TIOL wishes all Netizens 'Eid Mubarak';

SC rejects petition against levy of entry tax by UP Govt;

Indian Railways mulling hiring former armymen for security;

BoB follows other banks and reduces home loan rate by 0.5%;

UN Panel on Climate Change, headed by Dr R K Pachauri shares Nobel Peace Prize with former US Vice President Al Gore;

FM says he would continue to pursue more reforms in his next Budget;

Chennai Airport Customs catches incoming pax with 146 live ornamental fishes;

NOTIFICATION

cbdtcir06.doc

Allowability of harvesting and transporation expenses in cases of cooperative sugar mills;

2007-TIOL-575-HC-P-H-IT.doc

Income Tax - Assessee is served notices u/s 148 and 143(2) and 142(1) as an individual but assessment is framed in the status of HUF - Once notice u/s 148 and other sections are issued treating the assessee as an individual and return in response to such notice is also filed in the status of an individual, then legal consequences have to follow and A.O. cannot make assessment by treating the income in the hands of HUF - Revenue's appeal dismissed: PUNJAB & HARYANA HIGH COURT;

2007-TIOL-574-HC-KERALA-IT.doc

Income Tax - Assessee, engaged in tea business, is allowed depreciation at the rate of 40% for arriving at WDV by Tribunal - Revenue appeals - Issue no more res integra and decided in favour of revenue as depreciation allowed to assessee is 100% u/s 32 which is to be considered for calculating WDV - Appeal allowed; KERELA HIGH COURT;

rlt082-Part6.pdf

Headnotes of the latest RLT case laws;

CENTRAL EXCISE SECTION

2007-TIOL-1564-CESTAT-MAD.doc + review story.doc

No review after committee accepts the CA's order: MADRAS CESTAT;

2007-TIOL-1567-CESTAT-DEL.doc

Central Excise – charges of clandestine clearances based on the invoices received from some informer- it is not clear from the record as to whether the said invoices were original copy, duplicate copy or quadruplicate copy – the said invoices are not shown to have come from any reliable source and the alleged removal of goods thereunder is not established - There is no warrant for interference with the impugned order and the appeal of revenue is dismissed.: DELHI CESTAT;

2007-TIOL-1566-CESTAT-MAD.doc

Cenvat Credit reversed before SCN - No penalty - Differential duty on Supplementary invoices - Interest issue remanded: MADRAS CESTAT;

2007-TIOL-1563-CESTAT-MAD.doc

Profit on transport not includible in Assessable Value: CHENNAI CESTAT;

SERVICE TAX SECTION

2007-TIOL-1565-CESTAT-DEL.doc

ST - BAS and Cargo Handling Service - Assessee, a transporter, received goods booked by other transporters and pays service tax on the entire freight amount - Revenue raises demand for business auxiliary service of cargo handling service - Since the tax is being paid on the entire freight, it is a fit case for waiver of pre-deposit: DELHI CESTAT;

2007-TIOL-1561-CESTAT-MUM.doc

ST - Penalty - Assessee pays tax before issue of SCN - Revenue imposes penalty - Since assessee is small business and was not aware of service tax provisions, it is a fit case for invocation of Sec 80 - Penalty under Section 76 & 77 dispensed with: MUMBAI CESTAT;

CUSTOMS SECTION

2007-TIOL-172-SC-NDPS.doc + ndps story.doc

NDPS - carrying opium - minimum punishment is ten tears RI - RI for three years in lieu of penalty reduced to RI for six months: SUPREME COURT;

2007-TIOL-1562-CESTAT-MAD.doc

No refund if assessment is not challenged: MADRAS CESTAT;

world bank story.doc

India emerges top global innovator for high-tech products and services but it has potential for much more : World Bank;

oecd story.doc

Harmful tax practices - OECD Study rues lack of transparency and willingness to allow access to banking information;