India, Japan trade can double in two yrs if NTBs are removed: CII Study;

CBDT restores seniority of retired IRS officer S S Rathore;

Waiver of farm loans: Govt only repaying debts Nation owes to farmers; says FM;

Tata says tie-up with Virgin Mobile is transparent;

Chennai Airport Customs seizes electronic goods worth Rs 33 lakh from pax coming from Singapore;

Govt says Joint Forest Management is aimed at jacking up carbon stocks;

Left is back in power in Tripura;

CBN, MP, seizes 1.1 kg heroin; Carrier + Supplier arrested;

Cabinet likely to hike DA rate for govt employees today;

Congress Party hardens stand on nuclear deal; Left panicks; seeks dialogue;

PPP says Kashmir should not stop India & Pakistan from reaping trade benefits;

2008-TIOL-132-HC-ALL-IT.pdf

Income Tax - Petitioner, engaged in the manufacture and sale of cosmetics and medical products, claims expenditure on account of advertisement - A.O. disallows on the ground of failure to deduct tax at source and treats it as income - Petitioner objects on the ground of double taxation and challenges the vires of Sec.40(a)(ia) - Any deduction is to be allowed only in accordance with the provisions of the Act and as per Sec.40(a)(1a) a payment on which TDS is to be deducted and is not deducted will not be allowed deduction and will be treated as income of the assessee and once an income is not allowable, it is liable to be taxed and merely because someone else will also be taxed on the same amount, it will not entitle the assessee for exemption - Moreover vires of a statute can be challenged on legislative incompetence which has not been shown in the instant case - Assessee's petition dismissed.: ALLAHABAD HIGH COURT;

2008-TIOL-130-HC-MUM-IT.pdf

Income Tax - Respondent assessee acquires certain shares in 1977 which are held as stock in trade till 1987 and on sale subsequently computes capital gains by taking fair market value (FMV) as on 1.4.81 to determine cost of acquisition - A.O. disallows the option of FMV as on 1.4.81 on the ground that the shares were held as stock in trade and not as capital asset as on 1.4.81 - What is relevant in computing capital gains tax is cost of acquisition when the asset is actually acquired and not the cost when its treated as capital asset as is rightly done by assessee in the instant case - Revenue's appeal dismissed. : BOMBAY HIGH COURT;

rlt084-Part8.pdf + rlt084-Part7.pdf + rlt084-Part6.pdf

Headnotes of RLT Case Laws;

CENTRAL EXCISE SECTION

2008-TIOL-354-CESTAT-MAD.pdf + refrigerator story.pdf

Central Excise - Goods falling under 90.31 eligible for capital goods credit;

2008-TIOL-353-CESTAT-BANG.pdf

CE - textiles - job work - Value at job worker's end is landing charges plus job work charges - fabrics manufactured prior to 31.3.2003, but cleared later - no duty: BANGALORE CESTAT;

2008-TIOL-349-CESTAT-MAD.pdf

CE - Valuation - MRP Assessment cannot be denied on the ground that footwear was not sold in a package bearing MRP when the foot wears themselves bore MRP on them: CHENNAI CESTAT;

2008-TIOL-348-CESTAT-BANG.pdf

CE - goods destroyed in fire - no provision for reversal of credit availed on the inputs: BANGALORE CESTAT;

SERVICE TAX SECTION

2008-TIOL-351-CESTAT-BANG.pdf

Service Tax – If the main contractor discharges the Service Tax , sub contractor need not pay ST: BANGALORE CESTAT;

2008-TIOL-350-CESTAT-DEL.pdf

ST - Refund - Commissioner(A) sanctions it - Unjust enrichment - Since Commissioner(A) records no reason for admitting fresh evidence as per sub-rule(1) of rule 5, matter remanded : DELHI CESTAT;

CUSTOMS SECTION

2008-TIOL-131-HC-MAD-CUS.pdf + remand hc story.pdf

Judicial discipline: Hence, the only recourse available to the Commissioner (Appeals) was to adjudicate the issue as directed by the Tribunal. The order passed by the Commissioner (Appeals) totally discarding the direction given by the Tribunal is not only disobeying the order of the superior forum, i.e., Tribunal, but impliedly indicating that the order of the Tribunal is not correct, which is impermissible in law.

The authorities under the Act with closed mind have mechanically applied the concept of unjust enrichment against the respondent .: MADRAS HIGH COURT ;

2008-TIOL-352-CESTAT-BANG.pdf

Project Import benefit - Drinking Water Supply projects - whether to be restricted only to equipments needed for water treatment plant and not for projects for bringing water from the source to the treatment plant and distribution of the treated water. – Referred to Larger Bench: BANGALORE HIGH COURT;

oecd story.pdf

International Women's Day: OECD Studies say family-friendly policies in workplace improve productivity and profitability;

sunday story.pdf

All is not just bad news; a few silver linings can also be seen!;

BUDGET ANALYSIS 2008-09

budget_2008_09.ppt

Budget 2008: Power Point Presentaiton on indirect tax related changes;

dragon story.pdf

'The Return of the Dragon' in Service Tax!;

Mixed Buzz

mbuzz414.pdf

OECD Chief says global greenhouse gas emissions to grow by 37% by 2030 if no action is taken now;

mbuzz413.pdf

Union Cabinet approves USD 138 mn for SAARC Development Fund;

mbuzz412.pdf

Cabinet okays release of Rs 2615 Cr as interest subvention to PSU banks;

mbuzz411.pdf

Cabinet approves 10 more Integrated Textiles Parks;