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CBDT grants tax exemption to Commonwealth Games Federation, London, for income of Pound 7.2 mn to be received from Indian organisers of Games 2010; MoF working on guidelines on how to practise gender-budgeting; RBI FT data shows declining trend for exports of textile and handicrafts items; Minister says Govt to announce new mining policy, focusing on diamond and gold mining; AP, Karnataka & Rajasthan have gold reserves worth Rs 15000 Cr; Divergent views on petro price hike within Govt once again leads to postponement of GoM meeting today; DGCEI raids many tile manufacturers in Gujarat; gets solid documents indicating massive duty evasion; Indian Railways extends time limit for advance ticketing from 60 days to 90 days from February 1, 2008; MoF issues special oil bonds for Rs 11256 Cr to compensate OMCs for under-recoveries; IOCL gets Rs 6362 Cr; BPCL Rs 2539Cr & HPCL Rs 2356 Cr; Uttarakhan High Court CJ Justice Rajeev Gupta goes to Chhatisgarh + Justice Vinod Kumar Gupta goes from HP to Uttarakhand HC as CJ + Justice Jagdish Bhalla of Chhatisgarh HC is promoted as CJ of HP High Court; |
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| Dear Member, Also sending you the following files: |
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NOTIFICATION Income of GBP 7.3 mn to Commonwealth Games Federation from Organising Committee of Games 2010 exempted from tax; CASE LAWS Income Tax - Block assessment - limitation - Revenue counts period of limitation from the date of last warrant issued by Addl Director of Income Tax - Assessee counts the same from the date of last warrant issued by DIT as Addl DIT is not authorised to issue warrants - Following Delhi HC decision ( 2003-TIOL-183-HC-DEL-IT ) the assessee's plea for limitation accepted against Revenue: DELHI ITAT; 2008-TIOL-31-ITAT-MUM.doc + share story.doc In absence of physical delivery of shares taken by the assessee the transactions clearly fall under the provisions of section 43(5) and are to be treated as speculative in nature; |
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RLT Case Laws Headnotes;
Central Excise – 100% EOU – valuation of goods cleared in DTA – demand of duty by adopting the FOB value of export goods for goods cleared in DTA is not sustainable - value of DTA clearances need not necessarily be same as that of value of export - The value of exports could be different for different customers, especially if the exports are to different countries - In the present case, it has not been disputed that the value adopted for payment of duty for DTA clearances is the transaction value.; Interest u/s 11AB of CEA’44 not chargeable on Supplementary invoice – Bombay HC decision in Appeal no. 42/2007 & Tribunal decision in Rucha Engineering 2006-TIOL-885-CESTAT-MUM followed.; Central Excise - Cenvat Credit on duty debited from DEBP - credit availed on 3-01-98 and show cause notice issued on 10.7.2001 - demand is time barred as there is no suppression.: DELHI CESTAT; Central Excise - power to remand - Commissioner (Appeals) does not have remand powers after amendment of Section 35 A of the Central Excise Act with effect from 11.5.2001.: DELHI CESTAT;
SERVICE TAX SECTION ST - Cenvat Credit of tax paid on GTO service availed - Matter is pending with Larger Bench - Pre-deposit waived: MUMBAI CESTAT; In the present case, it is seen from records that the respondents had not collected Service Tax separately. It is not the case of the Revenue that they collected the Service Tax and did not pay the same to the Government. In these circumstances, the principle enunciated in the case of M/s. Maruti Udyog Ltd, has been followed by the lower authority to grant the Cum-duty benefit to the respondents. We cannot find any strong grounds for differing from the lower authority or the Commissioner: BANGALORE CESTAT;
CUSTOMS SECTION 2008-TIOL-06-SC-NDPS.doc + ndps story.doc Statements given under Customs Act, NDPS and Central Excise Act - enough evidence for conviction; Customs – Export - Value-Based Advance License (DEEC) – charges of diversion of the imported material - Once the export obligation has been fulfilled and JDGFT has certified the fulfillment of export obligation and the party has submitted the banker’s certificate of exports and realization of the foreign exchange department’s allegation that the importer violated the condition of the Notification is not sustainable – the expression “ material required to be imported for the purpose of manufacture of products was held not to be construed as referring only to materials which were used in the manufacture of the products – there is no evidence of any raw materials having been physically diverted – no reasons to interfere with the Commissioner’s order.; Customs - interest on delayed refund of pre-deposit made towards penalty - Section 27A of the Customs Act specifically refers to "interest payable on duty" - There is no provision of law which provide for payment of interest either by the department in the event of refund or by the parties on whom penalty is imposed - appeal rejected: AHMEDABAD CESTAT; |
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DRI visits Essar Steel's DTA and SEZ units at Surat and Vizag; detect exports duty evasion of about Rs 30 Crore; Prudential Norms for Capital Adequacy - Risk Weight for Educational Loans; India asks Australia to remove NTBs for Indian agri products; Knowledge Commission sees education as step towards equitable society; India, Congo to combine experiences in diamond sector; Temptation Foods acquires majority stake in High Technology Consulting; |
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