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Aviation Ministry for 100% FDI in maintenance, helicopters and seaplanes; Budget session of Parliament to begin from Feb 23 and close on May 22 with 27-day recess in-between; PM chairs Economic Advisory Council's meet and says curbing inflation is a priority; CJI says all arms of the State should work together; Nath says technical-level talks on Doha rounds to begin next week; India, Japan set up four working groups to expedite trade pact; Justice S Ashok Kumar appointed as Judge of Madras HC; Net direct tax mop-up grows by 41%; Shiv Sena-BJP heading for majority in Mumbic civic polls; lowers network charges by 29%; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-66-HC-P&H-IT.doc + poultry story.doc Poultry farming does not constitute 'Industrial Undertaking" - Deduction under Section 80-I not available; Search & Seizure - Additions made for unexplained jewellery - Since jewellery and diamonds were disclosed in the return filed by the HUF before the initiation of search, no addition can be made on this count : ITAT; |
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RLT Case laws headnote;
Input supplier using double invoices & clearing goods to consignee – Credit availed by manufacturer cannot be denied as invoices carry duty payment particulars & furthermore duty paid by supplier pursuant to investigation; Capital goods credit – Credit irregularly availed reversed without utilization – since sufficient balance existed in Cenvat credit account, no malafides can be attributed – Interest & penalty not warranted – same set aside; 2007-TIOL-158-CESTAT-MUM.doc + business story.doc If the issue of liability of excise duty was itself in doubt , the appellant cannot be said to have knowingly dealt with excisable goods liable for confiscation - CESTAT rules against imposition of penalty; IC engines (84.08) used in manufacture of tractors (87.01) – Notification 6/2002 CE – Board’s Circular dated 16.11.06 clarifies that benefit cannot be denied to the product which may not fall under said chapter 87.01 – Demand set aside & appeal allowed; Note 2(e) to Section XVII not applicable for denying benefit of notification 6/2002 CE;
SERVICE TAX SECTION ST - Tour & Travel service - Tax and interest paid before expiry of the Amnesty Scheme - Since duty was paid before the Scheme came to an end, penal action cannot be taken ;
CUSTOMS SECTION Exports obligation default - Settlement - Interest on Customs duty at the rate of 15% to be recovered - Plea to reduce the same to 10% - DGFT Circular no where gives such power to reduce interest rate : Mumbai HC; Notification 53/97 Cus – Goods clandestinely removed from warehouse – seizure thereof – jurisdiction to seize goods and demand duty vests with officers granting warehousing licence; |
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CBDT looking for a biggie tech company to maintain its website; House Panel asks FM to abolish CST; introduce ceiling for FBT and never tax agri income tax! BoA approves proposals for authorised operations in notified SEZs & status of co-developers to many companies ; Murdoch to have stake in Percept Pictures; Motorola and Ascendas get a green signal in SEZ ; Siemens transfers communication unit to parent company; Mahindra's profits surge; |
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| Regards
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