TIOL-DDT 375 · the untouched capture
Rendered as it looked. Links and images are disabled in this view; the file itself is untouched.
<html>
<head>
<meta http-equiv=Content-Type content="text/html; charset=windows-1252">
<link rel=Edit-Time-Data href="Taxindiaonline's%20DDT%20375_files/editdata.mso">
<title>Taxindiaonline's DDT 363</title>
</head>
<body >
<p > <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT
375</font><br>
01 6 2006<br>
Thursday</b></font></p>
<p align=center ><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Tariff
values – reduced for palm oil – hike in brass scrap</b></font></p>
<p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">While there is
a marginal decrease in the tariff values of palm oil, there is a marginal increase
in Crude Soyabean oil, while there is a huge 25% increase in brass scrap. The
old and new tariff values are given below.</font></p>
<div align=center>
<table border=1 cellspacing=0 cellpadding=3 width=450>
<tr>
<td width=50 > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S.No.</font></strong></p></td>
<td width=108 > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter
heading or sub-heading</font></strong></p></td>
<td width=246 > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description
of goods</font></strong></p></td>
<td width=73 > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff
value<br>
US$<br>
(Per Metric Tonne)</font></strong></p></td>
<td > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">New
tariff values</font></strong></p></td>
</tr>
<tr>
<td width=50 > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1)</font></strong></p></td>
<td width=108 > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2)</font></strong></p></td>
<td width=246 > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3)</font></strong></p></td>
<td width=73 > <p align="center" ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(4)</font></strong></p></td>
<td > <p align=center ><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5</font></strong></p></td>
</tr>
<tr>
<td width=50 > <p align="center" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1</font></p></td>
<td width=108 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511
10 00</font></p></td>
<td width=246 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude
Palm Oil</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">433
</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">430
</font></p></td>
</tr>
<tr>
<td width=50 > <p align="center" class=MsoFooter ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2</font></p></td>
<td width=108 > <p class=MsoFooter ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511
90 10</font></p></td>
<td width=246 > <p class=MsoFooter ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBD
Palm Oil</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">448
</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">445
</font></p></td>
</tr>
<tr>
<td width=50 > <p align="center" class=MsoFooter ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3</font></p></td>
<td width=108 > <p class=MsoFooter ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511
90 90</font></p></td>
<td width=246 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others
– Palm Oil</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">441
</font></p></td>
<td valign=top > <p class=25x25a align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">438
</font></p></td>
</tr>
<tr>
<td width=50 > <p align="center" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4</font></p></td>
<td width=108 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511
10 00</font></p></td>
<td width=246 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude
Palmolein</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">455
</font></p></td>
<td valign=top > <p class=25x25a align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">452
</font></p></td>
</tr>
<tr>
<td width=50 > <p align="center" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5</font></p></td>
<td width=108 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511
90 20</font></p></td>
<td width=246 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBD
Palmolein</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">458
</font></p></td>
<td valign=top > <p class=25x25a align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">455
</font></p></td>
</tr>
<tr>
<td width=50 > <p align="center" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6</font></p></td>
<td width=108 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511
90 90</font></p></td>
<td width=246 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others
– Palmolein</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">457
</font></p></td>
<td valign=top > <p class=25x25a align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">454
</font></p></td>
</tr>
<tr>
<td width=50 > <p align="center" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7</font></p></td>
<td width=108 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1507
10 00</font></p></td>
<td width=246 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude
Soyabean Oil</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">540
</font></p></td>
<td valign=top > <p class=25x25a align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">559
</font></p></td>
</tr>
<tr>
<td width=50 > <p align="center" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8</font></p></td>
<td width=108 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7404
00 22</font></p></td>
<td width=246 > <p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Brass
Scrap (all grades)</font></p></td>
<td valign=top > <p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2617
</font></p></td>
<td valign=top > <p class=25x25a align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3255</font></p></td>
</tr>
</table>
</div>
<p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2006/cnt06_062.htm">NOTIFICATION
NO. 62/2006-NT-Cus., Dated: May 31, 2006</a></u></font></p>
<p align=center ><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Anti
dumping duty on zinc oxide extended – but is it valid?</b></font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Designated Authority has recommended for extension of anti-dumping duty on Zinc
Oxide falling under heading 2817 or subheading 3812 30 originating in or exported
from People’s Republic of China, imposed vide notification No. 115/2001–Customs,
dated the 2nd November, 2001, for a further period of one year pending the outcome
of the review investigations. And the Government has extended the duty till
8<sup>th</sup> April 2007. So even as per the Government, the duty would have
lapsed on 8<sup>th</sup> of April 2006. Can this be extended in May 2006?</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This
is actually a twice resurrected notification. The original notification No.
40/2001-Customs, dated 9-4-2001, stipulated that the anti dumping duty (provisional)
shall be effective till 8th day of October, 2001. So on that day the duty should
have lapsed. But by Notification No. 115/2001 dated the 2nd November, 2001,
the duty was finally imposed with effect from the original date of notification
that is 9.4.2001. This notification was nearly a month late. But even this duty
would have expired on 8<sup>th</sup> April 2006. The government waited for more
than a month and half to extend the validity. </font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">How
can the government extend the validity period of a duty which expired more than
a month ago? What prevented the Government from issuing this notification before
8<sup>th</sup> April 2006? If this kind of mistakes is committed by an assessee,
the entire might of the State will descent on him and crush him but for the
State – E&OE.</font></p>
<p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2006/ctariff06_051.htm">NOTIFICATION
NO. 51/2006-Cus., Dated: May 29, 2006</a></u></font></p>
<p align=center ><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Why
had the market crashed</b></font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
stock market lost more than 2000 points resulting in Crores of Rupees wiped
off. Investors were at a high pitch of anxiety. Most of the market pundits thought
that one of the major reasons for stocks erosion, had to do with the pull back
of portfolio investment by foreign investors. But analysts pointed out that
the trend was witnessed all across the emerging markets, as global investors
worried over higher interest rates and continued to bail out of riskier. The
market gurus believe that the decline was likely to continue until the pre-budget
buying. The mystery that no one is able to unravel is: why are the dozens of
mutual funds sitting on the sidelines and do not stoop to pick up equities at
such attractive valuations? </font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Sounds
familiar? This is not about the Indian Stock Market. This is what the “Dawn”
reported today about the Pakistan Stock market. The paper also reported that
there is apprehension that tax may be levied on</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">sale of shares
</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> bank advances
</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> real estate </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> financial services
</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">perks and benefits
of the salaries class<br>
<br>
</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Seems to
be – not much of difference across the border.</font></p>
<p align=center ><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>I
can live with terrorists, not with Service Tax </b></font></p>
<p align=center > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">
<img src="http://www.taxindiaonline.com/RC2/image/ddt/image001.png" width="278" height="205">
</font></p>
<p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>From Lalit
<st1:PersonName w:st="on">Mohan Chandna , Excise consultant</b></font></p>
<P align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><B><IMG height=62 src="http://www.taxindiaonline.com/RC2/image/ddt/gnl_txt2.jpg" width=375></B></font></P>
<table width="375" border="1" align="center" cellpadding="0" cellspacing="0">
<tr>
<td><TABLE cellSpacing=0 cellPadding=3 width=375 border=0>
<TBODY>
<TR>
<TD width="67"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><IMG height=67 src="http://www.taxindiaonline.com/RC2/image/ddt/gnl_word.jpg" width=67 align=absMiddle></font></TD>
<TD><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><i><font color="#0000FF">restitutio</font></i></b><font color="#0000FF"><b><i>
in integrum </i></b></font><b><i>-</i></b> <b>restoration to original
condition</b></font></TD>
</TR>
</TBODY>
</TABLE></td>
</tr>
</table>
<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
The amount of compensation awarded should put the successful plaintiff in the
position he or she would have been had the tortuous action not been committed<br>
</font></div>
<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Restitution
in integrum differs both from review and rectification. It is an inherent power
to undo, rectify and act in restitution, if by an erroneous act of the court,
prejudice is caused to a litigant. Usually it is in the correction of the ministerial
and non-appealable acts, as opposed to judicial acts (which can be corrected
by appeal, revision or review), that such restitution is called for;<br>
</font></div>
<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
It is not merely an inherent power but a bounden duty of a Court or Tribunal
to undo, rectify and act in restitution if by an erroneous act of the Court,
prejudice is caused to a litigant</font></div>
<p align=center ><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Maxim</b></font></p>
<p align=center ><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><i>Actus
curiae neminem gravabit’ - No act of the Court shall cause prejudice to any
party - This has ever remained a salutary and guiding principle – Supreme Court</i></b></font></p>
<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
Restitution in integrum on account of an erroneous act of the Court or Tribunal
by which prejudice is caused to a litigant differs from both review and rectification.
It is not merely an inherent power but a bounden duty of a Court or Tribunal
to undo, rectify and act in restitution if by an erroneous act of the Court,
prejudice is caused to a litigant. <i>“Actus curiae neminem gravabit.”<br>
</i></font></div>
<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
It is really the duty of the court to grant restitution under its inherent powers
when a person has been deprived of his property due to an order that has been
varied.<br>
</font></div>
<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
Nobody should suffer for any act of the Court. However, the delay in disposal
of an appeal cannot be termed an action of the court.<br>
</font></div>
<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
Tribunal has an inherent jurisdiction, apart from statutory jurisdiction to
correct any error committed by itself. It can invoke such jurisdiction and can
exercise it in an appropriate case when its conscience is aroused and if it
considers that without the exercise of such powers, the ends of the justice
would be frustrated. The whole jurisdiction of the Tribunal is to pass a just
order in the larger interest so that justice is done both to the assessee and
the revenue.<br>
</font></div>
<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
The tax amount which they should have paid as per Section 6B remained with the
appellant during the entire period and they would have earned good profit with
that amount. The State to which the tax amount should necessarily have gone,
was not able to utilize it for public purposes. When appellants had the advantage
of keeping the amount of tax without paying it to the State exchequer only because
the High Court granted orders restraining the State from recovering that amount
from the assessee, no act of the Court shall cause prejudice to any party. The
pristine doctrine couched in the maxim, ‘<i>actus curiae reminem gravabit</i>’
has ever remained a salutary and guiding principle.”</font></div>
<p ><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until
Tomorrow with more DDT </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">vijaywrite@taxindiaonline.com</a></font></p>
</body>
</html>