TMI Tax Updates - e-Newsletter
January 14, 2012
Case Laws in this Newsletter:
Income Tax
TMI SMS
Highlights / Catch Notes
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Income Tax:
Levy of interest u/s 220(2) - fresh notices of demand need not be issued every time the total income undergoes a change due to appellate or revisional orders.... - HC
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Income Tax:
Indo French DTAA - Having held that the PE did not exist on the facts of this case, it is not really necessary to deal with profit attribution in the case of PEs..... - AT
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Income Tax:
Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - Georgia. - Ntf. No. 04/2012 Dated: January 6, 2012
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Customs:
Seeks to impose anti-dumping duty on imports of Saccharin originating in, or exported from, People’s Republic of China - Ntf. No. 7 /2012-Customs (ADD) Dated: January 13, 2012
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Customs:
Rescinds Notification No. 136/2009-Customs, dated the 9th December, 2009 - Ntf. No. 6/2012-Customs (ADD) Dated: January 13, 2012
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Customs:
Regarding anti-dumping duty on imports of Cellophane Transparent Film (CTF) originating in, or exported from, People’s Republic of China - Ntf. No. 5/2012-Customs (ADD) Dated: January 13, 2012
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Customs:
Regarding import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture / Fertilizer Grade) originating in, or exported from, Israel and Taiwan - Ntf. No. 4 /2012-Customs (ADD) Dated: January 13, 2012
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Customs:
Seeks to impose anti-dumping duty on imports of Nylon Filament Yarn originating in, or exported from, People’s Republic of China, Chinese Taipei, Malaysia, Thailand and Korea RP - Ntf. No. 3 /2012-Customs (ADD) Dated: January 13, 2012
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Customs:
Seeks to impose anti-dumping duty on imports of Silk fabrics originating in, or exported from, People’s Republic of China - Ntf. No. 2 /2012-Customs (ADD) Dated: January 13, 2012
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Customs:
Appointment of Common Adjudicating Authority - Ntf. No. F.No. 437/09/2011-Cus. IV Dated: January 10, 2012
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DGFT:
Filing of applications for DEPB in cases of exports made under “EPCG Shipping Bills” for items “Cotton yarn including Melange yarn” from 01.04.2011 to 04.08.2011 and ‘Cotton’ from 01.10.2010 to 04.08.2011. - Cir. No. 52 (RE-2010)/2009-14 Dated: January 12, 2012
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DGFT:
Amendment in Public Notice No. 90 (RE-2010)/2009-2014 dated 6.1.2012 regarding export of 8,300 MTs of sugar to USA under Tariff Rate Quota. - Cir. No. 91 (RE-2010)/2009-2014 Dated: January 12, 2012
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DGFT:
Minimum Export Price of Onions. - Ntf. No. 94 (RE – 2010)/2009-2014 Dated: January 11, 2012
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SEZ:
Set up a sector specific Special Economic Zone for information technology and information technology enabled services at Mount Poonamalee High Road, Aiyappanthangal, Porur, Chennai . - Ntf. No. S.O. 14(E) Dated: January 4, 2012
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FEMA:
Foreign investment in Single – Brand Retail Trading Amendment to the Foreign Direct Investment (FDI) Scheme - Cir. No. 67 Dated: January 13, 2012
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FEMA:
(I) Scheme for Investment by Qualified Foreign Investors in equity shares (II) Scheme for Investment by Qualified Foreign Investors in Rupee Denominated Units of Domestic Mutual Funds – Revision - Cir. No. 66 Dated: January 13, 2012
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FEMA:
Foreign Exchange Management Act, 1999 – Export of Goods and Services - Forwarder’s Cargo Receipt . - Cir. No. 65 Dated: January 12, 2012
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Indian Laws:
Secondary outer packing for transportation or for safety of the goods being transported or delivered cannot be described as a wholesale package within the definition of the expression 'wholesale package' under Rule 2(x) of the Rules.. .... - SC
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Service Tax:
Demand of service tax in respect of services rendered for issue of PAN Cards on behalf of the Income Tax department under the category 'Business auxiliary service' - Activities are not taxable... - AT
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Service Tax:
The balance sheet figures are the income figures on accrual basis while the figures shown in ST-3 return were of actual receipt of payment. - Matter remanded back to adjudicating authority to reconsider the issue afresh..... - AT
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Central Excise:
Revised Treaty of Trade between India and Nepal. - Cir. No. 958/1/2012-CX Dated: January 13, 2012
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Central Excise:
SSI exemption - There is no question of extending separate SSI exemption limit to each partner of a firm or to different firms being run by the same person especially in a situation where goods are manufactured by one firm and sold in the name of different firms..... - AT
Articles
Notifications
Customs-
07/2012 - dated
13-1-2012
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ADD
Seeks to impose anti-dumping duty on imports of Saccharin originating in, or exported from, People’s Republic of China
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06/2012 - dated
13-1-2012
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ADD
Rescinds Notification No. 136/2009-Customs, dated the 9th December, 2009
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05/2012 - dated
13-1-2012
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ADD
Regarding anti-dumping duty on imports of Cellophane Transparent Film (CTF) originating in, or exported from, People’s Republic of China
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04/2012 - dated
13-1-2012
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ADD
Regarding import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture / Fertilizer Grade) originating in, or exported from, Israel and Taiwan
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03/2012 - dated
13-1-2012
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ADD
Seeks to impose anti-dumping duty on imports of Nylon Filament Yarn originating in, or exported from, People’s Republic of China, Chinese Taipei, Malaysia, Thailand and Korea RP
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02/2012 - dated
13-1-2012
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ADD
Seeks to impose anti-dumping duty on imports of Silk fabrics originating in, or exported from, People’s Republic of China
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02/2012 - dated
13-1-2012
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Cus (NT)
Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001
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F.No. 437/09/2011-Cus. IV - dated
10-1-2012
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Cus (NT)
Appointment of Common Adjudicating Authority
DGFT-
94 (RE – 2010)/2009-2014 - dated
11-1-2012
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FTP
Minimum Export Price of Onions.
Income Tax-
04/2012 - dated
6-1-2012
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IT
Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - Georgia.
SEZ-
S.O. 14(E) - dated
4-1-2012
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SEZ
Rescinds the sector specific Special Economic Zone for information technology and information technology enabled services at Mount Poonamalee High Road, Aiyappanthangal, Porur, Chennai .
Circulars / Instructions / Orders
News
Case Laws:
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Income Tax
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2012 (1) TMI 12
Deduction u/s 80IC – Quantum of deduction u/s 80IC – new industrial undertaking set up by the assessee in the A.Y. 2005-06 at Dehradun – various documents placed by assessee to prove the existence of Dehradun unit/undertaking - Held that:- In view of the factual findings recorded by the CIT (A), affirmed by the Tribunal, and non-placement of any contrary material or documents by Revenue, there is no reason to interfere with the order of allowing deduction u/s 80IC to assessee. - Decided against the Revenue. The assessee may be eligible u/s 80 IC but the quantum of deduction is an incidental but an important aspect which must be considered and examined even though no question has been raised by the appellant on this aspect. The Tribunal did not examine the question of quantum of deduction inspite of the factual matrix referred to and stated in the assessment order. Therefore, the matter is remitted to the Tribunal to decide afresh the quantum of deduction u/s 80IC. - Decided in favor of revenue.
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2012 (1) TMI 10
Levy of interest u/s 220(2) - requirement of notice – Held that:- (a) fresh notices of demand need not be issued every time the total income undergoes a change due to appellate or revisional orders - (b) a case where the assessee has paid the full amount of tax demanded by the AO pursuant to the assessment order stands on a different footing from a case where such demand was not satisfied in full and different considerations shall apply to such a case; (c) the original demand made by the AO on the basis of the assessment order is merely kept in abeyance or suspension during the entire proceedings by way of appeal or revision taken against the assessment and gets revived from inception once the assessment gets finally confirmed in those proceedings; (d) when the assessment order is finally affirmed, the doctrine of merger also applies and interest being compensatory in nature, the revenue is entitled to charge the same from the date of the original order which merged with the final appellate order; (e) as a corollary to the above, it follows that where an assessment is restored and the original demand gets revived from inception, the assessee is liable to pay interest u/s.220(2) of the Act from that date on the unpaid amount and any variation in the amount of the demand favourable to the assessee which was directed by any of the appellate authorities in the interregnum has no effect on the liability of the assessee to pay the interest.
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2012 (1) TMI 9
Indo French DTAA - foreign company's business of operations of ships in international traffic carried out through agents's fixed place in India question of existence of a Permanent Establishment Dependent Agent Permanent Establishment(DAPE) or independent agent - Article 5, 7 9 of Indo French DTAA - determination of profits attributable to PE Relief under article 9 levy of interest u/s 234B - Held that:- Permanent establishment in the present case will be governed by Article 5(5) read with Article 5(6) of Indo French DTAA. Since there are no findings by the A.O., or the DRP, to the effect that the transactions between the agent and the assessee are not at an arm's length price, the agent is treated to be an independent agent in view of the provisions of Article 5(6). Such a finding by the revenue is a sine qua non for existence of DAPE. Thus, it is held that the assessee did not have any PE in India. Having held that the PE did not exist on the facts of this case, it is not really necessary to deal with profit attribution in the case of PEs. With respect to relief under Article 9 in respect of freight earnings it is held that the issue is covered against the assessee by a coordinate bench's decision in assessee's own case for the assessment year 2001-02 therefore, the assessee may take up the issue before Hon'ble Courts. Levy of interest under section 234 B A.O. is directed to grant necessary relief. - Decided partly in favor of assessee.
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2011 (12) TMI 154
Interest u/s 234B – advance tax not paid - entire income subject to TDS - Held that:- Assessee had no liability to pay advance tax in view of the fact that his entire income was subject to tax at source. Thus, no interest is chargeable u/s 234B. This issue also stands concluded in Director of Income-Tax Vs. Jacab Civil Incorporated (2010 - TMI - 78020 - Delhi High Court). Hence, no substantial question of law arises in these appeals which are accordingly dismissed.
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