Fwd: TaxGuru : “Comments, views and suggestions solicited on draft ‘Customs (Provisional Duty Assessment) Amendment Regulations, 2011’ latest by 13th August, 2011” plus 38 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jul 30, 2011 at 10:12 AM
Subject: TaxGuru : "Comments, views and suggestions solicited on draft 'Customs (Provisional Duty Assessment) Amendment Regulations, 2011' latest by 13th August, 2011" plus 38 more
To: palashbiswaskl@gmail.com

TaxGuru : "Comments, views and suggestions solicited on draft 'Customs (Provisional Duty Assessment) Amendment Regulations, 2011' latest by 13th August, 2011" plus 38 more

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• Comments, views and suggestions solicited on draft 'Customs (Provisional Duty Assessment) Amendment Regulations, 2011' latest by 13th August, 2011
• XBRL statement can be filed up to 30.11.2011 without any additional fee and can be certified by CA, CS, CWA
• MCA releases XBRL Validation Tool
• Govt. releases draft of National Land Acquisition and Rehabilitation and Resettlement Bill, 2011
• Initiatives Taken by The Institute of Chartered Accountants of India (ICAI)
• Ministry of Corporate Affairs Releases Draft of 'National Competition Policy for India' for comments
• ICAI hosted Multipurpose Empanelment Form (MEF) 2011-12, Last Date for Application is 27th August, 2011
• SEBI Board meeting – Proposed New Takeover Code
• ICAI President's Message – August 2011
• Regarding Making E-payment of Customs duty mandatory -Circular No. 33/2011-Customs
• ICAI asks govt. to amend Income Tax Act
• May 2011 PCE and IPCC Examination Results likely on 8th August, 2011
• ICAI decides to waive off the cost of application form (i. e, Rs 500/-) in respect of candidates who fill in their Examination forms online
• Stay on operation of Trade Notice No. 13 dated 27.07.2011 for export of non-Basmati rice
• Transfer Pricing – whether the Tribunal was justified in entertaining the additional ground for exclusion of comparable
• When deductions claimed by the assessee are debatable, rectification order u/s 154 cannot be passed
• When assessee has made surrenders in the previous years, then AO can not make addition by treating the cash deposited in banks as undisclosed
• Derivative transaction entered prior to notification defining Recognised Exchanges is also eligible to be treated as non speculative transaction
• Rectification of an order does not mean deletion of the order originally passed and its substitution by a new order
• Blending of different types of tea comes within the purview of the word 'processed' within the meaning of s 80HHC(3)(a) of the Act
• Reasons are required to be recorded by the AO on valid material and an assessment cannot be reopened on mere assumptions
• For the levy of FBT, the application of s 115WC(2)(b) cannot be restricted only to the business relating to civil construction and it will cover the business activity of the assessee carried on
• Depreciation on pre-operative expenses allocated to fixed assets is allowable under s 32 since expenses were incurred for setting up of fixed assets during the trial run
• Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence
• Lokpal Bill government's top priority,will be introduced in Lok Sabha by 3rd August 2011
• Income arising to foreign company by way of fees for technical services – Notified foreign company – EADS Deutschland GmbH, Germany notified u/s 10(6C) of The Income Tax Act
• Sebi approves uniform customer identification process for investors in different segments
• CBI arrests a DGM of NBCC in a bribery case
• Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 54/2011 – Customs (N. T.)
• Announcements – Amendment in Council General Guidelines , 2008
• MVAT – Extention of Due Date for Payment of PTEC for 2011-2012
• ICAI Announces Definition of Relative in Chapter-IV of the Council General Guidelines, 2008
• Custom Duty – Provisions of Finance Act, 2011 (8 of 2011) will come in force from 1st day of August, 2011
• SEBI – Allocation of Government debt long term limits to FIIs – Circular No. CIR/IMD/FIIC/11/2011
• Amends Central Excise (Third Amendment )Rules, 2002 vide Notification No 19 /2011-Central Excise (N.T.)
• Excise Duty – Provisions of Finance Act, 2011 (8 of 2011) will come in force from 1st day of August, 2011
• Regarding anti- dumping duty on certain Rubber Chemicals originating in, or exported from, certain countries- Notification No.67 /2011-Customs
• Regarding DPC for promotion to the grade of Chief Commissioner of Income Tax (CCIT) in the CBDT, Department of Revenue
• MVAT- Mandetory e-return for all PTRC holders from 01.08.2011

Comments, views and suggestions solicited on draft 'Customs (Provisional Duty Assessment) Amendment Regulations, 2011' latest by 13th August, 2011 Posted: 29 Jul 2011 08:41 PM PDT Conditions for allowing provisional assessment. — Where an importer or an exporter, as the case may be, is unable to make self-assessment and makes a request in writing to the proper officer for provisional assessment or the proper officer on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

XBRL statement can be filed up to 30.11.2011 without any additional fee and can be certified by CA, CS, CWA Posted: 29 Jul 2011 08:27 PM PDT Circular No: 57/2011, - All companies falling in Phase-I class of companies (excluding exempted class) are permitted to file their financial statements without any additional fee up to 30.11.2011 or within 60 days of their due date, whichever is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA releases XBRL Validation Tool Posted: 29 Jul 2011 07:52 PM PDT This XBRL validation tool is meant for the IT vendors / IT departments to test the XBRL instance document generated from their respective products / tools. Please note that this is a Beta version and any feedback / suggestion w.r.t. the same should... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt. releases draft of National Land Acquisition and Rehabilitation and Resettlement Bill, 2011 Posted: 29 Jul 2011 07:30 PM PDT This Bill may be called the Land Acquisition Rehabilitation and Resettlement Bill 2011. It extends to the whole of India except the state of Jammu and Kashmir. (3) It shall come into force on such date as the date notified by the Government in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Initiatives Taken by The Institute of Chartered Accountants of India (ICAI) Posted: 29 Jul 2011 07:22 PM PDT A Press Conference was organized by The Institute of Chartered Accountants of India (ICAI) here today by CA.G.Ramaswamy, President, ICAI. He updated the media on some of the recent initiatives taken by the Institute. Following is the Press note... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ministry of Corporate Affairs Releases Draft of 'National Competition Policy for India' for comments Posted: 29 Jul 2011 07:15 PM PDT Competition, Competition Law, and Competition Policy What is competition? Competition refers to a situation in a market place in which firms/ entities or sellers independently strive for the patronage of buyers in order to achieve a particular... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI hosted Multipurpose Empanelment Form (MEF) 2011-12, Last Date for Application is 27th August, 2011 Posted: 29 Jul 2011 06:29 PM PDT 1. Last date for submission of applications on the website www.meficai.org is 27th August, 2011.(5.30 PM.) 2. Members are advised to fill MEF well in advance to avoid last minute rush and technical problems. 3. The information filled in by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Board meeting – Proposed New Takeover Code Posted: 29 Jul 2011 07:26 AM PDT The Board considered the Report of the Takeover Regulations Advisory Committee (TRAC) and accepted most of the recommendations of TRAC. Major among them include the following: (a) Initial trigger threshold increased to 25 % from the existing 15%.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI President's Message – August 2011 Posted: 29 Jul 2011 07:02 AM PDT Guidelines for professional accountants on Know You Client (KYC), as finalised by the study group under the convenorship of my Central Council colleague CA. Charanjot S. Nanda as constituted by the Ethical Standards Board of the Institute, under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Making E-payment of Customs duty mandatory -Circular No. 33/2011-Customs Posted: 29 Jul 2011 06:49 AM PDT Circular No. 33/2011-Customs - In order to reduce the transaction cost of the importers and expedite the time taken for customs clearance the Board has decided to make e-payment of duty mandatory for the importers paying an amount of Rupees one lakh... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI asks govt. to amend Income Tax Act Posted: 29 Jul 2011 06:37 AM PDT Institute of Charted Accountants of India, ICAI appeal ed the government to amend the Income Tax Act in order to empower Accountants to examine foreign bank accounts closely in black money cases. Briefing reporters in New Delhi on Friday G... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

May 2011 PCE and IPCC Examination Results likely on 8th August, 2011 Posted: 29 Jul 2011 06:25 AM PDT The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in May, 2011 are likely to be declared tentatively on Monday, the 8th August, 2011 around 2 P.M. and the same as well as the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI decides to waive off the cost of application form (i. e, Rs 500/-) in respect of candidates who fill in their Examination forms online Posted: 29 Jul 2011 06:17 AM PDT In order to encourage the student community to take to on-line applications, it has been decided to waive off the cost of application form (i. e, Rs 500/-) in respect of candidates who fill in their forms online at http://icaiexam.icai.org and remit... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Stay on operation of Trade Notice No. 13 dated 27.07.2011 for export of non-Basmati rice Posted: 29 Jul 2011 06:08 AM PDT Trade Notice No. 14 dated 29th July, 2011 Division Bench of the Hon'ble High Court of Delhi (Justice S.K. Kaul and Justice Rajiv Shakdher) in their interim order in Writ Petition No. 5237/2011 Kannu Aditya (India) Ltd. Vs. Union of India, made on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – whether the Tribunal was justified in entertaining the additional ground for exclusion of comparable Posted: 29 Jul 2011 05:08 AM PDT CIT v Quark Systems India (P) Ltd. (P&H HC)- The Tribunal, while entertaining the additional ground raised by the assessee for the exclusion of a comparable, remanded the matter to the AO allowing an opportunity to the assessee to produce... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When deductions claimed by the assessee are debatable, rectification order u/s 154 cannot be passed Posted: 29 Jul 2011 04:55 AM PDT Transpek Silox Industry Ltd v Dy. CIT (ITAT Ahemdabad)- Mistake apparent from record must be obviously and patent and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When assessee has made surrenders in the previous years, then AO can not make addition by treating the cash deposited in banks as undisclosed Posted: 29 Jul 2011 04:44 AM PDT Motherson Jones Limited v ITO (ITAT Delhi) - Since the assessee has already surrendered Rs.30 lacs in the four assessment years, three of which are preceding assessment years and during relevant assessment year, the assessee has disclosed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Derivative transaction entered prior to notification defining Recognised Exchanges is also eligible to be treated as non speculative transaction Posted: 29 Jul 2011 04:18 AM PDT ACIT v Hiren Jaswantrai Shah (ITAT Ahmedabad)- Derivative transactions carried out through stock exchanges from 1 April 2005 to 25 January 2006, which are recognised by the notification issued by the CBDT on 25 January 2006, would be eligible for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rectification of an order does not mean deletion of the order originally passed and its substitution by a new order Posted: 29 Jul 2011 03:45 AM PDT Faridabad Investment Company Limited v CIT ( Calcutta HC) - Rectification of an order does not mean obliteration of the order originally passed and its substitution by a new order. In The present case, we are of the firm opinion that there was no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Blending of different types of tea comes within the purview of the word 'processed' within the meaning of s 80HHC(3)(a) of the Act Posted: 29 Jul 2011 12:35 AM PDT Stewart Holl (India) Ltd. v CIT (High Court of Calcutta) - Court held that the different brands of tea which were mixed by the assessee in Nilgiri's case for the purpose of producing a tea mixture of a different kind and quality according to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reasons are required to be recorded by the AO on valid material and an assessment cannot be reopened on mere assumptions Posted: 28 Jul 2011 11:51 PM PDT Weizmann Capital Ltd. Vs. ACIT (ITAT Mumbai) - The income, which the Assessing Officer initially formed a reason to believe had escaped assessment, has as a matter of fact, not escaped assessment, it is not open to the Assessing Officer... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

For the levy of FBT, the application of s 115WC(2)(b) cannot be restricted only to the business relating to civil construction and it will cover the business activity of the assessee carried on Posted: 28 Jul 2011 11:35 PM PDT Innovative Steals Pvt Ltd v ITO (ITAT Delhi) - The word "construction" though mainly connected to the building but it includes within its ambit a bridge under construction building, erection, elevation, establishment, assembly, manufacture,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Depreciation on pre-operative expenses allocated to fixed assets is allowable under s 32 since expenses were incurred for setting up of fixed assets during the trial run Posted: 28 Jul 2011 11:32 PM PDT Cosmic Kitchen Pvt Ltd v ACIT (ITAT Delhi)- The only ground taken in this appeal, filed by the assessee, is that the learned CIT(A) erred in disallowing depreciation of Rs.2,70,744/- in respect of pre-operative expenses allocated to fixed assets. It... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence Posted: 28 Jul 2011 10:38 PM PDT GKW Limited Versus CIT Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence. Provisions relating to payment of advance tax are applicable in a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Lokpal Bill government's top priority,will be introduced in Lok Sabha by 3rd August 2011 Posted: 28 Jul 2011 10:30 PM PDT The Union Parliamentary Affairs Minister Shri P K Bansal has said that The Lokpal Bill 2011 will be introduced in Lok Sabha by Aug.3. Speaking to the Media at the Parliament house the Minister said that the government has prepared a comprehensive... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income arising to foreign company by way of fees for technical services – Notified foreign company – EADS Deutschland GmbH, Germany notified u/s 10(6C) of The Income Tax Act Posted: 28 Jul 2011 10:23 PM PDT NOTIFICATION NO. 40/2011 In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government herby notifies that any income arising to M/s. EADS Deutschland GmbH Worthstrable 85,89077 Ulm... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi approves uniform customer identification process for investors in different segments Posted: 28 Jul 2011 10:19 PM PDT Capital market regulator Sebi on Thursday approved a uniform customer identification process for investors in different segments, and also decided to accept Aadhaar or UID as one of the eligible documents for fulfilling the KYC norms. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI arrests a DGM of NBCC in a bribery case Posted: 28 Jul 2011 10:09 PM PDT The Central Bureau of Investigation has arrested a Deputy GM-cum-Project Manager, National Building Construction Corporation, Khagaria (Bihar) for demanding and accepting a bribe of Rs.1.25 lakhs from the complainant. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 54/2011 – Customs (N. T.) Posted: 28 Jul 2011 10:01 PM PDT Notification No. 54/2011 - Customs (N. T.) the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Announcements – Amendment in Council General Guidelines , 2008 Posted: 28 Jul 2011 09:56 PM PDT All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th - 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MVAT – Extention of Due Date for Payment of PTEC for 2011-2012 Posted: 28 Jul 2011 09:46 PM PDT In Exercise of the powers conferred under clause (a) of sub-section (2) of section 8 of the Maharashtra Tax on Professions, Trades, Callings And Employments Act, 1975 (Mah. XVI of 1975) (hereinafter referred to as "the said Act"), the Commissioner... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Announces Definition of Relative in Chapter-IV of the Council General Guidelines, 2008 Posted: 28 Jul 2011 09:45 PM PDT All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its decision taken at the 299th Meeting of the Council held on 27th – 28th October, 2010, it has been decided that the term 'relative' for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty – Provisions of Finance Act, 2011 (8 of 2011) will come in force from 1st day of August, 2011 Posted: 28 Jul 2011 09:45 PM PDT Notification No. 53 /2011 G.S.R. 583(E). - In exercise of the powers conferred by section 57 of the Finance Act, 2011 ( 8 of 2011), the Central Government hereby appoints the 1st day of August, 2011, as the date on which, the provisions of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Allocation of Government debt long term limits to FIIs – Circular No. CIR/IMD/FIIC/11/2011 Posted: 28 Jul 2011 09:34 PM PDT CIR/IMD/FIIC/1 1/2011, Dated- July 29, 2011 , 1. Based on the assessment of the allocation and the utilization of the limits to FIIs for investments in debt, it has been decided to allocate the unutilized limits in Government debt long term in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Central Excise (Third Amendment )Rules, 2002 vide Notification No 19 /2011-Central Excise (N.T.) Posted: 28 Jul 2011 09:32 PM PDT Notification No 19 /2011-Central Excise (N.T.) Notwithstanding anything contained in sub-rule (1), every person who gets the goods, falling under Chapter 61 or 62 or 63 of the First Schedule to the Tariff Act, produced or manufactured on his account... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise Duty – Provisions of Finance Act, 2011 (8 of 2011) will come in force from 1st day of August, 2011 Posted: 28 Jul 2011 09:31 PM PDT Notification No. 18 /2011 –Central Excise (N.T)- G.S.R. 580(E). - In exercise of the powers conferred by section 62 of the Finance Act, 2011 ( 8 of 2011), the Central Government hereby appoints the 1st day of August, 2011, as the date on which,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding anti- dumping duty on certain Rubber Chemicals originating in, or exported from, certain countries- Notification No.67 /2011-Customs Posted: 28 Jul 2011 09:31 PM PDT Notification No.67 /2011-Customs In the matter of continuation of anti-dumping duty on imports of certain Rubber Chemicals, namely,MOR,PX13 and TDQ, falling under Chapters 29 and 38 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975),... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding DPC for promotion to the grade of Chief Commissioner of Income Tax (CCIT) in the CBDT, Department of Revenue Posted: 28 Jul 2011 09:30 PM PDT I am directed to say that officers as per the enclosed lists are being considered for promotion to the grade of Chief Commissioner of Income Tax, CBDT. You are therefore requested to kindly obtain the options for posting, if any, from the concerned... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MVAT- Mandetory e-return for all PTRC holders from 01.08.2011 Posted: 28 Jul 2011 09:30 PM PDT No. VAT/AMD.1010/IB/PT/Adm-6. (a) in respect of the periods starting on or after the 1st April 2006; every registered Employer shall file electronic return in form III-B shall make payment of tax as per return in chalan MTR-6 before filling such... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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