PM is in West Bengal today; Much-awaited economy revival package delayed by a day;

Repo rates and reverse rates cut by 1% + Liquidity facility extended to banks (See 'Common Basket')

Airlines reduce fuel surcharge by Rs 400;

Central Excise automation projects launched at Bangalore LTU today;

Govt to raise Rs 45000 Cr through marketable dated securities to meet expenditure for remaining period of current fiscal;

Danish Navy sinks Somalian Pirates' ship but rescues stranded pirates;

RBI Story.pdf

RBI cuts repo and reverse repo rates by 1%; Also provides stimulus for real estate, exports and small industries;

RBI Repo Rates.pdf

Repo rates and reverse rates cut by 1%;

RBI Liquidity Bank.pdf

Liquidity facility extended to banks;

mbuzz1231.pdf

Home Secretary asks States to focus on coastal security;

2008-TIOL-603-HC-DEL-FEMA.pdf + Chandraswamy Story.pdf

Nemi Chand Jain Vs Enforcement Directorate (Dated: November 27, 2008)

FERA - Sanyasi has suffered a civil death and has no recourses to pay pre-deposit of Rs. 10 lakhs – Undue hardship means an excessive hardship or a hardship greater than the circumstances warrant.- For a hardship to be undue it must be shown that the particular burden to have to observe or perform the requirement is out of proportion to the nature of the requirement itself, and the benefit which the applicant would derive from compliance with it. The word undue adds something more than just hardship. It means an excessive hardship or a hardship greater than the circumstances warrant: DELHI HIGH COURT;

2008-TIOL-606-ITAT-DEL.pdf

Rajni Haryani Vs ACIT, New Delhi (Dated: July 25, 2008)

AO must record his satisfaction about existence of undisclosed income before proceeding against a person other than the one searched. No satisfaction recorded by AO before issuing the notice under sec. 158 BD. Further the notice issued under sec. 158 BD was vague to the extent that the date of search was not mentioned therein. No mention about any seized document in the Block assessment order. Notice issued under sec. 158BD held to be not legal and the assessment order quashed.

Appeal by assessee allowed: DELHI ITAT;

2008-TIOL-605-ITAT-DEL.pdf

Rajat Lal Vs DCIT, Muzaffarnagar (Dated: June 20, 2008)

Income tax - advance tax paid - return filed - tax with interest deposited - excess payment of advance tax claimed as refund - assessment order passed and demand notice issued - CIT(A) deletes additions - Tribunal restores the AO' order - AO passes fresh order and charges interest levied u/s 220(2) - assessee challenges the order - Held, in case the original demand is not satisfied by the Assessee and that demand gets restored by any further order then the assessee is liable for levy of interest under section 220(2) from the due date as prescribed in the demand notice issued in pursuance of assessment order passed u/s 143(3) till the date of actual payment; Since, in the present case, the assessee never satisfied the demand notice, the provisions of Validation Act will be applicable and the original demand notice is considered to be revived - Assessee's appeal dismissed: DELHI ITAT;

CENTRAL EXCISE SECTION

2008-TIOL-1995-CESTAT-DEL.pdf

M/s Mahavir Vanaspati Company Vs CCE, Ludhiana (Dated: October 30, 2008)

Central Excise - refunds - all types of refund claims have to be filed under Central Excise Act and Rules made thereunder and no credit of the duty paid in excess can be taken suo moto by the assessee: DELHI CESTAT;

SERVICE TAX SECTION

2008-TIOL-1994-CESTAT-AHM.pdf

M/s Larsen & Toubro Ltd Vs CCE, Vadodara-II (Dated: October 17, 2008)

ST - Consulting Engineer Service - refund - Since it is not leviable prior to 1.1.2005, refund is admissible: AHMEDABAD CESTAT;

CUSTOMS SECTION

NOTIFICATION

dgft08not069.pdf

Export of non-basmati rice to Nepal: Ban relaxed for 10000 to 15000 MTs;

CASE LAWS

2008-TIOL-1996-CESTAT-DEL.pdf

M/s Rekognation Vs CC, Jaipur (Dated: June 11, 2008)

Customs - DEPB - confiscation of jute bags exported on the allegation of over-valuation - since the DEPB is granted based on weight of the bags exported and value has no relevance for DEPB, confiscation is set aside: DELHI CESTAT;