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Notified Delhi Master Plan challenged in SC today; Delhi Govt to phase out CST over four years; to make it 3% in April this year; Govt considering Delhi-Kolkata rail freight corridor; Budget 2007 : FBT provisions likely to be amended; Some relief for India Inc; FM says timely steps have reduced sugar prices in market; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-77-HC-P&H-IT.doc + advance tax story.doc In case of delibertae under-estimation of advance tax, the provisions of Sec 216 get attracted and the interest is payable on under-estimated two instalments of advance tax: HC; Deduction for notional interests on borrowings advanced to another company claimed - Tribunal disallows - In view of SC decision in S A Builders tribunal's decision quashed: HC; Loans above Rs 20,000/- taken in cash and paid later - Penalty u/s 271D imposed for infraction of Sec 269SS - Since loan was taken to pay electricity bill, there was bona fide reason for doing so and tribunal set aside the penalty - HC declines to interfere: HC; |
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cbecorder43_2007.doc + cbecorder44_2007.doc Neeraj Kansal transferred to DoPM & Attached with Member (P & A);
2007-TIOL-185-CESTAT-MUM.doc + sunil 1 story.doc Whether duty amount paid on supplementary invoices is delayed payment attracting interest u/s 11AB r/w 11A(2B) of the CEA'44 - fit case to waive pre-deposit of interest - Tribunal; Bar of unjust enrichment is not applicable to the refund arising consequent upon the finalization of assessment under rule 9B(5) - SC ruling in Allied Allied Photographics' Ltd and Oriental Exports followed; Selling of HSD at revised prices from depots based on revision fixed by Oil Co-ordination Committee – in absence of evidence that what was collected from customers represented Excise duty, Section 11D cannot be pressed into service – Tribunal’s decision in appellant’s own case followed;
SERVICE TAX SECTION Service Tax – Tour operator services – plying taxi from airport to city for customers cannot be considered as tourist services or tour operator – stay granted;
CUSTOMS SECTION Valuation of gold and diamond - Confiscation - Tribunal remands the case - Tribunal cannot remand without recording its findings; 2007-TIOL-184-CESTAT-MUM.doc + genset story.doc 100% EoU - Capital goods imported availing exemption under Not Nos 13/81-Cus and 53/97-Cus - 99% captive power generated sold to State Electricity Board in DTA - Violation of Notification conditions established and duty demand with interest upheld; |
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Courier Imports and Exports (Clearance) Regulations, 1998; CBEC hikes value of free gifts to be imported through courier to Rs 10,000; Cenvat Crdit across goods and services : Loopholes in Credit Rules that need to be plugged fast! Beating about urea subsidy through policy tinkering; RBI allows FIIs to rebook certain percentage of cancelled forward contracts against rupee; L & T, European Aerospace to jointly tap defence sector; Cairn Energy bags two new exploration blocks; Garware Offshore to market ships built by Havyard Leirvik; |
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| Regards
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