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Delhi HC rules on ‘setting up of business’

28 August, 2014 In yet another examination of when business had commenced, this time for the purpose of availing benefit under Section 10B of the Income Tax Act, 1961 (the Act) in respect of 100% Export Oriented Unit under STPI scheme, the Delhi High Court laid emphasis also on nature of activity and distinguished between a manufacturing entity and a service provider. Activities carried out...

No interest on provisional assessments made before13-7-2006 but finalized later

19 August, 2014 Interest is not payable by the importer when provisional assessment was made before 13-7-2006 but the same was finalized much later. Provisions for interest on finalization of assessments were introduced under Section 18(3) of Customs Act, 1962 from 13-7-2006. The dispute which was decided by New Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by its...

Deemed exports – Interpretation by Policy Interpretation Committee, prospective

18 August, 2014 Bombay High Court has held that interpretation placed on 15th March 2011 by the Policy Interpretation Committee in respect of deemed export benefits would not apply to supplies made prior to such interpretation. The court said that such cases would be processed by the authorities in accordance with the policy prevailing and as clarified prior to 15th March 2011. The case inv...

WTO Members fail to adopt the TFA protocol

7 August, 2014 India’s food security programme has been in focus in WTO since the Bali Session and thereafter till 31-7-2014. Much of the recent debate revolved around why India should not link the Trade Facilitation Agreement (TFA) with the Ministerial Declaration on public stockholding for food security purpose. Earlier India and other developing nations had put forth a proposal to amend ...

WTO’s Customs Valuation Agreement to be rectified

7 August, 2014 English and Spanish texts of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994 (Agreement on Customs Valuation) are set to be amended. According to the document (Reference: WLI/100) dated 28-7-2014 circulated in WTO, the proposal is to remove a conjunction “and” between the words “work” and “plans” and add a comma between the wo...

Budget 2014 – Advance Rulings and Stay/pre-deposit provisions to be amended

10 July 2014 Budget 2014 though on one hand brings some benevolent provisions in respect of applicability of Advance Ruling provisions to Private Limited Companies, the discretion of the Tribunal or the Commissioner (Appeals) in respect of grant of waiver of pre-deposit while filing appeals seems to have been withdrawn. In continuance of the last year’s Budget amendments when resident Publi...

Filter of extraordinary event in transfer pricing analysis

20 June, 2014 Even while being largely factual, transfer pricing cases make an interesting read and bring out new arguments. In Ness Innovative Business Services P. Ltd v. DCIT, decided on 18-6-2014, ITAT, Hyderabad examined a few such arguments in ruling out comparables included by the Transfer Pricing Officer (TPO).  The assessee was engaged in business of software development services, did...

Tax reforms panel suggests big, rapid changes

20 June, 2014 The Tax Administration Reform Commission (TARC) headed by Dr. Parthasarathi Shome has suggested merging of two Boards – Central Board of Excise & Customs (CBEC) and Central Board of Direct Taxes (CBDT). The panel says such integration of management can be achieved in 5 years time. Having separate Boards is not in tune with global best practices as per the first report of the com...

HDPE fabric is artificial silk

5th June, 2014 The High Court of Punjab & Haryana recently examined warp and weft to judge if HDPE woven fabric is artificial silk [A.R. Plastic P. Ltd. v. State of Haryana]. Disposing the batch of appeals by various dealers, it held that HDPE / PP woven fabric falls within entry 51 of Schedule B of Haryana VAT Act, 2003, (the Act)  and is exempt from VAT. Goods at issue The appellant s...

Multilateralism to stay despite RTAs - WTO Annual Report, 2014

4 June, 2014 The WTO released its Annual Report on 28-5-2014. Not surprisingly, the ‘Bali Package’ has been highlighted as an important milestone in negotiations. The WTO is now 159 member strong – notable new entrants being, Russia, Laos and Tajikistan. Yemen is also joining the WTO to take the tally to 160. On dispute settlement, the report states that although the number fell as compared...

Purchase of goods for execution of building contracts – concessional rate can be availed

16 May, 2014 The Calcutta High Court in Joyrath Projects P ltd v. Sales Tax Officer [W. P. No. 19185 (w) of 2013], had occasion to examine ‘transfer of property’ and determine whether good purchased for use in works contract being a building contract amounted to sale as per the Central Sales Tax Act. At issue was refusal by the Sales Tax Officer to issue C form to the dealer who had purchas...

Refund of ADD – Applicability of provisions of Customs Act

8 May, 2014 Delhi High Court has held that in the absence of Rules under Section 9AA(2)(i) of the Customs Tariff Act, 1975, limitation period of one year for making a refund application would be as indicated in Section 27(1B)(b) of the Customs Act, 1962, in the facts of the case. The court in Chandra Prabhu International Ltd. case hence allowed refund of anti-dumping duty, paid earlier under ...

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