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Cenvat credit on services used in dutiable and exempted products

15th March 2013 In a significant ruling, the Bombay High Court has held that the a manufacturer of dutiable and exempted goods will be entitled to Cenvat credit of service tax paid on input services used in a location engaged in manufacture of exempted goods but such exempted goods are used further in another location in the manufacture of dutiable goods.  Tribunal decision In the case be...

Budget 2013 – Advance Rulings provisions set to be widened

14th March, 2013 Advance Rulings provisions in Central Excise and Customs are set for certain major changes. The amendments proposed by the Finance Bill 2013 include redefining the ‘activity’ to enhance the scope of the Advance Rulings provisions to cover new businesses proposed to be undertaken by the existing importers, exporters and producers/manufacturers.  Applicants will be able to ta...

No protection if mark tweaked to exploit semi-literate market

30th January, 2013 The Intellectual Property Appellate Board (IPAB) has held that trademarks ‘KRT’ and ‘PRT’, in respect of food articles, are deceptively similar having conceptual similarities. The Board noted that the goods, namely rice, was procured by semi-literate and uneducated masses on trust with an imperfect picture of the goods and hence the class of customers could be easily duped....

Company’s customs dues cannot be recovered from Directors

29th January, 2013 Relying on the definition of ‘defaulter’ in Indian Customs Rules for attachment of property of defaulters for recovery of government dues, a High Court in India (Delhi High Court) has held that the director and the company are separate juristic persons and therefore dues recoverable from the company cannot be recovered from a director.  The Court noted that there is no p...

Payment of advance tax does not amount to disclosure of income

29th January, 2013 The Supreme Court of India has held that payment of Advance Tax by an assessee, by itself, would not tantamount to disclosure of income for the relevant assessment year. Deciding on a batch of Special Leave Petitions, the Court examined ‘Total income’, ‘undisclosed income’ and ‘current income’ as provided in various sections of the Indian Income Tax Act, 1961. It stated ...

Recovery of confirmed demand – CBEC issues new guidelines

5th January, 2013 New guidelines for initiating recovery proceedings by the Revenue Department have been issued the Central Board of Excise and Customs (CBE&C). The circular issued recently for this purpose relates to recovery in cases where the stay application is pending or where no stay application or appeal has been filed against the order confirming demand of tax / duty. Circular No.967/...

Developing nations seek changes in agri rules in WTO

31st December, 2012 India along with many developing countries has proposed amendment to the WTO’s Agriculture Rules on public stockholding for food security purposes and for domestic food aid. As per the proposals, circulated in WTO last month, if a developing country government purchases food for its stocks or for its domestic aid, at administered prices in order to support low-income, r...

ITAT rules on deductibility of forward contract premium

30th November, 2012 In an interesting case dealing with conversion of rupee loan into foreign currency loan, the Income Tax Appellate Tribunal (ITAT), Bangalore upheld the orders passed by lower appellate authority and agreed with the reasoning of the Asessing Officer (AO).  The AO sought to verify the real nature of the expenditure and concluded that foreign exchange fluctuation loss as clai...

Service Tax - Old accounting codes & description restored

23rd November, 2012 Accounting codes for payment of service tax, interest and penalty have been changed. Descriptions as provided for earlier in the positive list scenario have been restored and made applicable to the new negative list regime also. Field formations under the Central Board of Excise & Customs had sought such restoration and is meant for the purpose of collection of statistics....

International shipping profits - Taxability under Indo-Swiss DTAA

23rd November, 2012 The Income Tax Appellate Tribunal (ITAT), Mumbai, in its recent decision dated 6-11-2012 while considering the question of taxability of international shipping profits in India or Switzerland under the agreement for avoidance of double taxation and prevention of fiscal evasion with Swiss Confederation (Indo-Swiss DTAA), interpreted the terms ‘dealt with’ and ‘effectively c...

Tax on airlines emission - EU suspends carbon tax

23rd November, 2012 The European Union has temporarily suspended implementation of its new tax on airlines based on their carbon emissions. The suspension must still be endorsed by the European Parliament and the European Council and it will be effective for a period of one year. This means that airlines will not be required to surrender their carbon credits for flights operating in 2012. ...

Exclusive dealership agreements with group companies not anti-competitive

23rd November, 2012 Exclusive dealership agreements with group companies do not lead to anti-competitive business practices. The Competition Commission of India (CCI) has held that agreement between group companies cannot be said to be falling under the category of contraventions of Section 3 of the Competition Act, 2002. It was held that the principle is in conformity with the internationall...

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