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RBI hikes repo rate by 0.25%; Gandhi Peace Prize 2005 conferred on Archbishop Desmond Tutu; FM says it's time now for robust intervention in agri sector; FM credits banking sector for expediting reforms; Air Marshal Fali H Major named as new Air Force Chief; Paswan says Govt approves Rs 220 bn fertiliser subsidy; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-57-HC-MAD-IT.doc + judge story.doc The modern Judge is the maker of economic and social reforms, apart from interpreting the law and adjudicating disputes - It is upto the Court to determine the legitimacy of devices of tax avoidance; Reassessment initiated on basis of statement of a hundi broker - Additions made - Tribunal remands - Additions made again - Tribunal rolls back additions - Since AO has not done proper enquiry, no fault can be found with the tribunal's order - All remisses on part of the AO have to be at the cost of the exchequer; Salaried assessee claims deduction for expenses against incentive bonus - Tribunal allows at 40% rate u/s 10(14) - Apart from standard deduction u/s 16(1), assessee not entitled to second deduction; |
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CBEC posts three IRS officers as TO in Board;
Excisability of furniture - In view of SC decision in M/s Craft Interiors Pvt Ltd case (2006-TIOL-142-SC-CX), the matter remitted for fresh consideration; 2007-TIOL-144-CESTAT-DEL-LB.doc + lb story.doc Rule 57 CC - Manufacture of dutiable and exempted goods - credit availed on pig iron and foundry chemicals - 8% amount has to be computed on the value of the castings captively consumed - revenue's contention that castings are only intermediate products and 8% amount to be computed on the sale price of the PD pumps is rejected - castings are also to be treated as final products; 2007-TIOL-143-CESTAT-MAD.doc + appeal story.doc Central Excise - Review - Board's circular dt.06.02.06 was issued without legal sanction and militates against section 35B(2)/129A(2) and cannot be given effect to; Manufacture of excisable goods by workshop of the mine - Exemption under Not No 63/95 claimed - Since workshop not registered under Factories Act, benefits denied - The expression 'precincts of a mine' used in the Notification means surrounding of a mine and exemption cannot be denied as factories act has nothing to do with central excise; Assessee is a cooperative sugar mill - sells molasses at much lower price than the one fixed for non-members - Since price fixed for non-member is the commercial price, the demand raised is sustainable; Assessee pays NCCD from Cenvat Credit account - Revenue insists for payment by PLA - Duty paid through PLA but Revenue seeks interest and imposes penalty - Interest cannot be demanded as the assessee had paid duty through Cenvat account and paid through PLA only on Revenue's insistence - Penalty set aside;
SERVICE TAX SECTION 2007-TIOL-142-CESTAT-MUM.doc + st stay story.doc Service Tax - Interest u/s 75 of Finance Act, 1994 - Section 35F of the CEA'44 does not cover waiver of pre-deposit of interest - Order dismissing Stay application in no way results in dismissal of appeal; Penalty imposed under Sec 78 - Intention to evade Service Tax not found - Penalty not called for; When Service Tax is not payable, no return needs to be filed - penalty set aside : Cestat; ST on C & F Service - Demand based on Prabhat Zarda case - Assessee cits LB decision in L & T case ( 2006-TIOL-814-CESTAT-DEL-LB ) - Stay granted;
CUSTOMS SECTION If there is a mistake on part of Customs in proper assessment of goods, importer cannot be held liable for any suppression of facts - Tribunal order against Revenue upheld; EPCG - Non-fulfilling conditions of Notification - Duty demand and interest upheld – Penalties not imposable; |
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Landmark judgement from Chennai CESTAT - Departmental Appeal to the Tribunal – Committee of Commissioners – Board circular invalid; How long does it take for a Board circular to reach Coimbatore from Delhi ? More than a month! Inspector Raj to outsource Raj - Budget ratiocination; Undue hardship; Automotive Mission Plan is fine but industry wants tax holiday for investment of Rs 500 Cr and above; Master Circular on Management of Advances- UCBs; Tatas outbid CSN to acquire Corus at USD 11.3 bn; TCS collaborates with Parkway Hospitals; Strides Arcolab forms JV with a Spanish group; Bharati Shipyard signs contract with Bahamese company; Maruti to hike prices; Tata Power announces results; Suzlon's profits rise by 29 percent; SAIL reports a whopping profit; Essar collaborates with UK's Eastman Chemical; Aurobindo Pharma gets one more USFDA approval; Ranbaxy launches two drug delivery systems; |
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| Regards
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