Ashwani Kumar takes over as new CBI Director;

RBI expresses concern over growing credit card payment defaults;

RBI extends interest rate subvention on export credit for one more year;

Govt releases guidelines for Mobile Number Portability Service;

Maharashtra Govt issues clarification related to motor spirit;

SAARC Summit: PM calls for jettisoning 'ideology of hatred';

mnp story.pdf

Govt releases guidelines for Mobile Number Portability Service;

maha_vat.pdf

Maharashtra Govt issues clarification related to motor spirit;

RBI Notifi For guildelines For NBFC.pdf

Guidelines for NBFC-ND-SI as regards capital adequacy, liquidity and disclosure norms;

RBI Notifi For Rupee Export Credit.pdf

RBI extends interest rate subvention on export credit for one more year;

mbuzz842.pdf

Ashwani Kumar takes over as new CBI Director;

mbuzz841.pdf

Antony on a reforms path: puts new procurement system in place ;

it08cir07.pdf

Cos set up for welfare and economic upliftment of ex-servicemen: No exemption from TDS on contractual payments'

instruct0808.pdf

Sec 10 benefits: Sikkimese individuals exempted from tax;

instruct0810.pdf

Assessment of Banks - Allowance of deduction to rural branches;

CASE LAWS

2008-TIOL-349-ITAT-HYD.pdf

Maheshwari Plaza Resorts Pvt Ltd Vs ACIT, Hyderabad (Dated: May 29, 2008)

The CIT ( A) has gone on super technicality and on a very venial ground: The substance of the matter is that the delay was caused on account of genuine reasons and it is immaterial if in the affidavit Finance Manager was mentioned instead of DGM ( F&A ). The latter is a specific designation whereas the former is generic in nature. The CIT ( A) has gone on super technicality and on a very venial ground has denied the assessee its substantial right of appeal. Accordingly we condone the delay and restore the matter to the file of the CIT ( A) with the direction to decide the issues on merits after giving due opportunity of being heard to the assessee.: HYDERABAD ITAT ;

2008-TIOL-348-ITAT-DEL.pdf

DCIT, Delhi Vs Net 4 India Ltd (Dated: February 21, 2008)

Income Tax - Tax Effect - Since the tax effect involved in this case is less than Rs 2 lakh and the CBDT has instructed its officers not to file an appeal in such cases and the same being binding on the field formations, the Revenue's appeal dismissed : DELHI ITAT ;

CENTRAL EXCISE SECTION

2008-TIOL-1232-CESTAT-MUM.pdf

EMCO Ltd Vs CCE, Mumbai ( Dated: May 12, 2008 )

Scrap arising generated at Job worker's end - Job worker being the manufacturer liable to discharge duty and not the principal who sent the inputs to the job worker :MUMBAI CESTAT;

2008-TIOL-1231-CESTAT-MAD.pdf

CCE, Chennai Vs M/s Eveready Industries (I) Ltd ( Dated: April 22, 2008 )

Central Excise – valuation – dry cell batteries supplied to be given free alongwith Dettol Soap and Mortein Mosquito coils are to be assessed under Section 4 only – but not under Section 4 A. :CHENNAI CESTAT;

SERVICE TAX SECTION

2008-TIOL-1229-CESTAT-MUM.pdf

CCE, Pune Vs Pauls Engineering Industries Pvt Ltd ( Dated: February 15, 2008 )

Refund of the service tax, which was subsequently paid by the assessee, due to the retrospective amendment, as regards the service tax liability as recipient of services GTA – Respondent later realizing that he is eligible for exemption of the service tax as per the Notification No.43/97-CE dated 05/11/97 – Refund admissible – Commissioner(A) has come to the correct conclusion - Revenue appeal rejected. : MUMBAICESTAT;

2008-TIOL-1228-CESTAT-DEL.pdf

M/s Maheshwari Electros Pvt Ltd Vs CCE, Jaipur ( Dated: May 5, 2008 )

ST - Maintenance and repair service - Assessee maintains and repairs electrical distribution transformers under rate contract with SEBs - Commissioner(A) sets aside adjudication order - Commissioner enhances penalty u/s 76 - Since the demand itself was earlier rejected by the Tribunal, the penalty does not survive : DELHI CESTAT;

CUSTOMS SECTION

NOTIFICATION

dgft08not027.pdf

DGFT lays down detailed guidelines for exports of onion;

CASE LAWS

2008-TIOL-1230-CESTAT-MAD.pdf + app story.pdf

IGP Engineers Pvt Ltd Vs CC, Chennai ( Dated: April 4, 2008 )

An application filed before an officer who did not have territorial jurisdiction would not be ab initio void or non est – Deputy Commissioner ought to have advised the party to approach the proper authority who was sitting in the same Custom House to make the refund claim – Refund claim filed by the appellant in the proper format ought to have been considered as claim made on an earlier date – Refund claim not hit by limitation – Remanded to the original authority to verify unjust enrichment – Appeal allowed by way of remand

If an application was filed before an officer who did not have territorial jurisdiction, the application would not be ab initio void or non est. Accordingly, the refund claim was held to be admissible to the assessee (Para 4)

It was very much open to the Deputy Commissioner to advise the party to make the refund claim before the proper officer who was also sitting in the same Customs House (Para 5) :CHENNAI CESTAT;

2008-TIOL-1227-CESTAT-MAD.pdf

M/s Vetri Trading & Exports Vs CC, Chennai ( Dated: May 1, 2008 )

Customs – export of charcoal, which is prohibited from export – plea of ignorance of law is not acceptable – any person who wants to export any goods is expected to be aware of the law relating to exports.

Export - for any goods to attain the status of export goods, it is not necessary that the goods must be allowed to be cleared for export under Section 51 - when a shipping is filed and the goods are brought to Customs area, attempt to export the goods starts and, at such stage, the goods attain the status of “export goods”. :MUMBAI CESTAT;