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Promotion to CCs in CBEC : ACC-approved panel is back; Four wickets down THE much-awaited ACC approval for the CBEC Chief Commissioners' panel has finally come. It took more than 100 days which is about three times more than the period of six weeks the ACC ACC's own guidelines prescribe. But what must have taken such a time can be inferred from the approved but truncated panel. Out of 16 names, the approval has come only for a dozen. That means four wickets have fallen flat for poor trackrecord of performance, increasing propensity to rub shoulders with vigilance guys and having the 'best' of Service even before they could become Chief Commissioner. So, the officers in a hurry will have enough to worry and also carry poignant thoughts for the rest of their lives. The foursome whose trackrecords were found to be not so confidence-instilling would now have troublesome future in terms of posting at even the Commissioner-level. The approved panel is with the Board now, and a minor reshuffle order of CCs can be expected any time next week. The Board is likely to hasten it as the annual jumboree of CCs has already been fixed for July 25 and 26. |
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DGFT notifies new DEPB rates effective from April 1, 2007; ACC appoints Dr Arvind Virmani as Chief Economic Adviser in Deptt of Economic Affairs; Dr Ashok Kumar Lahiri going as ED with ADB; FM to address 23 rd conclave of Income Tax Chief Commissioners and DGs on Tuesday in New Delhi; Advance railway reservation : Govt to reduce period from 90 days to 60 days; Delimitation Commission : Govt extends tenure by one year; Deora says no GoM on natural gas pricing decided so far; Manufacturing sector growth marginally slows down to 11.1% in May; Commerce Secretary says no change in exports targets at least till September; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-202-ITAT-DEL.doc + sarabhai story.doc Acquisition of marketing rights is depreciable asset - Interest paid on loan taken for acquisition to be added to cost of capital asset - Front-end fee paid to bank not allowable but depreciation cannot be denied:ITAT; Income Tax - Ay-2001-02 - Assessee objects to levy of penalty u/s 271(1)(c) on the ground that assessed income is nil and A.O. has not recorded his satisfaction in terms of the above section - Before amendment by Finance Act 2002, penalty u/s 271(1)(c) was not leviable unless assessee had a positive income and moreover penalty imposed without recording satisfaction by the A.O. is bad in law - Assessee, in the instant case has nil income and the A.O. has not applied his mind in recording satisfaction - Assessee's appeal allowed:ITAT; Income Tax - Assessee is into construction business - Claims benefits of investment allowance - AO declines - Tribunal allows the benefits - It is settled law that the construction of buildings or bridges or quarters cannot be construed to mean manufaccture or production - Benefits not allowable - Revenue's appeal upheld:HC; Search & seizure - Documents indicating cash transactions seized - Notice u/s 158BC - Assessee disowns records but his father owns the same by filing affidavit - Nonetheless AO makes additions to the income of the assessee - Tribunal deletes additions - Since the father of the assessee has claimed ownership to the documents seized and recorded in the panchnama, no addition can be made to the income of the assessee - Tribunal order upheld:HC; |
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2007-TIOL-942-CESTAT-MUM.doc + credit story.doc Taking suo motu credit when duty paid in excess - Matter referred to Larger Bench of the Tribunal in view of conflicting decisions in Motorola India Pvt. Ltd. & Comfit Sanitary Napkin (I) Pvt. Ltd :Cestat; Central Excise – Credit on capital goods and inputs – When the factory was transferred along with its entire assets and liabilities on sale, there is no requirement to pay back the credit availed on inputs and capital goods:Cestat;
SERVICE TAX SECTION ST - C & F Service - No tax is leviable for procuring and broking orders on behalf of clients :Cestat; ST - Waiver of penalty by Commissioner (A) - Revenue protests on ground that the assessee soguht registration only after the mischief was detected - For levying penalty, totality of facts to be taken into consideration - Appellate authorities decision upheld:Cestat;
CUSTOMS SECTION NOTIFICATION dgft07pn018.doc + dgft07pn017.doc New DEPB Rates; DGFT amends import policy for marble blocks, tiles, marble monumental block and cubes; DGFT imposes late fee for applications received after due dates; CASELAWS 2007-TIOL-372-HC-ALL-CUS.doc + restoration story.doc Appeal dismissed for non compliance of pre deposit of Rs. 5 lakhs in 1999 – petitioner files an application in 2007 for restoration – Tribunal's order dismissing the restoration application upheld: HC 2007-TIOL-944-CESTAT-MUM.doc + antidump story.doc Refund of Anti Dumping duty - Question of unjust enrichment contained in s.27 of the Customs Act cannot have any impact on the special provisions contained in Section 9A(2) of the Customs Tariff Act:Cestat; Customs – Imports – Valuation – The demands to include barge charges is not sustainable in view of the settled decisions:Cestat; |
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Betel Nut Import policy changed – Import allowed only from Nepal; Sneaky privatisation through JVs and related routes; L&T bags contracts worth Rs 853 Cr in India and abroad; India Inc loan volume soars to USD 8.3 bn:Dealogic; Southern Online's first plant begins selling bio-diesel; |
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