximately USD 17 million, of which HPI had already deposited USD 7 million. After the order, HPI deposited an additional USD 3 million in connection with the parts show cause notice so as to avoid certain penalties. </font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">HPI filed appeals of the Commissioner's orders before the Customs Tribunal along with applications for waiver of the pre-deposit of remaining demand amounts as a condition for hearing the appeals. The customs department has also filed cross-appeals before the Customs Tribunal. On January 24, 2013, the Customs Tribunal ordered HPI to deposit an additional USD 24 million against the products order, which HP deposited in March 2013. The Customs Tribunal did not order any additional deposit to be made under the parts order. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This is what really happened and TIOL had long ago reported the CESTAT Stay order in <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=28&filename=legal/cestat/2013/2013-TIOL-383-CESTAT-BANG.htm" target="_blank"><font size="1">2013-TIOL-383-CESTAT-BANG</font></a></strong>. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This is how the National Newspapers commanding tremendous respect report important news! </font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">FTP-related amendments with respect to computation of incremental growth </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>FOR </strong>the purpose of calculation of export performance or for computation of entitlement under paragraph 3.14.4 or paragraph 3.14.5 of the Foreign Trade Policy, the incremental growth shall be in respect of each exporter [Importer Exporter Code (IEC) holder] without any scope of combining the export for group company or for transferring export performance from any other IEC holder and the incremental growth shall be in terms of freely convertible currency to the designated markets. Further, the categories of exports which are not to be counted for calculation of export performance or for computation of entitlements are also listed out in the amending notifications. The above changes are made in the notifications 30/2012-CE dt. 09/07/2012 and 93/2009-Cus dated 11/09/2009 respectively. </font></p>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2013/etariff13_21.htm" target="_blank">Notification 21/2013-CE, dated June, 13, 2013</a> & <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2013/ctariff13_032.htm" target="_blank">32/2013-Cus, dated June, 13, 2013 </a></font></strong></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff Values for Gold & Silver decreased </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>Central Government has increased the Tariff Value (USD) of various Palm Oils, Palmolein & Brass Scrap but reduced the same in respect of Gold, Silver& Crude Soybean oil. Poppy seeds Tariff Value remains stationary. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The marriage season has ended and now there is no need to make further appeal to the ‘common man' to <font color="#FF0000"><em>contain their passion for gold.</em></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Surprisingly, the smuggling of gold is on the rise again. The day before, the Chennai DRI seized 180 gold bars smuggled by boat reminiscent of the early 70's and a day before that the Cochin airport caught a passenger with 2 kilos of gold. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">After all, contrary to what the Finance Minister thinks, these adventurists know that gold does not merely <font color="#006600"><strong>shine a little more than copper or bronze - it fetches many times more. </strong></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The rates as on 31.05.2013 and 14.06.2013 are as under:</font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Table 1 </strong></font></p>
<table width="90%" border="1" align="center" cellpadding="3" cellspacing="0">
<tr>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter/ heading/ sub-heading/tariff item </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD(Per Metric Tonne) <br>
from 31.5.2013 </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD(Per Metric Tonne) <br>
from 14.6.2013 </font></strong></p></td>
</tr>
<tr bgcolor="#FFF2E6">
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) </font></strong></font></p></td>
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) </font></strong></font></p></td>
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) </font></strong></font></p></td>
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(4) </font></strong></font></p></td>
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(5) </font></strong></font></p></td>
</tr>
<tr>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 10 00 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palm Oil </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">843 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">852 </font></p></td>
</tr>
<tr bgcolor="#FFF2E6">
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 10 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBD Palm Oil </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">854 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">859 </font></p></td>
</tr>
<tr>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 90 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others - Palm Oil </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">849 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">856 </font></p></td>
</tr>
<tr bgcolor="#FFF2E6">
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 10 00 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palmolein </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">860 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">866 </font></p></td>
</tr>
<tr>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 20 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBDPalmolein </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">863 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">869 </font></p></td>
</tr>
<tr bgcolor="#FFF2E6">
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 90 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others - Palmolein </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">862 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">868 </font></p></td>
</tr>
<tr>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1507 10 00 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Soyabean Oil </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1075 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1043 </font></p></td>
</tr>
<tr bgcolor="#FFF2E6">
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7404 00 22 </font></p></td>
<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 size="2" face="Verdana, Arial, Helvetica, sans-serif">3859 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3930 </font></p></td>
</tr>
<tr>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9 </font></strong></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1207 91 00 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Poppy seeds </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4395 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4395 (No change) </font></p></td>
</tr>
</table>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Table 2 </strong></font></p>
<table width="90%" border="1" align="center" cellpadding="3" cellspacing="0">
<tr bgcolor="#FFFF00">
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter/ heading/ sub-heading/tariff item </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value <br>
(USD) from 31.5.2013 </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value <br>
(USD) from 14.6.2013 </font></strong></p></td>
</tr>
<tr bgcolor="#FFFF00">
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) </font></strong></font></p></td>
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) </font></strong></font></p></td>
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) </font></strong></font></p></td>
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(4) </font></strong></font></p></td>
<td valign="top"><p align="center"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(5) </font></strong></font></p></td>
</tr>
<tr bgcolor="#FFFF00">
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 or 98 </font></p></td>
<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 align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">459 per 10 grams </font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">450 per 10 grams </font></p></td>
</tr>
<tr bgcolor="#FFFF00">
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 or 98 </font></p></td>
<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 align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">737 per kilogram </font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">709 per kilogram </font></p></td>
</tr>
</table>
<p align="left"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2013/cnt13_062.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 62/2013-Cus (NT), Dated: June 14, 2013</font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">IRS Association Elections </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> IRS (C&CE) Association is holding elections for its Executive Committee and Regional Chapters. Today is the last date for filing nominations and the results will be declared on 26.6.2013. Dr.NK Soren is the Returning Officer. </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><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">Central Excise</font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">CENVAT Credit - Transfer of credit to different registered premises of a Large Taxpayer - No ISD Registration required - Transfer of credit different from distribution - CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> learned Commissioner ought to have, at the outset, determined whether the corporate office of the company was transferring the credit to the three manufacturing units or whether it was distributing the credit to them inasmuch as there is an intelligible difference between the two. In the case of a LTU, any of its members viz. manufacturers of final products and/or providers of output services receives input services under cover of invoices issued by the providers of such input services and transfers CENVAT credit of the service tax paid on such input services, wholly or partly, to other members of the LTU, under cover of “transfer challans”. </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 if shareholders choose to transfer lands to purchaser of shares it would be valid transaction in law even if it avoids paying capital gains tax on such transaction - YES: 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 if shareholders choose to transfer lands to purchaser of shares it would be valid transaction in law; Whether when assessee is able to avoid payment of capital gains tax through such transaction, it can be said to be a colourable device; Whether the provisions of section 10(38) grant exemption on sale of long term shares only, or it can also apply in case of immovable property and Whether in case there is a doubt regarding nature of asset sold by an assessee, lifting of corporate veil is tenable as per law. 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">Service Tax </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">HSBC's Rs. 200 Crore case goes back for de novo adjudication from CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> six appeals filed by the company and the appeal filed by the Department, the substantive issue arose as to whether the company was entitled to claim refund of unutilized CENVAT credit taken on input services which were claimed to have been used for providing their output services which were claimed to have been exported by them. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In another appeal, the question arose as to whether the assessee was entitled to take CENVAT credit on the input services at all. The issue that arose in yet another appeal was whether the assessee was liable to pay service tax, under reverse charge mechanism, on a service classified as "manpower recruitment or supply agency service" and held to have been received by the assessee from abroad. </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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