TIOL-DDT 557 · the untouched capture
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<html> <head> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <title>Taxindiaonline's DDT 402</title> </head> <body > <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT 557</font><br> 22.02.2007<br> Thursday</b></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Interest on warehoused goods – Change in Act not to apply to already warehoused goods</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC had earlier clarified that <b>once there is an amendment to the Act modifying the terms and conditions subject to which the goods shall ‘remain warehoused' the same shall apply to all goods which continue to be warehoused after coming into force of the amendment </b>based on advice from the Law ministry. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">But the Gujarat and Karnataka High Courts had different view and held that <b>the notification bringing about reduction of the warehousing period is not applicable in respect of goods warehoused prior to the amendment.</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A gracious Board has accepted the Court orders. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Accordingly it is now clarified that <b>an amendment to the Customs Act modifying the terms and conditions subject to which the goods shall ‘remain warehoused', shall not apply to the goods warehoused prior to the amendment.</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=25&filename=notification/custom/2007/cuscir07_12.htm">CIRCULAR NO. 12/2007-Cus., Dated: February 14, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Excise valuation – inter unit transfer – rule 4 applies – Board circular improper</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Larger Bench of the Tribunal has held that the value for inter unit transfer of goods should be based on Rule 4 (value at the nearest time) and not Rule 8 (cost of production) of the valuation rules. The Tribunal has also held that the Board Circular suggesting valuation under Rule 8 is not proper.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">See the details in our <u><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=5018">Breaking News</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Free export of sheep and goat</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The DGFT has amended Chapter 2 of Schedule 2 of ITC(HS) Classifications of Export and Import items, 2004-2009 to allow free export of Meat of Indian sheep and goat</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2006/dgft06not046.htm">NOTIFICATION NO. 46 (RE-2006)/2004-2009, Dated: February 20, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Iran’s heavy water activities – export and import prohibited</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">FTP is amended to prohibit <i>direct or indirect export and import of all items, materials, equipment, goods and technology which could contribute to Iran's enrichment-related, reprocessing or heavy water related activities, or to the development of nuclear weapon delivery systems.</i></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2006/dgft06not047.htm">NOTIFICATION NO. 47(RE-2006)/2004-2009, Dated: February 20, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Export of pulses – prohibition relaxed</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The prohibition on export of pulses will not apply to export of Dollar Gram (Chana) executed under the specific permission granted by DGFT</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2006/dgft06not048.htm">NOTIFICATION NO. 48(RE-2006)/2004-2009, Dated: February 20, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Import of betel nut only through Mangalore</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The policy is amended to allow free import of betel nut but only through the Mangalore port.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2006/dgft06not049.htm">NOTIFICATION NO. 49(RE-2006)/2004-2009, Dated: February 20, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Margadarsi offices searched</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">State Police officers swooped on media baron RamojiRao’sMargadarsi office, though only for a short while. Armed with a search warrant from a local court, the State CID sleuths yesterday searched the Hyderabad offices of the company charged with illegally collecting some 4000 Crores of rupees from the public. But by evening they obtained a stay from a higher court and the searches are on hold at least for a couple of days. Opposition politicians have joined the Editors’ Guild in condemning the search as an assault on press freedom.</font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until tomorrow with more DDT </font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </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"> <a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></font></p> </body> </html>