NOTIFICATION NO.14/2012-CUSTOMS (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.9/2012-CUSTOMS (N.T.), dated the 30th January, 2012 vide number S.O. 189 (E), dated the 30th January, 2012,
CIRCULAR No. MRD/DP/8/2012, dated 27-2-2012 This has reference to SEBI circular No. MRD/DP/05/2012, dated February 1, 2012 and MRD/DP/07/2012, dated February 23, 2012, on the subject. 2. It is clarified that the contents of the advertisement, if any, to be issued in terms of Para 4(a) of the aforementioned circular dated February 1, 2012, shall be restricted to the contents of the notice as given to the stock exchange under Para 5(b) of the said circular.
The maximum tenor of gold loan was notified as 240 days consisting of 60 days for manufacture and exports +180 days for fixing the price and repayment of gold loan as per the Foreign Trade Policy 2004-2009 of the Government of India and that the tenor of the Standby Letter of Credit (SBLC), for import of gold on loan basis, where ever required, should be in line with the aforesaid tenor of gold loan. Now for further facilitation of exports in the sector, the stipulation under para 4A 23.2 and para 4A 23.3 of the Hand Book of Procedures (HBP) Vol. I of the Foreign Trade Policy (FTP) 2009-14 has been revised and the maximum tenor of gold loan has now become 270 days as at present (i.e. 90 days for manufacture and export + 180 days for fixing the price and repayment).
Notification No. 13/2012-Customs (N.T.) for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s A & N Impex, House No.995, Sanjay Gandhi Colony, Sector-32A, Ludhiana issued vide, DRI F.No. 856(08)LDH/2010/II/2646-2663 dated the 28th December, 2011, by the Joint Director, Directorate of Revenue Intelligence, Ludhiana Regional Unit, Ludhiana.
Notification No. 12/2012 – Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazette of India, vide number G.S.R. 193(E), dated the 2nd April, 1997,
In the first three minutes, reward has been awarded @ 19.4% that is nearly the maximum possible rate. The said reward was on the principal amount of customs duty of Rs.1.21 crores and, therefore, the Reward Committee was competent to award a lower amount/percentage on the penalty and fine amount but this is not the reason and ground given in the last two minutes of the Reward Committee.
As per the provisions of section 61 of MVAT Act, 2002 the dealers covered under this section are liable to submit Audit Report in Form 704. Alongwith Form 704, details of the customer-wise sales and customer-wise purchases are also submitted in annexure Jl and J2 with other requisite details. However, for the dealers who are not required to file Audit Report in Form 704 there was no provision to seek the information about the customer-wise sales and purchases and also other details. The information about the latter category of dealers were not available with the department. As a result of this, it was difficult to cross check the input tax credit in respect of the dealers claiming refunds. In order to mitigate this problem and to ensure speedy processing of refund claims and to expedite the cross check of input claims, it is felt necessary to prescribe information similar to Form 704 for dealers not liable to file Audit Report. Accordingly amendments have been made to rule 17 and rule 18.
Notification No.S.O. 367(E), dated 27-2-2012 In exercise of the powers conferred by sub-clause (iv) of clause (m) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), the Central Government hereby specifies the The National Small Industries Corporation Limited (NSIC), having its registered office at NSIC Bhavan, Okhla Industrial Estate, New Delhi-110020 as financial institution for the limited purpose of disposing of their non-performing financial assets through any securitisation company or reconstruction company.
Prakash Leasing Ltd. v. DCIT – The lease rentals is not the real income of the assessee. The lease rental consists of financing charge as well as capital recovery. The amount received towards capital recovery constitute the capital expenditure, whereas the financing charge represents the revenue receipt, which is the real income. It is as per the Accounting Standards prescribed by the ICAI. Therefore, the assessee under the Act has to offer to tax only the real income and not the total receipt. He is not liable to pay any tax under the Act on the capital recovery.
Merely because the vehicles were used by the lessees in their business, the assessee cannot be denied the depreciation @ 40%. In fact, it is not in dispute that in respect of all these vehicles, the assessee has acknowledged the receipt of lease rent and has shown the same in his profit and loss account. It is thereafter he is claiming depreciation. If the authorities were of the view that the assessee has failed to prove his ownership over those vehicles, then, if depreciation is to be disallowed then they also should not have taken that lease rental agreement for the purpose of making the assessment. Under these circumstances, it is also not in dispute that for the subsequent years, the assessee had been granted the benefit of depreciation. Therefore, the order to be passed by the authorities should be consistent.
