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Punctuality - an extinct virtue, and FM is not liking late comers! YOU talk of visiting any Govt office, and you are forced to start your day not before 11 AM! A similar eerie punctuality scenario prevails even in North Block! Babus could be seen leisurely strolling through the majestic gates even after 10.30 AM. But the Finance Minister who has been working extra hours with the TRU and the TPL has seen it now and instructed the administration to enforce the office timing - 9 AM to 5.30 PM. A random check has also been suggested. All staff have been instructed to mark their arrival and departure time in the attendance registers. For chronic late comers, a warning with a copy marked to the vigilance is the first step suggested by the topbrass. To instill fear a cross-inspection module has been put in place - JS (Admn), CBDT, is expected to do random check of Revenue Hqs; and JS (Admn), Revenue Hqs, will do the same for the CBEC and like-wise! The reverberation of enforcement of punctuality can also be heard far away at Nhava Sheva Port. Ever since Mr K K Sharma, the New Commissioner (Import) has taken over, 'poor punctuality' which had created leisurely space for its rival unpunctuality has seen dramatic improvement in its fortune. Appraising halls which used to see teeming crowds only after 11 AM are 'woken up' at 9 AM nowadays. Though the CHAs and importers are indeed loving it but the terminal cases infected by the 'late-coming virus' are not leaving the tail of optimism and are very confident that the 'demons of unpunctuality' would finally prevail over! Let's hope they do not! |
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PM releases 10-yr Automotive Mission Plan and promises all possible support; Exports logs 36% growth rate between April - December 2006; SC rules Govt resolution cannot substitute legislation; Trade Minister agrees to give a fresh chance to Doha talks; FM holds pre-budget meet with FIIs; Interest rate cut : EPF Board once again defers decision; |
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| Dear Member, Sending you the following files : |
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Corrigendum to Not 03 related to First Amendment Rules; 2007-TIOL-53-HC-DEL-IT.doc + disregard story.doc Growing judicial indiscipline in Income Tax draws flak; Principle of consistency in assessment not to be flouted unless warranted so - Assessee's income held as salary income and not business income; Assessee granted exemption u/s 10(22A) and 11 of the Act - Exemption allowed for several years but denied for the first time in 1995-96 - Tribunal set aside AO's order - Exemption allowed for a few years and again denied - Revenue must follow a consistent pattern and when it has granted the benefit of exemption, it cannot be permitted to change its opinion merely on the whims and fancies of the Assessing Officer without any noticeable change in circumstances; Once Sections 147/148 are invoked, the burden of proving that the income has escaped assessment falls first on the AO, and only thereafter, the assessee can provide all the answers to Revenue's queries; |
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2007-TIOL-135-CESTAT-DEL-LB.doc + lb story.doc Inputs put to intended use of manufacture of final product but final product destroyed by fire accident - Remission of duty granted under Rule 49 of Central Excise Rules, 1944/rule 21 of CER 2002 not to be equated to general exemption from duty or goods being charged to nil rate of duty - Reading of rules under which remission is granted in respect of goods which were lost or destroyed by natural cause or by natural accident, does not provide any condition regarding reversal of credit taken in respect of inputs used on such goods - No need for reversal of credit in such circumstances - Tribunal decision in Inalsa Ltd approved, Mafatlal decision not agreed with - SC decision in Indchem Electronics referred; Appellant taking cenvat credit of Rs.4.94 lakhs in a wrong and irregular manner but reversing the same before SCN – reduction of penalty to Rs.10000/- by Commissioner (A) from mandatory penalty fully justified – Contention of Revenue that minimum 25% penalty imposable in view of first proviso to Section 11AC not tenable – Revenue appeal dismissed; Mere challenging the order of the Tribunal without obtaining a Stay is no impediment to following the precedent decision; 2007-TIOL-130-CESTAT-DEL.doc + excise story.doc Non-authentication of invoices is a rectifiable defect; Rule 173-M - Verification of particulars of exports goods - Since there is no evidence of diversion, demand not justifiable;
SERVICE TAX SECTION Refund of Service Tax upon cancellation of air tickets; 2007-TIOL-134-CESTAT-BANG.doc + courier story.doc Service Tax - Courier Agency - Any order which alters the rights and liabilities of the assessee is appealable; Service Tax – Railway Booking Services – Penalty reduced from Rs.4000 to Rs.1000 in view of the amnesty scheme;
CUSTOMS SECTION Import of maize exempted upto Dec 31, 2007; Customs duty - Addition of royalty in assessable value - Since the agreement gives freedom to the assessee to import components from any suppliers, including its foreign partner, there is no clear-cut nexus between the royalty paid and the imported goods ; |
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| Regards
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