In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures.
The total import of Rough / unprocessed Blocks and Slabs of agglomerated / artificial stones under Exim Code Nos. 6810 1110, 6810 1190, 68101910,6810 1990, 6810 9100, 6810 9910 and 6810 9990 will be subject to a ceiling of 60,000 ( sixty thousand) MT for this year. The entitlement of individual firm for the year 2008-09 will be worked out on the basis of the eligible turnover of the eligible firms for the year 2006-07. Eligible turnover of the units shall be decided in the same manner as is for considering licenses for import of rough marble blocks / slabs. Turnover of the firms for the relevant years has to be certified by Chartered accountant.
Units having more than one marble gang saw machine will be entitled for a maximum licence of 3000 MT of Rough / unprocessed blocks and slabs of agglomerated / artificial stones for the first gang saw machine and 1500 MT of Rough / unprocessed blocks and slabs of agglomerated / artificial stones per additional marble gang saw machine.
In the present case, the debt is the amount receivable by the assessee and not any liability payable by the assessee and, therefore, any provision made towards irrecoverability of the debt cannot be said to be a provision for liability. Therefore, in our view Item (c) of the Explanation is not attracted to the facts of the present case. In the circumstances, the AO was not justified in adding back the provision for doubtful debts of Rs.92,15,187/- under clause (c) of the Explanation to Section 115JA of the 1961 Act.
The question that arises for consideration in this appeal is whether the goods manufactured by hundred percent EOU (Export-Oriented Undertaking) when sold in India can be subjected to levy of Education Cess under the Central Excise Act.
An assessee to whom the agreement applies has the option of being subjected to tax as per DTAA or the Income-tax Act 1961, which is more beneficial to it. When section 44D is read in juxtaposition to section 115A, it mandates for putting the amount of royalty and fees for technical services to tax at 20% as against 10% as provided by Article 12 of DTAA. The assessee being a person to whom the agreement applies, has rightly subjected itself to taxation at the reduced rate of 10% as per DTAA.
Whether the assessee is entitled to take cenvat credit on the basis of supplementary invoice of the manufacturer in case additional duty of excise is paid suo motu on receipt of the show cause notice alleging wilful mis-statement or suppression of facts or contravention of the provisions of the Central Excise Act or the Rules with intent to evade duty invoking proviso to Sub-Section (1) of Section 11A of the Act?
All products manufactured by Units in Madras SEZ andEOUs located within the respective jurisdiction of the Development Commissioner. In addition, the Development Commissioner shall also issue thecertificate for the trading units, provided they meet the conditions of GSP.
Notification No. 96-Income Tax Whereas the Convention Between the Government of the Republic of India and the Government of Japan For the Avoidance of Double Taxation And the Prevention of Fiscal Evasion with Respect to Taxes On Income has come into force on the 29th day of December, 1989 after the exchange of Instruments of Ratification as required by paragraph 1 of Article 28 of the said Convention
In this respect it is informed that the decisions on PNs (ODIs) are effective from close of market hours on October 07, 2008.
