Top Tax Expert SC Tiwari joins AIT as Advisor

the Appellate Tribunal was right in holding that the second reassessment proceedings were not validly initiated and thereby quashing the reassessment proceedings-the proceedings initiated by the AO for the second time under Section 147 is barred by limitation-even the proviso to Section 147 does not come into play on the facts of the case-AIT-2010-373-HC Even if the goods belong to same entry, manufacture does take place if new identifiable/marketable goods known in market emerge due to operation conducted-the process of ironing applied to the stiched brassieres prior to their packing was a process incidental to the completion of the brassieres as a manufactured product-process of purification and filtration being incidental or ancillary to the manufacture of a marketable product, the Respondent was entitled to Modvat credit on the inputs involved-AIT-2010-370-HC Larger Bench of CESTAT rules the Tribunal has ample power to condone the delay in filing the appeal including the one filed under section 35 E (4)-AIT-2010-372-CESTAT Corruption in IRS takes its toll-Deputy Commissioner of Income Tax Dhananjay Kumar arrested by CBI in Mumbai-Joint Commissioner of Customs & Excise Hemant Kothikar also arrested by CBI FM directs expediting of Cadre Restructuring in CBDT & CBEC Tariff Value for import of Brass Scrap is 3924-Customs Non-Tariff Notification No. 78 Chief Justice of Gauhati High Court Justice Ranjan Gogoi to be Chief Justice of Punjab & Haryana High Court Anti-dumping duty on imports of Acrylic Fibre originating in, or exported from Japan and Belarus-Customs Tariff Notification No.85 Prescribing SION for new product “Propylene” under Chemical & Allied Products Group-DGFT PN 7 Inclusion of Finished Leather in the Focus Product Scheme of FTP-DGFT PN 6 Exchange Rate for imported goods is Rs 47.25 per US Dollar and Rs 60.35 per EURO-Exchange Rate for export goods is Rs 46.30 per US Dollar and Rs 58.70 per EURO-Customs Non-Tariff Notification No. 77-Click on Exchange Rate for details Anti Dumping Duty under the Notification No.15/2007 is not applicable to Spandex Yarn (Elastomeric yarn)-Customs Circular No.30 Import of goods under Notification No.13/2010 for Commonwealth Games, 2010-Customs Circular No.31 Larger Bench of CESTAT rules charges towards pre-delivery inspection and after-sale-service by dealers from buyers of the cars to be included in the assessable value of cars for payment of excise duty-AIT-2010-366-CESTAT merely because there was non accounting of goods, penalty was technical and inference of clandestine removal was not called for-AIT-2010-365-HC ITAT rules provision for doubtful debts and provision for standard debts are to be taken into consideration for computation of book profit u/s. 115JB of the IT Act-AIT-2010-361-ITAT HC rules slitting of aluminum foils into customized width, mounting the same on the printing machine and thereafter printing the necessary text thereon is covered for 80IB benefit as it falls within the ambit of the term “produce”-AIT-2010-363-HC Definitive Anti-dumping duty imposed on imports of Coumarin, originating in, or exported from China-Customs Tariff Notification No. 82 Special Bench of ITAT Ruling-where a forward contract is entered into by the assessee to sell the foreign currency at an agreed price at a future date falling beyond the last date of accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date of the accounting period i.e. before the date of maturity of the forward contract-AIT-2010-355-ITAT-SB

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Top Tax Expert SC Tiwari joins AIT as Advisor

AIT News Network

MUMBAI Authority on Direct Taxes and Mumbai based Tax Professional; Mr SC Tiwari has joined Allindiantaxes as Advisor. Known as SCT in Tax Circle; Topper of 1968 Batch of Indian Revenue Service, Mr Tiwari has been Member of ITAT for a decade ranging from January 1997 to May 2007.

Domain Achiever in Direct Taxes, Mr Tiwari is advising several Big Corporates and MNCs on Tax liability and legal issues. He holds a unique place in the tax field and his Opinion is considered last word in Income tax litigation. His areas of expertise include DTAA, Corporate and MNC Taxation and almost all fields of Income Tax Laws and Practice.

LL.B. from Rajasthan University, Jaipur, Mr Tiwari joined Indian Revenue Service in 1968.

He has held various positions in the Income tax department and the Ministry of Finance and has hands on experience of 39 years in tax field. He has served as Deputy Secretary, Department of Revenue, Ministry of Finance in Central Board of Direct Taxes, North Block, New Delhi from November 1982 to June 1987.

He was sponsored by United Nations Development Programme (UNDP) and has completed course on Tax Administration conducted by Institute of Tax Administration, Los Angeles, USA under the accredition of Golden Gate University, San Francisco.

He was Commissioner in Income Tax Department from 1988 to 1996 and held various quasi-judicial positions including the assignments as Commissioner (Appeals).

He was a Member of Income Tax Appellate Tribunal from January 1997 to May 2007 and has been posted in ITAT’s Kolkata, Delhi and Mumbai Benches and has pronounced several significant rulings on tax issues which are relied upon by the Advocates and CAs in litigation before the Authorities.

AIT subscribers and netizens will be immensely benefited by his vast knowledge and domain expertise. He can be mailed at tiwarisc@yahoo.com

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