AP Chief Minister Y S Rajasekhara Reddy's chopper goes missing; Rescue mission on; No confirmed reports of his whereabouts;

CBDT hikes allowances for Members of National Committee For Promotion of Social Welfare;

Guwahati DRI seizes 32700 bottles of Phensedyl Cough; also seizes Tata truck;

NTPC not to implead in on-going gas disputes between Ambani brothers: Power Secretary;

MIXED BUZZ

mbuzz0810.pdf

Indian Dope Testing Lab signs pact with Swedish body;

mbuzz0809.pdf

Revival of four PSUs: Expert Panel submits report to Minister;

NOTIFICATION

it09not065.pdf

CBDT hikes allowances for Members of National Committee For Promotion of Social Welfare;

CASE LAW

2009-TIOL-100-SC-IT.pdf + sc story.pdf

M/s Liberty India Vs CIT (Dated: August 31, 2009)

Income tax - Sec 80IB - Assessee is a small scale manufacturer of fabrics - also undertakes exports of various textile items - claims deductions for Duty Drawback and DEPB benefits under Sec 80IB - AO disallows - CIT(A) allows deduction of duty drawback but not of DEPB - Tribunal rejects assessee's appeal - HC holds the assessee has failed to provide nexus between the receipt by way of exports incentives and the industrial undertaking and rejects the appeal - held, Duty Drawback and DEPB Benefits do not form part of the net profits of eligible industrial undertaking - the profits derived by way of such incentives do not fall within the expression "profits derived from industrial undertaking" in Section 80-IB.

Application of Accounting Standard-2 of the ICAI: The duty drawback, DEPB benefits and rebates cannot be credited against the cost of manufacture of goods debited in the Profit & Loss account for purposes of Sections 80-IA/80-IB as such remissions (credits) would constitute independent source of income beyond the first degree nexus between profits and the industrial undertaking.: SUPREME COURT;

CENTRAL EXCISE SECTION

excircular895.pdf

Amendment in Section 35G / 35H of Central Excise Act and Section 130 / 130A of Customs Act regarding powers of the High Court to condone delay in filing Appeal / Reference Application