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Cabinet approves MoU-signing by FIU with foreign FIUs; CCEA sanctions Rs 100 Cr special grants to Univ of Mumbai, Madras and Calcutta each + okays purchase of cargo vessels + barges for Lakshadweep + N-E Industrial and Investment Promotion Policy; CBI digs out huge cash, multiple bank accounts, PF accounts, gold jewellery etc from Divisional Manager of National Insurance Company, Ludhiana; Assocham says India should offer duty-free access to smaller SAARC Members; SC stays Union Govt quota law; AIIMS episode : HC says Dr Venugopal cannot hold two posts - Director + Professor PMO clarifies funds in Relief Fund being properly utilised; V N Mathur is new Member (Traffic) in Rly Board; Justice Swatanter Kumar of Delhi HC appointed as Chief Justice of Bombay HC; Govt bans FTV Channel for two months from April 1, 2007; |
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| Dear Member, Sending you the following files: |
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66 Addl CITs get promote; Income-tax (Third Amendment) Rules, 2007; Certificate of collection of tax at source under sub- section (5) of section 206C of the Income-tax Act, 1961; Certificate of deduction of tax at source under section 203 of the Income-tax Act, 1961; Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head "Salaries"; 2007-TIOL-150-HC-MUM-IT .doc + cbank story.doc Income Tax - Settlement - Complexity of the investigation alone is not a ground for settling; "merely remarking that there was no full and true disclosure by the Petitioner would not be sufficient. It has to be justified" : Bombay HC; Additions made on basis of alleged difference in production figures - Tribunal concurs with CIT (A) order against Revenue - Since two lower authorities have found no manipulation in production records, additions are not sustainable : Delhi HC; Shipment freight cannot be included as a part of the indirect cost incurred by the assessee as it is not a part of the export turnover as defined in clause (b) of the Explanation to section 80HHC(4C) of the Act - Shipment freight is only transportation charges which have to be paid by foreign buyers : Delhi HC; |
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2007-TIOL-409-CESTAT-MUM.doc + sanket story.doc Modvat credit on packing materials - manufacturer of Pan Masala & Gutkha unable to use the same on account of ban imposed by the State government on the production and sale - credit reversed at the instance of the Central excise officers - penalty not imposable as there was no malafide Duty paid before issuance of SCN - no penalty imposable - Since assessee is situated within the jurisdiction of Bombay HC, Gaurav Mercantiles decision to be followed - P&H decision in Machino Montell not applicable - Revenue appeal dismissed; EOUs - confiscation of goods which were procured from the open market without availing any benefits under the exemption notifications are not required to be accounted for in the statutory records and are not liable for confiscation under Rule 25 of the CE rules;
SERVICE TAX SECTION Technical know-how rendered by UK company to Indian company relating to goods manufactured in India does not fall within the category of services rendered as Management Consultant - Demand & penalties not sustainable; ST - Scientific and Technical Consultancy Services - Rs 2000 penalty imposed - Commissioner enhances the penalty - Since it was a new service and the assessee took registration without much delay, penalty of Rs 2000 restored;
CUSTOMS SECTION Import of Vitamin-A Palmitate from China and Switzerland to attract Anti-dumping duty; 2007-TIOL-151-HC-DEL-CUS.doc + DRI story.doc Customs Officer can be arrested and punished - 'any person' under Section 135 includes Customs Officer. Export frauds punishable even before the amendment in 2003; Anti-dumping duty can be imposed by Central government vide Notification & not by a Circular of the Board; |
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Income Tax - TDS forms changed - Acknowledgement Nos of quarterly statements to be mentioned; Be sporty, let's forget about setback in World Cup 2007 and persuade cash-rich BCCI to rescue vestiges of mother sports in India ! sc story.doc + 2007-TIOL-45-SC-CT.doc UP Trade Tax - High Court can interfere with Tribunal's order only on a question of law. The question has to be precisely stated and formulated; CST reduced to 3%; States can now levy more than 4% VAT on tobacco; Concession to scheduled airline operators withdrawn; Industry sees major overhaul in capital requirements; New N-E Industrial Policy extends tax concessions and doubles capital subsidy on investment; Tobacco, paan masala excluded; Accentia Tech appoints Athena Capital of UK for GDR offering; Accel Frontline to join hands with Seagate Technology of USA; Man bags Rs 1000 Cr order; Titan to launch 'Optical Eye-wear' soon; SEBI Chief denies report of bourses being misused by terrorist outfits; IOC pitches for greenfield refinery in Turkey; Reliance Life receives ISO certification; Indian Mutual funds applauded for best performers; Raj TV signs accord with Singapore Government channel; |
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