TIOL-DDT 232 · the untouched capture
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<p align="center"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_232_d.jpg" width="59" height="80"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_232_d.jpg" width="59" height="80"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_232_T.jpg" width="59" height="80"> <img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_232_2.jpg" width="52" height="81"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_232_3.jpg" width="49" height="81"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_232_2.jpg" width="52" height="81"></p>
<p><font color="#CC6699" size="3" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#996699"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_232_fire.jpg" width="64" height="99" hspace="3" align="left">TIOL-DDT
232</font><br>
</strong></font><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">31
10 2005<br>
</font></strong><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Monday</font></strong></p>
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<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Dishonest
assessee v negligent department – Supreme Court is not happy with both</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Exactly
a month ago we had carried the judgement of the Supreme Court in the <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=50&filename=legal/sc/2005/2005-TIOL-119-SC-CX.htm">Sharp
Industries Vs. Commissioner – 2005-TIOL-119-SC-CX</a></strong> –
in our analysis we had mentioned that the Supreme Court was unhappy with both
the appellant assessee and the respondent department. We had also extracted
the following observations of the Supreme Court:</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It
must be mentioned that the Department was represented before the Tribunal. The
Department has again been negligent in not pointing out to the Tribunal that
in the Appellants' own case and for this very period; it has already been held
by the Tribunal that the product is classifiable under Tariff Heading 39.20.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">To
which a netizen had written to us </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>the
officers who are representing the department before tribunal do not have enough
time to go through the judgments given by the Tribunal and bring the judgment
favourable to department to the notice of the Tribunal. CBEC should take necessary
steps to provide comprehensive library facilities to CDR, Jt. CDR, SDR and DR.</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now
the Board had issued a Circular communicating the judgement of the Supreme Court
for information. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=31&filename=notification/excise/2005/excircular820.htm">CIRCULAR
NO. 820/17/2005-EX., Dated: October 25, 2005</a></strong></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Land
Customs Stations and Routes</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
7 kilometer long elevated Conveyor Belt of M/s. Lafarge Umiam Mining Private
Limited, a 100% EOU originating from the Crusher site of the Company, extending
up to Mantrikhal Village of Bangladesh is <strong>declared as a customs route</strong>-</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_097.htm"><strong>Notification
No. 97/2005-Cus. (N.T.), Dated: October 27, 2005</strong></a></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Exim
Bank's Line of Credit of USD 50 Million to Chad</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Export-Import Bank of India (Exim Bank) has concluded an agreement with the
Government of the Republic of Chad making available to the latter a Line of
Credit (LOC) upto an aggregate sum of USD 50 Million (US Dollar Fifty Million
only). The credit is available for financing equipment, goods and services eligible
for being exported from India for four projects in Chad </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a)
cotton yarn plant valued at USD 24.5 million </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b)
steel billet plant and rolling mill valued at USD 11.5 million, </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c)
plant for assembly of agricultural equipment valued at USD 10 million and </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d)
bicycle plant valued at USD 4 million. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No
agency commission is payable under the line of credit. However, if required
the exporter may use his own resources or utilize balances of his EEFC account
for payment of commission in free foreign exchange.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=49&filename=notification/rbi/2005/rbi05cir014.htm"><strong>RBI
Circular No. 14, Dated: October 27, 2005</strong></a></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><font color="#CC6699" size="3" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#996699"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_232_om.jpg" width="240" height="179" align="left"></font></strong></font><font color="#FF6699"><strong>See
you soon with more DDT</strong></font></font></p>
<p align="justify"><font color="#FF6699"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice day. </font></strong></font></p>
<p align="left"><font color="#FF6699"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to <a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></font></strong></font></p>
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