Mobile banking transactions: RBI amends earlier draft guidelines;

Delhi gears up to host International Council of Museums's first conference in Asia;

Militants blast off Marriott hotel in Islamabad; more than 40 killed;

Chennai Airport Customs seizes 140 live ornamental fishes coming from Malaysia;

Guidelines for selection of athletes, coaches and camps issued;

PM chairs Planning Commission meet on integrated energy policy document

CSIR Study finds links between Prakriti and modern genomics;

MoF gearing up to ease ECB norms for specific sectors;

hyd story.pdf

Pre-deposit under Section 35 F should be paid only in cash - debit from CENVAT account is not allowed – Commissioner (Appeals), Hyderabad;

today's story.pdf

Economic Freedom: Study ranks India 70 - two notches down from last ranking ;

RBI Mobile Banking Guidelines.pdf

Mobile Banking transactions in India - Operative Guidelines for Banks;

mbuzz987.pdf

PM's Group calls for comprehensive manufacturing policy;

mbuzz986.pdf

Delhi gears up to host International Council of Museum's first conference in Asia;

mbuzz985.pdf

Guidelines for selection of athletes, coaches and camps issued;

mbuzz984.pdf

PM chairs Planning Commission meet on integrated energy policy document;

mbuzz983.pdf

CSIR Study finds links between Prakriti and modern genomics;

2008-TIOL-176-SC-IT.pdf

Foster's Australia Ltd Vs CIT, Aurangabad (Dated: September 8, 2008)

Income Tax - Petition against advance ruling - Assessee advised to move High Court and Revenue directed not to commence assessment proceedings for two weeks: SUPREME COURT;

2008-TIOL-434-ITAT-HYD.pdf

Shri A K Debnath Vs DCIT, Hyderabad (Dated: May 23, 2008)

For limitation period u/s 158BE to be computed the last panchnama should be in r/o the last authorization executed and the said Panchnama is valid in the eyes of law - Date of panchnama relevant for determining the period of limitation for passing the order u/s 158BC by the Assessing Officer – Tribunal cannot go into the conduct of the search party including the issuing of restrained order/prohibitory order – Assessee's challenge with regard to limitation set aside -ITAT

For additions to income when net asset method is adopted, liabilities also should be taken into account and the income should be determined accordingly – Assessee's appeal and Revenue's appeal partly allowed by way of remand :HYDERABAD ITAT;

2008-TIOL-456-HC-DEL-IT.pdf

CIT-XVI Vs Shri S Dhanabal ( Dated: August 7, 2008 )

Income Tax - Deduction u/s 80HHE - Assessee by mistake claims 100% deduction - AO allows 80% deduction as per the amended provision from AY 2001-02 - Penalty u/s 271(1)(c) - CIT(A) and Tribunal set aside the AO's order - Since the Tribunal has found that the explanation given by the assessee that it was given wrong legal advice is bona fide and all the facts were disclosed to the AO, penalty is not sustainable - Revenue's appeal dismissed :DELHI HIGH COURT;

2008-TIOL-455-HC-KAR-IT.pdf

CIT Vs Canfin Homes Ltd ( Dated: April 11, 2008 )

Income Tax - AO for taxing interest collected by the assessee from the debtors u/s 26C of the Interest-tax Act - Held, In the light of findings of the Tribunal and the relevant circumstances, the amounts so collected are not "interest" within the meaning of s. 2(7) of the Act and hence could not be treated as chargeable interest for purposes of the Act. It is neither in doubt nor in dispute that s. 26C is an enabling provision. It has to be so construed, having regard to the term "lawful" used therein. A taxing statute must be construed reasonably. Nothing can be realised by way of tax or akin thereto which has not been authorised by Parliament. And the Revenue seeking to rely on the last sentence of the said passage is not tenable. The assessee has not collected any amount which were not authorized or expressly prohibited. Revenue Appeal dismissed: KARNATAKA HIGH COURT;

CENTRAL EXCISE SECTION

2008-TIOL-177-SC-CX.pdf + SSI story.pdf

CCE, Jaipur Vs M/s Electro Mechanical Engg Corporation (Dated: July 31, 2008)

SSI units- clubbing - no evidence on record to prove that there was mutuality of business interest or there was flow back of funds from one unit to another – Revenue appeal dismissed : SUPREME COURT;

2008-TIOL-175-SC-CX.pdf + prosecution story.pdf

CIT, Madras Vs M/s Ponni Sugars & Chemicals Ltd (Dated: September 16, 2008)

Central Excise – Duty demand set aside by Tribunal – Prosecution continues – Revenue admits before Supreme Court that it does not press for prosecution – Criminal Complaint quashed: SUPREME COURT;

2008-TIOL-1538-CESTAT-MAD.pdf

M/s Measurement & Controls India Ltd Vs CCE, Pondicherry (Dated: July 10, 2008)

Central Excise – the impugned order was passed without hearing - natural justice was denied to the appellants by the lower appellate authority by choosing to dispose of appeal without personal hearing – matter remanded to pass orders after hearing. :CHENNAI CESTAT;

2008-TIOL-1535-CESTAT-BANG.pdf

M/s Stilbene Chemicals Ltd Vs CCE , Visakhapatnam(Dated: March 4 ,2008)

Central Excise – clandestine clearances – demand based on certain deficiencies in RG-1 - the show cause notice has been issued with inordinate delay of about 5 years - the benefit of time-bar is required to be given to the assessee.: BANGALORE CESTAT;

2008-TIOL-1533-CESTAT-DEL.pdf

M/s Uttaranchal Iron & Ispat Ltd Vs CCE, Meerut (Dated: May 30 ,2008)

Central Excise - area based exemption under notification 50/2003 - the appellants, having increased the installed capacity by more than 25%, are eligible for exemption.:DELHI CESTAT;

SERVICE TAX SECTION

2008-TIOL-1536-CESTAT-DEL.pdf

M/s Krishna Satellite Cable Network Vs CCE, Jaipur (Dated: July 25, 2008)

ST - Cable Operator Service - Demand for Period 2002-04 - Assessee did not pay tax under bona fide belief that it was not covered under the tax net as it was not directly receiving signals from the satellite - Tax confirmed but penalty set aside as it was a new levy and the assessee was under bona fide belief that it was not covered under the notified service being a recipient of signals from multi-system operator - Assessee's appeal allowed :DELHI CESTAT;

2008-TIOL-1534-CESTAT-DEL.pdf

M/s Martial Security & Detective Service (P) Ltd Vs CCE, Meerut-I (Dated: May 30 ,2008)

ST - Security service - Assessee took registration but did not deposit tax as was under the impression that the tax is to be deposited only after receiving the same from the service recipient - Deposits tax with interest before issue of SCN - A fit case for invocation of Sec 80 - Penalty set aside :DELHI CESTAT;

CUSTOMS SECTION

2008-TIOL-178-SC-COFEPOSA.pdf + cofeposa story.pfd

Union of India Vs Ranu Bhandari (Dated: September 16, 2008)

Preventive Detention – COFEPOSA - since personal liberty and individual freedom of a citizen is curtailed by an order of preventive detention, Detaining Authorities must apply their minds carefully and exercise great caution in passing such an order : SUPREME COURT;

2008-TIOL-1537-CESTAT-MAD.pdf

CC, Chennai Vs M/s Shree Yogeshwari Traders (Dated: July 4, 2008)

Customs – mis-declaration – fine and penalty reduced by the Commissioner(Appeals) to 15% and 10% - The appeal by revenue does not bring out any valid ground that the Commissioner (Appeals) had omitted to consider which could have supported a higher fine and penalty – appeal dismissed. :CHENNAI CESTAT;