Govt to table rehabilitation policy for farmers in Parliament after Cabinet nod;

PM asks textile sector to develop international brands with global foot print;

Violence in Allahabad on alleged desecration of a Holy Book in police station; Curfew imposed;

PM hands over Rs 400 Cr cheque for storm water drainage in Mumbai;

TRAI pitches in to safeguard DTH subscribers interests; proposes switching option and return of set-top boxes;

Ronen Singh's headless chicken comment referred to Parliament Privilege Committee;

Sahar Airport Customs arrests passenger coming from Dubai with FC and two expensive watches worth Rs 26 lakh;

2007-TIOL-479-HC-AHM-WT.doc + wealth story.doc

Wealth tax - Share transferred to family trust not to be included in the wealth of the assessee :HC;

2007-TIOL-262-ITAT-PUNE.doc

Income Tax - Payments for purchases in cash exceeding Rs.20000/- - A.O. disallows 20% of such payments u/s 40A(3) - Assessee objects on the ground that payments are made to the vendors through his employee for purchases on behalf of the assessee and thus are covered by exception to Sec.40A(3) i.e. rule 6DD(1) which exempts from disallowance payments made in cash exceeding Rs.20000/- through an agent - Rule 6DD(1) provides for circumstances where disallowance u/s 40A(3) is not to be made and one of the circumstances is cash payments exceeding Rs.20000/- through an agent to make purchases on behalf of the assessee but the scope of this exception is limited to payments through an agent and can't be interpreted to bring within the ambit an employee as there is a clear distinction between an employee and an agent - Revenue's appeal allowed;

rlt082-Part1.pdf + rlt081-Part9.pdf

Headnotes of latest RLT case laws;

CENTRAL EXCISE SECTION

2007-TIOL-1267-CESTAT-MAD.doc + excise story.doc

Central Excise - Job work - Under Notification No. 214/86-C.E, it was the liability of the raw material supplier to pay duty of excise on the product of job work when removed from his factory for home consumption;

2007-TIOL-1266-CESTAT-BANG.doc

Central Excise - Valuation - The amount received by respondents has no connection with the final product manufactured by them - In view of the settled decisions they are not includible in the assessable value - No merit in the appeal;

2007-TIOL-1265-CESTAT-BANG.doc

Central Excise - P or P Medicines - physician samples - Duty is leviable on the physician's samples cleared free of cost - No merit in the appeal;

2007-TIOL-1262-CESTAT-SRINAGAR.doc

Excise exemption - Notification No. 56/2002 dated 14.11.2002 - Refund of education cess alongwith excise duty exempted - Revenue allows refund of excise duty paid but not education cess on the ground that Finance Act 2002 under which the said cess is payable is not mentioned in the notification - Education cess is a piggyback duty levied on aggregate of all excise duties payable and does not stand on its own - unless excise duty is levied and collected there can be no question of collection of education cess, thus there is no need to specifically mention exemption of education cess in the notification - Appeal allowed - (Para 6.2,7.2,8.1,9):Cestat; .

2007-TIOL-1261-CESTAT-DEL.doc

Refund of Additional duty of Excise (T&TA) under rule 5 of the Cenvat Credit Rules - refund can not be denied on the ground that the goods were not exported under bond and rebate was already granted on the duty paid on final products - refund allowed under rule 5 of Cenvat Credit Rules - Tribunal order in case of M/s Indo Dane Textile Industries followed ( 2007-TIOL-559-CESTAT-DEL ):Cestat;

2007-TIOL-1260-CESTAT-KOL.doc

Birla Tyres - As far as applicability of Notification is concerned, answer to that question becomes redundant when the goods are held non excisable :Cestat;

SERVICE TAX SECTION

2007-TIOL-1263-CESTAT-BANG.doc

Service tax - Consulting Engineer Services - In view of the settled decisions the amounts received towards royalty for technical know how from foreign collaborator does not come within the ambit of consulting engineer services for levy of Service Tax;

2007-TIOL-1257-CESTAT-DEL.doc

ST - Manpower Recruitment Agency - Assessee argues they only provided labour on contract and their services are not covered under Manpower Recruitment Service - Since the agreement with the client clearly refers to collection of service tax on 'total wages' but the same was not done by the assessee, pre-deposit of the entire demand ordered :Cestat;

CUSTOMS SECTION

NOTIFICATION

cnt07_090.doc

CBEC revises tariff value of brass scarp;

dgft07cir009.doc

Product not covered by any EPC / Commodity Board - FIEO to issue RCMC;

CASE LAWS

2007-TIOL-1264-CESTAT-BANG.doc

Customs - Import of Second hand photo copying Machines -regarding the requirement of licence for import, the Tribunal decision which was upheld by two High Courts is in favour of the importer - Department appeal dismissed;

2007-TIOL-1259-CESTAT-MAD.doc

Customs - Re-export of imported goods received for jobbing - Law does not compel a person to do the impossible - The appellant could not discharge export obligations for the reasons beyond their control - Entitled for benefits of exemption notification :Cestat;

2007-TIOL-1258-CESTAT-DEL.doc

Customs Duty - DEPB - Appellants overvalue the consignment of shoes for export in order to take advantage of DEPB scheme - Revenue ascertains correct present market value of goods and imposes penalty and also reopens the assessment of earlier export of automobile parts - Appellant objects to reopening of earlier assessment on the ground that once export has been made and foreign exchange realised, assessment in case of earlier exports can't be reopened - Overvaluation of goods by the appellant to misutilize the scheme is proved which in itself is a valid ground for reopening the earlier cases of export - Appellant's appeal rejected - (Para 6).

Revenue seeks to impose penalties on proprietors of the firm alongwith the penalty imposed on the firms - Its a settled law that the firm doesn't have a distinct entity from its partners and once penalty has been imposed on the firms, the same can't be levied on the partners also - Revenue's appeal rejected - (Para 7):Cestat;

RBI Gidelines.doc + RBI story.doc

RBI revises priority sector list for lending by banks; includes agriculture and tiny and small enterprises; housing and education loans also included;

dri story.doc

Misuse of Target Plus Scheme : DRI raids many rice exporters; arrests one high-profile Mumbaite; recovers Rs 3.5 Cr;

corpbuzz2.doc

LIC to venture into credit card market

corpbuzz1.doc

Power Grid to invest Rs 55000 Cr by 2012;