Speed Post service to mop up Rs 500 Cr revenue this fiscal;

OBC quota issue goes to Larger Bench;

Govt renames Ministry of Company Affairs as Ministry of Corporate Affairs;

cbdtorder71_2007.doc

CBDT issues transfer/posting order for 14 CITs;

2007-TIOL-132-ITAT-JAIPUR.doc + mistake story.doc

Assessee issues shares in lieu of interests on loans given by FIs - Forgets to claim deduction for interest in return - Application u/s 154 made for rectification - Revenue rejects - If the mistake apparent is bona fide, the AO who is expected to pass just assessment order can assume jurisdiction u/s 154 and rectify the mistake by allowing what the assessee was ab initio entitled to : ITAT;

2007-TIOL-131-ITAT-DEL.doc

Sec 80HHC benefits - Interest earned on FDs and also paid on overdraft account - If nexus exists between obtaining loan and paying interest and interest earned on FDs and the net result of interest received and interest paid is negative, nothing to be excluded by way of 90% deduction as per clause (baa) of Explanation to Sec 80HHC - Revenue's appeal dismissed :ITAT;

2007-TIOL-130-ITAT-COCHIN.doc

Survey u/s 133A - Revenue alleges violation of Sec 44AA and levies penalty u/s 271 even before completing assessment order - Penalty is called for only when AO brings on record the deliberate defiance of law - In case of Sub-section (2) of Sec 44AA Revenue can initiate penalty only after the completion of assessment - Just because there was a survey, penalty cannot be imposed - Revenue's appeal dismissed: ITAT;

2007-TIOL-129-ITAT-DEL.doc

Sale of capital asset - Advance received and declared as capital receipt - Buyer defaults and advance deposited foreited - AO treats the sum as revenue receipt and addition made u/s 68 - An advance received for the sale of capital asset does not undergo a change in character with its forfeiture and will always remain capital receipt - Revenue's appeal dismissed : ITAT;

CENTRAL EXCISE SECTION

2007-TIOL-650-CESTAT-BANG.doc + delayed refund story.doc

Interest for delayed refund -  the appellants should not suffer on account of sheer lethargy of the Department - A tendency to avoid taking decisions in the light of law out of fear is easily discernible - the appellants' money has been with the department right from 1993 for the simple reason that Revenue officers are loath to take responsibility : Cestat;

2007-TIOL-649-CESTAT-BANG.doc

Central Excise - Appeal - When the revenue appeal before Commissioner (Appeals) is for imposition of penalty, the Commissioner ought not to have gone into merits of the case : Cestat;

2007-TIOL-648-CESTAT-MAD.doc

Central Excise - Customs duty paid imported goods are not excisable goods attracting Section 11D : Cestat;

SERVICE TAX SECTION

2007-TIOL-646-CESTAT-BANG.doc

Service tax - Appeal - Condonation of delay in filing appeal - Pedantic view should not be taken when there is no gross negligence - There is gross negligence in the case - Condonation application rejected :Cestat;

CUSTOMS SECTION

cnt07_051.doc

CBEC revises tariff value of brass scrap;

cnt07_050.doc + cnt07_049.doc + cnt07_048.doc + cnt07_047.doc

Govt vests IPRs powers in Customs to curb import of fake goods;

2007-TIOL-256-HC-DEL-CUS.doc + hc prosecution story.doc

Criminal prosecution can continue even if appeal is allowed by the Tribunal;

2007-TIOL-647-CESTAT-MAD.doc

Customs - Imports - Battery Separators in roll form classifiable under CSH 8507 and eligible for the benefit of assessment claimed : Cestat;

ddt 17 may.doc + trade_notice17.doc + trade_notice26.doc

No Service Tax on entry and exit load of mutual funds - Really?

No instance of flouting of SEZ guidelines by Promoters;

cobweb.doc

Tax exemption to cricket and educational bodies : Rationale no longer exists !

finance_act_2007.doc

THE FINANCE ACT, 2007;

post_dir.doc

Selection for the post of Director (Finance) in South Eastern Coalfields Ltd. in Schedule 'C' scale of pay;

cbuzz048.doc

Bajaj Auto Board approves demerger scheme;

cbuzz047.doc

Patni Computer announces New Consulting Services;