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Mr S D Majumder is the new DG of Directorate of Revenue Intelligence; Order to be issued soon; Govt extends zero duty tax regime for essential commodities upto 2009; India, Japan sign MoU on IPR cooperation; |
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| Dear Member, Sending you the following files : |
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CBDT Transfer Placement Policy 2007.doc CBDT notifies major amendments in Transfer Policy; Addl / JCITs' transfer order is on the anvil; 2007-TIOL-95-SC-IT.doc + SC IT story.doc If ingredients of Sec 147 are fulfilled, failure to take steps under Sec 143(3) not to render AO powerless for reassessment proceedings even when intimation u/s 143(1) had been issued :SC; 2007-TIOL-274-HC-MAD-IT.doc + sun tv story.doc Right to telecast TV programme is sale of ‘goods' eligible for deduction under Section 80HHC : Madras HC; Sec 115J - Revenue issues notice u/s 154 to rectify higher figure of unabsorbed depreciation / business losses allowed without considering the profits earned in the earlier years - Tribunal sets aside Revenue's order - Appellate authorities and Tribunal erred - Revenue's appeal upheld : Madras HC; Assessee is a garments exporter - Writes off bad debt u/s 36(1)(vii) but RBI permission received only for a part of the sum - AO disallows the remaining part - CIT(A) allows it as RBI permission is not mandatory - Tribunal dismisses Revenue's appeal - AO should have considered assessee's plea as RBI had earlier given an approval - Revenue's appeal dismissed :Delhi HC; Return filed u/s 139 - Assessee alleges notice u/s 148 issued without following procedure u/s 143(2) - Jurisdiction challenged - Since alternate remedy is available and no extraordinary circumstances exist, petition dismissed : Madras HC; |
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2007-TIOL-690-CESTAT-AHM.doc + cenvat story.doc CENVAT Credit and SSI Exemption not simultaneously available : Cestat; As Silver is included in the notification issued under Section 123 of the Customs Act, 1962, it was for the appellant to adduce evidence regarding the licit possession of the said silver bars - In the absence of such evidence, it will be futile effort of the appellant to shift the burden on the department - Order of the adjudicating authority for absolute confiscation is correct and is upheld : Cestat;
SERVICE TAX SECTION ST - Consulting Engineer - Assessee, a manufacturer of CTD bars, earns income by preparing a 'feasibility study' for a project - Revenue raised demand - During the relevant period, the levy fell only on engineering firms and not all firms - Issue is no longer res integra - Assessee's appeal upheld :Cestat; ST - C & F Service - Assessee appoints agents who procure business and get paid for the same - Sec 68 cannot be interpreted in a manner that is not required - Since the assessee is neither a service provider nor a service received it cannot be taxed - Assessee's appeal upheld :Cestat;
CUSTOMS SECTION Implementation of the recommendations of the Joint Working Group on Transfer Pricing, comprising officers from Income Tax and Customs; Notification No. 154/94-Customs amended; Notification No. 21/2002-Customs amended; CBEC amends various drawback related notifications; Notification No. 21/2002-Customs amended; Export of stone aggregate : Not 58/2006 amended; 2007-TIOL-94-SC-CUS.doc + sc cus story.doc Royalty not being a condition for sale is not includible in assessable value of imported goods :SC; Bicycle tube valves are correctly classifiable under heading 84.81 of CETA'85 which covers valves of any kind and includes inner tube valves also, as per HSN Explanatory notes. Even according to subsequent amendment in 1996 a specific entry has been made for bicycle valves under Chapter heading 84.81 only & this shows that all tube valves are covered under Chapter heading 84.81. Reliance placed on decision in National Engineering India Ltd. relating to classification of steel balls & seeking classification under heading 87.14 as parts and accessories of bicycles is incorrect. However, cum duty benefits & small-scale exemption, modvat credit, if eligible to be extended - Matter remanded : Cestat; |
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Duty on Jute twine? Fire ignited and Jute Industry likely to be engulfed soon; Shylock take your flesh but not a drop of blood : Works contract service tax – Bonus to the Government? Goods and Service Tax regime is knocking our doors; Cautious coal reforms underpin political compulsions but still welcome; Foreign Exchange used for import of goods – Imported goods not cleared from warehouse – no violation of FERA or FEMA: Mumbai HC; Payment towards Cash Calls for the purpose of Oil exploration in India; RBI prescribes guidelines for opening of Escrow account by overseas corporate; SEBI Circular Of Guidelines.doc Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000; Gokaldas crosses Rs 1000 Cr revenue mark; recommends 40% dividend; UK signs OECD Convention on Mutual Administrative Assistance in Tax Matters; |
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