PWC may go Arthur Anderson way in India after Satyam's investors all set to sue PWC-employees of PWC float their CVs        AED or SAED levied on motor spirit and high speed diesel under the respective sections of the Finance Acts and NCCD on goods leviable to it, are not required to be paid for goods exported under bond from a manufacturing unit located in a Special Economic Zone. Similarly, a manufacturer located in a SEZ would be entitled to avail of the facility of export under claim for rebate in terms of rule 18 of the Central Excise Rules in respect of these duties-Central Excise Circular No.881    Under the various incentive schemes under Foreign Trade Policy, the computation of entitlement is to be done on the FOB value of exports inclusive of commissions and discounts, if any-DGFT Policy Circular No.51     Requirement of NOC before clearance of Ozone Depleting Substance (ODS) against Advance Authorizations-DGFT Policy Circular No.52      Bad News for PWC which audited Satyam Computers-Raju admits accounting fraud in company-Raju says it was like riding a tiger not knowing how to get off without being eaten     Raju may be arrested and prosecuted      Anti-dumping duty imposed on imports of Float Glass of thickness 2 mm to 12 mm (both inclusive) of clear as well as tinted variety (other than green glass) but not including processed glass meant for decorative, industrial or automotive purposes , originating in, or exported from, the Peoples' Republic of China and Indonesia-Customs Tariff Notification No.4     Anti-dumping duty imposed on import of  Mulberry raw silk (not thrown), 2A grade and below, originating in, or exported from China-Customs Tariff Notification No.5     Full Bench of HC Ruling-High Court is empowered to condone the delay in filing the Appeals under Section 35G of the Central Excise Act, 1944 which are filed beyond the prescribed period of 180 days-Section 5 of Limitation Act will be applicable to Appeals filed under Section 35G of the Central Excise Act, 1944-AIT-2009-05-HC   Co-relation of inputs with the export product under DFIA Scheme-DGFT Policy Circular No.50   Export of Stone Aggregate and River Sand to Maldives for the year 2009-2010-DGFT Notification No.75    Income-tax (First Amendment) Rules, 2009-Rule 40E- Prescribed conditions for the purposes of sub-clause (iii) of clause (B) of sub-section (2) of section 115WB-Income Tax Notification No.1   Income-tax (2nd Amendment) Rules, 2009 –Rule 5D & 5E amended-Income Tax Notification No.2   Government specifies the National Housing Bank (Tax Saving) Term Deposit Scheme, 2008 for the purposes of clause clause (xv) of sub-section (2) of section 80C of the Income-tax Act, 1961-Income Tax Notification No.3  Truckers demand duty free import of radial tyres and lowering of service tax    As per provision of Section 47(iv) of Income Tax Act whether the transfer of capital asset by a company to its wholly subsidiary company could be regarded as transfer and therefore capital gains tax could be levied on such transfer-AIT-2008-04-HC     Government grants full service tax exemption on taxable services provided to a Goods Transport Agency by their sub-contractors-Service Tax Notification No.1        DEPB Notification No.89/2005-Customs amended to provide benefits on clearances to SEZ- Customs Tariff Notification No. 3     Amendments made in DEPB Rates vide Public Notice No. 102 dated 05.11.2008 in respect of products where DEPB rates were reduced, stand withdrawn w.e.f. 5.11.2008 itself, thereby restoring the DEPB Rates notified prior to 5.11.2008, for the said items-DGFT PN 124     Government releases Rs. 600 crore to regional authorities of DGFT for payment of pending claims of Terminal Excise Duty and Duty Drawback under deemed export scheme-Government also releases Rs. 200 crore to the Development Commissioners of SEZs for payment towards pending claims of CST in respect of supplies made to 100% EOUs     Anti-dumping duty on import of acrylonitrile butadiene rubber (NBR) originating in, or exported from, Korea RP -Customs Tariff Notification No.1      Changes in Customs duty on specified goods-Customs Tariff Notification No.2    New Drawback Rates for Boots/half boots/shoes/sandals of leather-cum synthetic/textile materials-Customs Non-Tariff Notification No.1     Drawback Rates on several products hiked-Customs Non-Tariff Notification No.2      Government announces Second Economic Stimulus Package to boost recession hit Sectors-Exemptions from CVD on TMT bars and structurals, and from CVD and Special CVD on cement, withdrawn-Full exemption from basic customs duty on zinc and ferro alloys, withdrawn-Duty drawback benefits on certain items including knitted fabrics, bicycles, agricultural hand tools and specified categories of yarn  enhanced  retrospectively from 1st September 2008-Accelerated depreciation of 50% provided for commercial vehicles to be purchased on or after 1.1.2009 upto 31.03.09-Click on the link below for details     CENVAT Credit of service tax paid on all input services up to the Port allowed to Exporters-Click on the link below for details     As demanded by AIT; FinMin finally amends CENVAT Credit Rules to allow benefit of non-reversal of Credit on clearances to SEZ Developers-Central Excise Non-Tariff Notification No.50-Click on the lik below for details     Anti-dumping duty on import of Flexible Slabstock Polyol, originating in, or exported from, the People's Republic of China, Republic of Korea, Chinese Taipei and Brazil continued till 23rd July, 2009-Customs Tariff Notification No.138     Tariff Value for import of Brass Scrap is 3252 and for Poppy Seeds 4238-Customs Non-Tariff Notification No. 141            Import of new vehicles having an FOB value of US $ 40,000 or more and engine capacity of more than 3000cc for petrol run vehicle and more than 2500cc for diesel run vehicles exempted from policy provision of Import Licensing Note No. 2-DGFT Notification No.74    CBEC clarifies the classification of 'Combined refrigerator freezer with separate external doors' would be under sub- heading 8418 10 and not under 8418 21-Customs Circular No.23    Procedure relating to sanction and pre-audit of refund claims-Customs Circular No.22       Anti-dumping duty imposed on imports of Sodium Hydroxide(Caustic Soda)originating in, or exported from, Korea ROK and the People's Republic of China-Customs Tariff Notification No.137    Abatement from MRP for payment of excise duty lowered by 3 per cent on most of the products-Abatement on Auto Parts lowered to 30 per cent-Central Excise Non-Tariff Notification No. 49     excise duty of 300 PMT notified on cement clinkers-Central Excise Tariff Notification No.64     10% ethanol blended petrol exempted from excise duty    Duty free import of capital goods and spare parts under EPCG-Customs Tariff Notification No.136  Anti-dumping duty on import of phenol-Customs Tariff Notification No.135    Authority for Advance Ruling rules looking at the nature of activities carried on or to be carried on by the liaison office of Ikea Trading (Hong Kong) Ltd. in India, no  income would accrue or arise or deemed to accrue or arise in India in terms of section 5(2)(b) of Income Tax Act, 1961-AIT-2008-482-AAR      Authority for Advance Ruling rules the swapping premium is profit derived from the business of providing long-term finance (computed under the head 'Profits & Gains of Business or Profession' before making any deduction under this clause) in terms of section 36(1)(viii) of the Income Tax Act, 1961-specified percentage thereof is eligible for deduction u/s 36(1)(viii) of the Income Tax Act in view of the fulfillment of condition for carrying this sum to the special reserve-AIT-2008-483-AAR   Definition of 'Charitable purpose' under section 2(15) of the Income-tax Act-Income Tax Circular No.11      Import of Trucks/Tippers/Dumpers and spares thereof, under EPCG Scheme by any other sector except for the mining sector is not permitted-DGFT Circular No. 48    transitional arrangements in respect of items whose import has been restricted, shall continue-DGFT Circular No.49    SION norms for export of Shea Stearine notified-DGFT PN 118    The appellant an international firm of solicitors resident in UK, has no office or fixed base in India-the income of the assessee is charged on hourly basis in India and utilised in India shall only be chargeable to Income-Tax Act as disclosed in the return of Income-AIT-2008-480-HC       CBDT clarifies that any return of income for the assessment year 2008-09 filed electronically on 30th September 2008, in respect of which the electronic acknowledgement bears the date stamp of 1st October 2008, shall be treated as having been filed within the due date, i.e. 30th September 2008     Export of cement freely allowed from all Ports-DGFT Notification No. 73    Bombay HC rules it is only after enactment of Section 66-A w.e.f. 18.4.2006 that taxable services received from abroad by a person belonging to India are taxed in the hands of the Indian residents- In such cases, the Indian recipient of the taxable services is deemed to be a service provider-Before enactment of Section 66-A, there was no such provision in the Act and therefore, Union of India had no authority to levy service tax-Click on the link below for details        Import of all pre-packaged commodities subjected to compliance of all the provisions of the Standards of Weights and Measures (Packaged Commodities) Rules, 1977-Customs Circular No.21      Larger Bench of CESTAT rules in the case of provisional assessment under the Central Excise Rules, 2002 interest is required to be paid from the first day of the month succeeding the month for which such amount is determined-Interest is required to be paid even if the differential amount is paid before the order, under the Rule 7(3) of the said Rules, is issued finalizing the assessment-AIT-2008-473-CESTAT  
 
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CHAPTER VB           ADVANCE RULINGS

SECTION 28E. Definitions.   

 In this Chapter, unless the context otherwise requires, -

(a) "activity" means import or export;

(b)"advance ruling" means the determination, by the Authority, of a question of law or fact specified in the application regarding the liability to pay duty in relation to an activity which is proposed to be undertaken, by the applicant;

(c)      "applicant" means —

(i)  (a) a non-resident setting up a joint venture in India in collaboration with a non-resident or a resident; or

     (b)   a resident setting up a joint venture in India in collaboration  with a non-resident; or

     ( c)a wholly owned subsidiary Indian company, of which the  holding company is a foreign company,

          who or which, as the case may be, proposes to undertake any business activity in India;

(ii)      a joint venture in India; or

(iii)     a resident falling within any such class or category of persons, as the Central Government may, by notification in the Official Gazette, specify in this behalf,

and which or who, as the case may be, makes application for advance ruling under sub-section (1) of section 28H;

Explanation. - For the purposes of this clause, "joint venture in India" means a contractual arrangement whereby two or more persons undertake an economic activity which is subject to joint control and one or more of the participants or partners or equity holders is a non-resident having substantial interest in such arrangement

( d)"application" means an application made to the Authority under sub-section (1) of section 28H;

(e) "Authority" means the Authority for Advance Rulings (Central Excise, Customs & Service Tax) constituted under section 28F;

(f) "Chairperson" means the Chairperson of the Authority;

(g) "Member" means a Member of the Authority and includes the Chairperson; and

(h) "non-resident", "Indian company" and "foreign company" have the meanings respectively assigned to them in clauses (30), (26) and (23A) of section 2 of the Income-tax Act, 1961 (43 of 1961).  

SECTION 28F. Authority for advance rulings.  

(1)The Central Government shall, by notification in the Official Gazette, constitute an Authority for giving advance rulings, to be called as "the Authority for Advance Rulings (Central Excise, Customs & Service Tax)".

(2) The Authority shall consist of the following Members appointed by the Central Government, namely :-

(a) a Chairperson, who is a retired Judge of the Supreme Court;

(b) an officer of the Indian Customs and Central Excise Service who is qualified to be a Member of the Board;

( c)an officer of the Indian Legal Service who is, or is qualified to be, an Additional Secretary to the Government of India.

(3)The salaries and allowances payable to, and the terms and conditions of service of, the Members shall be such as the Central Government may by rules determine.

(4)The Central Government shall provide the Authority with such officers and staff as may be necessary for the efficient exercise of the powers of the Authority under this Act.

(5)The  office of the Authority shall be located in Delhi.  

SECTION 28G. Vacancies, etc., not to invalidate proceedings.  

No pro-ceeding before, or pronouncement of advance ruling by, the Authority under this Chapter shall be questioned or shall be invalid on the ground merely of the existence of any vacancy or defect in the constitution of the Authority.  

SECTION 28H Application for advance ruling.  

(1)An applicant desirous of obtaining an advance ruling under this Chapter may make an application in such form and in such manner as may be prescribed, stating the question on which the advance ruling is sought.

(2)The question on which the advance ruling is sought shall be in respect of, -

(a) classification of goods under the Customs Tariff Act, 1975 (51 of 1975); 

(b) applicability of a notification issued under sub-section (1) of section 25, having a bearing on the rate of duty;

( c)the principles to be adopted for the purposes of determination of value of the goods under the provisions of this Act.

(d)      applicability of notifications issued in respect of duties under this Act, the Customs Tariff Act, 1975 (51 of 1975) and any duty chargeable under any other law for the time being in force in the same manner as duty of customs leviable under this Act.

(e)      determination of origin of the goods in terms of the rules notified under the Customs Tariff Act, 1975 (51 of 1975) and matters relating thereto.

(3)The application shall be made in quadruplicate and be accompanied by a fee of two thousand five hundred rupees.

(4) An applicant may withdraw his application within thirty days from the date of the application.  

SECTION 28-I.  Procedure on receipt of application.-  

(1) On receipt of an application, the Authority shall cause a copy thereof to be forwarded to the Commissioner of Customs and, if necessary, call upon him to furnish the relevant records :

Provided that where any records have been called for by the Authority in any case, such records shall, as soon as possible, be returned to the Commissioner of Customs.

(2)The Authority may, after examining the application and the records called for, by order, either allow or reject the application :

Provided that the Authority shall not allow the application  where the question raised in the application is   

(a)already pending in the applicant's case before any officer of  customs, the Appellate Tribunal or any Court;

(b)the same as in a matter already decided by the Appellate Tribunal or any Court :

Provided further that no application shall be rejected under this sub-section unless an opportunity has been given to the applicant of being heard :

Provided also that where the application is rejected, reasons for such rejection shall be given in the order.

(3)A copy of every order made under sub-section (2) shall be sent to the applicant and to the Commissioner of Customs.

(4)Where an application is allowed under sub-section (2), the Authority shall, after examining such further material as may be placed before it by the applicant or obtained by the Authority, pronounce its advance ruling on the question specified in the application.

(5)On a request received from the applicant, the Authority shall, before pronouncing its advance ruling, provide an opportunity to the applicant of being heard, either in person or through a duly authorised representative.

Explanation. - For the purposes of this sub-section, "authorised representative" shall have the meaning assigned to it in sub-section (2) of section 146A.

(6)The Authority shall pronounce its advance ruling in writing within ninety days of the receipt of application.

(7)A copy of the advance ruling pronounced by the Authority, duly signed by the Members and certified in the prescribed manner shall be sent to the applicant and to the Commissioner of Customs, as soon as may be, after such pronouncement.

SECTION 28J.Applicability of advance ruling.  

 (1) The advance ruling pronounced by the Authority under section 28-I shall be binding only -

(a)on the applicant who had sought it;  

(b)in respect of any matter referred to in sub-section (2) of section 28H;

( c)on the Commissioner of Customs, and the customs authorities  subordinate to him, in respect of the applicant.

(2)The advance ruling referred to in sub-section (1) shall be binding as aforesaid unless there is a change in law or facts on the basis of which the advance ruling has been pronounced.

SECTION 28K.  Advance ruling to be void in certain circumstances.   

(1) Where the Authority finds, on a representation made to it by the Commissioner of Customs or otherwise, that an advance ruling pronounced by it under sub-section (6) of section 28-I has been obtained by the applicant by fraud or misrepresentation of facts, it may, by order, declare such ruling to be void ab initio and thereupon all the provisions of this Act shall apply (after excluding the period beginning with the date of such advance ruling and ending with the date of order under this sub-section) to the applicant as if such advance ruling had never been made.

(2)A copy of the order made under sub-section (1) shall be sent to the applicant and the Commissioner of Customs.  

SECTION 28L.  Powers of Authority.  

(1) The Authority shall, for the purpose of exercising its powers regarding discovery and inspection, enforcing the attendance of any person and examining him on oath, issuing commissions and compelling production of books of account and other records, have all the powers of a civil court under the Code of Civil Procedure, 1908 (5 of 1908).

(2)The Authority shall be deemed to be a civil court for the purposes of section 195, but not for the purposes of Chapter XXVI of the Code of Criminal Procedure, 1973 (2 of 1974), and every proceeding before the Authority shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purpose of section 196, of the Indian Penal Code (45 of 1860).

SECTION 28M. Procedure of Authority. - The Authority shall, subject to the provisions of this Chapter, have power to regulate its own procedure in all matters arising out of the exercise of its powers under this Act.


  

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