Oscar Fernandes says six crore families of unorganised workers to be provided insurance cover in next five years;

TIOL greets Netizens on occasion of 59th Republic Day + greets Customs on International Customs Day today;

Kamal Nath initiates India, EFTA joint negotiations for greater economic ties;

Security beefed up as Indian High Commissioner in Pakistan comes under suicide attack threat;

Integrated Telephone Directory: TRAI extends date for receiving comments to Feb 1, 2008;

2008-TIOL-44-ITAT-MUM.pdf

Income Tax - Assessee is into sale and purchase of shares - Suffers short term capital loss - AO disallows - CIT(A) allows the same to be carried forward - Going by settled laws the assessee is entitled to set off the loss on sale of units of mutual fund from other income - Revenue's appeal dismissed:MUMBAI ITAT;

CENTRAL EXCISE SECTION

2008-TIOL-136-CESTAT-DEL.pdf

Central Excise - refund wrongly availed again despite it being taken earlier - the amounts erroneously refunded twice by reason of suppression of material facts, are required to be paid back with interest – penalty equal to the duty has been correctly imposed under Section 11-AC - there is, therefore, no valid ground made on behalf of the appellant for interfering with the impugned order.: DELHI CESTAT;

SERVICE TAX SECTION

2008-TIOL-135-CESTAT-BANG.pdf

Service Tax - Cenvat credit can be Utilised to discharge Service Tax in terms of Rule 3 of Cenvat Credit Rules, 2004 on GTA which is “output services” as per Rule 2 (p) of Cenvat credit Rules,2004: BANGALORE CESTAT;

CUSTOMS SECTION

NOTIFICATION

ctariff08_013.pdf

Amends S No 140, 167 & 168 in Notification NO 21/2002;

CASE LAWS

2008-TIOL-137-CESTAT-DEL.pdf

Customs – penalty under Section 114 for higher claim of draw back - the expression "penalty not exceeding the value of the goods" in clause (iii) of Section 114 gives discretion to the concerned authorities to fix the quantum of penalty, which does not exceed the value of the goods. - It does not contemplate that in all cases the penalty equal to the value of the goods should be imposed – penalty of Rs 95,730/- imposed for a draw back amount of Rs 8,174/- - penalty reduced to Rs 20,000/- .: DELHI CESTAT;

cbdt story.pdf + cbdtcic.pdf

Term 'wholly charitable or religious' u/s 11 of I-T Act: CBDT's opinion sought under RTI Act - Authorities not required to provide relevant extracts as it is for appellant to identify it from large documents: CIC;

rbi story.pdf

India's impressive forex kitty and contradictions galore!

tiol top.pdf

India marching ahead?

spl down.pdf

Education Cess on Automobile Cess - A critique;

awardpadma.pdf

Govt announces Padma Awards - Ratan Naval Tata, Asha Bhosle, Pranab Mukherjee and dozens others;

rbi07cir025.pdf

Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR;