Pak rebuts allegation about involvement in Hyderabad twin explosions;

BoA to meet on Thursday; to take up 31 SEZ proposals;

CBEC Commissioners' transfer order to fill up key slots : File picks up speed;

Japan, Asean finalise FTA; Japan to exempt from duty 90% imports from Asea;

Hike in DEPB rates to compensate for rupee appreciation : CBEC for moderation;

Ms Veena Birbal appointed as addl judge of Delhi HC + retired Justice Om Prakash Srivastava to act as Judge of Allahabad HC for one year;

2007-TIOL-466-HC-ALL-IT.doc + kothari story.doc

Interest income from investment in banks not income from an industrial undertaking - not entitled to deduction u/s. 80 I : Deduction under Sec 80 I to be made after allowing deduction under 32-AB : HC;

2007-TIOL-465-HC-ALL-IT.doc

Income Tax - Tribunal remands the matter to A.O. with a finding that deposits received by assessee are capital in nature and thus there is no justification in invoking Sec.145(1) - A.O. holds that since receipts are capital in nature so the expenditure incurred in collection of receipts is also capital and accordingly makes assessment - Assessee makes a miscellaneous application to Tribunal to direct the A.O. to correctly implement the orders of Tribunal and disputes the inference drawn by A.O. - Tribunal admits the application and sets aside the order - Revenue contends that application made by assessee is referable to Sec.254(2) which has limited jurisdiction and thus Tribunal is not justified in admitting the application and acted beyond its jurisdiction - Sec.254(2) has limited scope and gives powers to the Tribunal of rectification of mistakes apparent from record in cases decided by it u/s 254(1) only - In the instant case Tribunal has corrected an order passed by A.O. and not its own which is totally misconceived and beyond jurisdiction - Revenue's appeal allowed : HC;

2007-TIOL-464-HC-ALL-IT.doc

Income Tax - Appellant assessee, a private ltd. co. engaged in the business of carpets etc., is imposed a penalty u/s 271-B for failing to get its accounts audited - Appellant contends that penalty order is barred by limitation u/s 275 as it's not imposed within the time limit prescribed from the end of the financial year in which assessment proceedings came to an end - Neither Sec.271-B nor Sec. 275 provides for initiation of penalty proceedings during the course of assessment proceedings and moreover Sec.275 provides for period of limitation in making of penalty order and not initiation of penalty proceedings thus it simply requires that penalty order should be made within the prescribed time limit from the date of initiation of proceedings whenever its made - In the instant case, penalty order is passed within the period of limitation - Assessee's appeal rejected: HC;

2007-TIOL-463-HC-DEL-IT.doc

Income Tax - Notice u/s 147/148 is sent to the assessee - Assessee contends that it received no notice - Order V Rule 12 to 15 of CPC lay down that as far as it's practicable, service shall be made on the defendant in person unless he has an agent empowered to accept service whereas in the instant case the person who received the notice was not authorised by assessee to accept the notice and with regard to service of notice by post, proviso to Order V Rule 9(5) of CPC stipulates that the notice should be sent to the correct address which was not done - Revenue's appeal dismissed : HC;

CENTRAL EXCISE SECTION

2007-TIOL-467-HC-ALL-CX.doc + 11B story.doc

No limitation for taking Modvat credit - Section 11B not applicable : HC;

2007-TIOL-1228-CESTAT-BANG.doc

Central Excise - exemption under notification 202/88 and 90/88 for the MS Rods manufactured from the material purchased from the open market - The department has not challenged the manufacture of MS rods and there is also no plea that the assessee has purchased some other scrap and not the one which is required for re-rollable scrap - revenue appeal dismissed :Cestat;

2007-TIOL-1227-CESTAT-KOL.doc

By no stretch of imagination, the restriction under Rule 3(7) of the Cenvat Credit rules can be extended to the credit of Basic excise duty -The credit of basic excise duty is not subject to restriction under the said Rule 3 (7) -In the absence of any restriction, the credit of basic excise duty can be utilized for payment of any duty of excise - appeal allowed :Cestat;

2007-TIOL-1226-CESTAT-DEL.doc

Central excise - Assessee wrongly avails cenvat credit on inputs but without any malafide - Revenue imposes penalty equal to the amount of credit availed - Penalty equal to the amount of credit can be imposed u/r 13(2) of Cenvat Credit Rules where credit is availed with an intention to evade duty whereas the present case is to be treated u/r 13(1) in which penalty is not to exceed the duty on excisable goods in respect of which contravention is committed or Rs 10000 whichever is higher :Cestat;

SERVICE TAX SECTION

2007-TIOL-1230-CESTAT-MAD.doc

Service Tax - Commissioning or Installation - Stay/Dispensation of Pre-deposit - in an earlier case of the same assessee stay was granted - Hence, stay granted :Cestat;

2007-TIOL-1229-CESTAT-BANG.doc

Service Tax - Consulting Engineer Services - The appellant procured order for preparing drawings as per specification and these drawings are sold for consideration by discharging sales Tax - The activity cannot be brought with in the ambit of consulting Engineer for levy of Service Tax - Commissioner's Revision order is not correct in law :Cestat;

CUSTOMS SECTION

2007-TIOL-1232-CESTAT-MUM.doc + dumping story.doc

Provisional assessments are non est as Section 18 of the Customs Act has not been borrowed in Section 9A(8) of the Customs Tariff Act :Cestat;

2007-TIOL-1231-CESTAT-AHM.doc

Customs - Respondent files bill of entry containing the value of fuel oil and diesel oil but subsequently seeks amendment for downward revision of prices which is disallowed by original authority but allowed by Comm(A) - Respondent sought permission for conversion of the vessel into coastal run vessel which required payment of duty on fuel oil and diesel oil in the vessel and value in bill of entry was only approximate value which was being sought to be amended on evidence of contemporaneous import price by IOC and there is no evidence to show import of comparable quantity at a higher price - Revenue's appeal dismissed :Cestat;

ddt 28 aug.doc

Focus Market Scheme (FMS) Applications (for exports w.e.f 1.4.2007) - Documents to be submitted along with ANF 3D;

rbi07cir007.doc

RBI allows rupee loans to NRI staff of Indian companies under ESOP Scheme;

cbuzz329.doc

GMR Hyderabad Airport awards advertisement rights to Laqshya Media;

cbuzz328.doc

WIPO to hold workshop on Digital Rights Management Technologies;