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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS ISSUE DATED 30.3.2015 Volume 31 Part 4 F Attempt to take foreign currency out of India without special or general permission of Reserve Bank of India, absolute confiscation justified : Commissioner of Customs v. Savier Poonolly (Mad) p. 226
F Court will not interfere under article 226 with concurrent finding of lower authorities which was not preverse : Star Dyes and Intermediates v. Union of India (Guj) p. 249
F Capital goods temporarily imported and meant to be re-exported, duty drawback to be claimed within three months from date of re-export : Vishal Beverages P. Ltd. v. Union of India (Delhi) p. 253
F No absolute bar in exercising writ jurisdiction merely because alternative remedy available : Alfa Laval (India) Ltd. v. Union of India (Bom) p. 261
F No provision barring exporter from seeking determination of brand rate of drawback under rule 7 merely because at time of export all industry rate of drawback under rule 3 had already been claimed : Alfa Laval (India) Ltd. v. Union of India (Bom) p. 261
F Central Board of Excise and Custom's circulars cannot impose restrictions not provided in Rules : Alfa Laval (India) Ltd. v. Union of India (Bom) p. 261
F Statement of witness deposing against assessee but not subjecting himself to cross-examination cannot be used against assessee : Commissioner v. Motabhai Iron and Steel Industries (Guj) p. 290
F Imposition of penalty equal to duty involved without considering reasons and quantum of delay, not proper : Krishna Alloys P. Ltd. v. CCE (P&H) p. 303
F Confiscation of illicit smuggled of currency from three assessees, redemption fine and penalties to be considered separately for each assessee : Arun Ramanlal Sura v. Commissioner of Customs (Trib.-Mum) p. 209
F Where currency not declared but concealed in baggage, absolute confiscation proper : Joseph Sebastian Prekash v. CCE, Customs and Service Tax (Trib.-Bang) p. 212
F Assessee, habitual offender, carrying foreign currency without permission of Reserve Bank, goods not to be released on payment of fine : M. K. S. Mohammed Rafi v. Commissioner of Customs (Trib.-Chennai) p. 214
F Export of Indian currency of value more than Rs. 5,000 without permission of Reserve Bank of India, whether to be absolutely confiscated, matter referred to larger Bench : Peringatil Hamza (No. 1) v. Commissioner of Customs (Trib.-Mum) p. 219
F Currency of more than Rs. 5,000 or Rs. 10,000 sought to be taken outside India without permission of Reserve Bank is prohibited goods and can be absolutely confiscated : Peringatil Hamza (No. 2) v. Commissioner of Customs (Trib.-Mum) [LB] p. 221
F Foreign currency brought into India in violation of provisions of 1999 Act and without declaration to customs and sought to be taken out of India without permission of Reserve of Bank of India, "prohibited goods" and liable to confiscation : Suresh Gangaram Hole v. Commissioner of Customs (Trib.-Mum) p. 235
F Credit cannot be disallowed solely on basis of statements of third parties without corroboration : Motabhai Iron and Steel Industries v. CCE (Trib.-Ahd) p. 279
STATUTES AND NOTIFICATIONS |
F Notifications :
Customs Tariff Act, 1975 : Notification under section 9A(1) and (5) : Anti-dumping duty on imports of acetone from Korea RP for a period of five years p. 141
Anti-dumping duty on imports of graphite electrodes of all diameters from China PR for a period of five years p. 136
Anti-dumping duty on imports of sodium nitrate from European Union, China, Ukraine and Korea RP p. 143
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS OnLine Edition Vol. 4 Print Edition Vol. 38, Part 6, dated 30-3-2015
APPELLATE TRIBUNAL ORDERS
F Exemption : Educational institution : College and constituent units one and same for taxation purpose : Senate of Serampore College v. Joint CIT (Kolkata) p. 284
F Income : Strategic investment to be excluded while computing disallowance under rule 8D(iii) : Interglobe Enterprises Ltd. v. Dy. CIT (Delhi) p. 300
F Payment of rent to Port Trust for warehouse liable for deduction of tax at source u/s 194-I, disallowance proper : Asst. CIT v. Hitech Logistics Ltd. (Kolkata) p. 308
APPELLATE TRIBUNAL ORDERS
F Non-resident : Where income from capacity sales under capacity sales agreement between assessee and VSNL, no deemed income accruing or arising to assessee in India within section 9(1)(i), not taxable in India as business income or royalty or fees for technical services : Flag Telecom Group Ltd. v. Dy. CIT (Mumbai) p. 665 (6-2-2015)
F Where assessee not committing any default in payment of advance tax, interest cannot be imposed u/s. 234B : Flag Telecom Group Ltd. v. Dy. CIT (Mumbai) p. 665 (6-2-2015)
F Simple write off in books of account sufficient for claiming bad debts : Devendra Exports P. Ltd. v. Asst. CIT (Chennai) p. 744 (20-2-2015)
F Where assessee paying architect fees before end of accounting year, expenditure allowable u/s. 40(a)(ia) : Asst. CIT v. Red Brick Realtors P. Ltd. (Chennai) p. 749 (13-2-2015)
F Payments for mining lease, revenue expenditure : Dy. CIT v. Rungta Mines Ltd. (Kolkata) p. 754 (2-2-2015)
F Non-resident : Interest on refund of tax, taxable under article 11 of DTAA (Switzerland) : MSC Mediterranean Shipping Company, S.A. v. Dy. DIT (International taxation) (Mumbai) p. 758 (20-2-2015)
F Where repayment by cheque mentioned as cash payment due to clerical mistake, no violation of section 269T, order deleting penalty justified : DIT (Exemptions) v. Social Action for Rural Education, Health and Loving Life of Abundance Society (Hyd) p. 784 (21-1-2015)
F Unexplained investment : Gold jewellery and ornaments to extent of 500 grams for a married lady need not be seized : R. Umamaheswar v. Dy. CIT (Hyd) p. 790 (20-2-2015)
COMPANY LAW INSTITUTE OF INDIA PVT. LTD.
No. 2, Vaithyaram Street,
T.Nagar, Chennai - 600017.
Phone: (044) 24350752 - 55
Fax: (044) 24322015
info@cliofindia.com
| To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "ITR (Trib)" or "GSTR", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, GSTR : Goods and Service Tax Reports, ITR (Trib) : ITR'S Tribunal Tax Reports. Also send your feedback or comments to info@cliofindia.com |
Amounts received by private cos. from directors/members pre-April 1,2014, not 'deposits' |
MCA clarifies on the applicability of Cos. (Acceptance of Deposits) Rules, 2014 on the amounts received by private cos. from their members, directors or their relatives before April 1, 2014 (i.e. Before commencement of Cos. Act, 2013); States that such amounts received by private cos. prior to April 1, 2014, shall not be treated as 'deposits' under Cos. Act, 2013 and the same shall be disclosed in Notes to Financial Statements for FY 2014-2015 (Amount & Accounting Head); Clarifies that renewal / acceptance of fresh deposits on or after April 1, 2014 shall be in accordance with provisions of Cos. Act, 2013 and rules made there under: MCA |
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Introduces IFSC Regulations; Clarifies that financial institution is 'person resident outside India' |
RBI introduces Foreign Exchange Management (International Finance Service Centre) Regulations, 2015; Defines 'financial institution' ('FI'), 'financial service', 'financial transaction' and states that any financial institution / branch of FI set up in IFSC and permitted/recognised by Govt. or Regulatory Authority shall be treated as 'person resident outside India'; States that the FI or branch of FI shall conduct such business in foreign currency and with persons, whether resident / otherwise, as the concerned Regulatory Authority may determine: RBI |
Enhances disclosures requirements relating to NPAs sale to Securitisation/Reconstruction cos. |
With an intention of enhancing transparency for Banks w. r. t. sale of NPAs to Securitisation cos. / Reconstruction cos., RBI proposes additional disclosure requirements to be made in Notes to Accounts; Banks are required to provide amount backed by NPAs sold by the bank as underlying and amount backed by NPAs sold by other banks/ financial institutions/ NBFCs as underlying (for previous year & current year): RBI |
Permits T+2 basis settlement for FPI's outright secondary market transactions in G-Secs. |
RBI permits settlements on T+2 basis for outright secondary market transactions in Government Securities undertaken by Foreign Portfolio Investors (FPIs) and reported on NDS-OM, subject to certain conditions; Conditions include: (i) All sale and purchase transactions in Government securities, where at least one of the parties is an FPI, will be settled only on T+2 basis, (ii) All other trades not involving an FPI will continue to settle on T+1 basis, (iii) Custodian bank of the FPI selling security / counterparty entity selling security to FPI will have to report deal on trade date itself within prescribed reporting time; Guidelines shall come into effect from April 6, 2015: RBI |
BIFR scheme no shield against 'dishonesty'; Refuses stay on trademark infringement suit |
HC dismisses defendants' application seeking stay of trademark infringement suit filed by plaintiff, rejecting contention that since it was a 'sick industrial company', permission of Board for Industrial and Financial Reconstruction (BIFR) u/s 22(1) of Sick Industrial Companies (Special Provisions) Act (provides for suspension of certain legal proceedings) was required for filing of infringement suit, Rules that, "Section 22(1) was enacted with the intent to insulate the sick companies only against proceedings for winding-up, execution or for recovery of money etc., and the embargo stated therein is only with reference to the dues reckoned or included in the 'sanctioned scheme'"; Further rejects defendant's contention that plaintiffs demand for temporary injunction qualified as an action amounting to 'distress' which if granted would adversely impact implementation of BIFR approved rehabilitation scheme; Holds that, "if the property/design in question does not belong to the defendants, then the provision of Section 22(1) of the SICA cannot be invoked as the said Section does not protect 'theft' and/or piracy and/or imitation. After all the BIFR Scheme cannot be used as a 'shield' to carry out illegal/infringing activities"; Relies on Bombay HC observations in Special Steels Ltd. v. Jay Prestressed Products Ltd. and SC observations in Deputy Commercial Tax Officer and Ors. Vs. Corromandal Pharmaceutical & Ors. wherein it was observed that Section 22 (of SICA) was not meant to breed dishonesty nor can it be so operated as to encourage unfair practices:Delhi HC |
| The ruling was delivered by Justice Manmohan. Advocates Pravin Anand, Vaishali Mittal, D. Neha Reddy and Siddhant Chandola argued on behalf of plaintiffs while defendants were represented by Advocates Priya Kumar and Tanya Tiwari. |
LSI Note: Section 22(1) of Sick Industrial Companies (Special Provisions) Act, 1985 provides that where in respect of an industrial company, a sanctioned scheme for rehabilitation is under consideration then, no proceedings for winding up of industrial company/ execution/ distress or like against any of the properties of the industrial company or for the appointment of a receiver in respect thereof shall lie or be proceeded with further, except with the consent of Board for Industrial and Financial Reconstruction. |
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