Civil Accounts Day celebrated today; Rs 24 Cr earmarked for Central Plan Scheme Monitoring System;

Q3 logs 8.4% economic growth rate in current fiscal;

CBDT gives NFSG benefits to 127 officers;

BUDGET ANALYSIS 2008-09

edit.pdf

'Charitable' amendment to tax business income of charitable institutions;

11b story.pdf

A half hearted measure - If 'interest' can be included in section 11B for granting refund, why not carry out a parallel amendment in Section 11BB of CEA ’44;

arrears story.pdf

Tax and non-tax arrears aggregated to Rs 153234 Crore;

dispute st story.pdf

Service Tax Dispute Settlement: A Barmecidal feast!

sivakumar.pdf

Real estate sector taken for a 'real' ride;

summons story.pdf

Customs - Summons chastised!

Summons vizag.pdf

Summons under Customs – proposed amendment – waking up to give a sleeping pill ?

Case Laws

2008-TIOL-320-CESTAT-MUM.pdf + polyfilm story.pdf

Imposition of interest u/s 11AB of the CEA'44 while disposing appeal of the assessee against a rejected refund claim – Commissioner(A) had gone beyond the issue before him & the same since extraneous is set aside .: MUMBAI CESTAT;

2008-TIOL-319-CESTAT-KOL.pdf

ST - Site Formation & Clearance, Excavation and Earth-moving and Demolition Services - Revenue raises demand with interest and levies penalty - Assessee pays up and recovers the same from its client - seems waiver of interest and penalty - Since the assessee does not dispute the tax liability and pays the same up, interest demand is confirmed but for penalty, it is a fit case for invocation of Sec 80 .: KOLKATA CESTAT;

2008-TIOL-318-CESTAT-BANG.pdf

Commissioner directed to pass proper order giving reasons - Case remanded for third time: BANGALORE CESTAT;

2008-TIOL-105-ITAT-MAD.pdf

Income Tax - Assessee is searched and subsequently return filed declaring undisclosed income - A.O. determines a higher undisclosed income during assessment and consequently imposes penalty u/s 158BFA - Assessee objects on the ground that additions have been made on account of disallowances of claims and not wilful fraud or negligence - Penal provisions have to be construed in a manner favourable to the assessee in case of ambiguity or where the provision is capable of more then one meaning - Sec.158BFA(2) gives a discretion to A.O. to impose penalty as the word used is 'May' and not 'Shall' and further it does not provide circumstances in which penalty is imposed thus the provision is to be construed in favour of assessee in case of doubts and where assessee acted bonafidely as in the instant case as the assessee made bonafide claims which were disallowed as a result of which amount of undisclosed income determined by the A.O. was in excess of sum disclosed by assessee which does not call for imposition of penalty - (Para 10,11,12,13,14,15).: ITAT CHENNAI;

Order

Income tax pay scale.pdf

CBDT gives NFSG benefits to 127 officers;

Mixed Buzz

mbuzz391.pdf

Q3 logs 8.4% economic growth rate in current fiscal;

mbuzz390.pdf