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PM favours listing of PSUs on stock exchanges to infuse professionalism in their working + also asks them to explore JVs and mergers; Unsolicited telephone calls : Few service providers providing 'do not disturb' register free of cost, says Minister; Nath asks Councils to tailor country-specific exports strategies; Patel asks CMs to share costs for airport modernisation; Mystery envelope containing USD 2300 landing at FM's office : CBI finds no lead in case; all set to close the PE; Protector of Emigrants sentenced to one year RI with a fine of Rs 30,000/-; CBI arrests Asst Public Prosecutor of Delhi Police for accepting bribe of Rs 10,000/-; Sahar Airport Customs seizes 8.4 kg hashish from Zurich bound foreign pax; |
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| Dear Member, Sending you the following files: |
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Duty on tooth brushes remain at 8% - DDT blunders – and gets a bash; Let's hail FM for well-intentioned amendment in Sec 14 of Customs Act; Chief Commissioners to allocate adjudication cases among Commissioners or Commissioners (Adj) - Board does not want to meddle in this too! 2007-TIOL-29-SC-BANKING.doc + cheque story.doc Customs valuation - computed value under Rule 7A not permissible when transaction is not tainted; Micro Tech's LMTS achieves Symbian signed status; Tata Steel's subsidiary to acquire stake in rolling mills in Vietnam; Terapia Ranbaxy gets Market Authorisations for 20 new products; Himalya
International bags order from American potato processor; |
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Hindi version of notifications not correctly numbered – CBDT corrects; Stock Exchange Investors' Protection Fund; 2007-TIOL-64-ITAT-INDORE-SB.doc + arihant story.doc Even if refund is granted u/s 143(1)(a)(ii), ITAT Special Bench hold AO is empowered to issue notice u/s 143(2); Return filed for block period - Additions made for cash credits - Since veracity of creditors not doubtful and most of them were agriculturists residing in villages and not having bank accounts and the firm was not professionally managed, the breach originated from bona fide belief - cash accepted out of business exigencies - a venial breach - Rigour of penalty u/s 271D not called for; Contribution to share capital - Additions made as notice could not be served and none representated the assessee - Fresh evidence produced before CIT (A) - AO asked to send objections to fresh evidence being adduced - AO initiates inquiry and files interim report - CIT (A) partly deletes additons - Given the voluminous papers produced it would have been ideal of the CIT(A) to ask the AO to complete the inquiry as he failed to verify the identity and creditworthiness of the contributors to the share capital - File restored to the AO for fresh examination; |
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Parts of aircraft under any chapter exempted – an amendment to budget notification; 2007-TIOL-305-CESTAT-DEL.doc + penalty story.doc Another "penalty case" in favour of Revenue - the Machino Montell effect !! Commissioner(A)’s direction to pre-deposit a part amount of penalty not justified as the issue involved is as regards interpretation of notification; Duty paid through PLA & modvat, however activity held as not chargeable to duty – Refund can be granted of amount of duty paid through PLA only – Revenue appeal allowed;
SERVICE TAX SECTION Cleaning & gardening services – Appellants collecting Service Tax from customers – since services not taxable, Section 11D provisions cannot be applied – Revenue appeal rejected;
CUSTOMS SECTION Parts of aircraft under any chapter exempted – an amendment to budget notification; Services export promotion council; Software exporters asked to register with exports promotion council; Refund claim application amounts to challenge of the assessment made in the Bill of Entry – Matter remanded in view of SC decision in Sandvik Asia Ltd; |
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| Regards
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