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Customs duty cut : FM says inflation persuaded Govt to advance the duty reduction; Delhi Master Plan proposes to end DDA's monopoly; Land to be earmarked for pvt developers but price to be fixed by regulator; Govt reduces import duty on crude palm oil by 10%; on RBD by 12.5% and on crude sunflower and refined oil by 10%; Cabinet okays Ordinance to amend NTT Act as per affidavit given by SC + decides to buy 2.5 lakh electronic voting machines + Ordinance to amend National Institute of Pharmaceutical Education and Research Act; Maruti CEO dares Tata to name competitor allegedly fuelling row over Singur project; TRAI scraps rental for roaming services + reduces roaming charge by upto 56%; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-45-HC-DEL-IT.doc + search story.doc Sufficient reason justifying search under Section 132 - Writ proceedings cannot be employed as surrogate challenge against such action: HC ; Concealment of income - Penalty imposed u/s 271 - Criminal prosecution launched u/s 276C (1) - Tribunal deletes penalty on ground that the AO did not record satisfaction before initiating penalty - Sessions Court quashes prosecution on basis of tribunal order - K C Builder (2004-TIOL-13-SC-IT) decision applicable in the case as once penalty is knocked off, the quashing of prosecution is automatic - Revenue's appeal dismissed : HC ; Assessment order passed - Audit raises objections in relation to excessive deduction allowed u/s 80HHE and 10B - Notice issued u/s 147 to reopen assessment - Rectification order passed u/s 154 - Since no subsequent information was obtained by the Revenue it is a case of applying different yardstick and such an afterthought is beyond the provisions of Sec 147 : HC; |
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CBEC transfers 9 Commissioners; CBEC notifies Presidential Award for 32 officers, including late Tarun Kr Dutta of Shillong DRI;
2007-TIOL-119-CESTAT-MUM.doc + hll story.doc "Kissan Sauce Tom Tom Tomato Ketchup" is eligible for exemption under sr.no.10 of Notification No.6/02; Non-accountal of finished goods - Assessee attributes non-accountal to lack of storage space - Confiscatiion - Redemption allowed on condition of duty payment - Such rider is not sustainable in view of the fact that the goods were lying in the factory premises and duty liability emerges only on clearance from the factory; Assessee issues debit notes to suppliers for discounts - Allegation of availing excess modvat credit - Reversal of credit demanded - Penalty imposed - Mere issue of debit notes not to reduce assessable value of goods received by the assessee - Appeal allowed;
SERVICE TAX SECTION Receipt of technical know how from foreign supplier – Amount paid not liable to Service Tax in view of Tribunal decisions in Bajaj Auto & Pfizer Ltd, however since AC’s order not challenged, order upheld – Enhancement of penalty by Reversionary authority viz. Commissioner, not justified in aforesaid circumstances;
CUSTOMS SECTION Exchange rate export goods for February; Exchange rate for imported goods for February; 2007-TIOL-46-HC-MAD-CUS.doc + hc story.doc Customs - Appeal against the order of Commissioner ( Customs) under Section 129 A of the Customs Act - CESTAT can not set aside that part of the order which is in favour of the appellant, more so when there is no appeal by the revenue on that part - Writ Petition allowed: HC; Penalty on CHA – it is not one of the duties of the CHA to verify and find out as to whether IEC number was obtained by the importer by disclosing the true and correct information – since allegation and findings are based on a sole statement which remains uncorroborated, it cannot be taken as having evidentiary value so as to impose penalty; |
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Customs duty on edible oils reduced; International Customs Day – tomorrow - No to counterfeiting and piracy; SBI is Income Tax refund banker; Another Open Letter : Please bring in provisions to punish Revenue officers indulging in judicial indiscipline! And today's column offers a few 'only revenue friendly' suggestions to FM! Jet awards advertising account to M & C Saatchi; ICICI and Union Bank raise deposit interests; Tata Power signs MoU with Chhatisgarh to set up 1000 MW power plant; |
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| Regards
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