TIOL-DDT 2774 · 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> <div align="justify"><font size="3"><strong><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=23157"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2015_1.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="300" height="148" hspace="5" border="0" align="right" ></a></font><font color="#663399" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT 2774<br> </font></strong></font><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">28 01 2016<br> </font></strong><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Thursday</font></strong></div> <blockquote> <p align="center"><font face="Georgia, Times New Roman, Times, serif"><strong><font color="#006600" size="3"><em>VCES Scheme - Can designated authority recall VCES 3?</em></font></strong></font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> litigation surrounding VCES scheme 2013 is continuing. While the response to the Scheme was not that encouraging, revenue did their best to see that the assessees who came forward and filed VCES declarations do not get the immunity. In an interesting case, after Show Cause Notice was issued by the Additional Commissioner (after the cutoff date of 01.03.2013), an assessee filed declaration in VCES 1 with the Designated Authority (Deputy Commissioner) and also obtained VCES 2. He paid the tax dues and informed the same to the Additional Commissioner. However, while adjudicating the Show Cause Notice, the Additional Commissioner held that the assessee is not eligible for VCES and confirmed the demand with interest and penalties. The assessee filed appeal before the Commissioner (Appeals). When the appeal is pending,the assessee received VCES 3 (Acknowledgement of Discharge) from the Designated Authority. The assessee during the hearing with Commissioner (Appeals), informed the fact of receiving the VCES 3. When the Commissioner (Appeals) called for a clarification from the Designated Authority, he addressed a letter to the assessee, stating that the VCES 3 issued may be treated as <em>void ab initio</em>. He also informed the same to the Commissioner (Appeals) stating that the VCES 3 issued to the assessee may be treated as null and void as the Additional Commissioner had already held the assessee ineligible for VCES.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">After carefully examining the records, the Commissioner (Appeals) held such rejection of VCES declaration is not sustainable and set aside the letter issued by the Designated authority withdrawing VCES 3.</font></p> <blockquote> <p align="center"><em><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><strong>Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011 - Amended</strong></font></em></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>SECTION</strong> 58 of Transfer of Property 1882, recognizes different forms of creation of mortgage, of which the Mortgage by Deposit of title deeds is the most popular form of creation of Mortgage. The existing SARFAESI(Central Registry) rules stipulate the registration of security interest created over assets through <u><strong>Mortgage by deposit of title deeds only.</strong></u> The Act in addition to the mortgage by deposit of title deeds, also recognizes other forms of mortgages like Simple Mortgage, Mortgage by conditional sale, Usufructory Mortgage and English Mortgage. However hitherto Central Registry has not mandated the registration of security interest created in other forms of mortgage (other than mortgage by deposit of title deeds).</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the Government vide notification dated 22 nd January 2016, issued by Department of Financial services (Ministry of Finance) has mandated the registration of mortgages created over secured interest by other forms of mortgage i.e. other than Mortgage by Deposit of title deeds. These amended rules cover secured interest created over immovable property, movable property, intangible assets like patents, copy rights, goodwill etc, prescribing the procedure and also the fees payable. The amended rules are also mandate that the existing security interest on assets should also be registered with the Central Registry without payment of fee till a date to be notified.</font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTkwODc=" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>F. No. 3/2/2014- Recovery dated January 22, 2016</strong></font></a></p> <blockquote> <p align="center"><font color="#006600" size="3" face="Verdana, Arial, Helvetica, sans-serif"><strong><em>Pre-shipment Inspection Agencies - Validity extended</em></strong></font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DGFT</strong> has extended the validity of recognition of those Pre-shipment Inspection Agencies (PSIAs) included in the Appendix 2G of Appendices and Aayat Niryat Forms (A&ANF) of Foreign Trade Policy (2015-20) who have completed their tenure of three years as PISAs as on date or whose validity would expire on or before 31st May, 2016, <strong>till 31st May, 2016</strong> vide <strong><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTkwODU=" target="_blank">Public Notice No 57/2015-20 dated January 27, 2016.</a></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The effect of this PN is - Agencies as listed in the Appendix 2G of A&ANF of <strong>FTP 2015-20</strong> are valid up till 31st May 2016.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTkwODU=" target="_blank">DGFT Public Notice No 57/2015-2020, Dated : January 27, 2016.</a></strong></font></p> <blockquote> <p align="center"><font color="#006600" size="3" face="Verdana, Arial, Helvetica, sans-serif"><strong><em>International Customs Day Celebrated</em></strong></font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>26TH</strong> January being Republic day, Indian Customs celebrates International Customs Day on 27th January. This year, Cochin Customs celebrated it in a grand way. The function was graced by the presence of Shri. Justice (Retd) P. Sathasivam, Hon'ble Governor of Kerala, as Chief Guest and was presided over by Shri M. Vinod Kumar, Chief Commissioner of Customs, Kerala.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Speaking on the occasion, the Chief Guest and other dignitaries highlighted the leveraging of Information Technology for improving Customs Administration and to provide bouquet of services to the international trade and to ensure secured economic frontier by using updated technologies. The Chief Guest Hon. Governor, requested the trade as well as the stakeholders to adhere strictly to the statutory provisions, rules and instructions to avoid litigations and ensure the revenue due to the Government which is crucial for welfare activities and to safeguard the economy of the nation. Awards & Appreciation Certificates were presented to the top three Exporters & Importers, Top three Steamer Agents & Custom Brokers and to the Top three Airlines.</font></p> <p align="center"><img alt="" src="http://www.taxindiaonline.com/RC2/image/stories/ddt2774_1.jpg" height="250" width="428"></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">NACEN, Hyderabad also celebrated International Customs day on 27th January. The Press Release says -</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Board of Excise and Customs (CBEC) has conducted a System Managers' Awareness, Review & Training (SMART) Workshop at National Academy of Customs, Excise & Narcotics (NACEN), Regional Training Institute (RTI), Hyderabad on 18th December 2015. The workshop is aimed to mitigate the problems faced by the Systems Managers in implementation of ICES.This Workshop was organised in collaboration with NACEN, RTI Hyderabad and inaugurated by Director General of Systems and Data Management Shri Jayant Misra. Indian Customs EDI System (ICES), which receives and processes Import and Export documents online is part of Government's e-governance vision and plays an important role in trade facilitation. Presently, about 98% of India's International trade is done through Indian Customs EDI System (ICES), which is available 24X7 at 130 locations.</font></p> <p align="center"><img alt="" src="http://www.taxindiaonline.com/RC2/image/stories/ddt2774_2.jpg" height="284" width="426"></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"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day.</font></strong></font></p> <p 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"><strong> <a href="mailto:vijaywrite@tiol.in" target="_blank">vijaywrite@tiol.in</a></strong></font></p> </body> </html>