Excise & Customs : Eight items classifiable as 'Toys' [Exempt] : (1) City of Games (Paris); (2) City of Games (London); (3) Games of States (USA); (4) Games of States (India); (5) Match & Move Memory; (6) Mould & Paints; (7) Game of Games and (8) Go to the Head of Class
Thursday 28 August 2014
HC denied to admit appeal as issue relating to valuation of assets made by ITAT was question of fact
WT : Where Tribunal relying upon its orders passed in earlier assessment years, reduced valuation adopted by Departmental valuer in respect of beneficial interest of assessee in jewellery held by a trust on account of various factors such as joint ownership, cumulative burden of tax liabilities, hazard and risk of litigation etc., said question relating to valuation of asset being a pure question of fact, impugned order passed by Tribunal did not require any interference.
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F. No.437/90/2014-Cus IV
Government of India
Ministry of Finance
Department of Revenue
(Central Board Excise & Customs)
*****
New Delhi, dated 25 th August, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002
(as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of
1962), the Board hereby assigns the Show Cause Notice DRI F.No.109/KOL/APP/
2012/6314-6341,6344-6345 dated 06.12.2013 and Corrigendum DRI F.No.109/KOL/
APP/2012/1210-1214 dated 26.03.2014 issued by Additional Director General,
Directorate of Revenue Intelligence, Kolkata Zonal Unit, Kolkata in the case of M/s
Gayson & Co. (P) Ltd., 18-D Everest, 46C Chowringhee Road, Kolkata and others to
the Commissioner of Customs (Port), 15/1, Strand Road, Custom House, Kolkata for the
purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
1. The Additional Director General, Directorate of Revenue Intelligence, Kolkata
Zonal Unit, 8, Ho Chi-Minh Sarani, Kolkata-700071
2. The Additional Commissioner of Customs (Preventive), Custom House, 15/1,
Strand Road, Kolkata-700001
3. The Additional Commissioner of Customs, (Port), 15/1, Strand Road, Kolkata-
700001
4. The Additional Commissioner of Customs, Custom House, Near Balaji Temple,
Kandla-370210
5. The Additional Commissioner of Customs (Sea Port-Import), Custom House, 60
Rajaji Salai, Chennai-600001
6. The Additional Commissioner of Customs (Port-Import), Jawaharlal Nehru Custom
House, Nhava Sheva, Taluka-Uran, Dist-Raigad, Maharashtra-400707
7. The Additional Commissioner of Customs (Preventive), Sarda House, Bedi Bandar
Road, Opp-Panchavati, Jamnagar-361002
8. The Additional Commissioner of Customs, Custom House, New Harbour Estate,
Tuticorin-628004
9. The Additional Commissioner of Customs (Muland CFS & General), New Custom
House, Ballard Estate, Mumbai-400038
10. The Additional Commissioner of Customs (ICD), Customs, Central Excise &
Service, Noida, C-56/42, Renu Tower, Sector-62, NOIDA-201307
11. webmaster.cbec@icegate.gov.in
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F. No.437/91/2014-Cus IV
Government of India
Ministry of Finance
Department of Revenue
(Central Board Excise & Customs)
*****
New Delhi, dated 25 th August, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002
(as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of
1962), the Board hereby assigns the Show Cause Notice DRI F.No.66/KOL/
APP/2012/53-100 dated 03.01.2014 issued by Additional Director General, Directorate of
Revenue Intelligence, Kolkata Zonal Unit, Kolkata in the case of M/s Rohit Ferro Tech
Ltd., SKP House, 132A, S.P. Mukherjee Road, Kolkata and others to the Commissioner
of Customs (Port), 15/1, Strand Road, Custom House, Kolkata for the purpose of
adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
1. The Additional Director General, Directorate of Revenue Intelligence, Kolkata
Zonal Unit, 8, Ho Chi-Minh Sarani, Kolkata-700071
2. The Commissioner of Customs (Port), Custom House, 15/1, Strand Road, Kolkata-
700001
3. The Additional Commissioner of Customs, Custom House, Kolkata-700001
4. The Additional Commissioner of Customs, Inland Container Depot -Patparganj,
New Delhi-110020
5. The Additional Commissioner of Customs, Custom House, Port Area,
Visakhaptnam -530035
6. The Additional Commissioner of Customs (Import & General) New Custom House,
Near IGI Airport, New Delhi-110037
7. The Additional Commissioner of Customs (Port-Import), Jawaharlal Nehru Custom
House, Nhava Sheva, Taluka-Uran, Dist-Raigad, Maharashtra-400707
8. The Additional Commissioner of Customs (Sea Port-Import), Custom House, 60
Rajaji Salai, Chennai-600001
9. webmaster.cbec@icegate.gov.in
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F. No.437/12/2014-Cus IV
Government of India
Ministry of Finance
Department of Revenue
(Central Board Excise & Customs)
*****
New Delhi, dated 25 th August, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002
(as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of
1962), the Board hereby assigns the Show Cause Notice DRI F.No.23/34/2013-
DZU/5383 to 5393 dated 08.11.2013 issued by Additional Director General, Directorate
of Revenue Intelligence, Delhi Zonal Unit, New Delhi in the case of M/s Sun Infonet (P)
Ltd., 3/31 West Patel Nagar, New Delhi and others to the Commissioner of Customs,
Inland Container Depot, Tughlakabad, New Delhi for the purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
1. The Additional Director General, Directorate of Revenue Intelligence, Delhi Zonal
Unit, B-3 & B 4, 6 th Floor Paryavaran Bhawan, C.G.O. Complex, Lodhi Road,
New Delhi.
2. The Commissioner of Customs, Inland Container Depot, Tughlakbad, New Delhi.
3. The Commissioner of Customs, Inland Container Depot, Patparganj, Near Gazipur
Bus Depot, Delhi, having its office at Inland Container Depot, Tughlakbad, New
Delhi.
4. The Joint/Additional Commissioner of Customs (Import), Air Cargo Complex,
Near IGI Airport, New Custom House, New Delhi.
5. webmaster.cbec@icegate.gov.in
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F.No.437/98/2014-Cus IV
Government of India
Ministry of Finance
Department of Revenue
(Central Board Excise & Customs)
*****
New Delhi, dated 25 th August, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002
(as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of
1962), the Board hereby assigns the Show Cause Notice F.No.DRI/AZU/GRU-
60/2013(Vidres India)154-155 dated 10.04.2014 issued by Additional Director General,
Directorate of Revenue Intelligence, Zonal Unit, Ahmadabad in the case of M/s Vidres
India Ceramics Private Limited, 306, Sarthik Square, Nr. Pizza Hut, S.G. Road,
Ahmadabad, Gujarat and others to the Commissioner of Customs, Ahmadabad for the
purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
(i) The Additional Director General, Zonal Unit, Ahmedabad, Rupen Bungalow, near
Jain Merchant Society, Paldi, Admedabad-380007.
(ii) The Commissioner of Customs, Custom House, Near All India Radio, Navrangpura,
Ahmedabad-380009
(iii) The Additional Commissioner of Customs (Import), Air Cargo Complex, Sahar,
Andheri (East), Mumbai-400099
(iv) The Additional Commissioner of Customs (Import), Jawaharlal Nehru Custom
House, Nhava Sheva, Tal- Uran, Distt.- Raigad, Maharashtra-400707
(v) webmaster.cbec@icegate.gov.in
Cenvat reversal: ‘Exempted’ services to cover all services exempted by notifications and non-taxable
Cenvat Credit : Expression 'exempted service' in Cenvat rule 2(e) covers taxable services but fully exempted by notification, and also non-taxable services; therefore, inter-connecting usage charges (IUC) collected by telecom service provider was to be regarded as 'exempted services', for period prior to it became taxable for first time
Only deductible expenditure could be subjected to sec. 40(a)(ia) disallowance for TDS default, says
IT : In order to fall within ambit of section 40(a)(ia), it is sine qua non that assessee should have been otherwise eligible for deduction of sum which is sought to be disallowed by invoking provisions of section 40
BIS standard can’t be followed for classification of items unless prescribed in Custom’s Tariff
Excise & Customs: Where any issues were not raised by assessee before lower authorities and also not raised in grounds of appeal before Tribunal, same cannot allowed to be raised at time of final hearing before CESTAT for first time
Proceedings for dishonour of cheque couldn’t be initiated against director if Co. itself wasn’t part
Negotiable Instrument Act : In absence of company as a party in complaint under section 138, proceedings against its director could not be continued
ITAT directs afresh examination as TPO denied chance of hearing to assessee and failed to examine it
IT/ILT: Where TPO in making transfer pricing adjustment had not afforded any opportunity of being heard to assessee and even failed to examine contentions and arguments of assessee in this regard; approach adopted by TPO was not justified, matter was to be remanded for fresh adjudication
RBI removes stipulations regarding manner of acquisition of Govt. securities by eligible foreign inv
FEMA/ILT : Purchase and Sale of Securities other than shares or Convertible Debentures of an Indian Company by a Person Resident Outside India
CBDT constitutes committee to approve any action proposed by AO to tax indirect transfer due to retr
IT/ILT : Section 119 of the Income-Tax Act, 1961 - Income-Tax Authorities - Instructions to Subordinate Authorities - Constitution of A Committee for Proper Administration of Certain Clarificatory Amendments Introduced in Clauses (14) and (47) of section 2, section 9(1)(I) and section 195 Vide Finance Act, 2012
Cotton Seen At 2009 Low By Gap’S Indian Partner On China
Cotton is set to fall to the lowest in five years as demand slows in China, the world’s biggest consumer, and India heads for a record crop, Arvind Ltd. (ARVND) said. Futures declined for the first time in three days.
Prices are poised to retreat to a range of 55 cents to 60 cents a pound by December, said Sanjay Lalbhai, chairman of India’s biggest denim maker, which retails Gap Inc. and Tommy Hilfiger Corp. brands. The harvest in the South Asian nation, the world’s second-largest grower, may jump to a record 40 million bales of 170 kilograms (375 pounds) each in the 12 months starting Oct. 1 from 37 million bales this year, he said.
Futures slumped 21 percent in New York this year, making it one of the worst performers on the Bloomberg Commodity Index of 22 raw materials, as global stockpiles increase to a record high. Lower prices would help reduce costs for Gap and Levi Strauss & Co. as the U.S. government predicts the country’s inventories will expand at the fastest pace in three decades.
“Cotton has an oversupply situation both in the global market as well as the domestic market,” Harish Galipelli, head of commodities and currencies at Inditrade Derivatives and Commodities Ltd., said by phone from Hyderabad. “The demand dynamics are also weakening as countries like China have got a lower appetite.”
Futures have declined 31 percent from a two-year high of 97.35 cents reached on March 26 and traded at 67.13 cents on ICE Futures U.S. today. October-delivery contract on the Multi Commodity Exchange of India Ltd. declined 0.4 percent to 18,280 rupees per bale.
China’s imports fell 39 percent to 1.67 million tons in the first seven months from a year earlier, according to data from the General Administration of Customs. The country holds more than half of the global inventory, the U.S. Department of Agriculture estimated on Aug. 12.
Slowing demand from China would reduce India’s exports next year even as the harvest increases, Lalbhai said in an interview in Mumbai on Aug. 22. Shipments are estimated at 11.4 million bales this year, he said.
“It’s going to be a challenge to export the same amount of cotton next year,” Lalbhai said. Prospects for yarn exports, mostly shipped to China, may also be hurt by weakening demand in the Asian country, he said.
Stockpiles in the U.S., the world’s biggest exporter, will probably more than double to 5.6 million bales of 480 pounds each by July 2015, the biggest increase since 1986, the USDA said Aug. 12. Global reserves are poised to reach an all-time high of 105 million bales, the USDA estimates.
Declining cotton prices are “good news” for Gap and will benefit the company, Chief Financial Officer Sabrina Simmons said in an earnings call on Aug. 22.
Futures will probably find support in a range of 55 cents to 60 cents which equals the rate at which Chinese traders can import without government quota restrictions, according to Paul Reinhart AG. The price is equivalent to 65 cents including shipping and insurance at Chinese ports, Thomas Paul Reinhart, who is head of sourcing and marketing China, said in an interview on Aug. 5.
Source:- bloomberg.com
Framework To Boost Exports
The new NDA government’s first annual Foreign Trade Policy (FTP) statement will be unveiled soon. Normally presented after the Union Budget, the FTP has usually concentrated on measures to boost exports and reduce transaction costs.
It cannot explicitly reduce import or export duties — which are in the domain of the budget. However, the incentives for exporters have indirect implications for the exchequer. Employment generation in India through exports of manufactured goods has been a key objective of the FTP, which remains despite the change in nomenclature from the previous Exim Policy that was focussed on exports.
A proactive policy on imports is equally necessary in a scenario where India is integrating with the rest of the world. Within the country there are minimal import restraints. A consistent policy framework is necessary to deal with items such as imports of gold and petroleum. Recently, the FTP has outlined ambitious plans for the diversification of exports, both in terms of the range of products and the destination countries. These commendable efforts have, however, not improved India’s export performance which, like world trade itself, remains below par.
The new government’s orientation to trade cannot be really different from that of its predecessor. The Prime Minister, while inaugurating a port-based special economic zone, urged manufacturers to join in export promotion. In his Independence Day speech he called for a “make in India” movement, which has the potential to turn India into a global manufacturing hub. The emphasis in the FTP will naturally vary depending on current circumstances.
Multilateral trade as embodied by the WTO received a setback with India holding out against a previously agreed Trade Facilitation Agreement. While India has its own reasons — preserving the norms for domestic food security — the fact is that the failure in Geneva has spurred moves towards free trade agreements (FTAs), regional pacts, bilateral agreements and so on. These are inferior to rule-based multilateral trade, irrespective of any short-term gains they might confer.
The Commerce Minister’s call for a comprehensive review of the performance of all FTAs is noteworthy. India already has 14 agreements in force, including one with the ASEAN grouping of 10 countries, and is negotiating several others. Both India and China have free trade agreements with ASEAN, and unless cumbersome procedures relating to country of origin are scrupulously followed, India might face a flood of duty-free Chinese goods. Besides, FTAs have not exactly delivered on their promise of larger trade between signatories. These factors will surely weigh, even as India prepares to renegotiate stalled issues of the Doha round.
Source:- thehindu.com
Subvented Loan Scheme For Sugar Industry To End This Season
The government has decided to not to extend the financial assistance to sugar undertakings through interest subvented loan beyond this current season.
According to official sources, it was only meant for payment of arrears for the current season 2013.In fact even if loan applications are pending with the banks, the disbursements have tapered off since payments of arrears are already through in many parts except for Uttar Pradesh mostly.
The sugar industry had demanded to extend the scheme beyond this current season and increase the amount of loan by linking to last two sugar seasons and not three which is the current norm.
In December 2013, the centre had doled out Rs 6600 crore to the sugar industry to enable it to pay cane arrears to farmers. The loans were subsidized up to 12% interest subvention which worked out to around Rs 2750 crore to be met from the Sugar Development Fund under the Food Ministry.
As per official data, the sugar industry has paid Rs 47,852 crore to cane farmers till July 31 of the current marketing year ending September. The outstanding amount of sugarcane farmers of the country on sugar mills is Rs 9,252 crore which is about 16.20% of total amount payable during the current sugar season 2013-14.
Out of Rs 9,252 crore arrears, Uttar Pradesh millers owe maximum to cane farmers at Rs 5,741.74 crore followed by Karnataka mills at Rs 1,794.68 crore and Tamil Nadu mills at Rs 504.40 crore.
The Sugarcane (Control) Order, 1966 stipulates payment of cane price within 14 days of supply, failing which interest at the rate of 15% per annum on amount due for the delayed period is payable. The powers for enforcing this provision lie with the States/UTs.
In order to ensure payment of arrears, states have even resorted to coercive measures under essential commodities Act. In Uttar Pradesh, various districts appointed controller in private sugar mills for monitoring the stock of manufactured sugar and payment of cane arrears on regular basis.
The production of sugar in the country during last three sugar seasons as well as estimated production during current sugar season 2013-14 has been more than the domestic demand/consumption.
India's sugar production is estimated to rise by 4% to 25.3 million tonnes during 2014-15 marketing year starting October, despite a drop in cane area by 2%, according to industry estimates.
Sugar production of India, the world's second largest producer, is estimated at 24.3 million tonnes in the 2013-14 marketing year.
The annual demand is about 24 million tonnes. Keeping in view the estimated availability and demand/consumption of sugar, prices of sugar in the domestic as well as international market, the Government allowed export under Open General Licence (OGL).Thereafter, export of sugar is free subject to prior registration of quantity with the Directorate General of Foreign Trade (DGFT).
Source:- business-standard.com
Product is to be considered as such and not after addition of accessories for purpose of exemption u
Excise & Customs: Where exemption was only in respect of machines capable of laying bituminous pavement of 7 meters or more, Electronic Sensor Pavers designed for laying 3 to 6 meters pavement could not be exempt and fact that they could lay pavement of 7 meters or more after addition of accessories was irrelevant
Infrequent share dealings with intent of capital appreciation leads to taxation of resultant profit
IT: Where investment in shares was made with an objective of capital appreciation, there was infrequent-handful of transactions and dividend was also earned, profit from sale/purchase of shares was treated as capital gain
Freight agents are liable to service-tax on sum of brokerage from shipping and air lines except ocea
Service Tax : Prima facie, freight forwarders : (a) are not liable to service tax on profit earned on Ocean Freight Charges on exports and imports under 'Business Auxiliary Service'; but (b) are liable to service tax on brokerage from shipping/air lines
Assessee shall get interest on refund arising out of excess tax paid on estimation basis before fili
IT : Where assessee paid tax prior to date of filing return, tax paid by assessee was nothing but self assessment tax for purpose of section 140A and thus, assessee was entitled for interest on refund under section 244A
SEBI raises anchor investor's share in public issue under book building process to 60%
SEBI/INDIAN ACTS & RULES : SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2014 – Amendment in Regulations 26, 41, 43, 76 & Schedule XI and Insertion of Regulation 71A, 76A & 76B
SEBI releases norms of 'Core Settlement Guarantee Fund' for Clearing Corporations
SEBI : Core Settlement Guarantee Fund, Default Waterfall and Stress Test
RBI simplifies procedure of refinancing of ECBs
FEMA/ILT : Refinancing of ECB at Lower All-In-Cost – Simplification of Procedure
Tribunal had no jurisdiction to hear appeals on issues relating to remission of duty on goods destr
Excise & Customs : Tribunal does not have jurisdiction to hear appeals against order of Commissioner (Appeals) dealing with remission of duty on loss/destruction of goods during storage due to fire, etc.
No reassessment by AO to deny sec. 36(1)(viii) relief on basis of material considered during origina
IT: Where Assessing Officer allowed assessee's claim for deduction under section 36(1)(viii) in assessment framed under section 143(3), subsequently on basis of same material on record, he could not initiate reassessment proceedings taking a view that excess benefit was granted to assessee in terms of provisions of Act
Review order by Committee of Commissioners ruling no further appeal couldn’t be further reviewed
Excise & Customs : Where once legality and propriety of order passed by lower authorities has been reviewed and same is found to be legal and proper, no subsequent further review order can be passed to direct filing of appeal.
Operating ratio couldn't be basis of comparison if assessee was doing trading and not agency busines
IT/ILT : Where assessee entered into transactions of sales and purchases of goods with its AE located abroad on principal to principal basis which were akin to trading transactions, authorities below were justified in rejecting assessee's contention that while determining ALP appropriate ratio to be considered for comparing with other entities would be ratio of net revenue to operating costs
Services completed prior to June 1, 2007 not classifiable as works contract service
Service Tax : If a task/service is completed prior to 1-6-2007 and if part of consideration was received before 1-6-2007 and part thereafter, for part received after 1-6-2007, works contract composition scheme could not be claimed, as task/service completed prior to 1-6-2007 cannot be classified as works contract service
Petitioner director to get arrears of salary and perquisite for period he continued as director as p
CL : Where petitioner continued to act as director pursuant to CLB order until his shares were valued and payments were offered thereafter, he was entitled to get arrears of salary and perquisites for said period
Procedural lapse by assessee couldn’t lead to denial of unutilized credit of amalgamating Co.
Cenvat Credit : Credit lying in account of amalgamating company cannot be denied to be utilized by amalgamated company merely because of non-filing of declaration, when all facts were otherwise supplied, though not in prescribed form
Sec. 80-IB benefit is available to manufacturer even on income earned from job work
IT : Where after section 80-IB deduction, effective tax rate in hands of assessee became less than that of sister concern to whom sale at a price less than market price was allegedly made, no addition was to be made enhancing GP rate of such transactions
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