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(See 'Guest' Column) Suppression of facts - SCN issued after a period of two and half years after assessee had voluntarily disclosed their affairs is not barred by limitation - High Court upholds order of Tribunal (See 'Breaking News') Telangana wants back Rs. 1274 crores taken away from RBI by Income Tax Department (See 'DDT') Whether if writ petition has been allowed and assessee was permitted to file its objections before authority concerned, is there any justification on part of Writ Court for giving direction for making deposit of 10% of tax amount - NO: HC (See '2015-TIOL-1507-HC') Uniform Allowance Taxable? (See 'DDT') I-T- Whether if assessee falls within first proviso to sec 2(15), benefit of registration which flow from sec.12A, would still be available to it - NO: ITAT (See '2015-TIOL-941-ITAT') Cairn Energy's Arbitration Plea rejected - Taxation Outside Arbitration (See 'DDT') PM calls for Second Green Revolution; lays down foundation stone for Agri Research Institute in Jharkhand RBI Dy Governor R Gandhi says banks are easy prey to fraudsters Mumbai empty local train rams into platform at Churchgate station Ensure that Gold does not glitter for money launderers (See 'TIOL Edit') Govt may go for import of onions to curb rising prices ST - Appellant paid ST through cheque on due dates & same stand realised on a later date - date of deposit of cheque is date of payment as per Rule 6(2A) - demand of interest not sustainable: CESTAT (See '2015-TIOL-1259') PM worried over falling sex ratio in 100 districts ST - Notification 1/2006 - Reversal of CENVAT credit along with interest at later date also amounts to non-availment of credit - Benefit of exemption available: CESTAT (See 'Breaking News') Sushma goes on 3-day tour to Thailand; to sign India-Thailand DTAA PM to launch Power Development Scheme tomorrow Govt says NO to Airlines’ move to charge pax for Check-in baggage No TDS on certain payments made to venture capital funds (See Notification No 51 in 'What's New') US Supreme Court upholds same-sex marriage; UN Chief welcomes (See 'Breaking News') GST Bill - Some Glaring Deficiencies (See 'ST se GST tak') I-T - Whether provisions of Sec 2(47) are applicable where assessee has been showing flats in question as stock-in-trade (See '2015-TIOL-938-ITAT-AHM') 246 mn people used illicit drug in 2013: UNODC (See 'Breaking News') Cus - Policy for import of marbles and granites - Petition seeking to quash Notification No.65 (RE-2010)/2009-2014 - There is no illegality in impugned notification: HC (See '2015-TIOL-1500') Terror attacks in France, Kuwait and Tunisia condemned (See 'Mixed Buzz')
 
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DDT is one year old

TIOL- DDT 252
01 12 2005
Thursday


One YEAR of DDTDAILY DOSE OF TAXATION

with Vijay Kumar

It’s not celebration but a reminder that so much is yet to be done! Thank you netizens for your support.


 

EPCG – 25% bank guarantee for custodians

Board has decided that service providers in the port handling sector who are appointed as Custodians by the jurisdictional Customs/Central Excise authorities shall be eligible for 25% Bank Guarantee for importing capital goods under EPCG Scheme. Circular No.58/2004-Cus. dated 21.10.2004 stands modified to this effect.

CIRCULAR NO. 49/2005-Cus, Dated : November 29, 2005

Anti-dumping duty on Acrylonitrile Butadiene Rubber (NBR),

The Anti-dumping duty on Acrylonitrile Butadiene Rubber (NBR), originating in, or exported from European Union (except Germany), Brazil and Mexico was imposed by Notification No. 53/2005-Customs dated the 7th June, 2005 and was to be valid till 6th day of December, 2005. Now this provisional duty is confirmed and Notification No. 53/2005 is superseded.

NOTIFICATION NO. 100/2005-Cus., Dated: November 29, 2005

Standard Input Output Norms (SION) changes

The DGFT has brought in several changes in the Standard Input Output Norms (SION)

PUBLIC NOTICE NO. 70 (RE:2005)/2004-2009, Dated: November 29, 2005

Import of marble – DGFT clarifies

As per DGFT Circular No. 24/2004-09 dated 30.8.2005,

“Eligibility- Entitlement would be restricted to those applicants who have set up manufacturing / processing units in the country and have made imports of these items in the preceding years when these items were under SIL list.”

Now the DGFT clarifies that

“manufacturing / processing units should have been set up during the years when marble was under SIL List or before. Hence documentary evidence showing establishment of manufacturing / processing units during that period should be produced”.

Similarly the circular prescribed that

The total import of rough marble blocks under Exim Code Nos.25151100, 25151210, 25151220, will be subject to a ceiling of 1.30 lakh MT per licensing year. The entitlement of individual firm will be worked out on the basis of the turnover of the preceding year. The applicant will be required to furnish a Chartered Accountant certificate certifying his turnover.

Now the DGFT clarifies that

the entitlement will be calculated on the basis of the turnover of marble imported under Chapter 25 of the ITC (HS) Classification of Export Import Items 2004-09 only. These companies who have been importing under Chapter 25 may also add their complete turnover for imported marble for the preceding year i.e. 2004-05. For this purpose a revised Chartered Accountant certificates indicating turnover of the preceding year (2004-05) based on above criteria should be filed.

POLICY CIRCULAR. NO 34 (RE-2005)/2004-09, Dated : Nov 30, 2005

Corrupt Customs – a global phenomenon?

Of 10 areas rife with corruption in Vietnam, the field considered top is land management, followed by customs and traffic police, according to a survey by the Central Committee for Internal Affairs.

Most respondents said that corruption is stirred by greed, not by poverty, because it often occurs among figures in authority. Corrupt officials often intentionally cause difficulties for citizens seeking civil services in order to extort money from them. 

From a report in VietNamNet Bridge yesterday.

Until tomorrow with more DDT

Have a nice day.

Mail your comments to vijaywrite@taxindiaonline.com


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: happy b'day

Wishing all the best for the DDT baby! It is really making very good impact among all concerned. Keep it up.

nuts.

Posted by jaikumar seetharaman
 
Sub: Crossing the infant stage

Sir,

Congrats and many wishes for the day. DDT has crossed the infant stage and has become a house hold name among netizens of TIOL In these fast moving days such daily dose is absolutely necesaary to keep oneself updated. DDT means Daily Doubt removing Tree- Best wishes again.
By,
M.RAM KUMAR,
BANGALORE

Posted by ramkumar ramkumar
 
 
 
 
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