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CCEA okays award of 52 exploration blocks under Six Round + public issue by Bharat Earth Movers + disinvestment of small portions of Govt stake in PGC, REC and NHPC Ltd; Cabinet approves revival of Mecon Ltd + National Design Policy + new productivity linked reward scheme for port and dock employees; CBDT Chairman inaugurates training programme for Tax Preparers at NIIT; Govt notifies amendments in Delhi Master Plan; SC says no sealing in Delhi till Feb 12; Sahar Airport Customs seizes Sony memory cards worth Rs 23 lakh from pax coming from Bangkok; Justice H L Dattu of Karnataka HC appointed as CJ of Chhatisgarh HC; Reliance, British Gas drag GAIL to arbitration panel; ONGC CMD-post : Govt decides to throw it open even to non-PSU candidates; Delhi-based residence of Bangalore-posted ADG of DGCEI burgled alongwith seven more houses in Dwarka posh cooperative society; Working wife staying alone with minor child; Advance estimates of National Income : FM feels happy about 9.2% growth rate; Manufacturing at 11.2% is real growth driver; Nath says FDI inflows crossed USD 1 bn on three monthly occasions this year; likely to double; IL & FS invites bid for developing four SEZs in Maharashtra; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-34-ITAT-BANG.doc + jindal story.doc Payments made for technical services provided by the US company in India are taxable under Sec 9(1)(vii) and subject to TDS u/s 195: ITAT; Penalty u/s 158 BFA(2) is not mandatory and AO should appreciate this point - wherever penalty provisions give discretion to the AO, such discretion should be exercised in favour of the assessee : ITAT; Survey conducted u/s 133A - Documents impounded and notice u/s 143(2) issued - Assessee pleads violation of departmental Instruction for selection of scrutiny cases - Until assessment is completed, AO has authority to ask for information and assessee can have a grouse only if natural justice is violated: HC; |
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Sec 3A - Abatement claimed for the closure of the unit - Abatement cannot be allowed when only one of the furnaces was closed - relief of abatement to be permitted only when the entire factory is closed; 2007-TIOL-180-CESTAT-BANG.doc + depreciation story.doc Central Excise – Credit on capital goods – There is nothing in Rule 4 of CENVAT credit Rules which debars the appellant from availing depreciation on the balance of 50% of the duty, which is not availed as cenvat credit; Tiger Balm is an Ayurvedic medicine & classifiable under SH 3003.39 – product in dispute contains natural ingredients, all of which find a mention in the authoritative texts on Ayurveda & are manufactured under licence from FDA to manufacture Ayurvedic medicaments; Central Excise - Modvat Credit on Air Conditioners as capital goods - Air conditioners used in the manufacturing area to keep the temperature at 15 - 18 degrees - eligible for credit in view of the definition of capital goods during the relevant period;
SERVICE TAX SECTION ST on the job of ginning and pressing of cotton under BAS; 2007-TIOL-179-CESTAT-BANG.doc + st bang story.doc Commissioner's notice instead of review not proper - no larger period for subsequent notices;
CUSTOMS SECTION CBEC amends regulations for courier imports and exports; DGFT notifies products eligible for benefits under Focus Products Scheme; Free sale white sugar allocated for exports to EU; 2007-TIOL-15-SC-CUS.doc + sc story.doc Customs Valuation -Technical knowhow cost cannot be added to the value of imported goods; Customs - smuggling - It is well settled law that uncorroborated statements of the co-accused cannot be made the basis for penalizing the noticees - penalties on the three appellants set aside as there is no evidence on record worthy of any reliance so as to uphold the involvement of said three person in the act of smuggling of goods or their transportation or disposal; |
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| Regards
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