Finance Bill assented by President on May 11th; Full text of Finance Act, gazetted on May 12th will be send tomorrow morning in a serperate email to TIOL subscribers';

Govt says IIPM in Delhi has not paid any income tax or service tax but has spent about Rs 50 Cr on advertisement alone in past two AYs;

Govt finalising new legislation to regulate fishing in EEZ;

A Raja is new IT & Communications Minister;

71 proposals for Pvt TV Channels being scrutinised for approval by Govt;

CBDT to conclude DPC today for promotion of ITOs as ACs; 167 names being covered;

Govt withdraws order curbing night shift for women;

CBDT all set to issue new ITR Forms;

Govt to make ragging punishable;

Buoyancy continues in Customs mop-up; Rs 7221 Cr collected in April;

2007-TIOL-128-ITAT-VIZAG.doc + depreciation story.doc

Even excess claim of depreciation can be a reason for reopening of assessment particularly when reopening was not preceded by a regular assessment under Section 143(3) of the Act : ITAT

2007-TIOL-127-ITAT-DEL.doc

Assessee shows nursery and R & D income and also tax-exempt agricultural income in return - Deduction made for direct expenditure from exempt income - AO insists for deduction of indirect income as well from exempt income - Since there is no tangible evidence that can be attributed to be indirect cost to the agricultural income, no question of apportionment of expenditure arises - Assessee's appeal upheld : ITAT;

2007-TIOL-126-ITAT-DEL.doc

Computation of presumptive profits u/s 44BB - Inclusion of reimbursable expenses in gross receipts - Assessee argues since certain costs are to be reimbursed on actual cost basis they cannot be included in the gross receipts - Issue stands decided in favour of the assessee in its own earlier case - Revenue's appeal dismissed : ITAT;

2007-TIOL-125-ITAT-DEL.doc

Assessee is an STPI unit, engaged in software export - For AY 1998-98 to 2000-01 it claims deduction u/s 80HHE - For AY 2001-02, assessee claimed deduction u/s 10A for the first time - Revenue disallows it on ground that since the assessee has already availed deduction u/s 80HHC it cannot be allowed benefits of Sec 10A - CIT(A) allows it - Interpretation of the phrase ''such profits' T in sub-section (5) OF SEC. 80-HHE means profits of the business in relation to which a deduction is allowable under this section for a given assessment year - Since the assessee fulfills all the conditions given u/s 10A, benefits cannot be disallowed - Revenue's appeal dismissed : ITAT;

CENTRAL EXCISE SECTION

2007-TIOL-640-CESTAT-MUM.doc + ispat story.doc

Since Rule 3(5) of the CCR does not prescribe any formula or restrict the extent of the credit which an assessee can avail, entire duty paid on inputs removed as such by consignor company can be availed as credit even if these have been procured from an EOU - Tribunal.

Rule 3(6) of the CCR, 2002 only restricts the eligibility to credit of the duties specified in rule 3(1) and does not bar entitlement to credit of the entire amount paid in terms of Rule 3(4) at the time of clearance of inputs as such : Cestat;

2007-TIOL-639-CESTAT-BANG.doc

Central Excise - Valuation - Advertisement marketing and sales promotion expenses - The demand on these components is not sustainable : Cestat;

SERVICE TAX SECTION

2007-TIOL-637-CESTAT-DEL.doc

ST - stock brokers - The levy on commission is limited only to main broker and does not cover any payments made by main broker to sub-broker for their client facilitating service - Assessee's appeal upheld : Cestat;

2007-TIOL-636-CESTAT-DEL.doc

Service Tax - BAS - Assessee markets and promotes sales of cellular connections and recharge of SIM cards - Fails to add value of goods in the value of taxable service - Assessee has a prima facie strong case - Stay granted :Cestat;

CUSTOMS SECTION

2007-TIOL-84-SC-CUS.doc + ear plugs sc story.doc

Ear plugs imported as plastic cups in 1994 - Confiscation upheld: SC;

Customs - Appeal - Commissioner (Appeals) order holding that the appeal is not maintainable since it is filed by improper authorisation is correct : Cestat;

ddt 15 may.doc

Finance Act 2007 - changes in customs valuation;

CAG bowls Indian Cricket;

2007-TIOL-85-SC-CT.doc + kvs sales sc story.doc

Kar Vivad Samadhan Scheme not applicable for State Sales Tax: SC;

cbuzz042.doc

Govt to make all international payment gateways report suspicious transactions; BSE & NSE to offer stake to foreign investors;

cbuzz041.doc

Reliance Inds makes two discoveries in East Coast & West Coast Blocks;

cbuzz040.doc

Arvind Mills - Diesel International form JV;

cbuzz039.doc

Lupin gets FDA Approval for Simvastatin; Suzlon Energy posts nets profit;

cbuzz038.doc

Infotech Enterprises to acquire stake in Geopatial; Twilight Litaka signs pact with Herballife;