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North Block a later 'riser' for WCO nominations! FOR Customs, WCO, headquartered in Brussles, is like mecca ! One of its top posts of Director (Trade & Tariff), held by one Criticle Mowansa, from African continent, is falling vacant. And each Member country has been invited to nominate two of its candidates for this slot. This information reached our Revenue Hqs about six weeks back but our Revenue top honchoes have woken up from their deep slumber only now when just a couple of days are left to send the nominations. And, haste generally does not allow out-of-box thinking ! So, the answer is those two names which have done extended stints at WCO. Bad for the large cadre having dozens of experts ! Next year is going to see the top post of Secretary General falling vacant. Let's hope some preparation goes into our homework to claim the top slot for India. When a new post of Director (Capacity Building) was being created India had whole-heartedly supported its candidate who had narrowly missed it. Let's believe in the saying that the many misses lead to a sure shot success! |
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Agni III test fired from Wheeler's Island today; MoC claims breakthrough in FTA talks with Thailand; By-polls for LS seats : BJP leads in Jalgaon and Shiv Sen in Ramtek; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-184-HC-MAD-IT.doc + 80hhc story.doc Sec. 80AB of the Income Tax Act will prevail over any other provision in Chapter VIA of the Act - Section 80HHC ibid would thus be governed by section 80AB :HC; Block AY 1990-99 - Search conducted in 2000 - Levy of surcharge - Since proviso to Section 113 inserted by Finance Act 2002 not given retrospective effect, no surcharge is leviable in block assessment cases :HC; Assessee claims transactions on behalf of third parties and profits diverted - In the absence of evidence the AO adds the income transferred to third parties in the assessee's income - Since assessee failed to maintain any record and provide any evidence the plea rejected but tribunal allowed speculation loss to be adjusted against speculation profit - No question of law involved - Assessee's appeal dismissed : HC; Sale of flats - No return filed for relevant AYs - Search conducted and incriminating documents found - Since evidence clearly indicates an attempt to divert sale consideration in the garb of sale of shares without any justifiable reason, additions are justifiable - No question of law involved : HC; |
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Deemed credit - Manufacturer under Compounded Levy Scheme allowed to avail it even if there is no proper declaration of duty paid nature of inputs by suppliers - Case decided way back in 2003 in Vikas Pipe case - Why is Revenue wasting the Court's time and energy - High Court wants to know :HC; 2007-TIOL-480-CESTAT-MAD.doc + excise story.doc Central Excise - Demand - The adjudicating authority did not have any power to remand the case - No adjudicating authority under the Central Excise Act, can delegate its adjudicating functions to any subordinate officer:Cestat; Dutiability of samples for quality control test - Matter remanded to examine the appellant's records of the samples for quality control test :Cestat;
SERVICE TAX SECTION ST - International in-bound roamer service - Not 6/99 exempted payment received in foreign exchange - Notification rescinded on March 1, 2003 and exemption reintroduced on November 20, 2003 - No exemption available during intervening period - Full waiver from pre-deposit denied :Cestat; ST - Penalty waived of by appellate authority - Sec 80 to have overriding effect but reasonable cause must exist - Matter remanded :Cestat;
CUSTOMS SECTION 2007-TIOL-55-SC-CUS.doc + zuari story.doc Captive power plant - part of project imports eligible for exemption - Heading 98.01 is a specific entry- once an essentiality certificate was issued by the sponsoring authority, it was mandatory for the Revenue to register the contract :SC; Sodium cyanide in the form & concentration imported by appellants cannot be used as Insecticides as such - they are correctly classifiable under heading 2837.1100 & not under 3808.1099 of the Customs Tariff; Import of such Sodium Cyanide is exempted under section 38 of the Insecticides Act, hence no permit required from Registration Committee - no violation of the Act - Confiscation and imposition of penalty improper - Tribunal decision in Hardware Trading Corporation concerning similar issue of "Boric Acid" followed; Party's appeal allowed & Department appeals rejected :Cestat; |
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Area Based Exemption - no double jeopardy? Why is Revenue wasting the Court's time and energy - High Court wants to know - No full stop in litigation, only comma! Does India need a 'Maha Regulator' for integrated growth of financial markets ? Govt mulls new deal for foreign tie-ups in hotel industry; bank story + 2007-TIOL-54-SC-CT.doc Is a bank liable to pay Sales Tax on the pledged gold sold by the bank? - Dose explanation to a provision in the Act inserted by an amendment have retrospective effect? - Depends on whether the amendment is to clarify an ambiguity or to expand the scope; Gail signs MoU with Indian Oil; PNB raises benchmark prime lending rate; Lupin receives FDA approval for its oral supension formulation; Calsoft forms JV with Texan Softex; |
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