Know thyself to know Indian's secret bank accounts!

CBEC issues transfer order of 194 AC/DCs + local transfer for 37;

Indian money in tax havens: BJP task force for tough laws; if voted into power Advani vows to act within 100 days;

Cong attacks Advani on black money issue; Sibal asks why did NDA replace FERA by FEMA?;

CBDT issues posting order of probationers;

Cabinet Secretary reviews civil aviation security;

Reduction in income tax rate and hike in infrastructure spending may help fight recession virus better;

CBN steps up efforts to seize opium, ganja and acetic anhydride;

Cabinet Secretary reviews civil aviation security; decides to streamline emergency procedures;

TIOL COMMENTARY

ice cube.pdf

Know thyself to know Indian's secret bank accounts!

tax haven money.pdf

Indian money in tax havens: BJP task force for tough laws; if voted into power Advani vows to act within 100 days;

MIXED BUZZZ

mbuzz0398.pdf

CBN steps up efforts to seize opium, ganja and acetic anhydride;

mbuzz0397.pdf

Reduction in income tax rate and hike in infrastructure spending may help fight recession virus better;

mbuzz0396.pdf

Cabinet Secretary reviews civil aviation security;

CBDT Order 044_2009

CBDT issues posting order of probationers;

CASE LAWS

2009-TIOL-188-HC-DEL-IT.pdf

Taneja Developers & Infrastructure Ltd Vs ACIT (Dated: February 24, 2009 )

Income Tax - Stay application - AO assesses the income almost 350 times higher than the returned income on ground of alleged unaccounted sales and cash credits - Assessee pleads the alleged unaccounted sales are declared as income in the hands of sister concerns and for the cash credits, the PAN details are already furnished to the Department - Assessee argues  at this stage, the impugned order by the CIT directing deposit of 50 per cent of outstanding demand as per schedule laid down in the order is contrary to the circular of the Department itself which forms a part of judicial adjudication - Held, the issue is no more res integra and the impugned order is not sustainable. A figure of 8 times or 74 times has been classified as "unreasonably high pitched". In the present case it is 350 times and so falls under the same nomenclature. The operation of the impugned order stayed till the disposal of the writ petition. The natural consequence would be that any attachment order issued in pursuance to the impugned order would not have any effect. Application disposed of.:DELHI HIGH COURT;

2009-TIOL-232-ITAT-DEL.pdf

Shri Om Prakash Aggarwal Vs DCIT, New Delhi (Dated : February 06, 2009)

Income Tax - Pursuant to a notice issued u/s 153A, assessee filed return declaring income higher than that disclosed in the original return - AO imposed penalty u/s 271(1)(c) - CIT(A) confirmed the penalty holding that the disclosure was not bonafide - Held, deeming fiction that the assessee concealed the income comes to an end when the corresponding amount was offered for taxation and the source of investment was also explained - Held, benefit of Explanation 5 is available to the assessee on the facts and in the circumstances of the case - Assessee's appeal allowed.:DELHI ITAT;

Order 71 of 2009

CBEC issues transfer order of 194 AC/DCs + local transfer for 37;

SERVICE TAX SECTION

2009-TIOL-618-CESTAT-DEL.pdf

CCE, Indore Vs M/s Ramsons Travels & Tours (Dated: December 18, 2008)

ST - Tour Operator - Revenue charges assessee for providing tour operator service and raises demand - held, two conditions necessary for falling under the taxable net are one should operate tour and it should be tourist vehicle - since there is no evidence that the assessee was operating tourist vehicles as defined under Section 2(43) of Motor Vehicle Act, read with Rule 128 of Central Motor Vehicle Rules, the assessee's activity would not be covered by the tour operator's service - Revenue's appeal dismissed:DELHI CESTAT;

2009-TIOL-617-CESTAT-DEL.pdf

M/s Suchitra Marketing Pvt Ltd Vs CCE, Jaipur-II (Dated: February 17, 2009)

ST - C&F Service - assessee pleads that it only receives the goods from the principal and delivers them to buyers and argues that it is business auxiliary service - held, it is very much the C&F service as per several decision of the Tribunal and the assessee has no case - Assessee's appeal dismissed:DELHI CESTAT;

CENTRAL EXCISE SECTION

2009-TIOL-189-HC-UTTRANCHAL-CX.pdf + cx story.pdf

M/s Bharat Heavy Electricals Ltd Vs CCE, Meerut (Dated: March 18, 2009)

Central Excise – CENVAT credit – notice issued by Superintendent valid; Denial of Credit taken beyond six months upheld:UTTARAKHANDHIGH COURT;

2009-TIOL-619-CESTAT-DEL.pdf

M/s CT Cotton Yarn Ltd & Ors Vs CCE, Indore (Dated: November 11, 2008)

Central Excise – Clandestine removal of finished goods by 100% EOU – Since assessee does not dispute the evidences, duty demand of Rs. 8.6 crores confirmed – Limited issue of double taxation and plea on levy of excess penalty being a sick unit remanded to original authority for fresh consideration:DELHI CESTAT;

CUSTOMS SECTION

NOTIFICATION

ctariff09_036.pdf

Govt exempts import of raw and refined sugar from Customs duty;

CASE LAWS

2009-TIOL-620-CESTAT-DEL.pdf

M/s Siddhartha Polymer Ltd Vs CCE, New Delhi (Dated: February 18, 2009)

Customs – Directions of Apex Court to dispose of the case within six months – Revenue seeks more time for production of documents with regard to testing of samples – As documents furnished by assessee are not true copies, parties directed to produce appropriate documents in the interest of justice – Parties at liberty to approach Apex Court to seek extension of time :DELHI CESTAT;