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CBEC Commissioners' transfer order is back on rail; Many 'giants' continue to be on trail ! NETIZENS may recall the instruction coming from the topbrass to recast the CBEC Commissioners' transfer order as per some new formula which may bail out many 'giants' who have been camping in the metros. Since FM was scheduled to catch up a few overseas appointments the fresh order was expected to take some time. Now that the FM's programme stands cancelled, one may see the 'wings' of CBEC working overtime to make up for the lost 'distance' and time! A fresh order is almost ready but the problem is its size has not diminished as per the 'Insiders'! It is learnt to be close to a century! However, two important dimensions which were noticed during the making of this order are : First, the Member (P & A) who is a front runner for the Chair of the Chairman looked in complete command. And second, many 'giants' who got scared earlier have got the desired slots but continue to be on the trail to ensure that they are disturbed. Any deadline? It may make it this week or may spill over to next week. Let's be on the trail from today! |
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Exchequer collected Rs 6830 Cr from education cess upto Feb 07 last fiscal; PM seeks re-election to Rajya Sabha; to file papers tomorrow; Experts say China's decision to introduce export licence for steel products may cause panic in global markets; D S Group raps Centre's policy not to extend excise holiday to 'paan masala'! Govt approves Rs 442 Cr scheme for computerisation of district and subordinate courts; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-236-HC-DEL-IT.doc + gift hc story.doc Income Tax - gift - Mere identification of donor and showing the movement of gift amount through banking channels is not sufficient to prove the genuineness of the gift - onus is on the assessee to prove identity and capacity : Delhi HC; Addition made for an unexplained credit - Tribunal dismisses assessee's appeal for lack of proper explanation - Since the explanations for the sum are riddled with serious doubts, tribunal's decision was justifiable - No law point involved in this case : Delhi HC; Is Advertising Agency an industrial company? - Since it converts ideas into visual or audio material with the help of modern technology, it can be said to be manufacturing goods within the meaning of Sec 2(7)(c) of Finance Act, 1978 - Since the issue was settled by the SC earlier, Revenue's appeal is dismissed :Bombay HC; Reopening of assessment u/s 147 - Assessee alleges lack of jurisdiction - Since several facts of this case need to be investigated and verified, the petitioner has an alternative remedy and this court may not exercise writ jurisdiction under Article 226 in this case - Assessee's petition dismissed : Madras HC; |
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Cenvat Credit - PPP, PEP and Pull Tab Strips used as input in manufcture of packaging materials - Tribunal allows credit under Rule 57A(4) - No point of law involved - Revenue's appeal dismissed :HC; 2007-TIOL-606-CESTAT-MUM.doc + deposit story.doc Department is under no obligation to make any pre-deposit under Section 35F of the CEA'44 - if order-in-appeal is stayed, it would tantamount to enforcing the order-in-original - Application for Stay rejected :Cestat; Central Excise - Captive consumption - The appellants are entitled to the benefit of Notification 67/95 in respect of molasses used captively for manufacture of Rectified Spirit and Denatured Spirit :Cestat;
SERVICE TAX SECTION Service tax - Maintenance and Repair Services - In order to levy Service Tax prior to 16.6.2005, a pure maintenance contact is a must :Cestat; Service Tax paid and suo moto adjustment made for having refunded the value of taxable service as the same was not provided - As per Rule 6(3) it is not permitted - Revenue's appeal upheld : Cestat;
CUSTOMS SECTION Govt extends anti-dumping duty on zinc oxide imports from China for another five years; 2007-TIOL-237-HC-MUM-CUS.doc + sun pharma story.doc Jurisdiction of High Court when a part of the cause of action arises within its territorial jurisdiction - It is the High Court's discretion : HC; Import - Cars under TR facility - Confiscation and penalty - Revenue alleges alterations in passport photographs and fake addresses - Even if alterations were made, the importers had gone abroad and got the vehicles registered before the beneficial circular was issued by the DGFT - demand set aside :Cestat; |
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Service Tax - No provision for supplementary invoices and so no Credit? North East Exemption - Changing Views of the Goverment -Lack of Consistency; New Income Tax Forms : Objective is lofty but mannerism is flawed ! Ranbaxy aquisition of Be-Tabs makes it fifth largest in South Africa; Dabur India posts profit ; Networth Stock broking receives ISO certification, ties up with Swiss watchmaker ; L&T to work for Abu Dhabi water and electricity authority; Kavveri Telecom signs deal with Ericsson India ; Tata tea forms JV with Chinese company; Country to have three more IITs; |
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