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Plan Panel suggests common regulator for energy and transport sectors; FM says a section of India Inc artificially pushing prices up; Mittal says none has made any offer for Vodafone stake in Airtel; FM radio industry demands service tax holiday; CBI catches red-handed Deputy Collector of Daman, accepting Rs 60,000 bribe from an Advocate; Lobbying picks up for stake in Hutch-Essar : EU Trade Chief speaks to Nath for Vodafone; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-02-SC-IT.doc + it story.doc SC rules Rectification u/s 154 does not denude Revision Authority's power u/s 263; Deduction of interest u/s 36(1)(iii) cannot be allowed unless a nexus exists between the funds borrowed and loans given to another company - to prove so the onus is on the assessee : HC; A bad debt should be allowed as soon as it is written off in the books of account under provisions of Section 36 (1) (vii) : HC; |
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Nhava Sheva goes to Mr S D Majumder as Addl charge; CBEC transfers 16 ACs; CBEC promotes 103 Suptds + Appraisers;
Detterent measures for tax evaders in manufacturing sector; 2007-TIOL-42-CESTAT-MUM.doc + tool kit story.doc Credit not available on Tool kit/Jack Assembly - Interpretation of Central Excise law cannot be made different to suit the provisions of Motor Vehicles Rules, as applicable to a particular state; 2007-TIOL-41-CESTAT-MUM.doc + high value story.doc Another "high value" case of alleged clandestine clearance slips away from Revenue - Third Member does not find merit in the quality of evidence; Furnace oil used for heat treatment which is an essential process in the manufacture of dutiable as also exempted goods is eligible for modvat credit - Fuel is specifically excluded under Rule 6(2) of Cenvat Rules - Division Bench decision to be given preference over Single Member judgment - SC decision in Associated Cement Co. relied upon; Refund claim - Unjust enrichment - Importer asked to furnish evidence - Appellant challenges power to seek evidence - Law amended making it compulsory to furnish evidence - Since appellant has failed to produce the evidence contemplated under Section 27(1) of the Act read with Section 27(2), AC's order upheld;
SERVICE TAX SECTION Service Tax - Supply, installation and commissioning - Works contract should not be vivisected to charge service tax on certain items;
CUSTOMS SECTION CBEC gets serious about exports promotion; fixes time-frame for disposal of applications related to EoU/STP/BTP; Anti-dumping duty on TMP extended by one year; Seizure of silver slabs, bars and coins made by the police - Case handed over to the Customs - Section 123 cannot be applied in this case for confiscation as the burden of proof as to foreign nature of goods shifts on the Customs - In view of Board's instruction that unless silver is smuggled in 30 kg blocks; weighs more than 100 kg and bears foreign markings, the sizure not to be made - the confiscation is not sustainable; |
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New changes in Tariff – notification amended; Coal mining licence raj turns public enterprises into commission agents!; ABB Ltd bags Rs 250 Cr orders from JSW Group; Lanka IOC compensated by Lankan Govt; Hinduja TMT acquires US based BPO; Indian American recieves highest Chemical Industry Award ; Singapore Exchange in preliminary discussion with BSE; Dabur Pharma acquires business from its partner; |
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| Regards
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