Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: TDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: empanelment :: form 3cd :: VAT RATES :: cpt :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
 
 
« Latest Circulars »
 Submission of Annual Information Return relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961 - Change thereof
 Continuation of Interest Subvention Scheme for short-term crop loans on interim basis during the year 2017-18 - regarding
 Input Tax Credit under GST ,Time of Supply of goods and service under GST.,Recent Amendments in Taxation and Tax Audit Report. INDIRECT TAXES
 Formation of new districts in the State of Arunachal Pradesh - Assignment of Lead Bank Responsibility
  Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks
 Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks
 Applications invited for the Post of Deputy Governor, Reserve Bank of India
 Auction of Government of India Dated Securities May 22, 2017
  Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
 A Call for Enterprise in Economic Data Generation and Information Analytics - Dr. Viral V Acharya, Deputy Governor - May 19, 2017 - Presentation at the 9th Indian Chamber of Commerce Banking Summit, Kolkata
 Reserve Bank of India Outlines the action plan to implement the Banking Regulation (Amendment) Ordinance, 2017

Regarding clarification regarding contract under PIR, 1986
August, 09th 2013

Circular No. 31/2013-Cus.        

F. No. 528/43/2013-STO (TU)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise and Customs

****

New Delhi, the 6th August, 2013

All Chief Commissioner of Customs

All Chief Commissioner of Customs and Central Excise

All Commissioners of Customs

All Commissioners of Customs and Central Excise

 

Sir/Madam,

                       

References have been received in the Board to clarify whether or not a purchase order can be considered as a contract in terms of provisions contained in the Project Import Regulations, 1986. It is also reported that in this regard varying practices are being followed in different Customs Houses.

 

2.         The matter has been examined. Regulation 5 of Project Import Regulations, 1986 mandates that amongst other requirements, every importer claiming assessment of the goods under the heading No. 98.01 shall apply to the proper officer at the port where the goods are to be imported or where the duty is to be paid, for registration of the contract or contracts, as the case may be. Such application shall be accompanied by the original “deed of contract” together with a true copy thereof. In regard to the scope of the terms “deed of contract” it is seen that as per Section 10 of the Indian Contract Act, 1872 a valid contract is one that contains the following ingredients:-

(i)   it is entered into by free consent of parties competent to contract;    

(ii)   there should be lawful consideration;

(iii)  there should be a lawful object; and

(iv)  it is not expressly declared to be void (i.e. void under the statute).

 

3.         In view of the aforementioned legal position it is evident that a purchase order that contains all the essential ingredients of a valid contract must be treated as one under the Indian Contract Act, 1872. The implication is that such a purchase order can be accepted as a “deed of contract” for the purpose of Regulation 5 of Project Import Regulations, 1986. Board desires that pending cases, if any, may be finalized accordingly.

 

Yours faithfully

 

(Alok Agarwal)

OSD (Tariff Unit)

 

 

Site is maintained under supervision of Directorate General of Systems and Data Management, Delhi

<< Back

Home >>


This site is best viewed with internet explorer 5.0 and above with  1024 x 768  pixels resolution

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions