RBI issues fresh draft guidelines on commercial real estate exposures;

Environmental clearance to SEZ proposals within 105 days: Minister

Justice Mihir Kr Jha and Justice Kishore Kr Mandal appointed as full-time judges of Patna HC

Draconian PAN provision inserted in I-T Act; Even non-residents not spared despite Sec 139A not making it mandatory for them;

Interesting Facts on Income from Income Tax to the Government ;

Refund of Customs duty on re-export and certain other situations;

Toll mop-up on National Highways up by 37%;

AP Govt kills Maytas bid for Hyderabad Metro Project;

Sahar Airport Customs seizes 19 kg Ketamine from pax heading for Bangkok;

Receiving gift produces happines but Budget 2009 does not promise so!

TIOL COMMENTARY

ddt 08 July.pdf

Government Expenditure to cross 10 Lakh Crores in 2009-10;

spl down.pdf

Budget euphoria in India should go;

BUDGET ANALYSIS

budgetstory40.pdf

Draconian PAN provision inserted in I-T Act; Even non-residents not spared despite Sec 139A not making it mandatory for them ;

budgetstory39.pdf

No more nobles;

budgetstory38.pdf

Budget Phobia - Are current Budget Notifications valid?

budgetstory37.pdf

Amendment proposed in Budget and reassessment proceedings u/s 147;

budgetstory36.pdf

Refund of Customs duty on re-export and certain other situations;

budgetstory35.pdf

Service tax - key changes in Finance Bill;

RBI NOTIFICATION

RBI Notifi For Revised draft guidelines.pdf

RBI issues fresh draft guidelines on commercial real estate exposures;

MIXED BUZZ

mbuzz0636.pdf

Environmental clearance to SEZ within 105 days;

mbuzz0635.pdf

Toll mop-up on National Highways up by 37%;

mbuzz0634.pdf

Indian school goers impress UK judges with understanding on terrorism;

2009-TIOL-330-HC-MUM-IT.pdf

CIT , Mumbai Vs Uttamchand Jain (Dated: July 2, 2009)

Income tax - VDIS '97 - assessee is a dealer in diamonds - sells diamond jewellery - capital gains - makes declaration under VDIS - Revenue issues certificate to this effect - Survey - statement recorded u/s 133A to the effect that the sale of jewellery was stagemanaged to take undue advantage of the scheme - Return of assessee re-opened - Revenue makes additions - Tribunal deletes it - held, since the VDIS certificate is not cancelled by the Revenue and there is no independent evidence with the Reveno to prove that the jewellery is staill available with the assessee or the same jewellery has been sold to a third party, the only possibility arising out of facts is that it was a genuine transaction and no fault can be found with the declaration made under the VDIS Scheme - Revenue's appeal dismissed:BOMBAY HIGH COURT;

2009-TIOL-438-ITAT-COCHIN.pdf + sunny story.pdf

Arun Sunny Vs DCIT, Ernakulam (Dated: April 28, 2009)

Income tax - Ss 45, 48 & 55 - Assessee is an individual - buys a piece of marshy agricultural land for Rs 9000 in 1975 - sells the same for over Rs 11 Crore in 2006 - long-term capital gains - calculates Fair Market Value (FMV) from date of conversion of land as capital assets in 1994 - AO for FMV from 1.4.1981 - held, for calculation of FMV the date of conversion of land into capital assets is irrelevant as it only changes the character of the land from agricultural to capital asset - for determing capital gains tax, the law is very clear as the date for calculating FMV is embedded in the law itself as 1.4.1981 - law further makes it clear that all properities acquired prior to 1981, the FMV is to be calculated from 1.4.1981 and conversion of land into capital assets only decides exigibility of asset for the levy of tax - Assessee's appeal dismissed:COCHIN ITAT;

2009-TIOL-437-ITAT-DEL.pdf

Ranjit Singh Vs ITO, Sirsa (Dated: June 26, 2009)

Income Tax - Assessee was issued a notice u/s 148 and an addition was made to his income by AO on account of certain land leased to a bank - Assessee denied stating that the land belongs to HUF - Held, since AO himself has accepted the assessee's claim that rental income is not assessable in the hands of assessee as an individual, the reason recorded for issuing notice u/s 148 does not survive - Held, if the additions made are unconnected and totally alien to the item in respect of which reasons were recorded u/s 148 then the additions made which came to his notice during the reassessment' proceedings after initiating reassessment proceedings are bad in law - Assessee's appeal allowed.:DELHI ITAT;

promotion_jc.pdf

Promotion to the grade of Joint Commissioner - Posting of Officers on Promotion;

SERVICE TAX SECTION

2009-TIOL-1029-CESTAT-MUM.pdf + liquor story.pdf

M/s Y M Krishna SSK Ltd Vs CCE, Pune-II (Dated: June 19, 2009)

Applicant, a country liquor manufacturer, enters into selling agency agreement with a HUF allowing them to use their brand name ‘Pahili Dhar' – whether Service Tax payable under ‘Intellectual Property Services' – CESTAT grants complete waiver of pre-deposit. :MUMBAI CESTAT;

2009-TIOL-1028-CESTAT-KOL.pdf

M/s Avian Overseas Pvt Ltd Vs CCE, CC & ST, BBSR II (Dated: March 6, 2009)

ST - BAS and Cargo Handling Service - Assessee is registered and pays tax on site formation services and mining services - for prior period Revenue raises demand under BAS and Cargo handling service - held, BAS does not apply to manufacture of excisable goods and since coal is an excisable good it is not applicable - transportation within the mining area is also outside the service tax net but loading and unloading of goods and transportation outside the mining area are covered under cargo handling service - cum-tax value to be taken into consideration but no penalty as clarificatory circular came later - Assessee's appeal allowed :KOLKATA CESTAT;

2009-TIOL-1027-CESTAT-DEL.pdf

M/s Samsung Corning Co Ltd Vs CST, Jaipur (Dated: May 14, 2009)

ST - Consulting Engineer Service - Assessee pleads that it provided IPR service and received royalty for the same - held, no record produced by Revenue to controvert the assessee's claim - waiver from pre-deposit granted : DELHI CESTAT;

CENTRAL EXCISE SECTION

2009-TIOL-1026-CESTAT-MAD.pdf

CCE, Chennai Vs M/s Jain Rubber (P) Ltd (Dated: March 16, 2009)

Central Excise – Classification – Latex Bulbs - The list of items covered under entry 40.14 and explained in the note under the entry in HSN are all not capable of use as such independently; some of them such as bulbs for syringes form part of other appliances. The latex bulb in question used in an IV set is a hygienic article of vulcanized rubber other than hard rubber belonging to the family of articles cited in the explanation under entry 40.14 of HSN. Hence, the item is appropriately classifiable under CSH 4014.90. ( Para 4) :CHENNAI CESTAT;

2009-TIOL-1025-CESTAT-MUM.pdf

M/s Jai Prakash Strips Ltd Vs CCE & CC, Nashik (Dated: June 9, 2009)

If applicant is aggrieved with the order of pre-deposit of Tribunal, remedy lies elsewhere and not by way of modification of the order – Modification application dismissed.:MUMBAI CESTAT;

CUSTOMS SECTION

CIRCULAR

dgft08cir097.pdf

Import of waste paper;

CASE LAWS

2009-TIOL-1024-CESTAT-BANG.pdf

M/s H T Company Vs CC & CCE, Hyderabad (Dated: February 19, 2009 )

Customs – Goods imported in violation of import policy liable for confiscation – Redemption fine and penalty reduced – Chartered Engineer's certificate for valuation of non-declared goods to be accepted and duty liability worked out accordingly – Insurance amount to be added only on actual basis - Matter remanded to re-quantify value :BANGALORE CESTAT;