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Mr J M K Sekhar is new Member (Budget) of CBEC; Exports logs 32% growth between April - Jan; FM asks Industry to hold price line; SC allows prelim probe by CBI into Mulayam's assets case; |
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| Dear Member, Sending you the following files: |
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What a budget! Budget speeches are like mini-skirts; Budget 2007 readies India for pangs of high growth trajectory! Marriage - Social or religious? Budget Reactions; Budget alters shape of Alternate Dispute Resolution System; Service Tax - Much ado about nothing! Budget 2007-08 - Computation of Customs Duty; Saving clause loaned from Central Excise for Service Tax matters; Businesses running in rented premises burdened with Service Tax; Running out of ways to prop up exchequer - FM looks export way - Levies Export Duty on iron and chromium ores; Removal of inputs or capital goods - Payment of amount equal to credit can be made on monthly basis now, but ... Refund provision under Customs - PC ingeniously counters judicial pronouncements; Service Tax on Works Contract : A coffee - toffee tussle in the offing! Secondary and Higher Education Cess not applicable to goods lying in stock as on 28 th February 2007; CBEC shirks responsibility from reviewing Service Tax cases; smuggling cases Settlement.doc Smuggling cases out of the purview of Settlement Commission; RBI further relaxes exports proceeds realisation period norms; Ranbaxy enters into JV with PPD; Himatsingka acquires stake in Giuseppo of Italy; World Bank economists in favor of labour reforms for India; HCL and Microsoft join hands for new trials; Maruti Udyog's sales rise; Indian
Bank gets listed at a premium; GE Shipping increases vessel fleet; |
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2007-TIOL-52-ITAT-DEL.doc + jain motor story.doc Absence of evidence to substantiate submissions of the appellant - Disallowance of expenses upheld; Assessee pays conveyance allowance to its employees ranging between Rs 250 to Rs 2000 per month - Grants exemption u/s 10(14) - AO alleges short deduction of tax u/s 201(1) - Since Revenue brings no evidence to indicate that the conveyance was excessive, it cannot be treated as perquisite; |
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Manufacturers of hand-made unbranded biris asked to file declaration; 2007-TIOL-103-HC-DEL-CX.doc + service hc story.doc Service of the Orders of the CESTAT - The provisions of Section 37 C of the Central Excise Act are applicable to CESTAT orders also - Since there is no postal receipt produced on the record to show that the order was in fact sent by the registered post to the addressee, the application for restoration of the appeal allowed; Central Excise - Stay - the plea of the appellants to exclude the cost of raw materials already considered by the Commissioner - pre deposit ordered;
CUSTOMS SECTION Exports of chana : DGFT notifies two more licensing authorities; Import of steel scrap - Duty paid - Later refund claim filed for receiving lower quantity - Claims rejected on ground of limitaiton and inadequate explanation to claim benefits of remission under Sec 23 - Since importer had no control over the goods before deliveries and documents clearly show lower quantity, refund claim cannot be denied - Limitation period begins from the date of finalising of assessment; |
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| Regards
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