Indirect tax mop-up heading for a shortfall of Rs 28000 Crore even against scaled down revised targets;

Malta, Italy sign Double Taxation Avoidance Agreement;

Brazil with Interpol launches crackdown on wildlife smuggling network;

An information which disproportionately diverts resources of public authority attracts Sec 7(9) of RTI Act, 2005 and can be refused to applicant: CIC;

CPIO not obligated under the RTI Act to provide advice or opinion to an applicant: CIC;

Improving facilities in Customs offices for visitors – Central Information Commission asks the Chief Commissioner to look into the inadequacies as pointed by applicant and submit report;

RBI issues fresh direction on pre-payment of FCCBs;

Home Ministry advises IPL organisers to draw up new schedule of matches;

TIOL COMMENTARY

cic story.pdf

Adjudicating authority cannot be exposed to extraneous pressures – disclosure of report of Chief Commissioner to Member, CBEC relating to un-adjudicated case is barred under section 8(1)(h) of RTI Act: CIC;

saturday story.pdf

Many 'financial castles' fall in line; OECD finds it major boost to fight against tax evasion;

rbi08cir058.pdf

RBI issues fresh direction on pre-payment of FCCBs;

MIXED BUZZ

mbuzz0287.pdf

Arctic populace must be consulted on adaptation to warming: UN Group;

mbuzz0286.pdf

Brazil with Interpol launches crackdown on wildlife smuggling network;

mbuzz0285.pdf

An information which disproportionately diverts resources of public authority attracts Sec 7(9) of RTI Act, 2005 and can be refused to applicant: CIC;

mbuzz0284.pdf

Universal access for HIV prevention, care top priority: UN;

mbuzz0283.pdf

CPIO not obligated under the RTI Act to provide advice or opinion to an applicant: CIC;

mbuzz0282.pdf

Improving facilities in Customs offices for visitors – Central Information Commission asks the Chief Commissioner to look into the inadequacies as pointed by applicant and submit report;

2009-TIOL-159-ITAT-BANG.pdf

ACIT, Bangalore  Vs M/s Karnataka Minerals & Manufacturing Co Ltd (Dated: September 19, 2008)

Income tax – Mere agreement to sell cement plant with lands, plant & machinery in the relevant FY does not constitute transfer of capital assets – Only after the discharge order from BIFR appellant free to sell plant & machinery, land & buildings – When appellant declared capital gains on sales in subsequent years and assessed to capital gains in those years cannot be subjected to capital gains once again in the relevant year – A transfer of immovable property such as land and buildings can be effected only under registered sale deed as per section 54 of the Transfer of Property Act, 1882 - When there is no sale at all in the year under appeal, there is no need to consider the question of slump sale - CIT(A)'s allowance of appellants claim of interest payment in terms of s. 43B remanded to original authority to consider if such a claim was made by appellant in the return:BANGALORE ITAT;

2009-TIOL-158-ITAT-DEL.pdf

Visisth Chay Vypar Ltd Vs ITO, Delhi (Dated: November 21, 2008)

Income tax - Assessee company passed a resolution for placing inter-corporate deposit with the SWC - Notice u/s 10 of the Interest-tax Act was served on the assessee and interest income, on accrual basis, was brought to tax but assessee claimed that what was given to finance company was not in the form of loan but in the form of Inter Corporate Deposit - CIT(S) dismissed assessee's appeal holding that the interest was earned on a loan, which fell within the mischief of section 2(7)of the Act—Held, there are three main tests for distinguishing between a loan and a deposit, namely, - (i) a loan is payable immediately on receipt thereof as per the directions of the lender, while a deposit has a term for repayment, which may be a fixed date or it may be as per terms and conditions of the agreement, (ii) the loan is obtained at the request of the borrower while a deposit is made at the instance of the depositor, and (iii) the limitation period in case of a loan starts from the date of the loan, while it starts from the date of repayment in the case of a deposit—Held, transaction was in the nature of a deposit and, therefore, interest accruing thereon was not liable to be taxed under the Act - Assessee's appeal partly allowed.:DELHI ITAT;

SERVICE TAX SECTION

2009-TIOL-426-CESTAT-AHM.pdf

M/s Pharmalab Process Equipments Pvt Ltd Vs CCE , Ahmedabad (Dated: January 30, 2008)

Service Tax – Credit taken on the basis of Debit Notes – Pre-deposit waived: appellant submits that the debit notes contain all the relevant details which are required as per Rule 9 of Cenvat Credit Rules and therefore, the appellant is entitled for credit. He submits that there is no denial that service has been received and service tax has been paid.:AHMEDABAD CESTAT;

2009-TIOL-425-CESTAT-MUM.pdf

CCE, Goa Vs Marpol Pvt Ltd (Dated: December 10, 2008)

CENTRAL EXCISE SECTION

2009-TIOL-428-CESTAT-MAD.pdf + credit story.pdf

CCE, Pondicherry Vs M/s Superfil Products (Dated: September 12, 2008)

Central Excise – CENVAT Credit – interest - credit reversed without utilizing the same – interest is not payable if the credit is reversed without utilizing.:CHENNAI CESTAT;

2009-TIOL-424-CESTAT-DEL.pdf

Bhilwara Processors Ltd Vs Cce, Jaipur (Dated: January 14, 2008)

Central Excise – Clearance of goods to the principal after processing by job worker – Whether job worker is eligible for refund of excess duty paid due to reduction of prices by issuance of credit notes to principal – Matter remanded to Appellate Commissioner for re-examination in view of High Court judgment in UOI vs A. K. Spintex Ltd & Anr [2009-TIOL-12-HC-RAJ-CX ] and to pass a reasoned speaking order:DELHI CESTAT;

2009-TIOL-423-CESTAT-MUM.pdf + metal story.pdf

Lloyds Metals & Engineers Ltd Vs CCE, Nagpur (Dated: December 1, 2008)

Central Excise – Levy of NCCD on POY captively consumed and clearance to 100% EOU – Matter remanded to Commissioner to re-examine the issue in view of orders passed on similar issue in favour of appellant in the jurisdictional Commissionerate:MUMBAI CESTAT;

CUSTOMS SECTION

NOTIFICATION

cnt09_025.pdf

CBEC revises tariff value of poppy seeds and brass scraps;

CASE LAWS

2009-TIOL-124-HC-AHM-CUS.pdf

CCE Vs Amin Chandrakant Bhailalbhai, Excise Clerk (Dated: January 21, 2009)

Customs – No infirmity in Tribunal setting aside penalty under s.112 (b) on employee when he has no knowledge of goods being liable for confiscation under s. 111 – No substantial question of law arises :GUJARAT HIGH COURT;

2009-TIOL-427-CESTAT-AHM.pdf

M/s Gandhi Fibres Vs CCE, Daman (Dated: December 17, 2008)

Customs – Allegation of diversion of duty free imports by 100% EOU – Proper opportunity not provided to refute allegations or cross examine witnesses violates principles of natural justice – Matter remanded to Commissioner for fresh decision:AHMEDABAD CESTAT;