FTA with Asean inches forward with Asean's Ministers approving India's negative list;

Cabinet okays Ordinance for amending Banking Act to empower RBI for fixing flexible SLR;

Union Cabinet okays setting up Central Drugs Authority of India;

Chennai Airport Customs arrests one with restricted medicinal powder worth Rs 30 lakh;

CCEA approves extension centre of NIFT at Rae Bareli;

Govt removes curbs on sugar exports;

BSNL going for multi-system fixed line from March;

SEBI penalises partner of M/s Ashok Amar & Associates for issuing false certificates in Padmini Polymers case;

International Business Report finds Indian business men most confident lot worldwide;

China worried about growing gender imbalance; 30 mn may be forced to remain bachelor by 2020;

2007-TIOL-24-HC-AHM-IT.doc + gasket story.doc

Income Tax - Exports benefits - Only an Indian company or a resident Indian can claim benefits under Section 80HHC: HC;

2007-TIOL-09-ITAT-PUNE.doc + property story.doc

Property rights transferred to financial institution - profit earned amounts to short-term capital gain; Deduction of payment of stamp duty in computing capital gains allowed: ITAT;

2007-TIOL-08-ITAT-RANCHI.doc

If a plant and machinery is ready for use, depreciation not to be disallowed: ITAT;

2007-TIOL-07-ITAT-RAJKOT.doc

Can docks, wharves, pavements and jetties be treated as a plant and machinery for a port authority? - On application of functional test they are essential for working of the port - Depreciation allowable at higher rates: ITAT;

CENTRAL EXCISE SECTION

2007-TIOL-23-HC-P&H-CESTAT.doc

Central Excise - Valuation - High Court has no jurisdiction under Sec 35-G: HC;

2007-TIOL-54-CESTAT-BANG.doc

Central Excise - valuation - Price cannot be revised once the assessments have been completed in terms of Section 4(1)(a) of Central Excise Act;

2007-TIOL-53-CESTAT-MUM.doc

Appellants taking credit on duty paid inputs initially stored in the godown and then received in the factory – issue no longer res integra – Tribunal decision in Mangalam Enterprises relied upon – Board in its circular dated 01.05.1996 permits storage of inputs outside the factory premises;

SERVICE TAX SECTION

2007-TIOL-57-CESTAT-MUM.doc + st story.doc

Restoration of Appeal ought not to have been allowed on a ground other than that taken while dismissing the appeal;

2007-TIOL-56-CESTAT-DEL.doc

ST - Management Services - Assessee provides technical assistance and supervisory services - Pre-deposit ordered;

CUSTOMS SECTION

2007-TIOL-55-CESTAT-DEL.doc + depb story.doc

Charges against the accused ambiguous and not clear - Penalty under Section 112 of Customs Act, 1962 not imposable;

ddt 12 jan.doc

Tone up adjudication – CAG is watching – Board;

Ninth Schedule subject to judicial scrutiny – but what’s new?

maischeme.pdf

Revised Market Access Initiative Scheme - a liberal step;

corpbuzz645.doc

WB to finance Punjab water supply project;

corpbuzz644.doc

BSNL to launch new services in AP; Reliance keen on GE' plastic business;