Satyam Directors sacked; Govt to appoint 10 new Directors; Inspection of documents of Group Cos begins (See'Common Basket')

Centre urges States to allow all sorts of vehicles to carry essential goods;

TRAI Consultation Paper on lock-in period for Promoter-s Equity in new telecom services;

President calls for better regulation of capital markets; invites PIOs to invest in India;

Oil PSUs officers' Associations call off strike after Govt crackdown;

Transport Minister to meet all Truckers' Associations on Monday; Advisory issued to States on managing strike;

PM directs Petro Minister to take stern action against oil strikers; Govt to deploy para-military forces to ensure fuel supply;

Environmental Standards: Committee set up to review CPCB recommendations;

satyam story.pdf

Satyam Directors sacked; Govt to appoint 10 new Directors; Inspection of documents of Group Cos begins;

Draft Guidelines.pdf

Draft Guidelines on Classification of Exposures as Commercial Real Estate (CRE) Exposures

mbuzz0035.pdf

TRAI Consultation Paper on lock-in period for Promoter's Equity in new telecom services;

mbuzz0034.pdf

Centre urges States to allow all sorts of vehicles to carry essential goods;

mbuzz0033.pdf

President calls for better regulation of capital markets; invites PIOs to invest in India;

mbuzz0032.pdf

Rlys, Rajasthan to flag off 'Royal Rajasthan on Wheels';

2009-TIOL-20-HC-P&H-IT.pdf

CIT, Jalandhar-I Vs M/s Ramco International (Dated : December 8, 2008)

Income tax - Sec 80IB - assessee claims Sec 80IB benefits through Form 10CCB - AO overlooks the same and wraps up assessment - CIT(A) and Tribunal allow the same - Held, since the assessee had claimed deduction there was no need to file a revised return - Revenue's appeal dismissed:PUNJAB AND HARYANA HIGH COURT;

2009-TIOL-22-ITAT-MUM.pdf

DCIT, Mumbai Vs Shri Nikhil Jitendra Shah (Dated: September 22, 2008)

Income tax – Licensing exclusive right to use patent for a limited period –Original agreement modified by the assessee - CIT (A) justified in not treating the right to use the patent as a sale of the patent - Income received there from allowable as deduction under s. 80-O – No merit in Revenue Appeal:MUMBAI ITAT;

SERVICE TAX SECTION

2009-TIOL-58-CESTAT-DEL.pdf

M/s Tehnnica Colour Lab Vs CCE, Meerut-I (Dated: November 20, 2008)

ST - photography service - non-inclusion of value of materials in gross amount chargeable to tax is correct law:DELHI CESTAT;

2009-TIOL-57-CESTAT-AHM.pdf

M/s Punjan Builders Vs CCE, Vadsdara-II (Dated: December 02, 2008)

ST - Construction Service - Assessee avails Cenvat credit of tax paid on input service and also abatement allowed by law - law changed from 1.3.2006 - simultaneous availment of credit and abatement disallowed - assessee continued to avail both out of ignorance of the change - when it was noticed, the credit availed was reversed - since credit taken was fully reversed, the assessee is entitled to avail abatement:AHMEDABAD CESTAT;

CENTRAL EXCISE SECTION

2009-TIOL-60-CESTAT-MUM.pdf + weekend story.pdf

Godrej Industries Ltd Vs CCE, Mumbai II  (Dated: December 08, 2008)

Assistant Commissioner, C.Ex. is competent to sanction refund, both of Central Excise and Customs as he is in-charge of unit receiving imported goods – Tribunal.:MUMBAI CESTAT;

2009-TIOL-59-CESTAT-MUM.pdf

M/s Kaushal Silk Mills Pvt Ltd Vs CCE, Thane-I (Dated: September 09, 2008)

Central Excise – Deemed CENVAT Credit of inputs lying in stock not available to textile processors opting compounded levy scheme after 01.05.2001 – Impugned order disallowing refund of CENVAT credit upheld:MUMBAI CESTAT;

CUSTOMS SECTION

NOTIFICATION

dgft08not077.pdf

DGFT liberalises import policy for cement bricks, cement tiles & pre-fabricated building materials;

dgft08not076.pdf

Import Policy: Item with Exim Code No. 8483 10 99 made free;

dgft08pn128.pdf

DGFT clarifies Tableware and kitchenware not entitled to exports benefits under VKGUY Scheme;

dgft08pn126.pdf

Extension to Export Obligations Period: DGFT to charge composition fee equal to 2% of proportionate duty saved amount on unfulfilled export obligation or an enhancement in export obligation imposed to the extent of 10% of total export obligation imposed under authorization;

dgft08cir053.pdf

Guidelines for import of Rough / unprocessed Blocks and Slabs of agglomerated / artificial stones for the year 2008-09.;

CASE LAWS

2009-TIOL-56-CESTAT-MUM.pdf

M/s CSAV Group Agencies (India) Pvt Ltd Vs CC, Nhava Sheva (Dated: October 06, 2008)

Customs – Any goods loaded on to a ship without proper examination and customs documentation liable for confiscation – Action of the shipping line dangerous to national security – Appellant being a habitual offender no scope for leniency – Penalty upheld:MUMBAI CESTAT;