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National Security Advisor Narayanan says India is concerned about security situation in Pak; Chennai Airport Customs seizes another lot of 657 star tortoises being smuggled out to Malaysia; Sahar Airport Customs arrests passenger with 25 kg Ketamine; PM visits Pak High Commission to pay tributes to Benazir; |
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| Dear Member, Also sending you the following files: |
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Corrigendum; CASE LAWS Income Tax - Assessee is non-resident Indian - buys lands in his minor son's name and constructs Kalyana Mandapam - Income of Kalayan Mandapam clubbed with his income - Return filed and loss shown by claiming 10% depreciation on buildings - AO disputed value of construction and an Inspector deputed for verification - 10% rebate for personal supervision allowed and assessment order passed - Invocation of powers u/s 263 by CIT - No time given to file objections - Since the assessee was not allowed personal hearing as per the provisions of Sec 263, the order set aside and remitted for fresh consideration: MADRAS HIGH COURT; |
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CBEC repackages Compounding Scheme and reduces amount significantly in Central Excise cases to make scheme more attractive; 2007-TIOL-1993-CESTAT-MUM.doc + appeal story.doc Single appeal filed against a common order of Commissioner(A) deciding two order-in-originals - upon directions of Registry second appeal filed but after a gap of six years - COD application allowed since first appeal was filed in time and the delay is only technical: MUMBAI CESTAT; EOUs – demand of duty foregone on the duty free material imported for failure to fulfill export obligation – the contention of the appellant that the liability is transferred to the successor company is not accepted as it has not been shown how their responsibility in terms of the bond got legally shifted to the successor company who has purchased the unit – However, that the demand should have been worked out in proportionate to value addition not met by them as per the guidelines of the CBEC circular dt.19/8/1992 has not been dealt with by the Commissioner(Appeals) – matter remanded: AHMEDABAD CESTAT; Contention of Revenue that the refund of duty of unutilized credit of AED (T & TA) is not admissible as there is no AED (T & TA) payable on the final products in which such inputs were used dismissed - Held - Refund of additional excise duty (T & TA) admissible inspite of the fact that same was not payable on the goods exported: MUMBAI CESTAT;
Central Excise – Cenvat Credit of service tax paid on outward transportation is not admissible in view of the division bench ruling in case of Gujarat Ambuja Cements Ltd: MUMBAI CESTAT;
CUSTOMS SECTION Benefit of preferential concession under Notification No. 26/2000-Cus dated 1.3.2000 - goods satisfy the origin criterion and the requirement of Rule 7 of Customs Tariff (Determination of origin of goods under the Free Trade Agreement between the Democratic Socialistic Republic of Srilanka and the Republic of India) Rules, 2000 - conditions sought to be imposed by Revenue are not figuring in the rule - Appeal dismissed: DELHI CESTAT; |
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RBI Notifi For Rural Banks.doc Mid-Term Review of Annual Policy Statement for the year 2007-08 -Application of Capital Adequacy norms to Regional Rural Banks; International investors pick stake worth USD 1 bn in Bharti Infratel; GMR provides e-payment facility at IGI Cargo Terminal; Govt unfolds Draft Sports Policy before House Panel; |
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