Private security sector to be worth Rs 40,000 Cr by 2011-12, says Central Association of Pvt Security Industry;

Kerala traders down shutter against entry of foreign players in retail chain business; State Govt says a Draft Bill to ban sent to Centre;

Chennai Airport Customs seizes 180 ornamental fishes like Parrot fish, Clown fish, Butterfly fisha and Oscar fish; Pax coming from Malaysis booked under Customs Act;

2008-TIOL-107-HC-ALL-IT.pdf

Income Tax - Assessee's assessment is transferred by an order of CIT to another ITO but the notice u/s 143(2) is issued by ITO to whom jurisdiction is not transferred - Assessee raises an objection regarding jurisdiction beyond the period prescribed to raise an objection which is not taken into account by A.O. who subsequently completes assessment and the same is upheld by CIT(A) - Tribunal annuls the assessment on the ground that the A.O. did not have jurisdiction - Provisions of Sec.124(3) lay down that any objection with regard to jurisdiction should be raised within a period of 30 days from service of notice which has not been done in the instant case thus Tribunal was not justified in annulling the assessment - Matter remanded to Tribunal to decide the appeal on merits setting aside its order - Revenue's appeal allowed.: ALLAHABAD HIGH COURT;

2008-TIOL-98-ITAT-MUM.pdf

Income Tax - Assessee includes profits from export of rough diamonds in business profits for deduction u/s 80HHC - A.O. disallows on the ground that rough diamonds are not processed minerals in terms of Sec.80HHC - Assessee contends that rough diamonds are processed minerals within meaning of the term 'processed' given in explaination to Twelfth Schedule which specifies processed minerals and ores for the purpose of deduction u/s 80HHC - Twelfth Schedule consists of ten items which is allowed deduction u/s 80-HHC but the meaning of the word processed given in explaination to is applicable to and relevant for only those items in the Schedule which are qualified by the word processed and since assessee's case falls under Item No.(X) of the Schedule i.e. 'cut and polished minerals and rocks, including cut and polished granite' which is not qualified by it, the meaning of 'processed' in explanation is not applicable to the said item thus any mineral, to qualify for deduction u/s 80-HHC under item (X) of the twelfth schedule, should be cut and polished whereas assessee's case is of rough diamonds which does not qualify for deduction - Assessee's appeal dismissed on this count: MUMBAI ITAT;

CENTRAL EXCISE SECTION

2008-TIOL-289-CESTAT-MAD.pdf

• The Revenue, after having accepted payment of duty by the principal manufacturer in terms of Notification No.214/86-CE ibid, could not have demanded interest thereon from the job worker.

• In the present appeal, the grievance of the job worker is against this demand of interest as well as against the confirmation of demand of duty against them.

• Neither of these demands is sustainable against the job worker on the facts of this case: CHENNAI CESTAT:

2008-TIOL-288-CESTAT-MAD.pdf

Subsequent issue of Credit Notes does not prove that incidence of duty was not passed on: CHENNAI CESTAT;

2008-TIOL-285-CESTAT-MAD.pdf

Arithmetical mistake does not prove intent to evade – facts informed to the dept – no suppression – clearance to sister unit – Revenue neutral: CHENNAI CESTAT;

2008-TIOL-284-CESTAT-MAD.pdf

Credit not deniable merely because it was taken on a photo copy of the Bill of Entry: CHENNAI CESTAT;

SERVICE TAX SECTION

2008-TIOL-290-CESTAT-DEL.pdf

ST - Auxiliary insurance service - Revenue raises demand on what the assessee claims as allowable reimbursement paid to agents in the form of club expenditure - Going by Board clarification, the assessee's case prima facie looks backed by Board clarification - Waiver of pre-deposit gratned: DELHI CESTAT;

2008-TIOL-286-CESTAT-DEL.pdf

ST - IUC Service - Prior to the amended definition of Telecommunication service, assessee argues, IUC was clarified by the Board that it was not covered under service tax - Pre-deposit waived off and stay granted : DELHI CESTAT;

CUSTOMS SECTION

2008-TIOL-287-CESTAT-MAD.pdf

Import of second hand photo copiers – penalty reduced: CHENNAI CESTAT;

brunup21.pdf

Budget Exercise: A string of suggestions from Netizens;

brunup.pdf

Limitations on Real Estate Market in India – An FDI perspective;

2008-TIOL-108-HC-MUM-MISC.pdf + hc story.pdf

Once the Company makes a reference under Section 15 of the SICA, the Company Court would has no jurisdiction for sanctioning the scheme of arrangement of compromise with its creditors and shareholders and neither will it have jurisdiction to take cognizance of such an application during the pendency of the reference.: BOMBAY HIGH COURT;

cxday.pdf

Central Excise Day - From the Archives;

adb story.pdf

Poor infrastructure costing India about 4% of growth rate: ADB papers;

internate story.pdf

Access to internet empowers low-income users in poor nations more than people in rich nations: OECD Study;

rbi07cir029.pdf

Exim Bank's Line of Credit (LOC) of USD 122 million to the Government of the Federal Democratic Republic of Ethiopia;

mbuzz375.pdf

Tata Motors gives impetus to selective technology outsourcing strategy;

mbuzz374.pdf

Chhattisgarh Govt exempts salaried class from professional tax; reduces stamp duty to 2% for transfer of property in favour of woman;

mbuzz373.pdf

PM for modernising Tiger Reserves management;