India highly vulnerable to spammers; one out of 31 emails contains virus : Study;

CBEC 'tiles away' Rajkot Commissioner to Bhopal after Tiles manufacturers attack DGCEI officers;

AP Govt tables tax-free Budget; brings back subsidised rice scheme;

PM says Govt to table bill on 'right to education' soon;

Chennai Airport Customs seizes synthetic narco drugs worth Rs 30 lakhs;

NTPC, BSEB sign JV pact to run 1980 MW Nabinagar plant;

MoC working on plans to lend autonomy to govt-run SEZs numbering 8;

Pakistan, India sign packt to improve air services;

NOTIFICATION

it08not027.pdf

Jurisdiction of CCITs Kolkata II and IV amended;

CASE LAWS

2008-TIOL-82-ITAT-DEL.pdf

Income Tax - Assessee is searched and consequently assessment for block period framed which is assailed by him on the ground of being completed beyond the period of limitation - Revenue relies on a different warrant of authorisation for computing period of limitation - Block assessment is to be completed within 2 years from the last day of month in which last valid warrant of authorisation u/s 132 is executed which has not been done in the instant case thus barred by limitation and execution of authorisation relied on by revenue was not valid being signed by an inappropriate authority - Assessee's appeal allowed and that of revenue's dismissed: DELHI ITAT;

2008-TIOL-81-ITAT-DEL.pdf

Income Tax - Penalty u/s 271(1)(c) imposed after additions deleted by the Tribunal - CIT(A) upholds the penalty - When the addition itself, on the basis of which penalty was levied, stands deleted by Tribunal, there remains no basis for levying penalty and the same is liable to be cancelled - Assessee's appeal allowed - (Para 4).: DELHI ITAT;

CENTRAL EXCISE SECTION

2008-TIOL-252-CESTAT-DEL.pdf

Excise - Assessee clears scrap of capital goods - Demand and penalty on ground that the assessee cleared old machinery in the garb of scrap - Commissioner(A) upholds the order - A perusal of show cause notice clearly shows that it alleged clearance of scrap of capital goods whereas lower authorities came to a finding that appellant cleared old machinery in the guise of scrap which is beyond the scope of show cause notice thus such a finding is not sustainable and moreover duty on waste and scrap of capital goods in the relevant period is unsustainable in absence of charging provision and thus demand of duty is invalid - Assessee's appeal allowed.: DELHI CESTAT;

2008-TIOL-251-CESTAT-AHM.pdf

Valuation – Section 4 prior to 28.09.1996 - Merely because assessee have sold the goods at lower price to other group companies does not mean that the said price is not correct or the same is not the sole consideration for the sale of such goods.

There is no allegation by the department that there is any mutuality of interest between the respondents and the unit of the group who has purchased goods from them – Revenue appeal rejected.: AHMEDABAD CESTAT;

2008-TIOL-248-CESTAT-DEL.pdf

Central Excise - Cenvat credit - Revenue denies and penalty levied - Commissioner(A) upholds the order - Waiver of pre-deposit sought on the ground that a reference is made on the issue by the Division Bench to a larger bench not agreeing with the interprtation given by coordinate bench of Tribunal in an earlier decision and alternatively on the ground that goods are sold at the port and therefore the place of removal is not to be treated to be factory of appellant - Merely because a reference is made on an opposite view by the Division bench it does not mean there is a conflict of judicial precedent and the earlier decision will remain binding unless overruled and it is not appropriate in such cases to waive predeposit - However as per CBEC circular dated 23.8.07 (No.97/8/2002) if it can be established by the claimant of credit that sale and transfer of property in goods took place at some other place, then credit of service tax paid on transportation of goods upto such place is admissible and since in the instant case property to the buyer was transferred at the port, a prima facie case is made for waiver of pre-deposit thus stay on recovery of cenvat credit and penalty without any requirement of pre-deposit granted - Assessee's application allowed: DELHI CESTAT;

2008-TIOL-247-CESTAT-MAD.pdf

Central Excise – Penalty under Section 11 AC – duty deposited before issue of the show cause notice – Commissioner (Appeals) order reducing the penalty is upheld – modified penalty is fair and justified on an assessment of the over all circumstances in which the assessee committed the offence – appellants' appeal for waiver of penalty and revenue's appeal seeking equal penalty dismissed: CHENNAI CESTAT;

SERVICE TAX SECTION

2008-TIOL-249-CESTAT-DEL.pdf

Service Tax - Penalty imposed - Same upheld by adjudicating authority - Assessee argues no distinction between those who seek registration on their own and those who take registration in view of pending proceedings thus there is no basis for imposing penalty - Tribunal sets aside the impugned order - Comm. revises the original adjudication order and imposes penalty u/s 76 - Appellant objects and appeals on the ground that revision of set aside impugned order is unsustainable - Revenue contends that Tribunal set aside penalty in that order and not the order - Tribunal had set aside the adjudication order thus revision by Comm. of such set aside order is not maintainable - Assessee's appeal allowed: DELHI CESTAT;

CUSTOMS SECTION

2008-TIOL-253-CESTAT-MAD.pdf

Customs – smuggling of gold – the appellants had involved themselves in a grave offence of smuggling more than a quintal of gold of foreign origin into India for monetary consideration - the penalties imposed on them cannot be held to be harsh or unjustified.: CHENNAI CESTAT;

2008-TIOL-250-CESTAT-BANG.pdf

Customs - Unjust enrichment - Bar to refund claims not applicable to Govt undertaking: BANGALORE CESTAT;

petro story.pdf

The logic (or the lack of it) of fuel price hike;

reliance story.pdf

India - the Internet Moghul !;

oecd story.pdf

Internet for the next billion users – all stakeholders should support capacity – OECD report;

rti story.pdf + rtifee.pdf

CPIO can collect cost for the effort expended on collecting, collating and transmitting the requisitioned information – CIC sympathizes;

bond story.pdf

Budget promise fulfilled ; MoF notifies rules for issuing foreign currency exchangeable bonds, effective from today;

editorial.pdf

Sovereign Wealth Funds - Issues of Concern;

mbuzz351.pdf + RBI Notification.pdf

RBI notifies guidelines for mortgage guarantee Co; Min Rs 100 Cr prescribed to be eligible;

mbuzz350.pdf

5000 cases of juvenile pending for over 12 yrs;

mbuzz349.pdf

Defence Minister says no place for commission agent in defence procurement; New procedures to be in place by April;

mbuzz348.pdf

New SEBI Chairman proposes; MoF disposes by sparing him from on-going SEBI proceedings against NSDL;