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Pak test fires 2000 km long range missile; President says Govt to set up people friendly courts to dispose off petty cases; Cabinet gives nod to phase out CST; to reduce it to 3% from April 1, 2007 + to set up new IIM at Shillong + DTAA with Myanmar + introduction of Micro Financial Sector (Devt and Registration) Bill, 2007; After foreign currency in chappal at Airport, heroin found concealed in chappal by Neemuch CBN; 1980 Batch IRS officer Nirmal Singh is no more; dies of cardiac arrest; |
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| Dear Member, Sending you the following files: |
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Assessee seeks advance ruling by moving fresh application and submitting supposedly fresh facts - Petition filed after pronoucement of ruling - Rule 5 cannot be invoked to support maintainability and the Authority does not have power either to admit additional material or to review the ruling on the basis of such additional material: ARA; 2007-TIOL-49-ITAT-DEL.doc + interest story.doc Interest on borrowed funds for investing in group companies not deductible: ITAT; Assessee is a non-resident - Defaults in filing quarterly returns under Rule 37A - Since reference to Sec 206 is conspicuously missing in this Rule unlike Rule 37, no penalty can be levied u/s 272A(2)(c) - CIT (A) order set aside: ITAT; Deductions u/s 80-IB - Assessee imports jumbo rolls of several varieties - Through a process of mechanical and chemical converts them into different products like stickers, panal tapes, laminating labels etc - Since these items cannot be re-converted into raw materials and jumbo rolls are known by different commercial names, it is a manufacturing activity, entitled to benefits u/s 80-IB: ITAT; |
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Cenvat Credit Rules amended for tariff heading 68, 25 & 22; SEZ-related notifications rescinded; 2007-TIOL-250-CESTAT-BANG.doc + hp story.doc Central Excise – Cenvat credit – No permission required for transfer of credit on amalgamation; Assessee a manufacturer of pencil sharpener - Sends manufactured goods to job worker for assembling - Meanwhile, Govt exempts pencil sharpener from duty - Modvat credit taken reversed by the assessee on his own- Omission of not reversing credit on goods sent to jobworker - Revenue invokes extended period - Since there is no evidence to suggest that there was an intention to evade duty, limiation cannot be invoked; Wrapping paper captively consumed upon payment of duty – Credit availed – restriction of 800/- p.m.t settled in appellants favour – Refund claim filed - Proviso (c) to sub-section (2) of Section 11B of Central Excises and Salt Act, 1944 carves out an exception in respect of cases involving Credit of duty – unjust enrichment not applicable;
SERVICE TAX SECTION Service Tax – Consulting Engineer – Respondents rendering Engineering Service and charging licence fees against making available Technical expertise/assistance for cooling Technology – not liable to Service Tax under Consulting Engineer – Revenue appeal dismissed;
CUSTOMS SECTION SEZ related Nots 113/2003, 45/2005 and 20/2006 amended; Amends 110/2003 related to SEZ; SEZ Rules 2003 rescinded; SEZ Regulations 2003 rescinded; 2007-TIOL-249-CESTAT-MAD.doc + Loyal Freight story.doc Customs – CHA – CHA cannot be held to have fulfilled the peremptory condition for regularization of temporary licence - Where the temporary licence itself was bereft of legal sanction, its regularization is out of question; |
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ddt 23 feb.doc + rbi not1.doc + rbi spl.doc EASIEST Service Tax – RBI Notification; Margadarsi can at best pay 49 ps to a rupee – Rangachary Committee; Dear PC, Please hike medical reimbursement; CBDT does arduous 'homework' to make thoughtless amendments in Transfer Policy; Red Light for the President’s car - President and PM under RTI Act; Hindustan Diamond looking for CMD; Posco raises steel prices; Nissan, Renault and Mahindra to form a joint unit; Sterlite Optical to supply power to Power Grid; CEMA acquires GE's consumer lighting business; Semiconductor Policy announced, expects FDI to rise to USD 10 bn; Only 1/4 th households covered by insurance : NCAER Survey; Ganesh
Housing & Gujarat to work for Smart city; Ranbaxy receives EU
authorisation; |
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| Regards
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