Cabinet likely to meet tomorrow to firm up mind on petro price hike;

Deora calls for stopping misuse of domestic LPG cylinders;

Govt enhances power of Ministries to sanction upto Rs 25 Cr for non-plan schemes;

FM to inaugurate Chennai LTU today;

CBI raids Hyderabad Airport Customs; arrests five officers; Residential premises of two Customs Suptds also searched; Foreign Currency & liquor bottles recovered;

India's forex kitty goes up to USD 288 bn

MoS for Railways says Rail Budget to be a budget 'without tears'!

Microsoft makes mega offer of USD 44 bn to buy Yahoo Inc

Chennai Airport Customs seizes 1 lakh tablets of allopathic & ayurvedic tables worth Rs 38 lakh; 10,000 narcotic tablets also found; One arrested;

2008-TIOL-65-HC-MUM-IT.pdf

Income Tax - Assessee sets up ice cream plant and claims investment allowance u/s 32A - Revenue disallows - Tribunal refers to Calcutta HC ruling in the case of Kwality Ice Creams (P) Ltd which held that ice cream is not an item of confectionary and chocolate and also not covered by Item No 6 of the XI Schedule - No reason to take a view different from the Calcutta HC: BOMBAY HIGH COURT;

2008-TIOL-56-ITAT-DEL.pdf

Income Tax - Assessee, engaged in the business of manufacturing and trading of MS Bars, makes a single transaction of purchase and sale of shares and claims profit out of this to be set off against brought forward business losses - A.O. disallows and treats the profits from share transaction as income from other sources on the ground that assessee failed to prove the genuineness of the said transaction - Assessee objects on the ground that it established the value of the shares when traded and the Co.'s from which shares were bought and sold which is enough to prove the genuineness of transaction - Neither assessee's material is enough to prove the genuineness of share transaction as it failed to provide cogent documentary evidence in support of its claim nor sufficient enquiry was made by authorities below before passing an adverse order against the assessee - Matter restored to A.O.'s file for fresh look - Assessee's appeal allowed for statistical purposes - (Para 10): DELHI ITAT;

CENTRAL EXCISE SECTION

2008-TIOL-179-CESTAT-MUM.pdf + National Plastics Story.pdf

De novo order conveying the Tribunal's findings on the merits of the case is an error apparent on record & would defeat the very purpose of remand – Findings deleted by Tribunal on ROM application: MUMBAI CESTAT;

2008-TIOL-178-CESTAT-DEL.pdf

Central Excise - Appellant, engaged in the business of manufacture of sugar and molasses, sells scrap of capital goods - Demand for duty on sale of scrap alongwith penalty and interest for violation of Rule 3(4) of Cenvat Credit Rules, 2001 - No provision in Cenvat Credit Rules for charging duty on scrap of capital goods and Rule 3(4) merely lays down that where inputs/ capital goods are cleared by the assessee as such that he will be liable to reverse the credit/pay duty thereof and not when waste and scrap of capital goods is cleared as in the instant case - Assessee's appeal allowed: DELHI CESTAT;

2008-TIOL-176-CESTAT-MAD.pdf

Central Excise – Cenvat Credit on additional duty of customs debited in DEPB under Notification 34/97 Cus – in view of the larger bench ruling in Essar Steel Limited, credit is not admissible.

Penalty - there was no consensus on the issue whether modvat credit was available to CVD paid by credit in the DEPB scrip among various benches of the Tribunal - The issue was ultimately resolved by the decision of the Larger Bench in Essar Steel Ltd. Vs. Commissioner of Central Excise, Vishakhapatnam - In the circumstances the assessee cannot be held to have availed undue credit deliberately – revenue appeals seeking restoration of penalties vacated by the Commissioner(Appeals) set aside.: CHENNAI CESTAT;

SERVICE TAX SECTION

2008-TIOL-177-CESTAT-DEL.pdf

ST - GTA Service - Can Cenvat credit be utilised for payment of ST by service recipient? - Revenue says no as assessee did not provide any output service - Issue already settled in favour of the assessee: DELHI CESTAT;

2008-TIOL-174-CESTAT-DEL.pdf

ST - GTA Service - Cenvat credit utilised for payment of ST on input service - Revenue says no as assessee did not provide any output service - Issue already settled in favour of the assessee: DELHI CESTAT;

CUSTOMS SECTION

2008-TIOL-175-CESTAT-MAD.pdf

Customs – Penalty under Section 112(a) of the Customs Act imposed on the appellant on the ground of involving in incriminating transactions – there is no finding in the Order-In-Original that the appellants had in any way abetted the offence by which the impugned goods had become liable to confiscation.: CHENNAI CESTAT;

icecube.pdf

Soda ash hoopla is also a wake-up call for consumers;

it story.pdf

Addl CITs cannot be designated as AOs - No CBDT Order available; CIT(A) invalidates assessments for lack of jurisdiction;

2008-TIOL-12-SC-MISC.pdf + SC Gas Story.pdf

Bhopal gas tragedy victim withdraws appeal in Supreme Court, to get his status changed from “deceased” to "live" – after that was done, he is not entitled to higher compensation: SUPREME COURT OF INDIA;

Securities Story.pdf

MoF proposes to amend Securities Contracts Rules to define 'public' and earmark at least 25% holding of listed Cos in hands of public;

mbuzz302.pdf

About 30 lakhs birds culled; Govt orders for poultry depopulated zone in Assam, Bihar, Jharkhand & Orissa;

mbuzz301.pdf

I-T raid on real estate group reveals huge tax evasion; Raiding team attacked; DCIT injured;

mbuzz300.pdf

Chennai Airport Customs seizes Ketamine worth Rs 40 lakh;

mbuzz299.pdf

VSNL restores majority of IP connectivity after Egypt cable breakdown;

mbuzz298.pdf

ICICI Bank's proposed subsidiary fails to get RBI nod; terminates pact with investors for equity subscription;