Daily Archives: December 8, 2015

Anti-dumping duty on Gliclazide exported from China

Seeks to levy definitive anti-dumping duty on Gliclazide, originating in, or exported from the People’s Republic of China for a period of five year [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 59/2015-Customs (ADD)  New Delhi, the… Read More »

Janoli-Bhagola, Tehsil Palwal Haryana for Unloading of imported goods and loading of export goods”.

Amendment in Principal Notification No. 12/97-Customs(N.T.) dated 02.04.1997 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Notification No.137/ 2015-Customs (N.T.) New Delhi, the  7th December, 2015 G.S.R……. (E). – In exercise of the powers… Read More »

Bulk Milk Cooler classified under 8418

B.9 – Vadodara Zone – Classification – Classification of “Milking Machines and Dairy Machines”- Whether Classifiable Under Tariff Item 84.18 or 84.19: Issue: The Bulk Milk Cooler is described as an insulated tank made up of SS 304 stainless steel sheets with evaporators, direct expansion condensing unit and smooth agitation, which is installed at village… Read More »

TASLA to be classified under tariff item 82019000

B.8 – Lucknow Zone – Classification – Classification of Goods Known as TASLA Issue: An item by the name of ‘TASLA’ of Iron and Steel is being manufactured in this zone and the assessee is classifying the same under tariff item 82019000 as “other Hand Tools of a kind used in agriculture, horticulture or Forestry”.… Read More »

Edible Coconut Oil in retail packing of 200 ml or less is classifiable under Chapter 15 covering Animal or Vegetable Fats and Oils and not under Chapter 33 covering Cosmetics and Toilet Preparation

B.6 – Hyderabad Zone – Classification – Classification of Coconut Oil Packed in Packages up to Sizes of 200ml: Issue: This issue relates to classification of Coconut Oil. There are two contending classifications of Coconut Oil under the Central Excise Tariff. Chapter 15 covers various types of Vegetable Oils including Coconut Oil and Chapter 33… Read More »

Formula prescribed in notification is binding to arrive value addition by revenue ,Cost Audit Report Rules not to be followed

B4 – Kolkata Zone – Assessment and Valuation – Fixation of special rate representing the actual value addition under Area based Exemption Scheme Issue: It was explained by the sponsoring zone that an assessee was engaged in the manufacture of various food products and cosmetic products under chapter 21 and chapter 33 and availing area… Read More »

Vat/CST subsidy is to be included in transaction value under Section 4 of Central Excise Act

B2-Jaipur Zone – Assessment and valuation-Retention of Sales Tax Collected from Customers and Inclusion thereof in the Transaction Value: Issue: During the course of audit of certain units, it has been noticed that Government of Rajasthan has declared that the concerned manufacturer shall be eligible for Customized Package (a financial package) under Rajasthan Investment Promotion… Read More »

Valuation of Cement bags cleared to industrial consumers from depot will be made under Section 4 of the Central Excise Act and not under Section 4A

B1- Hyderabad Zone- Assessment and Valuation-Non-adoption of Section 4A-Valuationof Goods-Clearances made to Depots by Cement Manufacturers:- Issue: Cement in packaged form has been notified under Section 4A of the Central Excise Act, 1944 with effect from 17.3.2012. The assessee affixes a label on the bags removed to its depots clearly stating, “meant for industrial/institutional consumer”.… Read More »

Recall of Faulty Vehicles

At present there is no recall policy in the country. Ministry of Road Transport & Highways has initiated steps for bringing mandatory Recall Policy. A holistic approach is proposed in the upcoming draft Road Transport and Safety Bill 2014, the latest version of which is also hosted on the website of Ministry of Road Transport &… Read More »

Discussion Paper on Convergence to Ind-As in Insurance Sector

Insurance and Regulatory Development Authority of India 07.12.2015 Discussion Paper on Convergence to Ind-As in Insurance Sector   This discussion paper covers the approach towards convergence towards Ind-AS in the insurance sector from the date which will be notified by the Authority separately. Definitions.—(1) In these regulations, unless the context otherwise requires — “Act” means the… Read More »

Section 40(a)(ia) applicable only to Outstanding expenses “payable” at the end of year :ITAT CHENNAI

IN THE ITAT CHENNAI BENCH ‘D’ DCS BPO (P.) Ltd. v. Assistant Commissioner of Income-tax CHANDRA POOJARI, ACCOUNTANT MEMBER AND CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER IT APPEAL NO. 3114 (MDS.) OF 2014 [ASSESSMENT YEAR 2008-09] JUNE  19, 2015 Ms. K. Hemalatha, CA for the Appellant. N. Madhavan for the Respondent. ORDER Chandra Poojari, Accountant Member… Read More »

Reopening of assessment on change of opinion is not permitted :HC

Facts of the case During the previous year under consideration the assessee has inter-alia credited a sum of Rs. 5,05,33,63,209/- directly into the General Reserve Accounts in the Balance Sheet as “profit on sale of investment” without routing it through the profit and loss account of the corresponding year. AO’s contention:- Income of Rs. 5,05,33,63,209′-… Read More »