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Mobile operators slash roaming charges; Terrorist outfits manipulating stock exchanges : PM says 'precautionary steps' to deal with it already taken; Govt looking at 13% growth rate for manufacturing next year : Nath; Indian Railways and ICICI tie up for e-ticketing; Petrol and Diesel prices slashed by Rs. 2 & Re. 1 per litre respectively IDFC + IIFCL + Blackstone Group to deploy USD 5 bn for infrastructure projectsIndian Railways and ICICI tie up for e-ticketing; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-42-ITAT-RANCHI.doc + mahesh story.doc Documents relied upon not found in the possession of the assessee during search operation - Explanation thereof not judicially analysed - additions made for undisclosed income cannot be sustained; |
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CBEC reconstitutes Chief Commissioners' Panel for review cases in Bangalore; CBEC reconstitutes Chief Commissioners' Panel for review cases in Bangalore; Cenvat Credit - Credit taken on duty paid inputs and capital goods - Inputs cleared as such - As per provisions of Rule 3(4) the assessee should have reversed the credit at the time of removal but failed to do so and interest is very much payable under Sec 11AB; Penalty - If statute warrants imposition of penalty, tribunal is bound to do so - High Court remands the case to Tribunal - Since goods cleared under parallel invoices, penalty equal to the duty demand under Sec 11AC imposed;
SERVICE TAX SECTION Penalty u/s 76 to be calculated @Rs.100/- per day of actual days of delay – taking entire quarter into consideration for computing penalty not proper; ST - C & F Agents - Commission agents not covered under the Service as per LB decision in L & T case;
CUSTOMS SECTION Anti-dumping duty on PHPG Base extended upto Feb 14, 2008; Anti-dumping duty on PHPG Base extended upto Feb 14, 2008; Import of computer systems for R & D - Since NMI Certificate has been issued by the Dept of Electronics, exemption under Notification 282/84-Cus is admissible - 18-year-old dispute settled; |
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Budget should also focus on ways to tackle piracy and counterfeit; China walks the wire of tax reforms, aims at simple and broad based Corporate Tax policy; CBI raids premises of Kolkata-based CIT (Appeal); Assets worth Rs 20 Cr unearthed! Red Cross Society objects on its symbol being used by Indian Oil; Third unit of Kaiga nuclear plant to operate soon; |
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| Regards
Taxindiaonline.com Pvt. Ltd. |
