Montek to represent PM at G-20 Summit called to deliberate over financial crisis;

Foreign law firms may get nod soon to operate from India, CJI tells Londoners;

Steel manufacturers reduce prices by Rs 6000/- per ton to ward off cheaper imports;

Narrow escape for WB Chief Minister and Union Steel Minister as landmine blasts minutes after convoy passes through;

RBI further reduces repo rate, CRR & SLR; pumps in more to ease credit crunch;

RBI allows NBFCs to raise short-term foreign funds with prior approval;

Govt reviewing procedure for appointment of Judges in SC and HCs: Law Minister;

Health Minister takes offence to liquor ads at airports; writes to Patel;

MoF gives nod to Deep Drought Coal Berth and Deep Drought Iron Ore Berth at Paradip under PPP scheme ;

oecd story.pdf

OECD countries sign 16 bilateral tax information exchange pacts in seven days;

sunday story.pdf

Beware! There are 203 fake technical educational institutions in India; Maharashtra tops with 74: Union Govt;

mbuzz1121.pdf

OECD calls for crackdown on fraud and waste in govt contracts;

mbuzz1120.pdf

OECD urges donor countries to ensure no let up in aid for developing countries;

mbuzz1119.pdf

RBI further reduces repo rate, CRR & SLR; pumps in more to ease credit crunch ;

mbuzz1118.pdf

RBI allows NBFCs to raise short-term foreign funds with prior approval;

mbuzz1117.pdf

Health Minister takes offence to liquor ads at airports; writes to Patel;

mbuzz1116.pdf

Indo-UK Task Force meet on corporate governance concludes ;

2008-TIOL-528-HC-MUM-IT.pdf

CIT, Panaji Vs Maina Ore Transport Pvt Ltd (Dated: August 22, 2008)

Income tax – Excess payment of bonus over and above the statutory limits prescribed under Payment of Bonus Act is allowable as deduction under s. 37 of the Act as business expenditure - There is no dispute with regard to the excess payments of bonus being unreasonably high and were verified by the CIT/ITAT and consequentially allowed as deductions by the CIT/ITAT - Reference questions answered in the affirmative: MUMBAI HIGH COURT;

2008-TIOL-527-HC-KERALA-IT.pdf + land story.pdf

Infopark Vs ACIT ( Dated : October 6, 2008 )

Income tax – Payment of compensation or enhanced compensation on acquisition of certain immovable property - Mere issuance of notification under Section 4(1) of Land Acquisition Act does not have the effect of divesting title of the land owner – Sale deeds in this regard clearly support the contention of the petitioner that there was a voluntary transaction entered into by a willing owner to transfer land after negotiations - Invoking Section 194LA in r/o cases where sale deeds were executed in favour of the petitioner was totally without jurisdiction : KERALA HIGH COURT;

2008-TIOL-526-HC-AHM-IT.pdf

M/s Shreeji Shroff Vs CIT-II ( Dated : July 2, 2008 )

Income tax – Relevant date for payment of dues determined under KVSS – Time limit of thirty days under s. 90(2) should be from the date of receipt of the order and not date of passing the order – Orders passed by the Designated authority quashed and set aside : GUJARAT HIGH COURT;

rlt_88_part7.pdf + rlt_88_part8.pdf + rlt_88_part9.pdf

RLT Case Laws Headnotes;

CENTRAL EXCISE SECTION

2008-TIOL-1782-CESTAT-MUM.pdf

M/s Vijay Chemicals Industries Vs CCE, Belapur (Dated: July 11, 2008)

CENVAT Credit – Conversion of DTA into 100% EOU – Transfer of balance CENVAT Credit lying in books – Rule 10 of CCR applicable to 100% EOUs and no bar to carry forward the available credit balance – Order of Commr (A) beyond the scope of SCN and liable to be set aside: MUMBAI CESTAT;

2008-TIOL-1780-CESTAT-AHM.pdf

CCE, Vadodara-I Vs M/s Vijay Tanks & Vessels (Dated: August 6, 2008)

Central Excise – demand of CENVAT Credit on capital goods on the ground that the credit was availed before receipt into the factory – the assessee is liable to pay interest till the date of receipt in the factory – no case for imposing penalty as the machine has not been given to someone else – matter remanded for computation of interest. : AHMEDABAD CESTAT;

SERVICE TAX SECTION

2008-TIOL-1783-CESTAT-MUM.pdf + stax story.pdf

CST, Mumbai Vs B G Talwarkar Physique Club (Dated: September 19, 2008)

Plea of ignorance cannot be taken when the fact remains that the respondents collected service tax from their customers and pocketed the same – Penalties imposable - Tribunal allows revenue appeal: MUMBAI CESTAT;

2008-TIOL-1778-CESTAT-DEL.pdf

M/s Career Infosystems Ltd Vs CCE, Jaipur (Dated: September 11, 2008)

ST - Franchise service - Demand raised for commercial coaching and training service - Commissioner(A) and Tribunal set aside the demand - Issue pending with High Court - Fresh SCN issued for the same service and the same priod - No valid ground for the same; pre-deposit waived and stay granted : DELHI CESTAT;

CUSTOMS SECTION

2008-TIOL-1781-CESTAT-MUM.pdf

M/s Videocon Industries Ltd Vs CC (I), Nhava Sheva (Dated: January 18, 2008)

Customs – Duty paid on quantity in excess of actual imports – Documents available to prove that duty paid on imports is erroneous and on the higher side – Error apparent on record to be mitigated by s. 154 – Impugned order denying the refund claim liable to be set aside: MUMBAI CESTAT;

2008-TIOL-1779-CESTAT-MAD.pdf

M Renganathan Vs CC, Chennai (Dated: August 12, 2008)

Customs – penalty – penalty under Section 117 of the Customs Act is not leviable on Custom House Agent for mis-declaration in Bill of Entry. : CHENNAI CESTAT;