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CBDT starts off New Year with a royale goof-up! MAKING mistakes is humane but committing 'this sort of' goof-up is certainly not pardonable. Only on Wednesday evening the North Block had issued the appointment letter of Mr A J Majumdar as new Member of CBDT but Thursday brought him tonnes of embarrassment when his name figured prominently in the posting-cum-transfer order of CCITs! How can Ad VI be so dumb or let's say the CBDT topbrass which approved the panel could be so callous to the fact that the name of a Member of the Board was allowed to be typed alongwith CCITs' order? Is it true that our system produces only human machine and kills keenness to take initiatives? 'The Insider' also heard that if one is known for taking too many bold initiatives, at some stage, his hard work also comes under the scrutiny of Vigilance! Even if we sidestep these issues for the time being, the CBDT should come out with a quick corrigendum, and accountability must be fixed for such a goof-up so early in the New Year. It is more because the morning shows the way for the day ahead! |
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CBI raids premises of Assam cadre IAS officer of 1982 batch in Guwahati, Surat and Ahmedabad; seizes assets worth Rs 90 lakhs and movable assets worth Rs 27 lakhs and detects acquisition of 50 acres agri land in Bharauch; Union Govt declares 2007 as 'Water Year'; Import of sensitive items between Apr-Nov 2006 up by 7.8%; Centre to set up three new IITs during 11 th Plan; Bihar to get one : HRD Ministry; SC dismisses petition against ban on interview for admission in nursery; |
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| Dear Member, Sending you the following files: |
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CBDT Members allocated new charge; CBDT issues transfer order of JCIT / ACITs ; 2007-TIOL-06-ITAT-MUM.doc + bajaj story.doc ''Stand alone unit" test is one of the basic principles governing the exemptions available under the provisions of 80HH and 80I; Deduction u/s 36(1)(iii) admissible for interest liability on conversion of convertible debentures into equity capital ; Purchase of two foreign make cars - Depreciation disallowed as cars not used for business purposes in the relevant AY - CIT (A) allows depreciation u/s 32(1)(ii) as cars formed part of block of assets in previous AY - A non-qualified asset not to be granted depreciation just because the asset qualified for depreciation in the earlier assessment year and formed part of a block of asset; |
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2007-TIOL-24-CESTAT-MUM.doc + mumbai cestat story.doc Consignor not paying duty under the fortnightly scheme is no ground for denying Cenvat Credit to consignee - Issue no longer res integra - Tribunal decisions in Prachi Poly Products & Spic Pharmaceuticals relied upon - Board's letter dated 15.12.2003 referred - Appeal allowed; Valuation of physician samples - Issue no longer res integra in view of LB decision in Blue Cross Laboratories (2006-TIOL-1142-CESTAT-MUM-LB); Section 4A - Valuation - In case of two MRPs on an excisable product, the maximum to be taken for levying duty irrespective of the fact that the product was sold at lesser MRP;
SERVICE TAX SECTION C & F Service - Penalties imposed for not filing returns - Penalty upheld as although assessee filed return for later period but concealed information about earlier period - Not eligible for Amnesty Scheme as it was already a registered service provider;
CUSTOMS SECTION 2007-TIOL-23-CESTAT-MAD.doc + customs story.doc Customs - reassessment of BOE - goods have be to reassessed under section 17(4) consequent to amendment of notification retrospectively - The amended notification deemed to be in existence at the time of clearance - However, it is the importer who has to seek re-assessment under Section 149; |
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| Regards
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