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Commerce Ministry in favour of freezing agri export zones; States asked to strengthen existing 34; PM worried over sliding standard of research; intends to hike expenditure on R & D to 2% of GDP; Govt sets up Committee to keep an eye on steel prices; |
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| Dear Member, Sending you the following files: |
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Finance Act 2006 - Board explains; 2007-TIOL-06-HC-MUM-IT.doc + income story.doc Exercise of power u/s 143(1) is not legally sustainable after proceedings u/s 143(2) of I-T Act were initiated; Premises let out to a bank - rent collected to be treated as income from house property; Chit funds - dividend income has to be taxed on the basis of its accrual and the discount loss claimed should be allowed in the year of its accrual; |
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CBEC issues transfer order of six Commissioners; Mr S K Goel is new DG (Vig); CBEC issues transfer order of 4 Addl/JCs;
20/2001 amended to substitute sub-heading by Chapter; 8-digit classification alignment : Bunch of Notifications amended; 8-digit classification alignment - First Schedule amended; 2007-TIOL-14-CESTAT-MUM.doc + excise story.doc Parts of Lifts & Escalators are correctly classifiable under heading 84.31 & not 84.28 as claimed by the assessee - classification cannot change merely because they were supplied under a single contract - Commissioner's finding on classification & demand of duty cannot be faulted; CENVAT Credit - dutiable and exempted final products - inputs used exclusively in exempted final products - credit eligible; EOU - Declaration as warehousing station - When the GOI/CBEC adopted liberalized procedure towards EOUs, Commissioner adopting highly technical issue in the matter is quite contrary to all clarifications/instructions - The impugned order is perverse to say the least;
SERVICE TAX SECTION 2007-TIOL-13-CESTAT-MUM.doc + st story.doc Section 76 of the Finance Act, 1994 lays down a mandatory minimum penalty of Rs.100/- per day and not merely Rs.100/-;
CUSTOMS SECTION Anti-dumping duty on silk fabrics from China : Provisional becomes definitive; 8-digit alignment : First Schedule amended; Demurrage charges on goods which were detained by the customs - detention set aside by the CESTAT as illegal - since the Supreme Court decision on similar issue is pending, the goods ordered to be released under an undertaking from the importer; Customs - DEPB Scheme - Notification 34/98-Cus itself exempts goods imported under DEPB scheme from SAD - The conditions given in Notification 34/97-Cus cannot be read into Notification 34/98; |
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| Regards
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