TIOL-DDT 651 · the untouched capture
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<p align="justify"><font face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT 651</font><font size="2"><br>
06.07.2007<br>
Friday</font></b></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Education cess exempted for imported wine</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Consequent
to the withdrawal of additional duty on wines announced a couple of days
ago, the government has exempted the wines and other beverages from the whole
of the education cess. Customs Notification No. 69/2004 dated 9th July 2004
is amended. But then what about the Secondary and Higher Education Cess?
All goods exempted in Notification No. 69/2004 are also exempted from SHE
by Notification No. 28/2007</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=23&filename=notification/custom/2007/ctariff07_083.htm" target="_blank">Notification Nos.<u>83/2007-CUS , Dated July 04, 2007</u></a></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Tariff Value of Brass Scarp - Decreased</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The CBEC has decreased the Tariff Value of imported Brass Scrap from Rs. 4538 to Rs. 4385. There is no change in the Tariff Value of other products.</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/2007/cnt07_067.htm" target="_blank">Notification Nos.<u>67/2007-CUS. (N.T.) , Dated July 05, 2007</u></a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">CA, ICWAI, ACS and now </font></b><font color="#663399"><b>CVP</b></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Government proposes to bring in<b> <font color="#663399">THE COUNCIL OF VALUATION
PROFESSIONALS OF INDIA ACT</font> </b>soon.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Like the Chartered Accountants and Cost Accountants, now we are going to have <b><font color="#663399">certified valuation Professionals</font>. </b>Like the Chartered Accountants Act, The Council of Valuation Professionals of India Act is proposed.</font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>The Council</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Council shall have two members from the Institute of Chartered Accountants of India, two from the <st1:place w:st="on"><st1:PlaceType w:st="on">Institute</st1:PlaceType> of <st1:PlaceName w:st="on">Cost</st1:PlaceName></st1:place> and Works Accountants of India, two from the Institute of Company Secretaries of India, five members from other recognized institutes. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Duties of the Council will include</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Issuing Standards on Valuation </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Setting Standard of education and training for valuation professionals </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Giving recognition or cancellation of recognition of Institutes for education and conduct of exams for the valuation professionals </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ the prescribing of qualifications for recognition of the Institute; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ approval of academic courses and their contents to be conducted by the Recognized Institutes </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ approval of such qualifications and experience, which a person should have for a valuation professional to seek his assistance in specific components of valuation which are beyond the curriculum of valuation professional. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ approval of nature and period of training to be undergone by students before they qualify to practise as valuation professional </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ approval of fees which may be levied on students and valuation professionals by the Recognized Institutes </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Controlling and monitoring the activities of the recognized institutes in the matter of valuation </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Monitoring the Disciplinary Proceedings against a certified valuation professional by its parent Institute in case of complaint against professional misconduct. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ the setting of standards of examination and benchmark of evaluation of students to be administered by the Recognized Institutes, for enrolment and the prescribing the fees. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Framing Ethical codes for certified valuation professionals </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ issuing Guidance for Procedure for Appointment of Valuers, Disclosure requirement and Peer Review </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ the recognition of foreign qualifications and training for purposes of enrolment; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ the granting or revocation of certificate of practice under this Act, through the recognized Institutes;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ the levy and collection of fees from Recognized Institutes, certified valuation professionals and other persons; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">+ +the regulation and maintenance of the status and standard of professional qualifications of valuation professionals; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ the carrying out, by financial assistance to persons other than members of the Council or in any other manner, of research in valuation; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> ++ to enable functioning of the Quality Review Board; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Consideration of the recommendations of the Quality Review Board.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ to ensure the functioning of the Council and Recognized Institutes in accordance with the provisions of this Act and in performance of other statutory duties as may be entrusted to the Institute from time to time. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Recognition of Institutes: </b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1.The Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, and the <st1:place w:st="on"><st1:PlaceType w:st="on">Institute</st1:PlaceType> of <st1:PlaceName w:st="on">Cost</st1:PlaceName></st1:place> and Works Accountants of India shall be deemed to be Recognized Institutes under the Act.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.The Council may recognize any other Institute, in the manner prescribed, as a Recognized Institute when it is satisfied that the Institute fulfills such conditions as may be specified.</font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Functions of the Recognized Institute:</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) Registering and imparting education to persons desiring to become valuation professionals as per Course curriculum and standard set or approved by the Council </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) Conduct of examinations of students as per standards set or approved by the Council </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) Imparting training to persons in valuation as per standards approved by the Council </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iv) Maintenance and publication of a Register of persons qualified to practice as certified valuation professional in the relevant discipline, in such manner as may be prescribed by the Council; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(v) the removal of names from the Register and the restoration to the Register of names which have been removed, in such manner as may be laid down by the Council </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vi) the removal of names from the Register and the restoration to the Register of names which have been removed, in such manner as may be laid down by the Council </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vii) Setting up a disciplinary mechanism and carrying out disciplinary action against certified valuation professionals accused of professional misconduct in such manner as may be specified. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(viii) Payment of fees to the Council in time-bound manner </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Certificate of practice</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) After successful completion of the curriculum and training laid down for this purpose from a Recognized Institute, a person shall apply to the Recognized Institute from where he has completed the same for issue of the Certificate of Practice as a Certified Valuation Professional, with proof of successfully having completed the same and with such fees as may be prescribed </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) The Recognized Institute, after satisfying itself that the person applying for the same has successfully completed the curriculum and training, shall issue a Certificate of Practice to such person.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) Where any foreign qualification relevant to valuations is recognized by the Council in the manner prescribed, a person possessing such qualification may apply for registration and issue of certificate of practice to the Council along with such fees as may be prescribed. The Council may after consulting the Recognized Institute in such discipline in which the applicant possess the necessary qualifications, if any, may direct the concerned Recognized Instituted to issue a certificate of practice which shall be issued accordingly. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(4) Every such person who has been issued certificate of practice, shall pay such annual fee for his certificate as may be prescribed, and such fee shall be payable on or before the 1st day of April in each year. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Certificate holder to be known as certified valuation Professional</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Every person issued certificate of practice may use the designation of a certified valuation professional, without prejudice to any other designation to which he may be eligible for due to his having any other qualification. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Ministry of Corporate Affairs welcomes suggestions and comments which may be sent to <a
href="mailto:umesh.jindal@mca.gov.in">umesh.jindal@mca.gov.in</a>latest by 16.8.2007.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/pdfdocs/conceptpaper.pdf" target="_blank">CONCEPT PAPER FOR THE COUNCIL OF VALUATION PROFESSIONALS OF <st1:country-region w:st="on"><st1:place w:st="on">INDIA</st1:place></st1:country-region> BILL</a></u></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>From
our Legal Corner - Monday's cases</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_31.gif" alt="Legal Corner Icon" width="191" height="160" hspace="5" border="0" align="left"></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF0000">Income Tax</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399">Pre-emptive purchase of property by Income Tax - Appropriate Authority's order quashed; bad SCN, improper order : <st1:place w:st="on"><st1:City
w:st="on">Bombay</st1:City></st1:place> HC </font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">They entered into an agreement to purchase a property in Mumbai for Rs. 64 Lakhs in 1992. The Income Tax entered and sought to purchase the property. After 14 years the party won the case in the High Court.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ unless the difference in the apparent effective consideration and the market value is more than 15%, the Appropriate Authority cannot assume jurisdiction under section 269-UD of the Act.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The same does not mean that the mere fact that such difference is more than 15% will, automatically, lead to the conclusion that there has been undervaluation of property with the motive of evading tax.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ right of pre-emptive purchase under section 269UD is not a right of pre-emption simpliciter but is a right which can be exercised only in the cases where there is significant under valuation in agreement of sale with a view to evade tax.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF0000">Central Excise </font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399">An assessee cannot be faulted for taking a lesser amount of credit than is due to him under the law : CESTAT </font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Supposeyou take an amount of credit less than what is due; what happens? Revenue denies the entire credit. Ingenuity of Revenue to come up with Show Cause Notices for such unimaginable offences is remarkable.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399">Refund - Demand for recovery of erroneous refund has to be made under Sec 11A within prescribed time limit - No unjust enrichment in refund of pre-deposit - Board circulars are binding on department : Tribunal</font></strong></font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><u>See
our columns on Monday for the judgements</u></b></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday with more DDT</font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice Weekend.</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>
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