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Union Cabinet approves amendment to Indian Boilers Act + Repeal of Carriers Act, 1865 + okay presentation of SBI Amendment Bill + approves DHFL Ventures proposal to receive foreign investments in units of VC Funds in FDI + GVK Power & Infrastructure proposal; IIMs' Directors to discuss quota impasse tomorrow; No service tax on exports; Status holder scheme revamped; Exports obligation under EPCG for tiny sectors extended to 12 years; Focus Market Scheme extended to 16 countries, including 10 CIS countries; Goods & Services exports together grew to USD 196 bn; VKGUY extended to coconut & soyabean oil, bakery products, flowers etc; New Scheme to incentivise agro exports and exports of high-tech goods; Exports grew by 25% to USD 125 bn last year and engineering and petrochemical products rose by 35%; Nath targets exports worth USD 160 bn in 2008 and USD 200 bn next fiscal; Annual Supplement to FTP : Scope of Vishesh Krishi Gram Udyog Yojana expanded + EPCG obgligation period extended to 10 years + Thrust to be on handicrafts and tiny industries + Allocation hiked to Rs 2000 Cr for Focus Products Scheme; UN predicts 9% growth for India in 2007; Kamal Nath to release Annual Supplement to FTP at noon today; |
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| Dear Member, Sending you the following files: |
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CBDT promotes two officers as CITs; 2007-TIOL-198-HC-MAD-IT.doc + crn story.doc High Court not to interfere on a question of fact decided by the Tribunal :HC; Prosecution against several employees u/s 226(C) and 227 for concealment of income - Since there is no evidence to indicate the involvement of accused employees in the overall day-to-day administration of the company, they are not liable to be prosecuted - Only the managing partner to be proceeded against - Revenue's appeal modified and partly allowed :HC; 2007-TIOL-196-HC-KERALA-IT.doc KVSS - Eligibility under the Scheme - The amount in dispute must be in arrears and an appeal must have been admitted and pending - Since the assessee filed declarations on 14.10.1998 and the Sec 92 of the Finance Act No 2 of 1998 debarred the Revenue to proceed with revisions, the assessee's declaration should have been considered - Revenue's decision to proceed with revision after declarations being filed bad in law - Appellants' appeal upheld :HC; |
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CBEC accepts LB decision related to dutiability of ammonium nitrate; withdraws Circulars; Refund - Revenue denies it on ground that assessee failed to prove that the duty was not passed on to buyers as required under Sections 11B and 12B - Since the Commissioner (A) and Tribunal findings indicate that the duty cannot be passed on to the buyer after the date of clearance of goods as duty was paid on a subsequent date, Revenue has no ground to challenge findings of facts - Appeal dismissed :HC; 2007-TIOL-515-CESTAT-MUM.doc + mrp story.doc Valuation of imported goods notified under Section 4A of the CEA'44 for the purpose of Additional Customs duty - as there is no ambiguity in the declaration made by the importer under rule 34 of SWAM Rules that the goods are specially packed for the exclusive use of any industry as a raw material and if the goods have been subsequently sold by the customers to non-industrial users also, in spite of the declaration, the fault does not lie with them but with the one who has so sold the goods - SC decision in ITC case relied upon. Even if it is assumed that the goods were required to be sold under the MRP, then if the same did not bear the MRP, the same was required to be determined in the manner as may be prescribed under Section 4A and since no rules were framed as yet to determine the MRP in such cases, the Commissioner could not have determined MRP on her own. Prima facie case in favour - Stay granted & waiver ordered from pre-deposit :Cestat; Central Excise - Refund - The amended provisions of crediting the sanctioned refund claim to consumer welfare fund in the event of unjust enrichment is effective from 25.6.1999 - Refund pertaining to earlier period it is not governed by the provision - The date of finalisation of assessment is a relevant date for making the assessee eligible for filing the refund claim :Cestat;
SERVICE TAX SECTION 2007-TIOL-514-CESTAT-DEL.doc + st story.doc Marketing Development is "business Auxiliary Service", not "management consultancy" :Cestat; Service Tax - Del Credere agents, commission agents cannot be held to be C & F agents as they are not dealing with goods :Cestat;
CUSTOMS SECTION Amendment in Handbook of Procedures notified; New trade policy notified; Inter-unit transfer of capital goods by EoU/STP : CBEC further liberalises procedures; Anti-dumping duty on white cement extended; Amends Not no 157/1990 to insert new terms in condition (5); 2007-TIOL-64-SC-CUS.doc + sc cus story.doc Customs valuation - technical knowhow connected with imported components - Royalty includible in value: HC; Customs duty - Demand and penalty set aside but confiscation upheld in OIO - If part of SCN is bereft of jurisdiction, confiscation is not sustainable :Cestat; |
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ddt 19 apr.doc + phone facility.doc + dalmiya sez.doc + mundra sez.doc Milk Powder - Import duty reduced to 5%; Land line and mobile phones and broadband facility to babus - clarifications; No staff for Mangalore Airport - Customs Commissioner; 'Instability' - The most 'shining' hallmark of Ministry of Commerce performance so far ! Duty on fuel and 4% SAD to be factored into DEPB rates; No service tax on exports; New incentive scheme for exports of hi-tech goods to be notified : New Trade Policy; RBI comes out with credit flow norms for micro and medium enterprises; Punj bags USD 44 mn US contract; Praj to hold 60% stake in European JV; HCL Tech & Saudi Co sign pact to provide integrated IT solutions; |
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