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Promotion to Chief Commissioner : Who is the last name? How many 'wickets' finally fell? THE DPC for promotion to Chief Commissioner of Customs & Excise is just over. However, the curiosity of the officers and also assessees, to an extent, is for answers to two simple questions. One, who is the last name covered in the DPC? Two, how many 'cricketers' lost their wickets because of excessive and flagrant 'batting'? 'The Insider' knows the answers to both the questions but would like, at this stage, to give netizens only a couple of clues. The clue for the first question is 'RP'. The second clue for those who stay away from the beehive of speculative activities of our bourses is that he enjoys 'position proximity' to the 'WCO headquarters'! So far as the most vital question goes, its answer lies in one of the mathematical single digit number! This number is often examined numerologically and, interestingly, gets as much minus points as the plus is! The minutes of the DPC are only a 'few minutes' away from being signed, and then the file would commence its historic journey through labyrinth of bureaucratic passages. Minimum period : Two months for ACC clearance. Auspicious period : May-end. Till then let everybody wish good luck to 'every body'! |
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Kamal Nath rules out opening of agri market for subsidised imports; SC for resumption of sealing from March 28 in Delhi; Oracle drags SAP to court over theft of proprietary information; Chennai Airport Customs seizes Vitamin B12 powder worth Rs 6.5 lakh, concealed in food items; Pax arrested; Cabinet approves Rs 2.6 Cr fund for deployment of security experts at Cricket World Cup venues + hike in FDI to 74% in telecom; MoC orders CBI probe into alleged scam in exports of pulses by certain exporters even after the notified date of ban; CCEA okays proposal to provide rail connectivity to ICTT at Cochin Port; SEBI tightens norms for realty IPO; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-138-HC-MAD-IT.doc + interest story.doc Income Tax - No notional addition of interest for interest free loans; payment of incentive to Dock labour eligible for deduction; no addition of notional value of scrap when tools are written off; If there is no cessation of business the assessee is free to value its stock-in-trade either at cost or market price - Additions deleted; Assessee is a cellular company - Declines to claim depreciation u/s 32 - AO says allowing depreciation is mandatory - The provision for claim of depreciation is for the benefit of the assessee and if he does not wish to avail of that benefit for some reason, the benefit cannot be forced upon; |
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Credit - Capital goods - Depreciation under Income Tax Act - The fact that the assessee availed both the benefits and then reversed the credit with interest after one year, penalty is sustainable; Exemption to fuel (LSHS) used in generation of electricity which in turn used in manufacturing of refinery products - Issue already decided that no exemption to be allowed for fuel used in generation of power used for other than manufacturing - Assessee owns up liability and has paid Rs 41.81 lakh to the Revenue - Waiver of recovery granted; Allegation that assessee availed credit on accommodation invoices - when goods were proved to have been received in the factory credit cannot be denied;
SERVICE TAX SECTION 2007-TIOL-379-CESTAT-MUM.doc + st story.doc Service Tax - Appeal filed by the Deputy Commissioner and the order passed by the Commissioner (Appeals) on that appeal is a nullity;
CUSTOMS SECTION Belated penalty - Penalty imposed after 14 years for failure to fulfill exports obligation - If no time-frame ingrained in the statute, it should be imposed within reasonable time - Penalty levied under Sec 4L of Import and Exports (Control) Order set aside; Customs - Imports - In the absence of end use conditions is the relevant notifications the benefit of Concessional rate of duty cannot be denied; |
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Pulses export – government orders CBI probe; Govt side-tracks SG's opinion to side with Aditya Birla Group JV; TN Budget 2007 exempts many items from VAT; cuts tax on mineral water, textile machinery, industrial gases and many more items; to be effective from Jan 1, 2007; sales tax story.doc + 2007-TIOL-39-SC-CT.doc Sales tax - exemption - refund - State can only refund what it actually collected and not any amount which it had not collected; Union Cabinet stamps proposal to set up NRI University in SEZ; Govt notifies DA hike from 29% to 35% from Jan 1, 2007; IOC loses grip on Maurel & Prom's stake in oilfields in Congo; Withdrawal of circulars 44/89-CX.3 dated 19.7.1989 and 56/89-CX.3 dated 21.9.1989; Oracle and SAP entangle in information theft dispute; Apollo tyres enters healthcare sector; Electronics and Computer Software Export Promotion Council signs accord with German IT company; |
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| Regards
Taxindiaonline.com Pvt. Ltd. |
