|
 |
 |
 |
 |
 |
AICTE notifies entry guidelines for foreign educational institutes; Mulayam wins trust vote in Assembly; BIS says hallmarking of gold jewellery to be made mandatory from next year; Freight rates of diesel and petrol to come down by about 5 per cent; ++ Commodity based freight policy-exclusive package for cement traffic; Laloo declares Rs 20,000 Cr profit for Railways; Fares of second class in non-suburban ordinary passenger and non-superfast mail/express trains reduced by one rupee per passenger AC First Class : 3% reduction in busy season , 6% in lean season AC-2Tier Class : 2% reduction in busy season, 4% in lean season; e-ticketing services through State Government’s e-services, Petrol pumps, Bank’s ATMs etc. + 6000 Automatic Ticket Vending Machines to be installed and linked to UTS in metropolitan cities in the next 2 years; 8 new Garib Raths to be introduced + New Trains : 32 pairs + Extension of Trains : 23 pairs + Increase in Frequency : 14 pairs; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
2007-TIOL-24-SC-IT.doc + sc it story.doc Search & seizure u/s 132 - Interpreation of Sec 158BC - Proceedings to be initiated u/s 158BC to take action against Sec 158BD Three conditions precedent for initiating proceedings under Sec 158BD are :(i) Satisfaction must be recorded by the Assessing Officer that any undisclosed income belongs to any person, other than the person with respect to whom search was made under Section 132 of the Act; (ii) The books of account or other documents or assets seized or requisitioned had been handed over to the Assessing Officer having jurisdiction over such other person; and (iii) The Assessing
Officer has proceeded under Section 158BC against such other person.
VDIS, 1997 - Disclosure filed on behalf of a minor return filer - Tax paid - Revenue rejects return as minor not eligible under the Scheme - Mother files return and prays for adjustment of tax mistakenly paid under VDIS - Revenue disagrees - Adjustment of tax paid under VDIS can be made towards outstanding demands against the assessee: Kerala HC; Assessee claims deduction for service charges and marketing expenses - AO disallows part of service charges related to earlier years and marketing expenses on ground of no reply from payment recipients - CIT(A) concurs with AO but partly reduces disallowances - Tribunal orders AO for denovo consideration and break up of year-wise expenses - Since Tribunal has not considered the issues raised in the appeal and remanded the case for the entire claim relating to service charges and marketing expenses the order cannot be sustained - Matter remanded to Tribunal : Bombay HC; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
2007-TIOL-263-CESTAT-AHM.doc + reliance story.doc Central Excise valuation - subsidy on the sale of Superior Kerosene Oil (SKO) and LPG received from the oil marketing company is not includible in the assessable value; Commissioner (A) orders pre-deposit for granting stay - Delay in making deposit - Appeal dismissed - Delay not to be a bar for hearing the appeal expeditiously on merit; Cenvat Credit - Credit utilised for Basic Customs Duty as well as CVD - After being pointed out by the Range Officer excess credit reversed - Since it happened only on four bills of entry out of 250 and no statement recorded nor any evidence collected to indicate that it was intention, penalty not called for;
SERVICE TAX SECTION Service Tax – Penalty waived by Commissioner(A) u/s 80 holding that there was no evidence of intention to evade Service tax – since department has not adduced any valid grounds for enhancement of penalty, Commissioner(A) order proper – Revenue appeal rejected;
CUSTOMS SECTION Exchange rate export goods for March; Exchange rate for imported goods for March; Import of heavy melting scrap - Pre-shipment Inspection Certificate - Certificate issued by Bureau Vertita of Oman was produced - Customs says it is not authorised by DGFT - Certificate of inspecting agency's Mumbai office also produced - Since Mumbai office is authorised and DGFT clarification that the certificate of a branch office of an authorised agency if has proper testing facilities to be accepted was issued later, consignment cannot be confiscated; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Five more years after retirement - but only for IAS? Random thoughts on Budget - from the pen of an educationist !! Section 5A of Central Excise needs amendment - Too late, but chalta hai! Shadow of State Assembly polls : UPA opts for populist Rail Budget; Rail Budget may succeed in luring masses but fails to give comforts of safe travel; Revenue buoyancy persuades FM to sanction Rs 38.5 Cr incentive for CBEC infrastructure; Confidential Reports should be used as a tool for human resource development and is not to be used as a fault finding process - IPS officer gets good report from Supreme Court; 2007-TIOL-23-SC-CT.doc + cst story.doc CST - works contract - Just because rules are not framed under CST Act, it does not mean that tax cannot be collected - UP Trade Tax Act applicable; RIL to set up new petrochemicals unit; ORCHID Chemicals prices FCCB; Asia Motors aspires to grab 10% Tata and Ashok Leyland's truck market; Shoppers Stop and Hypercity Retail sign MoU and get a franchise from Home Retail of UK; UN Court rules against Serbia in Bosnia genocide of 1992-95 war; |
|
|
| |
|
|
|
| Regards
Taxindiaonline.com Pvt. Ltd. |
