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Competition Commission asks RBI to give more operational freedom to banks; Lanka's trade with India declines; Competition Commission asks banks to give more operational freedom; Quattrochi issue : CBI gets nod to dispatch a team to Argentina; RIL to infuse Rs 170 bn; Bangalore + Mangalore Central Excise Commissionerates celebrate 'Excise Day' today; Others did it in advance on Friday!; SC moved for Quattrocchi's extradition; Left demands the same; India, Pak agree to share gas but differ on pricing structure; Interpol alert works - Bofors deal accused Quattrocchi detained at Argentine International Airport; CBI launches anti-corruption operation at 30 places in Mumbai; raids one Addl Commissioner of Income Tax + One Joint Commissioner of Customs; Union Govt's treaty-making powers : Mr S K Jha's petition admitted; Delhi HC issues notice to Union of India; Inflation marginally down to 6.63%; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-50-ITAT-MAD.doc + kumaran story.doc Conversion from partnership to private limited company- In the absence of any splitting of old business or reconstruction, assessee is entitled for exemption under Section 10A:ITAT; Expenditure incurred on tea, coffee and cold drinks served to customers are allowable business expenditure : HC; |
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In admitted case of clandestine removal leniency not warranted - Imposition of penalty and demand of interest justified; Duty demanded on clearance of waste and scrap - Issue settled by SC in West Coast Industrial Gases Ltd - Duty cannot be demanded on waste packaging materials; Central Excise - final products exempted and duty demand on the intermediate products by denying captive consumption exemption - manufacture of the final products of the appellant is in a continuous process, the penultimate stage cannot be isolated for taxing - The penultimate stage is a media wherein the micro organisms are multiplied is industry specific and propagated by the appellant for his use only. There is also no evidence that the intermediate product that comes in to existence is marketable as such; 2007-TIOL-254-CESTAT-MUM.doc + excess story.doc Suo moto adjustment of duty short paid against excess payment made permissible; Proviso to Section 11 A cannot be invoked for mere change in opinion - Duty demands raised beyond the normal period on the grounds of parties being related or that discounts were not eligible for deduction are not sustainable; Free of cost supply of spare parts during warrantly period - Duty not paid under bona fide belief that it was free replacement - Since such goods were properly accounted for and no manipulation of documents found, penalty substantially reduced;
SERVICE TAX SECTION ST - GTO Service - Delay in paying tax - Tax paid along with interest - SCN issued imposing penalty - Since the case is covered by the amnesty granted by the Board Circular of 2004, penalty not leviable; Service Tax - Consulting Engineer - Respondents rendering Engineering Service and charging licence fees against making available Technical expertise/assistance for cooling Technology - liable to Service Tax under Consulting Engineer - Revenue appeal allowed; (Editor: We had sent this case law earlier but there was a type error in headnote and we regret it)
CUSTOMS SECTION Import of metal scrap - On examination, old and rusted bomb shells and rockets found in negligible quantity - Since consignment consisted of prohibited dangerous materials and the same was not accompanied by any pre-shipment certificate, penalty is justifiable; |
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