DGFT amends SION rates of some textile and chemical group products;

Switzerland: A tax haven sui generis;

A corporation cannot be an impervious coverlet of gross abuse;

Let's hail G20 decision to crackdown on tax havens!

Treaty-shopping the ratio of A Rickshaw Puller Vs A Rickshaw Puller;

Criminal laws: Most punitive remedies are not proportionate to degree of harm suffered by victim, says Chief Justice of India;

India not to borrow from IMF, rather to contribute to its coffers: PM;

UN calls for inclusion of farming in talks on new climate change treaty;

TIOL COMMENTARY

potpourri_011.pdf

Switzerland: A tax haven sui generis;

editorial.pdf

Let's hail G20 decision to crackdown on tax havens!

cbi story.pdf

Criminal laws: Most punitive remedies are not proportionate to degree of harm suffered by victim, says Chief Justice of India;

MIXED BUZZZ

mbuzz0356.pdf

India not to borrow from IMF, rather to contribute to its coffers: PM;

mbuzz0355.pdf

Vital UN food aid en route to displaced persons in Lanka

mbuzz0354.pdf

UN calls for inclusion of farming in talks on new climate change treaty

2009-TIOL-208-ITAT-RANCHI.pdf

ADDL CIT, Ranchi Vs M/s Ramjee Power Construction (Dated : February 5, 2009 )

Income tax - Sec 68 - AO makes additions - held, since the issue is no longer res integra as it has been decided by the Apex Court in Lovely Exports case ( 2008-TIOL-238-SC-IT ) in favour assessee, the Revenue's appeal is dismissed:RANCHI ITAT;

2009-TIOL-207-ITAT-MAD.pdf

AKK Specific Family Trust Vs ITO, Pollachi (Dated : December 29, 2008)

Applicability of sec. 164 – shares of beneficiaries not determinate – tax at maximum marginal rate

As per cl. 3© of the Trust deed, “would be spouse” and “would be children” would also become beneficiaries with effect from the year of marriage or with effect from birth. Thus it cannot be said that the shares of the beneficiaries listed out in the trust deed were determinate on the date of creation of the trust. Tribunal held the Trust to be taxed at maximum marginal rate following decision of Calcutta high Court in CIT Vs Trustees of Keshav Mohta family Trust (232 ITR 875).

Appeal by assessee dismissed:MUMBAI ITAT;

DEPUTATION POSTS

vacancy_story.pdf

FIU looking for STO;

SERVICE TAX SECTION

2009-TIOL-538-CESTAT-DEL.pdf

M/s R F Properties And Trading Ltd Vs CCE, Jaipur (Dated: February 16, 2009)

ST - Commercial Construction - Assessee gets a plot of land on lease from Jaipur Development Authority - lease is not registered - assessee constructs commercial complex - Revenue levies service tax - assessee pleads the liability arises only after the assessee gets into a contract with prospective buyers for sale - held, in view of prevailing confusion among both parties, a pre-deposit of Rs five lakh is ordered - stay on recovery granted:DELHI CESTAT;

2009-TIOL-537-CESTAT-DEL.pdf

M/s Mayor & Co Vs CCE, Jalandhar (Dated: February 17, 2009)

ST - Pre-deposit - First appellate authority orders pre-deposit of demand and penalty - Assessee pleads it has no means to comply with the order and seeks relief on the ground that some of the cases decided by the Tribunal favour its case - Pre-deposit reduced to Rs five lakhs and case remanded:DELHI CESTAT;

CENTRAL EXCISE SECTION

2009-TIOL-541-CESTAT-DEL.pdf + no penalty story

M/s Lucas Tvs Ltd Vs CCE, Pondicherry (Dated: October 23, 2008)

Central Excise - CENVAT Credit - no penalty can be imposed for issuing fictitious invoices without delivery of goods on which credit was availed prior to 1.3.2007 - the provisions for imposing penalty in such cases has been incorporated only vide Notification 8/2007 CE (NT) by amending the Central Excise Rules, 2002.:DELHI CESTAT;

2009-TIOL-540-CESTAT-MAD.pdf

M/s Lucas Tvs Ltd Vs CCE, Pondicherry (Dated: January 23, 2009)

Central Excise – Valuation – related persons – none of the buyers are related in the manner described in Rule 9 nor there is any allegation to that effect in the show cause notice – issue stands settled in favour of the assessee.:CHENNAI CESTAT;

CUSTOMS SECTION

NOTIFICATION

dgft08pn169.pdf

Coconut Development Board added in Appendix 2;

dgft08pn168.pdf

SION rates of textile and chemical group items revised;

CASE LAWS

2009-TIOL-539-CESTAT-MAD.pdf

M/s Synergies Castings Ltd Vs CC, Chennai (Dated: January 27, 2009)

Customs – Import – EOU – EXIM Policy 2002-09 - Exemption Notification - Prohibited goods - Import of Boric Acid for non-insecticidal purposes would be subject to production of an import permit issued by the Central Insecticide Board & Registration Committee under the Ministry of Agriculture. The import of the subject consignment of Boric Acid is not supported by an import permit issued by CIB & RC. Therefore, Boric Acid imported by appellant is rightly confiscated under Section 111 (d) of the Act. However, for import of Copper Sulphate and Nickel Chloride there is no requirement to obtain registration certificate or import permit for their import as per EXIM Policy when the goods were not for use as insecticide. Confiscation and penalty set aside. Matter remanded for re-quantifying penalty in the case of boric acid. ( Para 5) :MUMBAI CESTAT;