"31 October 2019" Archive

SAD refund – Generic description of imported goods in sale invoices when correct

PP Products Ltd. Vs Commissioner of Customs (Madras High Court)

Observing that the adjudicating authority had not come to the conclusion that the product sold was entirely different and there was nothing on record to disbelief the Chartered Accountant’s certificate stating that both the products were one and the same, Madras High Court has allowed the appeal against the CESTAT Order denying SAD refu...

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Catalyst consumed in final product cannot be extended exemption available to goods for setting up, running, repair or maintenance of plant

Nayara Energy Ltd. Vs C.C. Kandla (CESTAT Ahmedabad)

Nayara Energy Ltd. Vs C.C. Kandla (CESTAT Ahmedabad) CESTAT Ahmedabad has had held that the catalyst ‘Petromax- MD’, consumed in the final product and not required for setting up of the plant or required for running, repair and maintenance of the plant, was not eligible for the benefit of exemption which provided that the good...

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Tariff Notification No. 79/2019-Customs (N.T.) Dated: 31.10.2019

Notification No. 79/2019-Customs (N.T.) (31/10/2019)

Tariff Notification No. 79/2019-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 79/2019-CUSTOMS (N.T.) New Delhi, 31st October, 2019 ...

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Extension in date of Sea Cargo Manifest and Transhipment Regulations, 2018

Notification No. 78/2019-Customs (N.T.) (31/10/2019)

In the Sea Cargo Manifest and Transhipment Regulations, 2018, in regulation 15, in sub-regulation (2), for the figures, letters and word 1st November, 2019, the figures, letters and word 16th February, 2020 shall be substituted...

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Import, trading & re-export of rough diamonds by notified entities

Circular No. 36/2019-Customs (31/10/2019)

Representations have been received from the Gems and Jewellery Export Promotion Council for setting up a Special Notified Zone at Surat in lines with the Special Notified Zone at Bharat Diamond Bourse, Mumbai permitted vide Circular No. 17/2015 dated 26.05.2015. It has been submitted that Surat is the hub for diamond cutting and polishing...

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Exposure Draft of IRDAI (Insurance Surveyors and Loss assessors) (Amendment) Regulations 2019

Ref. No: IRDAI/SURV/Regl-1/18-19 (31/10/2019)

Exposure Draft of IRDAI (Insurance Surveyors and Loss assessors) (Amendment) Regulations 2019 is prepared for carrying out amendment of the existing Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015 in the following indicative areas:...

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Eligibility Criteria for availing of DPD Scheme by Importers– reg

Public Notice No. 93/2019-[JNCH] (31/10/2019)

To avail DPD facility, importers shall furnish an additional information in the Annexure-A (copy enclosed), wherein they shall mention one time default stacking code for their future import Consignments i.e. whether DPD-DPD or DPD-CFS, and if DPD-CFS, preferred CFS Name & Code....

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Disclosure of divergence in Asset Classification and NPA Provisioning

Circular No. CIR/CFD/CMD1/120/2019 (31/10/2019)

In consultation with RBI, it has been decided that the listed banks shall make disclosures of divergences and provisioning beyond specified threshold, as mentioned in aforesaid RBI notifications, as soon as reasonably possible and not later than 24 hours upon receipt of the Reserve Bank’s Final Risk Assessment Report (‘RAR’), rather...

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TRO can order personal summons & Assessee can appear with consultant

Maulikkumar Vinodkumar Patel Vs TRO (Gujarat High Court)

Maulikkumar Vinodkumar Patel Vs TRO (Gujarat High Court) In this case it was held that TRO has powers to order personal summons, Penadancy of recovery proceedings before TRO entitles invoking of  Section 131, Requirement of Rule 83 of Schedule II and S. 131 requiring attendance of witness gets fulfilled when assesse appears before TRO. A...

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Valuation – Substantial mark-up in supply of imported goods to customers when not indicates under-valuation of imports

M/s. Voith Turbo Pvt. Ltd. Vs Commissioner of Customs (Imports) (CESTAT Mumbai)

M/s. Voith Turbo Pvt. Ltd. Vs Commissioner of Customs (CESTAT Mumbai) CESTAT Explains when Substantial mark-up in supply of imported goods to customers when not indicates undervaluation of imports Considering the nature of business of the appellant/importer and that the overheads involved in the business activity were bound to influence t...

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