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Kamal Nath to release annual supplement to FTP tomorrow; India asks DCs to reduce greenhouse gas emission; Govt re-appoints Milon Kumar Banerji as AG; |
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| Dear Member, Sending you the following files: |
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Nine posted as USs in Board; 2007-TIOL-193-HC-ALL-IT.doc + itat story.doc Tribunal cannot rectify a rectified order - It has no power under the Income-Tax Act to review or rectify the order u/s 254 (2) of the Act - It has only power to rectify the order passed under section 254(1) of the Act :HC; Assessee claims exemption u/s 11(4A) - Revenue denies the benefits - HC allows exemption - SC sets aside HC's order - Fresh assessment done and interest u/s 234D demanded - Assessee claims waiver of interest on ground that till the day the SC reversed the HC order and a new assessment order was passed, no interest can be charged - Writ allowed and remanded for fresh examination :HC; Benefit of Rule 6 DD given to the assessee - Revenue challenges tribunal's order on ground of lack of proof of identity of parties receiving payments - Since payments were made to small time vendors in the unorganised sector, cash payments were indispensable and the Tribunal rightly allowed the exemption from crossed cheque payments under Rule 6 DD :HC; Failure to pay tax on interest income earned out of refund sanctioned u/s 244A - Penalty u/s 271 levied - Assessee claims lack of mens rea and a case of oversight - Mens rea is not essential ingredient for levy of penalty in civil laws - Jurisprudentially, the right and duty have to go together and it is imprudent to claim the right alone, escaping from the duty - Penalty is sustainbale - Assessee's appeal dismissed :HC; |
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Manufacture - Assessee undertakes process of pulverisation of 'Shikakai Pods' into 'Sheekakai Power' - 'Manufacture' in Central Excise does not depend only on concepts as it also depends on facts and circumstances - In view of an amendment in Sec 2(f) by which the words 'the first schedule' were introduced, the process and actual activity need to be examined and adjudicated - Matter remanded: SC; 2007-TIOL-510-CESTAT-BANG.doc + indiscipline story.doc Strictures against Commissioner (Appeals) for judicial indiscipline :Cestat; Central Excise - Refund - Unjust enrichment - The goods cleared from factory to depot were at higher price than the goods sold from depot since discount was allowed at depot - No element of unjust enrichment :Cestat; Central Excise - Refund of pre-deposit - The original authority to reckon the total amount due to appellant and the dues payable to the department and refund the balance :Cestat;
SERVICE TAX SECTION Service Tax - Engagement of taxi by Government officers who were not provided with Car - does not fall within the category of Tour Operator :Cestat; ST - GTO Service - No SC ruling in Gujarat Ambuja case that SCN issued in 2004 is valid for recovery of demands for 1997-98 - Stay granted :Cestat;
CUSTOMS SECTION Import of 800cc motorcycles imported; Policy amended for export of stone and river sand to Maldives; One-year time-frame fixed for exports against imports for S No 147; Import duty on milk powder pegged at 5% upto 10,000 MTs; 2007-TIOL-194-HC-P&H-CUS.doc + depb hc story DEPB credit - Redemption fine and penalty - no duty demanded - Settlement Commission has jurisdiction; Cusotms - Penalty - Misdeclaration of value for availing excess DEPB benefits - Since the partnership firm had only lent its name to the main noticee who manipulated the documents, lesser penalty to be imposed as a deterrent - No penalty for partners of the firm as they signed no documents :Cestat; |
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Anti-Dumping duty on Dry Cell Batteries - Re-imposed - Gapping holes? Import of Metallic scrap - DGFT yet to put System in place; Profile of Fraudster - Who cheats the Company - Top Managers of course - Private corruption? Time, Law and Law Enforcement; bank story.doc + 2007-TIOL-63-SC-CT.doc Banks are dealers under Kerala General Sales Tax Act; The National Tax Tribunal (Amendment)Act 2007,No. 18 Of 2007; RailTel Corp looking for Director (Finance); Livewel Group to invest in aviation industry; Valecha Engineering bags work for DMRC; Jet to fly between Toronto and New Delhi; Yahoo gets shock, profits fall to 11%; SAIL to counsel power plants in Gujarat; HCL posts undaunted profits; |
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