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Quattrocchi case : SC to hear contempt petition against CBI Chief tomorrow; Banking Regulation (Amendment) Bill passed by LS; leaves SLR reduction on discretion of RBI; Company Affairs Minister says no proposal to set up RoC office at Jodhpur; Inland Vessels Act to be amended to keep pace with modern needs; Cabinet approves enhancement of retirement age from 62 to 65 for teaching faculty in govt funded high and technical institutions + release of DA to govt employees from Jan 1, 2007; CBN Lucknow + Neemuch separately bust illicit heroin lab and seize 3 kg morphine + 11 kg opium + 3 kg sodium carbonate + cash; Lucknow office arrests one person; Govt sanctions Central Secretariat to Qutab Minar underground corridor for metro rail; Efforts on to table Airport Economic Regulatory Bill in current session; Railways to run 'Bharat Darshan' tourist trains; |
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| Dear Member, Sending you the following files: |
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Chairman for Authority for Advance Ruling; 2007-TIOL-73-ITAT-MUM.doc + itat story.doc Deductions taken for disputed central excise duty - Apex Court rules in favour of the assessee - Sum refunded offered u/s 41 as business income and deduction claimed u/s 80HHC - AO disallows on ground that deeming profit cannot form part of business profits - Since deductions were taken for the disputed sum in the previous AYs, it does form part of the business profits - Since Sec 41(1) lies between Sections 28 to 43 C provided for working out profit of the business it cannot be disallowed for claiming deduction u/s 80HHC; Excess amount refunded by Customs - Sec 10A benefits not to be denied as it also partakes the character of sale proceeds Income derived from fluctuation of foreign exchange - Since such income is also derived from exports assessee is eligible for Sec 10A benefits; Block assessment period - Assessee ordered to deposit 50% of the tax arrears - Payments made in instalments - Later AO assesses income as 'nil' - Refund claimed - AO and CIT (A) rejects the same as time-barred - If claim of refunds falls within the scope of Sec 237 it is not hit by limitation prescribed u/s 239(2)(c); |
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Addl charge of Coimbatore to Banglore CC + Appointment of OSD to Member ( L&J);
2007-TIOL-345-CESTAT-DEL.doc + excise story.doc When the department itself was in doubt about the manner of assessment of Telephone instruments sold in bulk to DoT & MTNL, it cannot be said that the assessee tried to create confusion - Larger period not invokable; Central Excise - Demand - None of the Show cause Notices shows any specific allegation based on any investigation - There is no clear indication as to what processes are carried out by the appellants and how they violate the conditions of relevant notification - demand not sustainable; It is a settled position that mutuality of interest is the sine qua non for clubbing clearances;
SERVICE TAX SECTION ST - Warehousing service - Is supervision charges includible in value of cargo handling charge for service tax? - Stay granted;
CUSTOMS SECTION Tariff Value of brass crap hiked; 2007-TIOL-344-CESTAT-MUM.doc + customs story.doc Section 112(a) does not warrant physical handling of goods liable for confiscation - Forging of signatures for various authorities on export documents reason enough to impose penalty under Section 112 (a); |
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Skoch award today for CBEC’s ICES; FM strongly defends Budget proposals; FM has killed the Settlement Commission! Bridge the gulf between vision and action on public sector front; Moser Baer launches home videos of Hindi titles; L&T to work for the expansion of Vizag Steel Plant; Satyam Computers launches virtual learning world; |
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| Regards
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