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Compliance Window - CBDT clarifies no immunity to Directors under SEBI Act if Public Ltd Company makes declaration (See 'Breaking News') CBEC notifies Customs Exchange Rates effective from Sept 4 (See NT 84 in 'What's New') Black Money - Compliance Window - CBDT comes out with yet another detailed FAQ answering queries raised by TIOL TUBE (See Circular No 15 in 'What's New') Cus - Valuation - Set Top Boxes imported by appellants are not leviable to CVD on RSP/MRP basis in terms of Sec 4A of the CEA, 1944 except for Set Top Boxes actually sold: CESTAT (See 'Breaking News') FM takes off for Ankara to attend G-20 FMs Meet; IMF positive about growth prospects in India MAT on FIIs - CBDT communicates Govt decision to field formations; to amend I-T Act to give benefits to FIIs having no PE in India (See Instruction No 9) Govt Servants - Assets vs Liabilities - PM needs to take his call (See 'The Cob (Web)' Column) CX - Circular 77/99 based on which demand has been made alleging that CENVAT credit lying in account would lapse upon conversion from DTA to EOU does not elaborate under what provision unutilized credit will stand lapsed : CESTAT (See 'Breaking News') A Company standing guarantee for a Subsidiary Company – Lender Bank can initiate winding up proceedings against guarantor company: High Court (See 'DDT') ST - In absence of any addl evidence of there being larger subscriber base, differential ST liability for period Jan 2006 to Sept 2009 has to be held as being worked out on presumptions and assumptions: CESTAT (See 'Breaking News') ITAT President transfers 12 Members including Nine with immediate effect (See 'ITAT' in TIOL Library) I-T - Whether if 3 separate contracts are entered into but all were integral parts of composite contract, invoices raised separately can be subjected to TDS u/s 194C - NO: HC (See 'Breaking News') FTP - Applicability of Para 5.10 (d) of HoP relating to third party exports under EPCG Scheme (See 'DDT') Sales Tax - Whether in order to prove that a sale is export sale, important link to be proved is that local sale or purchase is inextricably linked with that of export of goods - YES: HC (See '2015-TIOL-2018') Arvind Subramaniam says economic growth moving in right direction SEBI to regulate Commodity Derivatives Market from Sept 28 (See 'Mixed Buzz') CBDT issues transfer order of 13 CITs (See 'Transfer' in 'Pitara') CBDT Extends Due Date For E-Filing Returns Upto Sept 7, 2015 (See 'Mixed Buzz') CX - Allegation of Revenue is that as activity of appellant does not amount to manufacture, therefore, appellant not liable to pay duty - as appellant has paid to Govt what amount is collected from customers as duty, therefore, provisions of sec 11D are not applicable: CESTAT (See 'Breaking News') Cabinet okays Marginal Fields Policy for development of hydrocarbon discoveries (See 'Mixed Buzz') Cabinet approves reimbursement of losses incurred by NAFED, STC & MMTC for import of pulses (See 'Mixed Buzz') MCA extends due date for filing of cost audit to Sept-end (See Circular in 'TIOL Library') Nine CITs (who are on deputation) get proforma promotion + 29 PCITs of 1987 batch promoted on ad hoc basis now promoted on regular basis WTO Panel set up over dispute between Indonesia and EU over biodiesel Compliance Window - CBDT clarifies no immunity to Directors under SEBI Act if Public Ltd Company makes declaration (See 'Breaking News') CBEC notifies Customs Exchange Rates effective from Sept 4 (See NT 84 in 'What's New') Black Money - Compliance Window - CBDT comes out with yet another detailed FAQ answering queries raised by TIOL TUBE (See Circular No 15 in 'What's New') Cus - Valuation - Set Top Boxes imported by appellants are not leviable to CVD on RSP/MRP basis in terms of Sec 4A of the CEA, 1944 except for Set Top Boxes actually sold: CESTAT (See 'Breaking News') FM takes off for Ankara to attend G-20 FMs Meet; IMF positive about growth prospects in India MAT on FIIs - CBDT communicates Govt decision to field formations; to amend I-T Act to give benefits to FIIs having no PE in India (See Instruction No 9) Govt Servants - Assets vs Liabilities - PM needs to take his call (See 'The Cob (Web)' Column) CX - Circular 77/99 based on which demand has been made alleging that CENVAT credit lying in account would lapse upon conversion from DTA to EOU does not elaborate under what provision unutilized credit will stand lapsed : CESTAT (See 'Breaking News') A Company standing guarantee for a Subsidiary Company – Lender Bank can initiate winding up proceedings against guarantor company: High Court (See 'DDT') ST - In absence of any addl evidence of there being larger subscriber base, differential ST liability for period Jan 2006 to Sept 2009 has to be held as being worked out on presumptions and assumptions: CESTAT (See 'Breaking News') ITAT President transfers 12 Members including Nine with immediate effect (See 'ITAT' in TIOL Library) I-T - Whether if 3 separate contracts are entered into but all were integral parts of composite contract, invoices raised separately can be subjected to TDS u/s 194C - NO: HC (See 'Breaking News') FTP - Applicability of Para 5.10 (d) of HoP relating to third party exports under EPCG Scheme (See 'DDT') Sales Tax - Whether in order to prove that a sale is export sale, important link to be proved is that local sale or purchase is inextricably linked with that of export of goods - YES: HC (See '2015-TIOL-2018') Arvind Subramaniam says economic growth moving in right direction SEBI to regulate Commodity Derivatives Market from Sept 28 (See 'Mixed Buzz') CBDT issues transfer order of 13 CITs (See 'Transfer' in 'Pitara') CBDT Extends Due Date For E-Filing Returns Upto Sept 7, 2015 (See 'Mixed Buzz') CX - Allegation of Revenue is that as activity of appellant does not amount to manufacture, therefore, appellant not liable to pay duty - as appellant has paid to Govt what amount is collected from customers as duty, therefore, provisions of sec 11D are not applicable: CESTAT (See 'Breaking News') Cabinet okays Marginal Fields Policy for development of hydrocarbon discoveries (See 'Mixed Buzz') Cabinet approves reimbursement of losses incurred by NAFED, STC & MMTC for import of pulses (See 'Mixed Buzz') MCA extends due date for filing of cost audit to Sept-end (See Circular in 'TIOL Library') Nine CITs (who are on deputation) get proforma promotion + 29 PCITs of 1987 batch promoted on ad hoc basis now promoted on regular basis WTO Panel set up over dispute between Indonesia and EU over biodiesel
 
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Income Tax - How to find out the difference between trader in stocks and investor in stocks

TIOL-DDT 366
19 05 2006
Friday

The CBDT proposes to issue guidelines to determine whether a person is a trader in stocks or an investor in stocks. One of the guidelines is the time devoted and to the extent to which it is the means of livelihood. Board invites comments from the public on this.

Deduction under 80HHC – Cascading effect of amendment in other statutes

The Income Tax Department has encountered a strange problem. As per Section 80HHC certain deductions are allowed on income earned from profits from exports. The Section mentions the Customs and Central Excise Duty Drawback Rules, 1971. But these rules have been replaced by the Customs and Central Excise Duty Drawback Rules, 1995. Now there are some smart officers who wanted to deny the benefit of 80HHC on the ground that there is no Duty Drawback Rules, 1971.

Now the CBDT has clarified that by virtue of the General Clauses Act, the benefits of Section 80HHC cannot be denied just because the Section mentions the 1971 Rules and not the 1995 rules.

This is what happens with too many enactments finding place in too many other acts and too many amendments with no clue as to what is mentioned where.

CBDT Circular No. 5/2006, dated May 15, 2006

Customs and Central Excise  amendments

Re-import of exported goods – Exemption Notification No. 94/96-Cus. grants exemption to various categories of exported goods when reimported. Now cut and polished precious and semiprecious stones exported for treatment abroad is included in the list.

Cut and polished diamonds Cut and polished diamonds when reimported after certification/grading by certain agencies are exempted. Now one more agency “Diamond Trading Company U.K.” is included in the list of grading agencies.

Exemption to EOUs – Conditions relaxed Notification No. 52/2003-Cus. dated 31-3-2003 allows exemption to goods imported by EOUs, STP and ESTP. Under the scheme certain conditions are now relaxed:

1) Goods may be transferred to other EOUs/SEZ under intimation to the proper officer - no need of permission.

2) Goods may be removed for test, repair etc under intimation to the proper officer  - no permission required.

3) Exemption is now allowed for import of promotional materials like brochures, literatures, pamphlets, hoardings, catalogues and posters.

Similar changes are made in the Central Excise exemption for procurement of goods by EOUs.

Notification No. 44/2006-Customs and 31/2006-C.E., dated May 17, 2006

FTP Amendments - The DGFT had amended the Hand Book of Procedures

1) In Para 2.12 the validity period of 24 months for DFIA is deleted.

2) Certain sea ports/air ports/ICDs/LCS added to the list of ports for imports and exports under the advance authorisation and DEPB.

3) The period of fulfilling export obligation in case of import of spices is restricted to 120 days.

Vehicles imported for R&D – Registration

As per Notification No. 2 dated 7.4.2006 vehicle manufactures and auto component manufacturers were allowed to import vehicles for R & D purposes. One of the conditions for such imports was that the vehicle will not be registered under the CMVR Rules in the country and will not ply on Indian roads. Now DGFT clarifies that the condition is applicable only for use as a passenger vehicle. For the limited purpose of carrying out endurance test, evaluation test and for other testing purposes, the vehicle may be registered as provided for in the CMVR Rules.

POLICY CIRCULAR NO. 06(RE-06)/2004-2009 Dated: May 18, 2006

non obstante - Notwithstanding. (any statute to the contrary)

In absence non obstante clause allowing prevailing of Narcotic Drugs and Psychotropic Substances Act, 1985 over Evidence Act, 1872 such statements could only be treated as previous statements under Section 145 ibid and not as substantive evidence

Retrospective amendment of excise rules empowering Revenue to recover duty - Even in such a case, demand has to be within limitation prescribed under Section 11A of Central Excise Act, 1944, in absence of non-obstante clause in amendment

Although a non obstante clause is used in Article 253 of the Constitution of India, it only explains and provides for the legislative competence of the Parliament for the whole or any part of the territory for the purpose of implementing any treaty or agreement with any other country or any decision made at any international conference etc. If the Parliament or the State Legislature are competent to lay down the guidelines and leave the implementation of the guidelines to the rule making authority, such a law cannot be held to be ultra vires because of a non obstante clause in Article 253.

Until Monday with more DDT

Have a nice Weekend.

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