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Cabinet exempts readymade garments from Textiles Committee Cess + allows CWC to form subsidiary for warehousing complexes; FM asks investors to believe in India's growth story; India to host International Oil Meet this month; States' FMs meet PC to thrash out CST phase out + transfer of services + VAT compensation package; Mumbai CBI arrests Income Tax officer + CA in corruption case; |
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| Dear Member, Sending you the following files: |
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CBDT promotes 33 as CCITs; orderno8_2007.doc + orderno9_2007.doc + orderno10_2007.doc Govt appoints three new CBDT Members; 2007-TIOL-09-HC-AHM-IT.doc + gussa story.doc Illegible copy of documents in paper book is callous conduct on part of Revenue - Costs of Rs 10,000 imposed on Revenue; Assessee raises loans and advances the same to sister concern for non-business purpose - Deduction not allowable to the extent that interest is payable on the loans taken and then advanced to the sister concern; AO detects excessive relief - assessment reopened u/s 147(b) - Since no new facts were obtained by the AO, mere change of opinion cannot a ground for re-assessment; |
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Central Excise - Valuation - transportation cost cannot be included, much less the profit made in transportation; Central Excise - Exemption - Solar power Traffic Signal Systems and Solar Street Lights are eligible for exemption under Notification No.6/2002 (Erstwhile Notification No.205/88); Ready mix concrete manufactured at site is eligible to exemption under serial No.51 of Notification 4/97-CE - Ready mix concrete and concrete mix, fall under Chapter 38 of the schedule to the Central Excise Tariff Act, 1985 and the exemption under serial No.51 of the table to the notification should not be given a narrow meaning so as to include only concrete mix and to exclude from its ambit, ready mix concrete manufactured at site - LB decision in Chief Engg. Ranjit Sagar Dam vs. CCE, Jalandhar followed;
SERVICE TAX SECTION Bad news for telecom operators : North Block clarifies international roamers are liable to service tax on services availed in India from domestic service providers; ST - Assessee provides information related to displays, arranges sponsorships and advertising and collecting advertisements from advertisers - Such services cannot be placed under Advertising Service;
CUSTOMS SECTION Licensed Export of sugar to korea exempted from curbs; DGFT bans certain types of import / export from Korea; Use of tamper-proof bottle seals for exports cargo; CBEC clarifies points related to implementation of SEZ Act and Rules; 2007-TIOL-19-CESTAT-DEL.doc + seagram story.doc Assessee directed to pre-deposit 100% duty demand; |
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Missing Notifications – issued; Publication of orders favourable to Revenue – CBEC initiaitive; Works Contract : Both Sales Tax and Service Tax can be levied but .... ; EPFO - Extremely politicised and Fussy Organisation - Should Govt really lower threshold to 10 employees to widen its coverage? ; sc brick story.doc + 2007-TIOL-01-SC-CT.doc Non-production of records is a relevant factor which can be considered by the Assessing Officer while considering whether the books of accounts are to be accepted; TRAI asks service providers to comply with National Numbering Plan; Wellsprings acquires Jankharia Imaging; BSEL Realty and Unity Infraprojects to build hotel in Pune; Chemplasts aims to be zero effluent company; I-T disallows Sec 10A deduction to Patni Computers ; |
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| Regards
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