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Govt working on contract farming policy; FICCI survey says rising credit cost hits business confidence of industry; SC holds Govt has power to bank books / newspaper if it hurts public order; 5 Indians killed in Kenyan Airways plane crash; Empowered Panel of FMs decide not to grant tax exemption to non-processing component of SEZs; Pawar urges Industry to integrate small farmers in supply chain; RBI says no to recommendation to keep charging for cheque payment; |
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| Dear Member, Sending you the following files: |
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Search u/s 132 - Income surrendered and tax paid - Interest under Sections 234A, 234B and 234C levied - Waiver of interest pleaded - CCIT rejects plea - Revenue 's stand is not sustainable as tax paid should have been adjusted against the tax payable rather than interest first and by making complete seizure of stocks the assessee was incapacitated fr making payment of tax - Assessee's appeal upheld; AY 1992-93 - Proceedings u/s 147 initiated - Additions made for unexplained cash credit - Since the sum was credited in the books in the FY 1992, it cannot be treated as unexplained cash credit or investment in the books in the AY 1992-93 - Revenue's case dismissed; |
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rlt079-Part9.pdf + rlt079-Part8.pdf Headnotes from the latest RLT case laws; 2007-TIOL-76-SC-CX.doc + sc cx story.doc Monoclonal Antibodies (MAB) and Pregnancy Test Card fall under Chapter Heading 30.02; 2007-TIOL-592-CESTAT-DEL.doc + credit story.doc Re-credit in modvat account of erroneous payment of duty not the correct method to claim refund of duty; Provisions of Rule 8 of Valuation Rules, 2000 are not attracted when the goods are sold to related persons as well as to independent buyer – Prima facie case – LB decision in Ispat Industries 2007-TIOL-245-CESTAT-MUM-LB followed – Waiver of pre-deposit ordered – Stay granted; Diethyl Sulphate Sludge (DES Sludge) is a nuisance value and hence dumped – there is no finding that the same is a by-product and is marketed – being beyond the “purview” of manufacture, levy of duty is uncalled for.; Central Excise - News print supplied to the news papers which are not registered with the Registrar of News papers of India is not classifiable under CH 4801 and can not be cleared at Nil rate of duty - the assessee correctly paid duty at 8% and therefore Cenvat Credit on capital goods should not be denied to them - Revenue appeal dismissed.;
SERVICE TAX SECTION ST - C & F Service - Demand accepted but penalty contested - Since reasonable cause existed for delay in payment of tax, no penalty in view of Sec 80 of the Finance Act is imposable; Rule 3 of Service Tax Credit Rules, 2002 - Port services fall under Section 65 (90) (zn) and steamer agent services fall under Section 65 (90) (i) - since the input and output service do not fall within the same sub-clause credit rightly disallowed.;
CUSTOMS SECTION Grant of waiver of the requirement of Bank Guarantee in respect of imported goods to be warehoused in Public or Private Bonded Warehouses - regarding; Carrying 1.5 Lakh rupees Indian Currency to Bhutan, though not permitted but legitimately explained - redemption allowed on payment of Rs. 15,000/-; Customs Valuation - Statement recorded u/s 108 by the Enforcement Directorate when the fact of under invoicing is admitted - later retraction cannot reduce the value of the statement as it clearly explains each entry in the statement of accounts and explains how the under invoicing was done - such an explanation can come only from the appellant and hence the evidentiary value is not lost - Value of goods correctly enhanced by Customs authorities. Classification by supplier is based on HSN Explanatory notes - as Indian Tariff is based on HSN, the goods are correctly classifiable under heading 32.08.; |
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World Bank aid to fight for Indian Aids and HIV; India continues to be low spender on justice administration; Gujarat moots evening court system; Pak banks to open branches in India; GM profits drop in first Q; Pak banks to open branches in India; GM profits drop in first Q; Brussel is Jet Airway's European hub; HCL joins in Windows Vista application; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
