Banks all set for interest rate hike; waiting for RBI's signals;

SC says conviction only if circumstantial evidence is beyond doubts;

Political crisis deepens as BSP withdraws support of 17 MPs to UPA Govt;

Textile Minister lays foundations for Indian Institute of Carpet Technology and Craft Development Institute;

President appoints Indrani Datta as Additional Judge of MP High Court;

transport story.pdf

Govt finalises Urban Transport Planning; Smaller cities to get metro rails;

editorial.pdf

Farm loan write-off & fertilizers shortage don't gel

RBI Notification For ECS Payment Service.pdf

RBI reduces threshold limit from Rs1 Cr to Rs 10 lakhs from Aug 1, 2008 for Electronic mode of Payments;

mbuzz731.pdf

FM urges oil-producing & consuming nations to wrest control over oil trading from speculators;

mbuzz730.pdf

Unmanageable Inflation: FM blames it on soaring crude prices;

2008-TIOL-264-ITAT-BANG.pdf

M/s HMA Data Systems P Ltd Vs ITO, Bangalore ( Dated : March 7, 2008 )

The assessee claims depreciation on software for AY 2002-03 which is rejected by the Department. The ITAT holds that since software was added in the depreciation table effective only from AY 2003-04 onwards, the appellant was not entitled to claim depreciation on software for the period prior to AY 2003-04. : BANGALORE ITAT;

2008-TIOL-263-ITAT-HYD.pdf

Sree Venkatesh Paper Agencies (Hyd) Pvt Ltd Hyderabad Vs DCIT, Hyderabad (Dated : April 17, 2008)

Since the Assessing Officer failed in his duty, no adverse inference can be drawn against the assessee : . It is not comprehensible as to why the first letter of GI can be believed and not the second letter. Either both should be believed or both should be disbelieved. There is no special reason to ignore the second letter of GI. If the Assessing Officer had any doubt about the authenticity of the second letter, he was not precluded from making further enquiries. He also did not care to verify the assessee's contention that it was duly compensated by higher sales rates in subsequent dealings. Thus, since the Assessing Officer failed in his duty, no adverse inference can be drawn against the assessee and hence we delete the addition.

Deficit in closing stock, not based on quantity, but an assumed value There is no whisper in the assessment order that there was any discrepancy in terms of quantity. If there is no discrepancy in quantitative terms, the difference arrived at by the Assessing Officer is merely that of putting proper values to each item in the stock. How and why the rate of 4.55 percent has been adopted to arrive at the figure of closing stock remains a mystery. No basis has been given. The action of the Assessing Officer to apply estimates to a part of the year gives a distorted picture but does not in any way incriminate against the assessee. Accordingly we delete the addition. :HYDERABAD ITAT;

CENTRAL EXCISE SECTION

2008-TIOL-970-CESTAT-MAD.pdf

CCE, Chennai Vs Asiatic Oxygen Ltd (Dated : April 23, 2008)

Central Excise – penalty under Section 11 AC – no penalty under Section 11 AC can be imposed for the period prior to 28.9.96, the date on which Section 11 AC was introduced. :CHENNAI CESTAT;

2008-TIOL-969-CESTAT-MAD.pdf

M/s Athiappa Chemicals Ltd Vs CCE, Pondicherry (Dated : April 4, 2008)

Central Excise – Stay/ dispensation of pre-deposit - Cenvat Credit on service tax paid on outward transportation- considering the reference of the dispute to the Larger Bench, pre-deposit waived. : CHENNAI CESTAT;

2008-TIOL-967-CESTAT-MAD.pdf + waste oil story.pdf

CCE, Chennai Vs M/s Ashok Leyland Ltd (Dated : May 12, 2008)

Central Excise – Cenvat Credit - Waste oil emerging in the use of capital goods – not excisable; no duty: the waste oil is a mixture of various used oils and dirt which cannot be classified in any particular heading in the CETA Schedule. Therefore, no duty is payable on clearance of the impugned goods. Moreover, Revenue has no case that it has filed any appeal against the decision of the Commissioner (Appeals) vacating similar demand on the same product raised against the same respondents for an earlier period : CHENNAI CESTAT;

2008-TIOL-966-CESTAT-MUM.pdf

Akasaka Electronics Ltd Vs CCE, Belapur (Dated : January 24, 2008)

Central Excise – valuation – inclusion of cost of tools/moulds supplied free of cost in the value of finished goods – the asseessee admits liability and is contesting only on limitation as there is no suppression of facts - It is a matter of record that there were contrary decisions by the Tribunal on this issue and the matter was resolved by the larger bench in 2000 - The fact that the customer was supplying moulds free of charge was very much in the knowledge of the department – extended period can not be invoked – matter remanded for computation of duty liability for normal period. : MUMBAI CESTAT;

2008-TIOL-965-CESTAT-MAD.pdf

M/s PSG & Sons Charities Metallurgy & Foundry Division Vs CCE, Coimbatore (Dated : May 2, 2008)

Central Excise – Cenvat Credit of service tax paid on outward transportation of finished goods – the Commissioner (Appeals) has not dealt with the submissions of the appellants and the Board Circular referred – matter remanded. : CHENNAI CESTAT;

SERVICE TAX SECTION

2008-TIOL-971-CESTAT-DEL.pdf

M/s Ceekay Daikin Ltd Vs CCE, Noida (Dated : May 8, 2008)

ST - Consulting Engineering Service - Assessee pleads it is all about transfer of technical knowhow which is covered under the IPR Service - Prima facie, assessee has a strong case - pre-deposit waived off : DELHI CESTAT;

2008-TIOL-968-CESTAT-MAD.pdf

M/s Franch Express Network Pvt Ltd Vs CST, Chennai (Dated : April 16, 2008)

Service tax – Stay / dispensation of pre-deposit – franchisee service – prima facie the appellants have made out case on limitation – full waiver of pre-deposit granted. : CHENNAI CESTAT;

CUSTOMS SECTION

NOTIFICATION

dgft08pn030.pdf

DGFT prescribes Annexure to ANF 4 I being a certificate of a CA/C&WA;

CASE LAWS

2008-TIOL-972-CESTAT-MUM.pdf + silver story.pdf

Lalit Kumar R.Jagawat Vs CC, Mumbai (Dated : May 16, 2008)

Absolutely confiscated Silver – Tribunal stays disposal as appellant pleads that they are ancestral property and have sentiments attached to the same. : MUMBAI CESTAT;