FM asks India Inc to buy companies overseas and promises funds for acquisition;

Govt insists on content code for broadcasters;

Launch of Air India new fleet : PM calls for world class services;

Govt appoints Defence Secy Shekhar Dutt as Dy National Security Advisor in NSC;

cbdtorder111.doc + cbdtorder112.doc

CBDT finally transfers recently promoted 121 ACITs + also 35 existing ACITs;

CASELAWS

2007-TIOL-407-HC-MAD-IT.doc

Income Tax - Assessee, a trust, sold a property and deposited a part of it in the current account of a Bank and claims deduction u/s 11(1A) - Revenue disallows on the ground that it's not a classified investment - As per Sec.11(5)(iii), a deposit in any account in a scheduled bank engaged in banking business is a classified investment - Revenue's appeal dismissed on this count - (Para 5).:HC;

2007-TIOL-406-HC-DEL-IT.doc

Income Tax - Assessee claims deduction under Secs.11 and 12 - Revenue disallows for violation of Sec.13 - Sec.13(3) read with 13(1)(c) and 13(2)(a) lays down that money can be lent to an interested party only on interest and against security - Since the assesee violates Sec.13 its appeal is not sustainable (para 6,7,9). : HC;

CENTRAL EXCISE SECTION

2007-TIOL-1028-CESTAT-DEL.doc + penalty story.doc

Penalty against dealers - facts based on evidence as found by the Appellate Commissioner not rebutted - Revenue appeal dismissed :Cestat;

2007-TIOL-1027-CESTAT-MAD.doc

Central Excise - Interest for delayed fortnightly payments - Superintendent's letters are appealable in nature - Matter remanded to AC/DC for correct quantification of interest to be demanded :Cestat;

2007-TIOL-1026-CESTAT-MUM.doc

Rule 173L of CER'44 - when it is established that duty was paid on both the occasions, refund of one of the duty paid is permissible - Same goods cannot be subjected to duty twice.

Goods cleared to customers returned as they were no longer required - D-3 intimation filed and remark made in RG1 and in form V register - Goods cleared to different customer on payment of duty & refund claim filed under rule 173L - Separate processing of returned goods not necessary - Revenue appeal lacks merits hence rejected. :Cestat;

SERVICE TAX SECTION

2007-TIOL-1024-CESTAT-MAD.doc

Service Tax - C & F Agent - Valuation - The expenses incurred towards freight reimbursed need not be included and remuneration obtained for the services rendered are required to be added for arriving at value for calculating tax :Cestat;

CUSTOMS SECTION

2007-TIOL-1025-CESTAT-MUM.doc

D.G.Sets entitled to benefit under notification 21/2002-Cus as they are part of Nuclear power project.

In a matter like setting up of Nuclear Power Plant where uninterrupted power supply is to be ensured so as to prevent any release of radio active material to the environment, D.G.Sets imported for setting up captive power plant have be to be considered as a part of project without which the project cannot be cleared and made operational as per Government of India, Board of Atomic Energy Guidelines - Entitled to benefit under Sr.No.401 of Notification No.21/2002-Cus - Tribunal decision in the case of M/s. Zuari Agro Chemicals Ltd. vs. CC, Goa distinguished - Appeal allowed. :Cestat;

hiv story.doc

Indian industry can gain by preventing HIV at workplace, says World Bank;

cbuzz246.doc

ONGC's safety record commended;

cbuzz245.doc

Moser Baer Photo Voltaic announces USD 880 mn sourcing tie-up with REC Group;

cbuzz244.doc

California Software acquires majority stake in Aspire Communications .;