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Race for CBEC top slot : Seniority finally prevails ! THE race for the thorniest slot in CBEC - that is of Chairman post - is learnt to have come to an end, with the Selection Panel, headed by the Cabinet Secretary, plumbing for seniority module. Otherwise also, the senior most Member who also happens to be Member (P & A) was the front runner. Although the 'Insider' is yet to confirm this news to us (will do it later in the day and netizens are invited to keep an eye on our flash for the latest later in the day), the initial inputs reaching us indicate that Mr S K Shingal has made it alongwith Mr B K Gupta who is also senior to Mr J K Batra. Insiders vouch that Mr Shingal will make a much better Chairman than his predecessor who will be retiring this month-end after a lacklustre tenure. Somehow the outgoing Chairman could not do much to leave his imprint on the working of the Department or even the Board. Right from the beginning it appeared that he is simply going to while away his time rather than doing something drastic or fundamental for the betterment of the working of the Board or the field formations. No doubt, hands of Revenue Boards' topbosses are generally tied but those who strive to be maverick do manage to make long-term contribution. Chairmen come and go but only those are remembered by the system who either do a good job of repair or evolve a brand new component which adds efficiency to the system. Let's hope a new chapter of tax administration begins in the CBEC after a stretched gap! |
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I & B Ministry urges MoF to reduce import tariff on jumbo film rolls; BoA to take up Reliance SEZ case today; OBC quota case : SC reserves order on referring it to CB; CBEC Commissioners' transfer order gets topbrass approval; Sahar Airport Customs seizes 12 big diamonds and gold chain worth Rs 1.25 Cr from pax coming from New York; DRI Hqs seizes 48 kg heroin in two separate cases in Delhi and outside Delhi; Jairam Ramesh says Govt has approved five automobile SEZs, targetting an investment of Rs 3600 Cr; Row over OBC quota - SC to examine plea before referring it to Constitution Bench; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-124-ITAT-MUM.doc + 80hhc story.doc Income Tax - Section 80 HHC - for reducing export turnover for trading goods, only the realized sale proceeds of trading export turnover has to be considered - direct cost to be considered should be in relation to realized trading export turnover : ITAT; company - Assessee claims to be resident of Mauritius and seeks benefits of DTAA - Revenue says effective management of the company is in India - Assessee pleads limitation as notice served after two years of assessment - Even if an agent of a non-resident voluntarily files return on behalf of the non-resident, he cannot be served a reassessment notice beyond two years as is the mandate u/s 149(3) - Revenue's appeal dismissed :ITAT; Revenue argues lack of equity in tax jurisprudence - Amended Sec 244A effective from AY 1989-90 uses the words ''where the refund of any amount becomes due to the assessee under this Act" and it means tax refundable alongwith the interest component - Issue stands settled by SC order in Sandvik Asia ( 2006-TIOL-07-SC-IT ) - Assessee is entitled to interest on interest payable on refund amount delayed by the Revenue: ITAT; |
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CBEC issues transfer orders for 93 Commissioners; Notifications 67/95-CE and 214/86-CE : A drain on exchequer? Credit is allowable u/r 57Q on Steel, Cement and chemicals used in making foundations for installation of very heavy plant, machinery and equipment required to carry out manufacturing activity. Credit on invoices which are not in the prescribed format, is also admissible in the absence of any dispute regarding the fact that duty was paid on the goods which were received in the factory and utilized in the manufacture of finished goods.:Cestat; Differential duty of BED & SED for the period 1989 to 1993 paid by the assessee's sister unit and subsequently certificates issued by jurisdictional R/s under rule 57E of CER'44 - Credit availed of BED & SED after 1st March 1994 when SED abolished - Credit of SED cannot be denied on the ground that rule 57A does not permit the same as rule 57E provisions are not directly linked to rule 57A. Rule 57E is related to rule 57A in the past tense as it uses the expression "allowed" - credit of differential SED relating to clearances affected prior to 1994 admissible. :Cestat;
SERVICE TAX SECTION Exemption to resident welfare association from Service Tax - Clarification; Service Tax - Delay in taking registration and payment of tax due to initial confusion about the applicability of the law and the matter pending before various HCs - Levy of penalty not called for in such cases :Cestat; Service Tax - Consulting Engineer Services - t Royalty payments for transfer of technical information/technical assistance/transfer of technical know-how do not come with in the ambit of Consulting Engineer Services for charging Service Tax : Cestat;
CUSTOMS SECTION Special adjudicator appointed for M/s Balaji Rollings Pvt Ltd; Special adjudicator appointed for M/s Karthik Inductions Ltd; Special adjudicator appointed for M/s Global-Ispat Ltd; Special adjudicator appointed for M/s Twenty First Century; Special adjudicator appointed for M/s Tulsyan NEC Ltd; Special adjudicator appointed for M/s RKKR Steels Ltd; 2007-TIOL-612-CESTAT-MAD.doc + health story.doc Central Excise - Classification - Indian Noni is rightly classifiable under 20.09 up to 27.2.2005 and under 20099000 after that date :Cestat; Appellant travelling abroad carried IC exceeding Rs 5000/- - On inquiry, makes truthful disclosure to the Customs - Since the appellant was travelling overseas for the first time and was not aware of FEMA regulations, he deserves lenient treatment - Penalty substantially reduced :Cestat; |
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Is ISRO required to pay Service Tax on satellite launch service? Film makers show case brands in films - Sale of space or time for advertisement - Service Tax payable? Anti Dumping Duty on zinc oxide extended - another forgotten notification? 2007-TIOL-79-SC-MISC.doc + puri story.doc Disproportionate assets - Customs officer can be tried by Delhi Court even if he had not worked in Delhi: SC; Reporting mechanism for ADs; Overseas investment by MFs; Booking of forward contract based on past performance; Remittance scheme for Resident individuals - limit hiked; OVerseas investment by VCFs; Rajasthan Second Amendment; Empowered Panel on GST notified; HCL to provide IT solutions to SIDBI; 3i Infotech partners with FINO; Geodesic and Gothenburg Post launch Instant Messenger for mobile; Ranbaxy aquisition of Be-Tabs makes it fifth largest in South Africa; Dabur India posts profit; |
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