Deloitte eyes No. 1 Position in Indirect Tax Consulting

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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Deloitte eyes No. 1 Position in Indirect Tax Consulting

AIT News Network

MUMBAI. Indirect Tax Practice has become a goldmine for Consulting Industry with more and more MNCs setting up manufacturing or servicing base and SEZ in India and the Consulting Companies have become aggressive in shift of their strategy to garner bigger slice of the cake of the field.

Deloitte which was considered No. 4 in Indirect Tax Practice some time back is growing at a pace faster than its competitors by picking right people at the right time and is now eyeing No. 1 Position by its aggressive hiring strategy and induction of several experts in its fold.

Atul Gupta an ex-IRS Officer and Top Indirect Tax Expert has been inducted as Partner-cum-Executive-Director(Indirect Tax) in Delhi while Prashant Deshpande PWC’s face in Mumbai for last several years has been inducted as Leader-cum-Executive Director in Mumbai. Many more Indirect Tax Experts are set to join Deloitte in next few months and it may double the number of experts in a short time.

Till now Deloitte had only one Partner(Indirect Tax) Thirumalai who is based in Hyderabad. With the Practice growing and the field opening ; the induction of more Partners was part of the strategy to grow at a faster pace.

Even other Consulting Companies who have only one or two Partners in Indirect Tax Practice have decided to induct many more Partners as the sole Partner is traveling 4 days in a week and cannot handle the growing demands of the clients. Placement Agents have already been sounded by the Companies to look for Partners in places like Chennai, Bangalore, Kolkata, Pune, Hyderabad and Ahmedabad on compensation ranging from Rs 1 Crore to Rs 2 Crore Per Annum.

Further, Top Management of some companies have a new thought that there is no point in paying Rs 4 Crore Per Annum to a Partner who is sharing the profit of whole India’s Practice when 4 Partners can be hired in 4 Crore and they can be stationed in 4 Metros and in turn the Practice can also grow proportionately.

Over dependence on limited Partners also costs the Companies heavily as it exposes itself to the risk of the Partner moving out to its competitor with his team and the clients.

But Indirect Tax field is very exclusive field and it is not easy to find a Domain Expert of the field who can handle the clients on his own. Some Companies have relaxed all the rules of recruitment and are open to hiring Candidates without any Professional Degree as Partner as positions can not be left vacant and the Company needs faces for presenting to its clients . A Big 4 Consulting Company hired a Candidate without any Professional Degree as Partner-cum-Executive Director(Indirect Tax) on package of Rs 1.5 Crore Per Annum for providing Professional Advisory Services to its MNC clients. No matter if the candidate is not eligible to appear before any service tax, central excise or customs authority as a Consultant; he can still appear as a Consultant before his MNC clients who are not going to ask for his degree. For appearing before the authorities others can be hired. The job profile given to the candidate includes interviewing and hiring 6 dozen Professionals for the Company and giving Opinion on legal and technical issues to its clients.

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