Exchange Rate for imported goods is Rs 74.03 Per Pound Sterling and Rs 51.22 Per Yen-Exchange Rate for export is Rs 72.45 Per Pound Sterling and Rs 49.94 Per Yen-Customs Non-Tariff Notification No.128 Sensex slips further and closes at 8773 100 per cent EOUs allowed to export non-basmati rice-DGFT Notification No.59 Customs duty of 5 per cent imposed on import of Pig Iron, spiegeleisen, semi-finished products, flat products & long products Import of Crude Soyabean Oil subjected to 20 per cent customs duty- no change in import duty on refined soyabean oil-Customs Tariff Notification No.122 Time-limit for filing refund of service tax extended to 6 months-Service Tax Notification No.32 Rahul Bajaj asks Industry to prepare for the worst Tariff Value for import of Brass Scrap is 3525 and for poppy seeds 5206-Customs Non-Tariff Notification No. 127 CBEC clarifies the entire amount of duty paid by the manufacturer, as shown in the invoice would be available as credit irrespective of the fact that subsequent to clearance of the goods, the price is reduced by way of discount or otherwise-Central Excise Circular No.877 Mandavariya (Kishangarh), District Ajmer notified for Unloading of imported goods and loading of export goods-Customs Non-Tariff Notification No.117 SC Ruling-the entitlement of benefit in terms of Section 32AB, Section 80HH and Section 80I of the Income Tax Act- conversion of Jumbo rolls of photographic films into small flats and rolls in the desired sizes amounted to manufacture/production-AIT-2008-413-SC SC Ruling-Whether any "gift" arose in terms of Section 2(xii) of the Gift-tax Act, 1958 on the allotment of rights issue by the appellant company to its shareholders vide Board's Resolution- Whether there was any element of "gift" as defined under Section 2(xii) in the appellant issuing Bonus shares in the ratio of 1:23-AIT-2008-412-SC DEPB benefit allowed on export of cement and steel-DGFT PN 108 exports of cement in all types and forms and primary steel products eligible for export incentives under Focus Market Scheme-DGFT Notification No.58 Import of Marble Tiles-DGFT Notification No.57 Clarification on setting up Duty Free Shops approved by FIPB-Customs Circular No.19 HC Ruling-Income Tax-"reserves" arising out of the acquisition of the business of Tata Cellular Limited could never have the character of "income" in the hands of the petitioners-pre-requisite condition contained in proviso to section 147 to enable the re-assessment to be opened after period of 4 years have elapsed have not been met-AIT-2008-410-HC HC Ruling-Central Excise- valuation of the goods for the purpose of excise duty and whether excise duty was chargeable under Section 4 or Section 4A of the Central Excise Act 1944-while construing rule 3, who are excluded are only the institutional or industrial consumers as explained in Rule 2A and the industrial or institutional consumers in terms of the proviso to rule 2(p) for the purpose of chapter-II are the same-If the person who purchase the prepacked commodity not directly from the manufacturer or packers, they are consumers and the declaration will be of no effect-AIT-2008-408-HC Government considering imposition of import duty on steel Bad News for Consulting Engineers- whether turnkey contract can be vivisected?- The conclusion in Daelim case on the point, prima facie, being not in accordance with law, matter goes to Larger Bench-AIT-2008-405-CESTAT Larger Bench of CESTAT rules Credit is admissible on an input service relating to the business-AIT-2008-407-CESTAT credit of the service tax paid on the outdoor catering (canteen) service is admissible as input service under Rule 2(l) of the Cenvat Credit Rules, 2004-AIT-2008-406-CESTAT The payment for use of "services for MTNL/other companies via the interconnect/port/access/toll by the assessee would not fall within the purview of payments as provided for under section 194J of the Act, so as to be eligible for tax deduction at source-The interconnect charges/port access charges cannot be regarded as fees for technical services-AIT-2008-404-HC Computation of Value under Section 14 for Levy of Export Duty - Customs Circular No. 18 Advance Ruling- Whether the service fee paid by the applicant to Intertek Testing Management Limited UK under Global Management Service Agreement is taxable as "Royalties & Fee for Technical Services" as per the provisions of Article 13 of DTAA between India & UK? Whether the applicant is required to deduct tax at source on the service fee paid to Intertek Testing Management Limited, UK, at the rate of 10% plus applicable surcharge and cess as per the provisions of section 115A(1)(b)(BB) of the Income-tax Act-AIT-2008-401-AAR Larger Bench of SC Ruling-whether the revenue can be precluded from filing an appeal even though in respect of some other years involving identical dispute no appeal is filed -AIT-2008-403-SC SC Ruling-whether transfer of Banking Undertaking gave rise to taxable capital gains under Section 45 of the 1961 Act-it was not possible to compute capital gains and, therefore, the said amount of Rs. 10.20 cr. was not taxable under Section 45 of Income Tax Act-AIT-2008-400-SC Export duty of 8 per cent notified in place of earlier rate of Rs. 200 per tonne on export of iron ore fines-Customs Tariff Notification No.121 Pan Masala Packing Machines (Capacity Determination And Collection of Duty) Second Amendment Rules, 2008-Central Excise Non-Tariff Notification No.45 SC rules Ethylene and propylene manufactured by the assessee and used in its factory in the further manufacture of the same goods would be entitled to the benefit of exemption contained in notification no.217/86-AIT-2008-398-SC New DEPB Rates on export of all products notified–DGFT PN 102 service tax paid under Section 66A is available as 'input credit' under Cenvat Credit Rules, 2004 provided the said services are used as input services by the manufacturer or producer of final products or a provider of output taxable service-Service Tax Trade Notice No.43/2008 Anti-dumping duty imposed on import of cable ties from China & Taiwan-Customs Tariff Notification No.118 Definitive Anti-dumping duty imposed on import of Phenol from Singapore, South Africa & European Union-Customs Tariff Notification No.114 High-tech products entitled to benefits under High-Tech Products Export Promotion Scheme –DGFT PN 101

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Company’s Name cannot be substituted under Rule 20:Advance Ruling

AIT News Network

New Delhi. Authority for Advance Rulings(Income Tax) while a recent ruling has dismissed the Petition of M/s Gameplan Sports Private Limited as misconceived .The applicant had asked for amendment in name of the company mentioned in the Application under Rule 20 of the Authority for Advance Ruling (Procedure) Rules , 1996.

The Facts: The applicant is an Indian company engaged in the business of management of sport events. On the assertion that it entered into an agreement with M/s Taj Television Ltd. PO Box 502018, Dubai Media City, Dubai , UAE on 10.05.2005 it sought advance ruling of the Authority on the following question :-

i. What is the nature of the contracted payment to be made Taj Television Ltd. (i.e whether this is royalty or business income in the hands of the recipient)?

ii. Whether the payment to be made to Taj Television Ltd. for purchase of advertising rights is taxable in India under the provisions of income tax Act, 1961 ?

iii. Whether resort can be taken to the Double Taxation Avoidance Agreement between India and UAE for determining taxability of the said payment ? if so , what is the article applicable for determining taxability of the said payment?

iv. Whether tax is required to be deducted at source before making the said payment?

During the course of hearing of the application on 23.11.2005 it became necessary to call for a copy of the UAE tax Decree and the certificate of incorporation of M/s Taj Television Ltd. in Dubai. At that stage the applicant come forward with the petition under rule 20 of the Authority for Advance Ruling (Procedure) Rules , 1996 for amendment of records.

It was stated in the application, inter alia that the Registered office of the Taj Television Ltd is at Mauritius and it is a resident of Mauritius.

On these facts the petitioner sought amendment of the application by substituting TAJ TELEVISION LTD Dubai with Taj TV Ltd. , Mauritius.

The Ruling: The petition under Rule 20 of the rules is misconceived .Rule 20 of the Rules read as follows:-

Rule 20 – Amendment of the Record

If at any stage of the proceedings before the Authority it appears that there is any factual of material error in the records the same shall be amended after hearing the applicant and the Commissioner.

A perusal of the Rule 20 of the Rules shows that what is permitted to be amended by way of amendment of records is any factual material error and such a amendment can be made at any stage of proceedings before the Authority. The real question, therefore, is whether on the facts and in the circumstances of the case can the rule be invoked to substitute one company for another company by way amendment of record.

From the above narration of facts, it appears to us that M/s Taj Television Ltd. Dubai and M/s Taj TV Ltd. Mauritius are two different companies. In the absence of any material or record we are also unable to accept that the Dubai Company is only a branch of Mauritius Company. The description given in the agreement, in respect of which advance ruling is sought in the application and other papers filed along with the application, the name of Dubai Company appears. Even if the name of Mauritius Company is permitted to be substituted in the application, the said company's tax liability cannot be determined as in the agreement the name of Dubai Company is entered. For these reasons, we dismiss the application filed under Rule 20 of the Rules by the applicant.

( Click here for full text of ruling AIT-2006-95-AAR )