IT: Where assessee was engaged in business of trading of shares, gold bullion and commodities and it claimed deduction of administrative and other expenses, which were relatable to both speculative and non-speculative activities, bifurcation of said expenses in ratio of 2:3 between speculative and non-speculative income was justified
Thursday, 1 August 2013
Advertisement of petition is a precondition for Company Court to order winding up
CL: Company Court cannot order winding up of a company without ordering petition to be advertised
Purchases wasn't doubtful if suppliers couldn't appear but other material were furnished to prove au
IT : Where sales supportted purchase and payment was made through banks, merely because suppliers had not appeared before Assessing Officer purchase could not be rejected as bogus
US Court rejects Rajratnam's 'causal connection' argument; Upholds conviction for insider trading
ILT : Conviction for insider trading is justified if material non-public information given to defendant was a factor, in his decision to purchase or sell stock
No penalty under Sec. 76 if service tax is paid along with interest before issue of show cause notic
ST : Where assessee has paid service tax along with interest prior to issuance of show-cause notice, assessee cannot be made liable to penalty under section 76
Amount transferred by NR from his foreign to domestic account couldn’t be deemed as unexplained cred
IT : Where assessee did not stay in India for a period of 182 days or more in any of assessment years in question, he was to be regarded as non-resident and, therefore, amount transferred from his foreign account to domestic account could not be brought to tax in India by invoking provisions of section 68
Jump In Coal Imports Led To 44% Rise In Forex Outgo Last Quarter
Riding on the back of constrained domestic production, India’s coal imports jumped 33 per cent in the quarter ended June 30, leading to a foreign exchange (forex) outgo of close to $1.9 billion (Rs 11,485 crore on Thursday), up 44 per cent against $1.3 billion in the year-ago period.
The jump in costly shipments of the commodity, and the associated forex outgo, comes at a time when the government is struggling to stem a widening current account deficit, which stood at a record 4.8 per cent of gross domestic product (GDP) last financial year. The energy-hungry country imported 27.7 million tonnes (mt) of coal between April and June, compared with 20.7 mt in the corresponding period last year, according to data obtained from the Indian Ports Association (IPA).
ALSO READ: NTPC eyes to mine 100 MT coal by FY20 from new blocks
The 44 per cent rise in the forex outgo is based on an average coal price of $69.5 per tonne (5,500 kilocalorie Indonesian coal landed at Visakhapatnam port) this financial year, a 7.7 per cent increase over the average price of $64.5 per tonne last year. Indonesian coal accounts for a bulk of India’s thermal coal imports of around 110 mt annually. Another 25 mt of steel-making coking coal is imported largely from Australia and South Africa. Overall, imports are likely to go up to 180 mt in FY14.
The impact of the rising imports has been heightened by a weakening rupee. In value terms, India saw a drain in forex worth Rs 10,830 crore on account of coal imports in the first quarter based on an average conversion rate of Rs 57 for every dollar the previous quarter. This is a 57 per cent increase over the Rs 6,890 crore outgo in the corresponding period last year at the then conversion rate of 53 per dollar.
ALSO READ: FM ascribes CAD to gold, crude, coal imports
Experts attribute the exponential increase in coal imports for the world’s third-largest producer to an ongoing decline in local output and to a recent decision by the government to allow power generators to pass on the burden of high cost of fuel imports to consumers.
ALSO READ: Investment-grade corporates standing up to forex stress
“Domestic coal demand has shown a rising trend because of the Union Cabinet’s approval for pass-through of imported coal cost. Also, Indian demand was subdued last year. I see global prices going up further, by at least five per cent, by the end of this financial year even as the ongoing scenario of economic gloom has partly dampened demand elsewhere,” said Dipesh Dipu, partner at resources-focused consultancy Jenisse Management Consultants.
Coal is among the top five items in India’s import bill of around $415 billion annually. The bill rises owing to the weakening rupee, leading to higher inflation and a wider current account deficit. This strains the country’s foreign reserves and further strains GDP growth that slowed to a decade low of five per cent last financial year
Source:-www.business-standard.com
Rupee Down 27 Paise At 60.70/Dollar In Early Trade
The rupee today lost 27 paise to 60.70 against the dollar in early trade on the Interbank Foreign Exchange market on higher demand for the US currency from importers, even as RBI took more measures to curb the domestic unit's fall.
Forex dealers said apart from higher demand from importers for the American currency, the dollar strengthening against other currencies in the global market on encouraging economic data also weighed on the rupee.
But a higher opening in the domestic equity market limited the rupee's fall.
Meanwhile, the Reserve Bank, in yet another step to rescue the rupee, yesterday tightened hedging rules by making it mandatory for foreign institutional investors to obtain the consent of holders of participatory notes and derivative instruments before hedging.
ALSO READ: RBI gets tough with speculators to boost rupee
The domestic currency had closed lower by three paise at 60.43 against the dollar in the previous session.
Meanwhile, the BSE benchmark Sensex rose by 134.51 points, or 0.69%, at 19,451.70 in the early trade today.
Source:-www.business-standard.com
SAT slapped penalty on cos. on their failure to redress investor's grievance and furnishing details
SEBI : Where company failed to redress investors grievance and furnish details under authentication for SEBI Complaints Redress System (SCORES), penalty was to be imposed on it for alleged violation
India Crude Oil Imports To Grow Marginally
01-Aug-2013
NEW DELHI—India's crude oil imports are likely to increase just a tad this financial year as the country didn't add any refining capacity for more than a year, a senior oil ministry official said Thursday.
The country is expected to import 186.06 million metric tons, or 3.73 million barrels a day, of crude oil in the fiscal year through March, the official said. That would be 0.5% more than last year's 3.71 million barrels a day.
India, one of the world's biggest refiners of crude oil, didn't commission any capacity since March 2012 due to low demand from industrial and retail consumers amid a slowdown in the domestic and global economy. The country imports more than four-fifths of the crude oil it requires.
The local economy grew 5% in the last fiscal year, its slowest pace in a decade. Wednesday, the government said the economy would expand 5.5% to 6.0% this fiscal year, but most economists expect the growth to be closer to 5%.
"You import crude to refine it. If no new refining capacity comes on stream, the import trend will be almost flat," said the official who didn't want to be named.
Citing provisional estimates of the oil ministry, the official said India's refineries will likely process 222.97 million tons, or 4.47 million barrels a day, of crude oil this fiscal year, a 1.2% increase from last year. India's demand for petroleum products is projected to be 162.03 million tons, compared with 155.42 million tons last year.
Local crude oil output is estimated to rise 3.43% to 39.2 million tons, or 787,220 barrels a day, this fiscal year.
Source:-online.wsj.com
July Gold Import Estimate Lower At 40 Tonnes
Gold imports in July are estimated to be significantly lower at around 40 tonnes, compared with a spurt in imports seen in April and May. Imports in July 2012 were 65 tonnes, said a bullion analyst.
As gold imports were contributing significantly to the country’s current account deficit, there were all-round efforts by the government and the Reserve Bank of India (RBI) to curb it, which led to a sharp fall in imports in June and July.
ALSO READ: Gold slips from nearly 4-mth high, down Rs 475 on global cues
A large chunk of these 40 tonnes entered India in the first three weeks of the month. On July 22, the Reserve Bank of India (RBI) issued a new policy, which linked gold imports with exports, and put restrictions on consignment import. This had created confusion on the procedural aspect of implementing the new norms, and imports came virtually on halt.
In April and May 2013, India imported 304 tonnes of gold, which had triggered several restriction on imports. However in June, imports fell to around $2 billion, while in July, at an average price of $1,288 per ounce, the imports bill is estimated to be around $1.65 billion. In July 2012, imports were 65 tonnes and at an average gold price of $1,594, the imports bill stood at $3.3 billion.
ALSO READ: Gold imports almost halted in wake of RBI rule confusion
Gold demand is likely to improve as the festive season is near. However, if imports remain restricted due to policy issues, the shortage of gold will only aggravate. Since the last couple of months, even gold jewellery exports have been badly affected by the shortage of gold.
The sector is expecting the central bank to soon clarify its policy on gold imports and jewellers are also awaiting its resumption of gold as hundreds of thousands of artisans are out of work until gold was not available.
Meanwhile on Thursday, in Mumbai market gold closed at Rs 28,270 per 10g against yesterday’s Rs 28,525, while silver closed Rs 41,950 a kg against yesterday’s Rs 42,455.
ALSO READ: More steps to reduce CAD soon, says Rajan
Gold was trading at a Rs 500 premium to the landed cost on Thursday. This is due to some bear operators have been trapped in the futures market and prices went up. They are willing to give delivery of gold but that is not available in the physical market and, hence, ready to pay huge premiums for the delivery.
Source:-www.business-standard.com
Coffee Exports Fall 4% In Jan-July To 0.22 Mn Tonnes
August 1, 2013
India's coffee exports have declined four per cent to 217,492 tonnes between January and July, compared to 226,703 tonnes in the corresponding period last year. In value terms, Indian exporters earned Rs 3,210 crore, a fall of 4.5 per cent over the same period last year.
The unit value realisation was marginally lower at Rs 1,47,605 per tonne, compared to Rs 1,48,256 per tonne in the year ago period. In US dollar terms, the value of exports declined 11.36 per cent to $596.73 million as against $673.28 million in the corresponding period last year.
"Coffee exports are more or less in line with our expectations. We had projected a five-10 per cent drop in exports this year. The continued economic slump in western European countries, which is the major market for Indian coffee, has affected our exports. Also, the sharp drop in Arabica prices owing to a bumber crop in Brazil has added to the woes of exporters," Ramesh Rajah, president, Coffee Exporters Association of India said.
He said for the full year ending December 2013, India's exports would be 290,000 tonnes, a drop of six per cent over the previous year. In 2012, India exported 307,776 tonnes.
Arabica coffee has seen a drop of 15-20 per cent during the last six months from $1.50 a pound in January this year to $1.25 a pound presently. This was largely due to a bumper crop harvested by Brazil this year. "The exporters could not make much benefit out of rupee depreciation in the recent days as the prices also fell. However, the realisations from Robusta are likely to be better in the coming months," Rajah added.
Out of total exports, Indian origin coffee accounted for 174,700 tonnes, which is a decline of 10 per cent over the same period last year. Between January and July 2012, the country exported 194,228 tonnes of Indian origin coffee.
Coffee exporters from India import raw coffee and add value before re-exporting to various countries. During the first seven months of the current calendar year, India re-exported 42,792 tonnes, a growth of 31.7 per cent over the same period last year. Last year, the country re-exported 32,475 tonnes of coffee, which is mainly instant coffee.
India exports coffee to Italy, Germany, the Russian Federation, Belgium, Jordan, Slovenia and the United States among other countries. Italy is the largest market for Indian coffee and contributes 25.6 per cent of the total exports, followed by Germany, which contributes 10.7 per cent of the total exports.
For the first four months of the current financial year from April to July, India's coffee bean exports were down 6.6 per cent. The exports declined to 118,769 tonnes in the period as against 127,187 tonnes in the same period last financial year
Source:-www.business-standard.com
Essar Steel To Raise $2 Bn Through Pre-Export Finance
01-Aug-2013
KOLKATA: Essar Steel is planning to raise $2 billion through pre-export finance for pre-payment of existing rupee debt. The company said its move to raise funds against confirmed export orders forms part of a strategy to replace rupee loans by dollar denominated ones. The latest fund raising plan, for which the company has already received necessary approvals, is a part of Essar Steel's strategy to dollarize the balance sheet.
Last month, Essar Steel had raised $1bn through external commercial borrowing (ECB) that resulted in an annual saving of Rs 450 crore. With the latest round of re-financing, the company has managed to dollarise $3 billion of debt. "Essar Steel's exports add up to over $ 1 billion. Given the rupee devaluation it is the right time for us to raise funds against our exports orders," Ashutosh Agarwala, CFO and director (finance) Essar Steel India said.
The move to raise $2 billion will help de-risk the company's balance sheet as Essar Steel's revenue is dollar -linked and hence provides a natural hedge against dollar debt, he added. Agarwala said the company's efforts are focused on bringing down the average interest cost and extend the average tenure of debt. Essar Steel has been focusing on exports and is one of the biggest foreign exchange earners in India through export of steel products. Since steel prices are determined in terms of landed cost of imports it shows a high degree of corealtion in international and domestic markets.
Essar Steel, which has a total debt burden of around $4 billion, is in a unique position to benefit from the changes in the rupee-dollar exchange rate. The expansion of its steelmaking facilities at Hazira was taken up when the rupee was trading at Rs 40 to a US dollar. With the exchange rate breaching the Rs 60 to a US dollar mark, the company will save significantly by dollarising the balance sheet at the current exchange rate. This includes reduction of average interest cost from rupee linked rate to average interest rate of 8.5%, which will result in a large interest saving of upto Rs1500 crores annually.
The company also hopes to extent the average tenure of its debt from 3.5 to 6.5 years. In the current year FY14, Essar Steel which has set up a 10 million tonne facility has decided to ramp up capacity from the present 4.5 million tonne to 6 million tonne .
Source:-economictimes.indiatimes.com
HC directs SEBI to initiate action for Satyam scam even if criminal proceedings are pending on same
SEBI : SEBI directed to commence proceedings against petitioner for alleged offences committed in Satyam Scam irrespective of fact that criminal proceedings were pending against petitioner for similar allegations
SEBI can start action against petitioner even if he is facing criminal prosecution for same allegati
SEBI: SEBI directed to commence proceedings against petitioner though petitioner was facing criminal prosecution for similar allegations
No concealment penalty on incorrect treatment of subsidy if its nature is debatable
IT: Where issue whether amount of grant-in-aid was capital receipt or a revenue receipt was a debatable issue, penalty under section 271(1)(c) could not be imposed
Legitimacy of gift by grandmother to her grandson during her last days couldn’t be doubted
IT : Gift from a old lady only to son or grandson with whom she spent her last days, cannot be doubted
Under SARFAESI Act auction of a mortgaged property to be completed if it is confirmed by secured cre
CL : In terms of provisions of section 13(8) of SARFAESI Act, sale of a mortgaged property in auction proceedings would be complete and property would get transferred only when sale is confirmed by secured creditor and not by authorised officer who conducts auction proceedings and accepts bid amount subject to confirmation by secured creditor
Asset of liquidating co. can't be sold unless permission of entity having charge over such asset is
CL: Where plant and machinery of company-in-liquidation was sold by it without permission of State Financial Corporation which had charge on same, such sale would be invalid
Unsecured creditor can't seek hearing prior to issue of directions to convene meeting of class credi
CL : Where applicant-company filed application for convening meeting of class creditors in order to consider proposed scheme of compromise and arrangement, objector being one of scheme creditors, was entitled to raise all his objections in meeting to be convened and as such, right of hearing claimed by him prior to issue of direction to convene proposed meeting, was to be negatived
Payment made for purchase of copyrighted software couldn't be deemed as royalty
IT/ILT: Mere purchase of software, a copyrighted article, for utilization of computer could not be considered as purchase of copyright and royalty
Service tax refund can't be denied without specifying documents required from assessee
ST : Department cannot deny refund alleging non-supply of 'requisite documents', it must specify, in writing, list of documents required, in addition to documents already submitted by assessee.
Mere rejection of claim in assessment proceedings won't cause imposition of concealment penalty
IT: In absence of either concealment or non-furnishment of particulars of income, mere fact that certain additions were made rejecting assessee's claim in course of assessment proceedings, would not lead to imposition of penalty
Notification No 30 (RE-2013) / 2009-2014 dated 01-08-2013
Government of India
Ministry of Commerce & Industry
Department of Commerce
Udyog Bhawan, New Delhi
Notification No: 30 (RE-2013)/2009-2014
New Delhi, the 1st August, 2013
Subject: Amendments in Para 3.12.7 of Foreign Trade Policy 2009-14 regarding SFIS.
S.O.(E) In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in the Foreign Trade Policy (FTP) 2009-14 with immediate effect:
2. Paragraph 3.12.7 of FTP is amended to read as under:
Existing Paragraph: Entitlement/goods (imported / procured) shall be non transferable (except within group company and managed hotels) and be subjected to Actual User condition.
Amended Paragraph:
Entitlement/goods (imported / procured) shall be non transferable (except within group company and managed hotels) and be subjected to Actual User condition. However, these goods can be alienated on completion of 3 years from the date of import / procurement.
Effect of this Notification: Goods imported / procured against SFIS scrips can be alienated on completion of 3 years from the date of import / procurement.
(Anup K. Pujari)
Director General of Foreign Trade
E-mail: dgft@nic.in
[Issued from File No. 01/91/180/1243/AM11/PC3]
Dominance in other market cannot be a ground to consider dominance of a party in relevant market
Competition Act: Where opposite party entered relevant market of WHR system only recently, its dominance in other markets could not be a ground to consider its dominance in WHR area
Supply of temporary services to an educational institution is exempt from service tax
ST/ECJ : Making available, for consideration, of a teacher to an educational establishment in which that teacher temporarily carries out teaching duties under responsibility of that establishment, is exempt being 'auxiliary educational services'
Customs Circular No 27/2013 dated 01-08-2013
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
Tariff Unit
Circular No.27 / 2103 - Customs
229A, North Block, New Delhi,
1st August, 2013
To
All Chief Commissioners of Customs/Customs (Prev.),
All Commissioners of Customs/Customs (Prev.),
All Chief Commissioners Customs & Central Excise,
All Commissioners of Customs & Central Excise,
All Directors General under CBEC.
Sir / Madam,
Subject: Harmonised Customs Tariff Classification of multifunction devices, referred to as “multifunction speaker system” – regarding
Representatives of trade have claimed classification of “multifunction speaker system” (combination of one or more of the following: Universal Serial Bus (USB) port, USB playback, Frequency Modulation (FM) radio as loudspeakers under heading 8518 based on premise that the principal function is that of a speaker system which involves conversion of digital signal to analogue, amplification, and relay to the listener.
- This issue was discussed in the Conference of Chief Commissioners of Customs and Directors General on Customs Tariff and Allied Matters, held on 05-06 June 2013, at Vishakhapatnam. Broadly following types of “multifunction speaker system”, were taken up for discussion, viz. (a) Speaker with USB port but without USB playback or FM radio, (b) Speaker with USB Port having USB playback but without FM radio (c) Speaker with USB port having FM radio but without USB playback (d) Speakers with USB port, FM radio, and USB playback.
- The competing headings are:
8518 - Loudspeakers, whether or not mounted in their enclosures: headphones and earphones, whether or not combined with a microphone, and sets consisting of a microphone and one or more loudspeakers: audio-frequency electric amplifiers: electric sound amplifier sets;
8519 – Sound recording or reproducing apparatus;
8527 – Reception apparatus for radio-broadcasting whether or not combined, in the same housing, with sound recording or reproducing apparatus or a clock.
- The view that in case of a “multifunction speaker system”, the “reception apparatus for radio-broadcasting (heading 8527)” or “reproduction function of sound as provided by USB play back (heading 8519)” is less important than the function of amplification and relay of sound, thereby leading to the inference that such products are classifiable in heading 8518, overlooks the fact that the HS nomenclature only mentions functions and does not refer to the complexity or sophistication of these functions. It appears that any sound reproducing playback device or reception apparatus for radio-broadcasting will need speakers for its effective functioning.
- The classification of goods is to be determined by application of the General Rules for the Interpretation (GRIs) of the First Schedule to the Customs Tariff Act (CTA), 1975. GRI 1 requires that, “in classifying articles, for legal purpose it shall be determined according to the terms of the headings and any relative Section or Chapter Notes,..”. Hence, all relevant legal texts must be considered. In this regard, Note 3 to Section XVI stipulates that, “unless the context otherwise requires, composite machines consisting of two or more machines fitted together to form a whole and other machines designed for the purpose of per-forming two or more complementary or alternative functions are to be classified as if consisting only of that component or as being that machine which performs the principal function”.
- During discussions held at the time of Conference, there was general agreement that in case of:
- “Speaker with USB port but without USB playback or FM radio”, the product would be classified in heading 8518, by application of General Rules 1. Speakers classified under heading 8518 include both passive speakers and active speakers. Active speakers, like many subwoofers, contain a built-in audio amplifier. The subheading under which speakers are classified depends on the number of ‘drive units’ - the actual loudspeaker cones or ribbons - in each cabinet or enclosure. Speakers with a single drive unit in each cabinet are classified under subheading 851821. Speakers with more than one drive unit in each cabinet - for example one woofer and one tweeter - are classified under subheading 851822. Speakers that are not mounted in a cabinet or enclosure are classified under subheading code 851829.
- “Speaker with USB Port having USB playback but without FM radio”, the principal function of the device is imparted by USB playback facility. Therefore the said multifunction speaker system is classifiable in subheading 851981 of the Harmonized Customs Tariff, which provides for Sound recording or reproducing apparatus: Other apparatus: Using magnetic, optical or semiconductor media: Other: Other.
- “Speaker with USB port having FM radio but without USB playback” the principal function of the device is imparted by Radio (reception apparatus for radio-broadcasting) and hence the multifunction speaker system classifiable under subheading 852799 by virtue of General Rules 1, Note 3 to Section XVI and 6.
- “Speaker with FM, USB port and USB playback”, if it is held that the principal function of the device is imparted equally by Radio (reception apparatus for radio-broadcasting) and USB playback facility then it would be classified by sequential application of GRI, according to Rule 3(c). According to this rule, of all the possible heading or subheading that could equally apply the heading / subheading that comes last in numerical order is used to classify the goods. Hence the said product is classifiable under subheading 852799 by virtue of General Rules 1, Note 3 to Section XVI, 3(c), and 6.
- The issue has also been examined by the Board. In view of the general consensus arrived at the Conference, Board desires that as mentioned in para 6 above, based on the specifications “multifunction speaker systems” may be classified under heading 8519, heading 8527 or the appropriate heading as the case may be.
- Suitable instructions in the matter may be issued to field formations for strict compliance and pending cases if any, may be decided accordingly.
Yours faithfully,
(Subodh Singh)
OSD (Customs), Tariff Unit,
Fax-011-23092173
F. No. 528/36/2013-STO (TU)
Internal Circulation: As usual.
Customs Circular No 28/2013 dated 01-08-2013
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Maturity period for NSC reduced to 5 years; rate of interest reduced by 0.10%
IT : National Savings Certificates (Viii Issue) Amendment Rules, 2013 - Amendment in Rules 15 and 16
Trade Notice No. 06 /2013 dated 31-07-2013
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Udyog Bhawan, New Delhi
Trade Notice No. 6/2013
dated 31st July, 2013
To
All RAs of DGFT
Members of Trade
Export Promotion Councils
Subject: Inviting Suggestions to prevent unintended benefit under Incremental Export Incentivisation Scheme
Government had announced ‘Incremental Export Incentivisation Scheme’ vide Notification No. 27 dated 28.12.2012 and Notification No. 3 dated 18.04.2013 .
2. In order to prevent unintended benefit under the scheme in cases where growth in exports is more than 25 % or the total incremental growth is Rs. 10 crore or more, RAs would have to be more careful. Their scrutiny of the claim may require, inter alia,
- Calling for evidence of manufacture / purchase of export goods i.e. excise return/sales tax returns or any other evidence.
- Checking exports of company from whom goods have been purchased i.e. whether such company had done export in previous 2 years and quantum of exports in current year.
- Calling for any other evidence to justify export growth and consequent entitlement of IEIS.
4. All stakeholders are requested / encouraged to give feedback /suggestion on the above matter preferably through e-mail to hardeep.singh@nic.in up to 18.00 hrs on 20.08.2013.
(Hardeep Singh)
Joint Director General of Foreign Trade
Email: hardeep.singh@nic.in
Issued from F. No. 01/61/180/188/AM13/PC3
Customs Notification No 80/2013 (NT) dated 31-07-2013
Government of India
Ministry of Finance
(Department of Revenue)
(Central Board of Excise and Customs)
Notification No. 80/2013 – Customs (N. T.)
New Delhi, 31th July, 2013
9 Shravana, 1935 (SAKA)
S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 , published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:-
“TABLE-1
| S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value US $ (Per Metric Tonne) |
| (1) | (2) | (3) | (4) |
| 1 | 1511 10 00 | Crude Palm Oil | 820 |
| 2 | 1511 90 10 | RBD Palm Oil | 855 |
| 3 | 1511 90 90 | Others – Palm Oil | 838 |
| 4 | 1511 10 00 | Crude Palmolein | 868 |
| 5 | 1511 90 20 | RBD Palmolein | 871 |
| 6 | 1511 90 90 | Others – Palmolein | 870 |
| 7 | 1507 10 00 | Crude Soyabean Oil | 952 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 3828 |
| 9 | 1207 91 00 | Poppy seeds | 2648 |
TABLE-2
TABLE-3
| S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value (US $ Per Metric Tons ) |
| (1) | (2) | (3) | (4) |
| 1 | 080280 | Areca nuts | 1613 ” |
[F. No. 467/01/2013-Cus.V Pt-I]
(S.C. Ganger)
Under Secretary to the Government of India
Note: - The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001 , vide number S. O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 75/2013-Customs (N.T.), dated the 15th July, 2013 , published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O 2165 (E) Dated, the 15th July, 2013.
Artificial loss sprouts when shares are sold to a related party at a lower price; concealment penalt
IT: Where shares were transferred to a closely connected firm at price lower than prevalent price at stock exchange, loss incurred on such transaction was non-admissible deliberate loss
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