In a significant case relating to Customs Valuation, a recent judgement dated 26.07.2010 of the Honorable Supreme Court has confirmed the duty demand against a leading importer of Whiskeys, M/s Pernod Ricard India Private Limited (earlier known as Seagram India Private Limited). The case pertains to imports between 1994 and 2001 involving duty evasion of about Rs 40 Crores. M/s Seagram would thus have to deposit this entire amount now. But this is only the tip of the iceberg. In addition finalization of provisional assessments on imports of the goods by M/s Seagram from 2001 is likely to result in significant revenue to the government.
Customs – Notification No. 92/2010 Dated Friday, September 10, 2010 – Amends Notification Nos. 100/2009, 101/2009, 102/2009, 103/2009 and 104/2009-Customs all dated 11th September, 2009 – Exempts goods imported under the Export Promotion Capital Goods (EPCG) scheme
The Bombay High Court on Wednesday dismissed Vodafone International’s plea challenging the I-T Department Rs. 12,000 crore demand in tax and penalty on USD 11 billion takeover of Hutchison Telecom. This judgement could impact foreign companies buying assets involving India firms. The court, however, gave liberty to Vodafone to argue before the tax department that […]
The government today excuded confidence that the new Company Law, which promises greater shareholder democracy and stricter corporate governance norms, will be enacted by the end of this fiscal. The Companies Bill 2009, which seeks to replace the hal
The Mumbai region of Income Tax Department which has been assigned a direct tax collection target of Rs 1,50,480 crore for the current financial year, has already collected Rs 34,000 crore, which is over a third of the all-India collection.
Notification No.82/ 2010-Customs (N.T.), New Delhi, dated the 9th September, 2010. G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 4 read with sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2009- Customs (N.T.), dated the 17th March, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i), vide number G.S.R. 172 (E), dated the 17th March, 2009, namely :-
S.O …. (E). – In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Additional Commissioner of Customs (Imports), Air Cargo Complex, Ahmedabad to exercise the powers and dischar
G.S.R. (E). – In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby declares customs airports at Delhi and Sahar, Mumbai (Bombay) to be the ‘customs airports’ for the purpose of sub-regulation (1) of regulation 2 of the Cou
The Standing Committee of Parliament, which thoroughly examined The Companies Bill, 2009, has observed that there are several matters included in the Bill, which need modification with a view to harmonizing them with the International Financial Repor
The Bombay High Court’s verdict in the Vodafone case will not impact fund flows from countries like the US and Japan, but it will help discourage foreign investments that are routed through various tax havens, legal experts said today.
