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IIMs meeting with Centre cancalled, asked to withhold admissions till SC hearing on April 23; China cuts down on the number of economic development zones due to agri concerns;; World's top 20 bankers rank India as world's top investment destination along with China; Researchers stress on cutting down the greenhouse gases by 80%; FDI cap raised to 74% in telecom; Income Tax gives Rs 39000 Cr refund last fiscal; Sahar Airport Customs seizes 20 kg ketamine worth Rs six lakh; Four new private FM channels become operational; Finance Minister expects inflation to slide to 5.7% by next week; Justice Jasti Chelameswar appointed as Chief Justice of Guwahati High Court; Justice Shiv Narayan Dhingra, Justice Sunder Lal Bhayana, Justice Jatinder Mohan Malik, Justice Reva Khetrapal, Justice Sri Niwas Aggarwal and Justice Pravesh Kumar Bhasin appointed as Judges of the Delhi High Court; Justice Vasanti Anil Naik, Justice Jagmohansingh Hakamsingh Bhatia, Justice Ravindra Chandrakant Chavan and Justice Roshan Shamim Dalvi, appointed as Judges of the Bombay High Court; Malaysian research house predicts India to become Asia's largest DTH market by next year, can lead cable market by 2010; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-201-HC-DEL-IT.doc + hc income tax story.doc Service of Notice under Section 148 - Serving by affixation and by way of registered post - No valid service of notice upon the assessee as the same was neither tendered to the assessee or his agent, nor the same was refused by either of them :HC; Explanation 2 to Section 80J(4) - Deduction allowable on second-hand machinery purchased from third party and employed as part of capital for production :HC; ROM application - Revenue keen to restrict unabsorbed business loss to the extent of business income only - Proceedings initiated u/s 154 - Jurisdiction to correct a mistake u/s 154 is a limited one, and a mistake apparent on the record must be "obvious" and "patent" and not something which could be established by long drawn process of reasoning - Revenue's appeal dismissed:HC; |
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Publication of names of alleged offenders - CBEC issues instructions; ER1 and ER2 forms changed; Export under bond - failure to export - interest reduced from 24% to 13%; 2007-TIOL-520-CESTAT-DEL.doc + electrode story.doc Cenvat Credit on welding electrodes not admissible - Apex Court judgement in Vikram Cement not applicable:Cestat; Central Excise - Floor coverings - Classification - Carpets made of Jute predominantly by weight are classifiable as Jute carpet and not under Residuary heading:Cestat; Central Excise - SSI - The goods cleared to a job worker cannot be categorised under goods cleared for home consumption :Cestat; Penalty u/s 76 - Since no satisfactory explanation given for late deposit of tax, penalty is justifiable :Cestat;
SERVICE TAX SECTION Commissioner of Cental Excise & Commissioner (Adjudication) notified u/s 83A for adjudication of cases; ST - Advertising service - Assessee buys time slots from broadcasters and sells them to advertising agency - Demand raised - Since 'sale of space or time for advertisements' was notified as a new service from May 1, 2006, the demand for prior period is not called for - Full waiver of pre-deposit granted :Cestat;
CUSTOMS SECTION Export of pulses DGFT corrects notification; Smart phones or cellular phone with GPS, music, camera, voice recording, e-mail, internet etc, is still a cell phone classifiable under 851712 - CBEC clarifies; 2007-TIOL-202-HC-MUM-CUS.doc + hc cus story.doc An order of a Tribunal is not 'Law' - Imported goods cannot be confiscated based on an order of Controller of imports and exports :HC; |
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Exports – Service Tax – Exempted ? EOUs – Inter Unit Transfer of Capital goods – What are Capital Goods – Board clarifies; Goods Imported for display at fairs and exhibitions – No need of approval to pay duty; Give cooperatives a new lease of life through an exclusive stock exchange; FTP exempts exports from service tax but wait till EoU story is not repeated ! Major players hail changes in FTP inspite of minor hiccups; TRAI proposes preparation of panel of officers for filling up the posts of Joint Advisor (Administration & Personnel) on deputation on foreign service terms; Jet closes deal by paying Rs. 400 crore to Sahara; Epic Energy launches power boutique; Satyam Computers profit increase to 37%; Star Group enters JV with Balaji Telefilms for regional entertainment; Zydus Cadila enters Japanese market; Biocon posts profits; Wipro comes out with surging profits; ACC posts more than 50% profits; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
