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Govt to set up three more IITs in Bihar, AP and Rajasthan; Budget all set to rationalise FBT - certain genuine business expenses to be spared; Exemption threshold limit all set to go up; Special package for Sr Citizens & women in the offing; Income bracket to be tinkered with; Hike in service tax rate & much-speculated two-tier system is unlikely; Legal services may be spared even this year; Effective Customs duty rate to be slashed by 4-5%; Excise duty on many products to be rationalised; SMEs may look for a special relief package; FM's Budget Speech to begin at 11 AM; Health, Social, Education, infrastructure, banking, capital market and welfare may expect greater attention; Kumari Sanju Panda appointed as Addl Judge of Orissa HC + Sanjay Yadav & Kedar Singh Chauhan as Addl Judges of MP HC; FDI inflow crosses 2 bn by Dec 2006; Govt announces promotional package for micro and small enterprises; |
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| Dear Member, Sending you the following files, and Budget-related updates will be sent to you in four different MAILS staring from 1.15 PM. In the first bunch we are going to send you Finance Bill + Customs & Excise Notifications, followed by Speech + Explanatory Memorandum and then our analyses. Those of you who do not get the UPDATES for some technical reasons or slow internet or choked broadband you are advised to go to our HOME PAGE and click on DAILY MAIL UPDATE ARCHIVE for downloading the files sent to you by mails. We are sure this will save your time and help you do quick analyses at your end. |
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2007-TIOL-102-HC-DEL-IT.doc + penalty story.doc Assessee a charitable trust availing exemption u/s 10(22) - Failure to file returns on advice of CA - Returns filed belatedly - Penalty u/s 272A(2)(e) imposed - If sufficient reasons exists, waiver from penalty can be granted u/s 273B:HC; Default in deposit of TDS - Proceedings under Sec 276B initiated against Managing Director - Dispute over issue of notice to the 'principal officer' - Managing Director, by the very nature of his office, is principal officer within the meaning of Sec 2(35)(a) and notice u/s 2(35)(b) is a condition precedent for prosecuting other Directors or personnel in administration of the company :HC; |
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RLT case law headnote;
2007-TIOL-272-CESTAT-DEL.doc + interest story.doc Appellant cannot seek interest from Revenue in the absence of refund order under Section 11B(2); Bar of unjust enrichment will not apply when payment of duty is made subsequent to clearance of goods – Amounts deposited during the course of investigation in respect of goods cleared during the period September 2001 to July 2002 – Tribunal decision in Plast Pack Inds followed.;
SERVICE TAX SECTION Service Tax - Consulting Engineer - reimbursable/out of pocket expense charges not subject to service tax - stay granted;
CUSTOMS SECTION Bhopal & Hyderbad office to issue licence for export of channa; Handbook amended to include FIEO's zonal office; Customs - Merchant Exporter - In common law, what is done by a duly constituted agent will be treated as having been done by the principal; |
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