Income Tax -Sec 9 - Non-resident's Business Connection in India: CBDT withdraws Circular issued in 1969 on ground of misuse;

Key institutes to be roped in for road safety audit: Govt Panel;

Global leaders to break heads over fight against fakes; Fifth Congress on Combating Counterfeiting to be held in Mexico;

UN Anti-Crime chief calls for scaled-up resistance against Afghan drugs trafficking;

BJP raps Direct Taxes Code on MAT and EET issues;

Noted scientist K Radhakrishnan takes over as ISRO Chief;

PM proposes India-ASEAN Round Table to bridge knowledge gap;

Court for CBI cases sentences five exporters and Customs officers in duty fraud case; CBI continues raid in telecom licence case ;

Convergence of Indian Accounting Standards with International norms: Panel reviews progress;

With concerts, films and ceremonies, UN marks its 64th birthday;

DRI's Siliguri unit seizes 4962 kg ganja concealed in cow & buffalo raw hides and bricks in truck; Three persons arrested;

TIOL COMMENTARY

Interpol story.pdf

Global leaders to break heads over fight against fakes; Fifth Congress on Combating Counterfeiting to be held in Mexico;

cbi story.pdf

Court for CBI cases sentences five exporters and Customs officers in duty fraud case; CBI continues raid in telecom licence case;

MIXED BUZZ

mbuzz0966.pdf

Key institutes to be roped in for road safety audit: Govt Panel ;

mbuzz0965.pdf

UN Anti-Crime chief calls for scaled-up resistance against Afghan drugs trafficking;

mbuzz0964.pdf

Calling for more female police, UN officer welcomes new pact with Interpol;

mbuzz0963.pdf

PM proposes India-ASEAN Round Table to bridge knowledge gap

mbuzz0962.pdf

Convergence of Indian Accounting Standards with International norms: Panel reviews progress;

mbuzz0961.pdf

With concerts, films and ceremonies, UN marks its 64th birthday;

NOTIFICATION

it09cir07.pdf

Withdrawal of Circular No 23 dated 23rd July, 1969 , No 163 dated 29th May, 1975 and No 786 dated 7th February, 2000;

CASE LAWS

2009-TIOL-654-ITAT-BANG.pdf

M/s Amco Power Systems Ltd Vs ITO, Bangalore (Dated: July 10, 2009)

Income tax - Sec 35AB - Assessee claims deduction - notice u/s 148 - assessee claims depreciation on technical knowhow in revised return and enhances its loss more than the deduction sum u/s 35AB - AO disallows depreciation on the ground that such a benefit on intangible asset was allowable only from AY 1999-2000 - held, assessee is entitled to deduction u/s 35AB if depreciation is not allowed, and Sec 148 notice is for advantage to the Revenue and cannot be used for the benefit of the assessee whose losses are enhanced in this case - Assessee's appeal allowed:BANGALORE ITAT;

2009-TIOL-653-ITAT-BANG.pdf

ITO, Bangalore Vs M/s Aditi Technologies Pvt Ltd (Dated: July 24, 2009)

Income Tax - Assessee company claims deduction u/s 10A - AO disallows the claim holding that the claim was made without setting off brought forward unabsorbed depreciation and business losses of earlier years against the profits of the eligible business - CIT(A) allows assessee's appeal - Held, subject to provisions of section 10A, a deduction of such profits and gains as are derived by an undertaking from the export of articles or things is to be allowed from the total income of the assessee - Held,  the amount, which is to be reduced from the total income, is to be ascertained as per the provisions of section 10A(4) and the deduction has to be computed in the same proportion to the profit of the undertaking as export turnover bears to the total turnover of the undertaking. It does not refer to the income of the undertaking - Held, if for earlier years, the assessee has opted u/s 10A(8) that provisions of section 10A be not applied then the undertaking is non-STPI unit for those asst. years and loss of non-STPI unit cannot be set off against profit of an STPI undertaking - Revenue's appeal dismissed.:BANGALORE ITAT;

SERVICE TAX SECTION

2009-TIOL-1707-CESTAT-MUM.pdf

CCE, Aurangabad Vs Chate Coaching Classes Pvt Ltd (Dated: August 25, 2009)

Misc. Application for out of turn hearing of the appeal - Considering involvement of high stakes including service tax demand of Rs.2.8 crores, the application is allowed and appeal posted for early hearing. :MUMBAI CESTAT;

2009-TIOL-1705-CESTAT-BANG.pdf

M/s Sri Sai Communications Vs CCE, Guntur (Dated: May 20, 2009)

Service Tax – No assessee will take hospitalization as a ruse to delay in filing appeal – Appeal filed within extended period of three months from last day of original period of appeal condonable by Commissioner (Appeals) – Impugned order dismissing appeal set aside and matter remanded for de novo consideration :BANGALORE CESTAT;

CENTRAL EXCISE SECTION

2009-TIOL-571-HC-MUM-CX.pdf + settle story.pdf

M/s Alluminium Profiles Ltd Vs UoI, New Delhi (Dated: July 8, 2009)

Settlement Commission – Section 32F does not provide for payment of dues in instalments – Orders passed by Settlement Commission are conclusive – No merit in Writ Petition for High Court to intervene when legislative intent is clear :BOMBAY HIGH COURT;

2009-TIOL-1709-CESTAT-MAD.pdf

M/s Spic Limited Vs CCE, Madurai (Dated: July 3, 2009)

Central Excise – demand of duty on account of short receipt of furnace oil under exemption notification no 21/2002 Cus dated 1.3.2002 – the difference in the quantity can be attributed to transit loss, method of weightment, loss in unloading – demand set aside. :CHENNAI CESTAT;

2009-TIOL-570-HC-MAD-CX.pdf + Strategic story.pdf

M/s Strategic Engineering Pvt Ltd Vs Customs, Excise & Service Tax Appellate Tribunal, Chennai (Dated: September 7, 2009)

Central Excise – Appeals – Stay - the quantum of duty cannot be the sole criterion for deciding a stay petition. In a case where the quantum of duty is huge, the Tribunal may find no prima facie case to grant a stay. In a case where the quantum is very small, the Tribunal may find an open and shut case. In other words, the quantum cannot be the sole criteria for deciding a stay petition.: MADRAS HIGH COURT;

2009-TIOL-1706-CESTAT-MAD.pdf

M/s India Actuators Pvt Ltd Vs CCE, Coimbatore (Dated: June 4, 2009)

Central Excise – 100% EOU – Debonding – Destruction of capital goods / raw materials / finished goods – As per Notification No.53/97-Cus which governs the appellant EOU, there was no provision for destruction of capital goods till 22.05.2000, while the show cause notice had been issued prior to the above date. HELD - The relevant EXIM policy had already been amended prior to the issue of show cause notice, and it provides for destruction of obsolete capital goods, raw materials and finished goods and the request for destruction was made after the issue of the show cause notice, and the impugned order was passed well after the Notification itself had been amended to provide for destruction. Circular No.18/98-Cus dated 16.03.1998 clarifies that destruction could be permitted under the notification currently in force . Destruction of obsolete goods allowed. ( Para 3) :CHENNAI CESTAT;

CUSTOMS SECTION

NOTIFICATION

dgft09not016.pdf

Amendment in policy for issue of import licences for rough marble blocks/slabs w.e.f. 1st October, 2009;

CIRCULAR

dgft09cir012.pdf

Import licences for Rough Marble Blocks/Slabs – Issue of balance quota for the year 2009-10 as per New Policy;

CASE LAWS

2009-TIOL-1708-CESTAT-MAD.pdf

M/s Refex Refrigerants Ltd Vs CC, Chennai (Dated: July 22, 2009)

Customs – Stay/dispensation of pre-deposit – valuation – enhancement of value by the Commissioner – there is no lacuna in the value adopted by the Commissioner and he is justified in applying the residual method of valuation in adopting the value of comparable goods contemporaneously imported at other ports – pre deposit ordered. :CHENNAI CESTAT;

2009-TIOL-1704-CESTAT-KOL.pdf

M/s Sunita Impex Vs CC, Kolkata (Dated: August 4, 2009)

Customs – Claim of drawback of excise duty on export of knitted fabrics – No concrete evidence to suggest inputs sent to job worker were duty paid – Prima facie not a strong case for assessees for full waiver of pre-deposit – Considering claim of financial hardship appellants directed to pre-deposit 50% amount :CHENNAI CESTAT;