In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy, 2004-2009, as amended from time to time, the Central Government hereby makes the following amendment with immediate effect to Paragraph 1 Notification No. 38 (RE-2007)/2004-2009 dated 15.10.2007.
We have identified and appropriately classified all such payments/expenditures, which are subject to fringe benefit tax in terms of sections 115WA and 115WB of the Income-tax Act, 1961. There are no unrecorded payments/expenditure which would have otherwise qualified for being subjected to the fringe benefit tax. We acknowledge that we are responsible for the compilation of information in Annexure-II to Form No.3CD. We shall not hold you liable, in case if we incur any tax liability on account of any errors/omissions/mistakes taken in the Annexure-II to Form No.3CD.
The Tribunal has the discretion of granting stay and dispensing with the requirement of pre-deposit of duty. Secondly, the argument that under Section 35-C(2A) of the Act, the appeal is required to be heard within 180 days, would also be frivolous as the stay order is not co-terminus with the period prescribed for disposal of the appeal.
Sub-rule (9) of Rule 7 of the said Rules, provides for seizure of infringing goods, if there are reasons to believe that the goods are liable to confiscation in terms of section 111 of the Customs Act, 1962. In this context, it may please be borne in mind that Customs is enforcing laws in personam while protecting intellectual property rights. Thus it is important to make sure that the right holder participates in the Customs proceedings. In case the right holder abstains, the Customs have no obligation to continue with the detention and the goods shall be released forthwith, if otherwise in order.
It is accordingly informed that import of trim cutting waste or fabric trims of continuous length with maximum width restriction of two inches (2″) falling under heading 6310, required for manufacture of chindi rugs shall not be subjected to restrictions imposed by the present policy of ITC (HS) Code 6310 and shall be cleared without an import licence.
The taxman may have to consider naming some top ten stock exchanges around the world as ‘recognised stock exchanges’ for the purpose of Rule 40C, suggest Mr Sanjiv Agrawal and Mr Amitabh Singh, Partners, Ernst & Young, commenting on the new income-tax rule on thevaluation of ESOPs (employee stock options) for the purpose of FBT (fringe benefit tax).
In exercise of the powers conferred by sub-section (1) read with sub-section (5) of Section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with Rules 18, 20 and 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995.
The principal notification No. 73/2003-Customs, dated the 1st May, 2003, was published in the Gazette of India vide number G.S.R. 376(E), dated the 1st May, 2003 and last amended vide notification No. 67/2007-CUSTOMS dated the 11th May, 2007, published vide number G.S.R.343 (E), dated the 11th May, 2007.
Copy of the contract between the importer and the exporter stipulating that the consignment does not contain any type of arms, ammunition, mines, shells, cartridges, radio active contaminated, or any other explosive material in any form either used or otherwise.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following additions in the Handbook of Procedures, Vol.2, 2004-2009, as amended.
