Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Forum Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database More...
Extracts
Home List
← Previous Next →

M/s Radhey Shyam Ratan Lal Versus Versus CCE, Delhi-IV, Faridabad

Valuation - rejection of transaction value - demand of duty with penalty - cloves - import from Singapore and Dubai - country of origin of the goods was shown as Madagascar/ Indonesia/Tanzania - is the rejection of value of cloves on the basis of NIDB data is justified? - Held that: - In the circular, it is not mentioned about the grade of clove. The appellants has produced International Trade Centre bulletin which shows that there is a popular quality known as CG3 and the origin of same is from .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

penalty withheld - appeal allowed - decided in favor of appellant. - 510 of 2010 - ORDER NO. 61029/2016 - Dated:- 4-8-2016 - MR. ASHOK JINDAL, MEMBER (JUDICIAL) and MR. B.RAVICHANDRAN, MEMBER (TECHNICAL) (Rep by : Sh. Prabhat Kumar, Adv) (Rep by : Sh. Satyapal, A.R.) ORDER PER : ASHOK JINDAL The appellant is in appeal against the impugned order wherein the declared value has been enhanced by the authorities below. Consequently, customs duty was demanded and penalty was also imposed. 2. The brief .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n one consignment the price was declared as US $ 2050 PMT. The data available with the Department showed that the price of cloves of country of origin as mentioned above and of grade specified was about US $ 3000 PMT during the relevant time. Therefore, the value was proposed to be enhanced to US $ 3000 PMT and the goods were provisionally assessed at the value declared and the goods were cleared. Vide order dated 19.07.2006, this Tribunal directed that the provisional assessment should be final .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

roduct. He submits that the appellant has purchased clove of CG3 which is specifically mentioned in the invoice and declared in the bills of entry. The sole contention for rejection of the transaction value is that, there is no particular grade for contemporaneous imports of the said goods, but as per International Trade Centre bulletin the cloves are generally imported wholly and a popular quality of CG3 from Madagascar, the Comoros and Zanzibar. These facts have not been considered by the adju .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

that the spices board prices have to be taken into consideration which show that there is no CG3 grade, there was no grade of quality and NIDB data shows that the value of clove is US $ 3000 PMT. In that circumstances, the adjudicating authority has rightly rejected the transaction value. 5. Heard the parties and considered the submissions. On careful consideration of the submissions made by both sides, we find that the sole contention for rejecting the present value by the adjudicating authori .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s observed as under : 3. We have perused the impugned order-in-appeal also. It is seen that in its para 7, the Commissioner (Appeals) has noted as under: I find that the Adjudicating Authority while finalizing the provisional assessment of the goods imported by the appellant under the above referred Bill of Entry, had arrived at the value of US$ 3000 per MT based on the contemporaneous imports as detailed in para 9 of the impugned Order-in-Original. These contemporaneous imports are of cloves of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

was the same as per the weekly bulletin of spices market, relied upon in the impugned Order-in-Original." As regards the observation of the primary adjudicating authority that there is no grade caned CG-3 for cloves and that the grade has been mentioned to hoodwink to Revenue, we find that the appellants produced international Trade Centre (UNCTAD/WTO) Market Brief 2006 regarding market of clove in European Union wherein it is clearly stated that in the EU the most popular quality is CG-3 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ule 2(d) of the said Valuation Rules in terms of which one of the conditions for the goods to be called "identical goods" is that they should be produced in the country in which the goods being valued were produced. This condition is obviously not satisfied as it is an admitted fact that the impugned cloves are of Madagascar origin while the value adopted for re-assessment was in respect of cloves of Zanzibar origin. Indeed even the definition similar goods" given in Rule 2(f) of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happening     ↓  

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Excise duty credit on finished stock at additional place of business.

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Forum: 3B mistake

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version