If Maruti gains why not Godrej? (See 'Common Basket')

Excise Duty rate falls below Service Tax? (See 'Common Basket')

Measures to stimulate the economy - Govt announces package
4% cut in excise duty across the board;

Rs. 1100 Crores provided for refund of Terminal Excise Duty;

Export incentive of Rs. 350 Crores announced;

Refund of Service Tax on output services for exporters;

Refund of Service Tax on agent commission for exporters;

1400 Crores for clearing the entire backlog in Technology Up gradation Fund scheme (TUF) for textiles;

India Infrastructure Finance Company Limited (IIFCL) to raise Rs.10,000 crore through tax-free bonds by 31/3/2009. These funds will be used by IIFCL to refinance bank lending of longer maturity to eligible infrastructure projects, particularly in highways and port sectors;

New vehicles for Government Departments;

No Import Duty on Naphtha used in Power Sector;

No Export Duty on Iron Ore Fines;

Export Duty on Iron Ore Lumps reduced to 5%;

Government will not hesitate to take additional steps;

PM looking for a new FM; Dr Rangarajan is front-runner;

McCain says if Pak does not mend ways, India may go for 'surgical' operations;

Protest against power plant in Jharkhand, tribals lock horns with police; three killed;

Stimulus Highlights.pdf

Ad valorem rates of excise duty cut to 10%, 8% and 4% from today; No change in rates for petro products;

Fiscal Package Story.pdf

Safety of Bank Deposits and Stability of Financial System - Assured. A pre-election mini budget? Government to spend Rs 3 lakh crores in the next four months;

Cenvat Story.pdf

If Maruti gains why not Godrej?

Economy Stimulus Story.pdf

Excise Duty rate falls below Service Tax?

mbuzz1233.pdf

Govt further eases norms to prepay existing FCCBs;

mbuzz1232.pdf

RBI issues draft guidelines for takeover of borrowers' business by Securitisation Cos;

2008-TIOL-604-HC-DEL-IT.pdf + IT Story.pdf

CIT-X, New Delhi Vs Bhartesh Jain (Dated: October 23, 2008)

Income Tax - Revenue could not treat the nature of income for one assessment year differently from the previous one till it was in a position to bring on record material to the contrary - assessee could not be called upon to prove the negative –Tribunal, keeping in mind the submissions of the assessee, as also, the observations of the Assessing Officer in the original order of assessment, wherein he had said that the facts of assessment year 1994-95 were similar to the year under consideration i.e., 1995- 96, and given the fact that no endeavour, whatsoever, had been made by the Assessing Officer to bring on record material to establish that the income of the assessee was not speculative in nature despite a specific direction issued in the first round by the Tribunal --- concluded that it had no option but to hold the Revenue to its stand which it had taken for the preceding assessment year, i.e., assessment year 1994-95 to the effect that the activity of the assessee of sale and purchase of shares was speculative in nature ---- even in respect of assessment year 1995-96.

No question of law, much less, a substantial question of law arises – Revenue appeal dismissed: We do not find any error in the approach adopted by the Tribunal. The Tribunal has returned a finding of fact based on appreciation of material before it. In these proceedings we cannot substitute our view with that of the Tribunal. No question of law, much less, a substantial question of law arises for our consideration. In the result, the appeal is dismissed: DELHI HIGH COURT;

CENTRAL EXCISE SECTION

NOTIFICATIONS

etariff08_59.pdf + etariff08_58.pdf

Reduction of excise duty from 4% to nil; 8% to 4% ; 12% to 8% and 14% to 10%;

CASE LAW

2008-TIOL-1998-CESTAT-MAD.pdf

M/s M M Travels Vs CCE, Trichy (Dated: September 9, 2008)

Central Excise – condonation of delay – delay of 607 days in filing the appeal before the Commissioner (Appeals) – The Commissioner (Appeals) has rightly rejected the appeal as he had no power to condone beyond the condonable delay: CHENNAI CESTAT;

SERVICE TAX SECTION

NOTIFICATION

stnot08_033.pdf

Clearing and forwarding agent added to list of services eligible for refund for exporters;

CASE LAW

2008-TIOL-1997-CESTAT-AHM.pdf + Refund ST Story.pdf

M/s Rawmin Mining and Industries Ltd Vs CCE, Bhavnagar-I (Dated: October 3, 2008)

Service Tax - refund of service tax credit under Rule 5 of the CENVAT Credit Rules 2004 - C&F agent service is eligible for credit as place of removal in case of FOB exports has to be treated as the port - The rejection of claim cannot travel beyond the scope of the show cause notice - whether appellants have taken cenvat credit correctly or not should have been raised either by issue of show cause notice or taking that as one of the grounds for rejecting the claim: AHMEDABAD CESTAT;

CUSTOMS SECTION

NOTIFICATIONS

ctariff08_131.pdf

Iron Ore fines exempted from Export Duty;

ctariff08_130.pdf

Export Duty on iron ores and concentrates reduced from 15% to 5%;

ctariff08_129.pdf

Iron Ore fines exempted from Export Duty;

ctariff08_128.pdf

CVD reduced from 14% to 10% ; Naphtha used for generation of electricity other than captive consumption exempted from Customs duty;

CASE LAW

2008-TIOL-1999-CESTAT-MUM.pdf

Murli Dialani Vs CC (Export), Mumbai (Dated: July 29, 2008)

Customs - advance licences - transferability of the licences allegedly obtained by fraudulent means - the appellants were not given the relied upon documents despite several requests made to the department - It is well settled that even if a particular document is not relied upon by the Department, it must be supplied to the assessee, if he requires the same to prepare its reply - violation of principles of natural justice - matter remanded: MUMBAI CESTAT;