Daily Archives: February 10, 2016

Amendments in All Industry Rates of Duty Drawback

By | February 10, 2016

Amendments effective 11.2.2016 to the All Industry Rates of Duty Drawback Circular No. 06/2016-Customs F. No. 609/98/2015-DBK Government of India Ministry of Finance, Department of Revenue Central Board of Excise & Customs New Delhi, dated 9 th February, 2016 To Principal Chief Commissioners / Principal Directors General Chief Commissioners / Directors General Principal Commissioners &… Read More »

Tariff Value of Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Slive

By | February 10, 2016

Tariff Notification in respect of Fixation of Tariff Value of Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Slive [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification  No. 23/2016-CUSTOMS (N. T.) New Delhi,… Read More »

When Investment in FDR is treated as Application of Income u/s 11(5)

By | February 10, 2016

Where the surplus money has been so invested in the FDRs, the said investment is to be treated as application of income of the previous year in which such investment is made, in the hands of the assessee.? Held There has to be nexus between investment in FDRs and achievement of the charitable objects of… Read More »

Demurrage charges not part of assessable value for leving custom duty

By | February 10, 2016

Held The demurrage charges are admittedly incurred after the goods reached at Indian ports and, therefore, it is a post-importation event. Such charges, therefore, cannot form part of the transaction value. Issue in this behalf is settled by this very Bench in the case of Commissioner of Customsv. Essar Steel Ltd. [2015] 51 GST 181… Read More »

Assessment Reopening on basis of Audit Objection not valid

By | February 10, 2016

Held Only on account of audit objection a well settled practice is sought to be disturbed. The Division Bench of this Court in Purity Techtextile (P.) Ltd. v. Asstt. CIT [2010] 325 ITR 459  (Bom.) has found that such reopening where the Assessment Officer relied exclusively on audit objection in absence of tangible material cannot… Read More »