|
 |
 |
 |
 |
 |
Cabinet approves proposal to sign Trans-Asian Railway + setting up of National Policy Memorial in Delhi + guidelines on corporate governance for Central PSEs; CCEA okays policy resolution for petroleum, chemicals and petrochemicals investment regions; I-T raid on stud farm in Mumbai & Pune : MoF confirms detection of foreign accounts; MoS Ashwini Kumar says India & Japan to sign comprehensive economic pact within a year; Mastek & Deloitte part ways but 500 professionals in Mumbai to be retained; Justice V.K. Bali appointed as Chairman of CAT; SC tows four excise officers of West Bengal for contempt, let it go with mere censure; Kanishka bombing inquiry delayed by a month due to wrangling over the public release of government documents; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
Ahmedabad Munincipal Corporation allowed to issue tax free bonds worth 150 Cr; Penalty u/s 271(1)(c) imposed for understatement of value of closing stock - Since the difference in the value was due to direction given by the lending bank as to the fixation of low price, there is no basis to treat the difference as undisclosed income; Premium payable on actual redemption of debentures in future years - Premium to be spread over and a part of it allowable as deduction in the relevant AY; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
rcr_st.doc + rcr_annx1.pdf + rcr_annx2.pdf + rcr_annx3.pdf Rustagi Committee Report on Service Tax and enclosed annexures; CBEC amends zonal charge of Members;
Export without duty or under rebate - SHE cess added to meaning of 'duty'; 2007-TIOL-318-CESTAT-BANG.doc + excise story.doc Central Excise – Review – The section 35B(2) does not invest with the power to file the appeal directly to the Committee of Commissioners of Central Excise – The law has not permitted them to do so; 2007-TIOL-314-CESTAT-MAD.doc + Alferd story.doc Central Excise – Brand name – The logo used by the appellant is identifiable as ‘house mark’ and not ‘brand name’ - finished products cleared for export under the ‘house mark’ not classifiable under 3303.10 of the CETA - chargeable to nil rate of duty – Appellant not eligible to take credit of inputs used in the manufacture of such finished goods.; SSI exemption - Revenue clubs clearances of dummy units - Since Revenue has proven so with documentary evidence, duty demand is sustainable - However, since assessees are not repeated offenders, confiscation of goods is draconian; Deemed
credit availed on man made fabrics manufactured prior to 1.5.2001
when compounded levy came into force but cleared thereafter – utilization
of credit permissible in view of Tribunal decision in Bidhata Industries
which has not been stayed by higher authority.; Demand & interest paid before issue of SCN – Penalty cannot be imposed u/s 11AC in view of HC decision in Gaurav Mercantiles within whose jurisdiction the assessee & Bench is situated.;
SERVICE TAX SECTION Should Press Trust of India pay Service Tax? ST - Transfer of technical knowhow - Not covered under 'Consulting Engineer Service' - Case remanded; Service Tax – enhancement of penalty by revisionary authority – since assessee got registered prior to introduction of Amnesty scheme in October 2004, there is no reason why the benefit of the scheme be not extended to them – Tribunal decisions 2006-TIOL-470-CESTAT-Del & 2006-TIOL-486-CESTAT-Del followed.;
CUSTOMS SECTION Import of crude palm oil - High Sea Sale - Buyer files Bills of Entry and claims part exemption - Importer later seeks amendment in bills of entry on ground that no payment was made for the consignment by the buyer - Revenue rejects and initiates seizure proceedings - Customs directed to cancel bills of entry filed by the buyer and goods to be released to the importer on payment of full payment of duty and indemnity bond; |
|
|
| |
|
|
|
| |
 |
 |
|
| |
2007-TIOL-31-SC-CT.doc + bone story.doc Can crushed bone be treated as fertilizer? Party's appeal allowed but question left open; Settlement Commission - 'Unsettling' Budget proposal! Reliance sets up oil subsidiary in Dubai; ICICI launches first call resolution initiative; Aurobindo Pharma granted one more USFDA approval; Indian to start daily flights to Patna and Lakshdweep; Tata Motors takes car project land under control; |
|
|
| |
|
|
|
| Regards
Taxindiaonline.com Pvt. Ltd. |
