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CBEC notifies amendment in Service Tax Rules + Cess + Finance Act -related changes in Central Excise & Customs; Govt may dish out more sops to sugar industry; Dr Ramadoss says more Nursing Training Institutes to be set up; |
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| Dear Member, With the Presidential assent finally coming today, the Finance Bill stands enacted and the hiked rate of education cess and income tax surcharge to be effective from today, May 12, 2007. Sending you regular files along with Finance Act related Customs, Central Excise and Service Tax notifications issued this evening : |
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Deduction u/s 80J taken - Revenue rejects it on the ground that before the concern was transferred to a Limited company it was a proprietorship company and the period of benefit expires if so calculated - As per Explanation 2 to section 80J(4)(ii) in case the value of machinery and plant so transferred to the new entity does not exceed 20 per cent of the total value of plant used in the business then the new entity shall be deemed to be complying with the condition put in clause (ii) of sub-section (4) thereof - Assessee is eligible for availing the benefits: HC; CBDT issue mini transfer order of probationers posted as ACs; |
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RLT case laws headnotes;
Not 18/2007 rescinded; Sixth Cenvat Credit Rules amendment for leving higher education cess; 2007-TIOL-627-CESTAT-DEL.doc + remission story.doc When the Commissioner is satisfied that the goods are unfit for consumption or for marketing, then there is no scope to reject the remission of duty :Cestat; EOU - Refund of accumulated credit relating to inputs used in manufacture of goods exported under bond - since there is no possibility of using the CENVAT Credit for DTA Sales, refund to be granted :Cestat;
SERVICE TAX SECTION Secondary and Higher Education Cess notified; Higher education cess to be levied on export of services; Penalty for delayed filing of return prescribed; Service tax - Recipient of Goods Transport Operator Services - The Show Cause Notice issued after the amendment brought to the Finance Act - Demand not sustainable :Cestat;
CUSTOMS SECTION Not 27/2007 rescinded; Not 28/2007 amended to make it in tune with Finance Act; Not 21/2007 rescinded; Customs - Penalty - Provisions of Customs Act cannot be invoked for imposing penalty for an offence committed under separate statute of the Foreign Trade (Regulations) Rules, 1993 :Cestat; |
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fs story.doc + 2007-HRIOL-05-CIC.pdf Appointment of Mr Menon as Foreign Secretary : Superseded IFS officer seeks compensation for stress and detriment to career; CIC says no; OECD Countries agree on new guidelines on pension funds ; Klockner of Germany comes to Aurangabad; IOL ties up with BBC ; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
