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Govt accepts Shah Committee Report; No MAT on FIIs or FPIs prior to 1.4.2015 Strike call by CTUs on Sept 2 - CBDT asks field formations to make necessary arrangements to keep offices open New Revenue Secretary invites suggestions for tax reforms (See 'Mixed Buzz') India to join UN-sponsored Better Than Cash Alliance (See 'Mixed Buzz') Nikkei India Manufacturing PMI shows slower growth in August Cus - Smuggling of gold - CCESC did not have jurisdiction to entertain such application as there was complete bar provided in third proviso to s.127B(1) r/w s. 123 - order passed by Settlement Commission is without jurisdiction: High Court (See 'Breaking News') Ain't no summer time blues for me! (See 'TII EXCLUSIVE' in Taxindiainternational) CENVAT credit suo motu reversed by assessee - where there has been no determination of demand u/s 11A(2), penalty u/s 11AC cannot be imposed: CESTAT (See 'Breaking News') I-T - Whether AO's jurisdiction to make assessment u/s 143(3)(ii) is based on issuance of notice u/s 143(2)(ii) and proviso to clause (ii) of sub-Section (2) of Sec 143 clearly stipulates that a notice must be served - YES: HC (See 'Breaking News') National Litigation Policy - Low Value Appeals - Monetary limit - Board Instructions not retrospective (See 'DDT' Column) Criminal prosecution in taxation statutes (See 'Guest Column') Import of Metallic Waste and Scrap at JNCH Instructions (See 'DDT') Cus - There is no dispute that Importer imported goods on basis of DEPB scrips, which were valid at time of import and therefore, such document is valid, till it is not set-aside - extended period cannot be invoked: CESTAT (See 'Breaking News') Interpreting section 3 of CEA - Who wins and who loses (See 'Guest Column') Govt Warns against Babus Direct Representation to PM (See 'DDT') Whether in case of Co-operative Credit Society, interest income& policy charges received from non-members will be eligible for deduction u/s 80P - NO: ITAT (See '2015-TIOL-1361') Swacch Bharat - JSL installs SS modular toilets at Municipal Schools (See 'Mixed Buzz') Core Sector again slows down; logs 1.1% growth in July OMCs reduce petrol price by Rs 2 and diesel by 0.50 paise per litre Law Commission for abolition of death penalty except in terror cases Rs 1274 Cr income tax dues of AP Beverages Corp - RBI asked to release withheld fund to Telengana (See 'Mixed Buzz') Govt accepts Shah Committee Report; No MAT on FIIs or FPIs prior to 1.4.2015 Strike call by CTUs on Sept 2 - CBDT asks field formations to make necessary arrangements to keep offices open New Revenue Secretary invites suggestions for tax reforms (See 'Mixed Buzz') India to join UN-sponsored Better Than Cash Alliance (See 'Mixed Buzz') Nikkei India Manufacturing PMI shows slower growth in August Cus - Smuggling of gold - CCESC did not have jurisdiction to entertain such application as there was complete bar provided in third proviso to s.127B(1) r/w s. 123 - order passed by Settlement Commission is without jurisdiction: High Court (See 'Breaking News') Ain't no summer time blues for me! (See 'TII EXCLUSIVE' in Taxindiainternational) CENVAT credit suo motu reversed by assessee - where there has been no determination of demand u/s 11A(2), penalty u/s 11AC cannot be imposed: CESTAT (See 'Breaking News') I-T - Whether AO's jurisdiction to make assessment u/s 143(3)(ii) is based on issuance of notice u/s 143(2)(ii) and proviso to clause (ii) of sub-Section (2) of Sec 143 clearly stipulates that a notice must be served - YES: HC (See 'Breaking News') National Litigation Policy - Low Value Appeals - Monetary limit - Board Instructions not retrospective (See 'DDT' Column) Criminal prosecution in taxation statutes (See 'Guest Column') Import of Metallic Waste and Scrap at JNCH Instructions (See 'DDT') Cus - There is no dispute that Importer imported goods on basis of DEPB scrips, which were valid at time of import and therefore, such document is valid, till it is not set-aside - extended period cannot be invoked: CESTAT (See 'Breaking News') Interpreting section 3 of CEA - Who wins and who loses (See 'Guest Column') Govt Warns against Babus Direct Representation to PM (See 'DDT') Whether in case of Co-operative Credit Society, interest income& policy charges received from non-members will be eligible for deduction u/s 80P - NO: ITAT (See '2015-TIOL-1361') Swacch Bharat - JSL installs SS modular toilets at Municipal Schools (See 'Mixed Buzz') Core Sector again slows down; logs 1.1% growth in July OMCs reduce petrol price by Rs 2 and diesel by 0.50 paise per litre Law Commission for abolition of death penalty except in terror cases Rs 1274 Cr income tax dues of AP Beverages Corp - RBI asked to release withheld fund to Telengana (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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