MoF notifies upgraded Pay Panel recommendations + Govt rejects severance package for those who wish to quit between 15 to 20 years of service;

CBEC finally manages to notify All Industry rates of Drawback; Rates in general reduced;

Justice K S P Radhakrishnan, J&K Chief Justice transferred to Gujarat HC;

FM says Pension Regulator given mandate to devise scheme for non-salaries and self-employed to plan retirement benefits;

RBI data reveals 137% rise in FICN last fiscal;

Noted industrialist K K Birla dies at 90 this morning ;

drawback story.pdf

CBEC revises All Industry Rates of Duty Drawback for current fiscal; Rates in general reduced;

6th Pay Commission

6thpay_noticificatiion.pdf + 6thpay_resoulution.pdf

mbuzz916.pdf

WB keen to sanction USD 300 mn for e-Bharat Project;

mbuzz915.pdf

PM lays stress on skill development;

2008-TIOL-428-HC-MAD-IT.pdf

CIT, Chennai Vs Smt Shoba Ramalingam ( Dated: July 9, 2008 )

Income Tax - Search & Seizure u/s 132 - assessee shows income in belated return and also pays advance tax - Tribunal holds such income is not undisclosed income - Held, once advance tax is paid, the taxable income at that point of time stands disclosed to the revenue and it may not be the the tax payable on the basis of the ultimate assessment made and therefore, not to be taken as a representation of the income on which the advance tax was paid - Revenue's appeal dismissed: MADRAS HIGH COURT;

CENTRAL EXCISE SECTION

2008-TIOL-1414-CESTAT-MUM.pdf + brand name story.pdf

M/s Nageshwar Enterprises Vs CCE, Nasik (Dated:July 10, 2008)

Applicant has only affixed brand name on goods which were purchased from market and got job work done on them – Prima facie, activity does not amount to manufacture – Tribunal waives pre-deposit of duty and penalty and grants Stay.:MUMBAI CESTAT;

2008-TIOL-1411-CESTAT-MAD.pdf

CCE, Pondicherry Vs M/s Cheyyar Co-Operative Sugar Mills Ltd (Dated: June 23, 2008)

Central Excise – CENVAT Credit – provisions of Rule 6(3) (b) of the CENVAT Credit Rules cannot be invoked for bio fertilizer made from press-mud arising during the manufacture of molasses. :CHENNAI CESTAT;

SERVICE TAX SECTION

2008-TIOL-1413-CESTAT-AHM.pdf

M/s Shree Sardar Patel Seva Samaj Vs CST, Ahmedabad (Dated:July 25, 2008)

ST - Penalty - Assessee pays tax with interest even before being pointed out by the Revenue - pleads waiver of penalty - It is a fit case for invocation of Sec 80 - Penalty set aside : AHMEDABAD CESTAT;

CUSTOMS SECTION

2008-TIOL-1412-CESTAT-MAD.pdf

M/s Roy Electronics Vs CC, Chennai (Dated:May 2, 2008)

Customs – confiscation - the electronic balances imported by the appellants were not of metric system and the same were prohibited under Section 49 of the Customs Act - The party was given an opportunity to get the balances converted into metric system. In the absence of Legal Metrology Department's certificate, it cannot be said that such conversion was achieved - confiscation order under Section 111(d) of the Customs Act is sustainable. : CHENNAI CESTAT;