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Tax Amicus: July 2013

This second anniversary - July 2013 issue of Tax Amicus includes article considering various aspects of tax planning of multinational companies having operations in multiple jurisdictions. It deliberates on issues concerning permanent establishment and anti-avoidance provisions. Risk Management System has been introduced in respect of exports from 15th of July, 2013 and new Customs Brokers Licensing Regulations, 2013 superseding the earlier Customs House Licensing Regulations, have been notified. Further, Customs portion in this issue also covers case law holding that refund of Special CVD is available in cases of clearance of goods from SEZ to DTA. Central Excise developments include amendment to Legal Metrology (Packaged Commodities) Rules, 2011, rationalizing the definition of terms ‘institutional consumer’ and ‘industrial consumer’ and CESTAT Delhi order holding that the benefit of Cenvat Rule 6(3)(1)/6(3)(b) is available even when quantity of dutiable goods manufactured is very less.

Service Tax exemption to units/developers in SEZ has been modified by superseding the notification issued in 2012 by new one which also omits the formula for computing amount of refund in specified cases. Ratio decidendi in this section covers CESTAT, Mumbai Order holding that manufacturing under own brand name, though out of raw materials supplied by another person, and then selling the goods through a marketing agent, would not be covered under Business Auxiliary Service. VAT Commissioner, Delhi has clarified that sun glasses are not covered under ‘spectacles’. This ruling has been further made applicable from April, 2005. Under Income Tax, this issue covers revised guidelines for transfer pricing of R&D Centers. Further, ITAT, Hyderabad has held that transfer pricing provisions are not applicable to an investment in share capital and to transactions where there is no income.

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