Exports registers only 6.6% decline in October 2009; shows signs of improvement ;

KYC Norms/ AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PML (Amendment) Act, 2009- Cross Border Inward Remittance under MTSS;

KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PMLA (Amendment) Act, 2009- Money Changing Activities;

Applications invited for CBDT Members' posts ;

DGFT moves agarbattis from chemical to handicraft category for exports promotion;

Japan hugely recovers in Q2; surprises all ;

MoF joins hands with German Bank to develop public private partnership capacity ;

Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses;

Centre reviews steps taken by States to prevent illegal mining ;

CBDT posts two OSDs in TPL - Ashish Kumar of 92 batch + Rajesh Kr Bhoot of 94 batch;

ACC approves promotion of Mr Vineet Ohri as Chief Commissioner of Customs and Central Excise; CBEC posts him to Cochin;

TIOL COMMENTARY

export story.pdf

Exports registers only 6.6% decline in October 2009; shows signs of improvement;

RBI CIRCULAR

rbi09cir018.pdf

KYC Norms/ AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PML (Amendment) Act, 2009- Cross Border Inward Remittance under MTSS;

rbi09cir017.pdf

KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PMLA (Amendment) Act, 2009- Money Changing Activities;

rbi09cir016.pdf

Memorandum of Instructions for Opening and Maintenance of  Rupee / Foreign Currency Vostro  Accounts of Non-resident Exchange Houses;

MIXED BUZZ

mbuzz1070.pdf

Centre reviews steps taken by States to prevent illegal mining ;

mbuzz1069.pdf

Japan hugely recovers in Q2; surprises all;

mbuzz1068.pdf

MoF joins hands with German Bank to develop public private partnership capacity;

cbdt_member_post.pdf

Selection for the post of Members of the Central Board of Direct Taxes under the Department of Revenue-reg

CASE LAWS

2009-TIOL-739-ITAT-BANG.pdf

M/s Karnataka Power Transmission Corpn Ltd Vs DCIT, Bangalore (Dated: July 3, 2009)

Income tax - Sec 133A, 194A - Assessee is engaged in the business of power purchase - Survey conducted to verify the compliance regarding TDS provisions – AO finds that Assessee had made provisions for interest on belated payments from power suppliers without deducting tax at source - Assessee contends that amounts accounted in earlier year was reversed in subsequent year - AO invokes provisions u/s 194A(A) & 201(1) and holds the assessee as assessee in default - CIT(A) upholds the AO's order - held, since the assessee has failed to prove that the tax has been paid by the payee on the sum paid, the CIT(A) order is sustainable - Assessee's appeal dismissed :BANGALORE ITAT;

2009-TIOL-738-ITAT-BANG.pdf

M/s Altair Engineering India Pvt Ltd Vs CIT, Bangalore (Dated: July 3, 2009)

Income Tax - Sec 10A, 263 - AO allows deduction u/s 10A – CIT invokes jurisdiction u/s 263 on the ground that  assessee company was earlier claiming deduction u/s 80HHC up-to the AY 03-04 and since there is  no change in the assessee company's business activity, AO wrongly allowed the claim u/s 10A - Held, the assessee company had fulfilled all the conditions in toto. Contrary to the CIT's claim, the AO had, in fact, gone through the issue in depth and also analyzed it thoroughly which is evident from the wordings of the AO. The AO had applied his mind and also examined the pros and cons of the issue and having been satisfied, came to the conclusion, which require no interference. Assessee's appeal allowed.:BANGALORE ITAT;

SERVICE TAX SECTION

2009-TIOL-1949-CESTAT-DEL.pdf

M/s Ram Singh Kanda & Sons Vs CCE, Ludhiana (Dated : September 7, 2009)

ST - Maintenance & Repair Service, Cleaning Service and Manpower Supply Service - Assessee provides all these services to a leading fertiliser company which pays on service tax on these services - Once Revenue's audit discovers it, assessee takes registration and pays tax with interest - penalties imposed - Commissioner(A) reduces demand and waives penalty under Sec 76 but confirms the levy of penalty under Sec 78 - held, had the Revenue given the assessee the option of paying 25% of penalty within 30 days, it would have been much lesser sum - Pre-deposit of the same sum ordered :DELHI CESTAT;

2009-TIOL-1945-CESTAT-BANG.pdf

M/s Fort Health Club Vs CCE, Cochin (Dated : May 29, 2009)

Service tax – No infirmity in computation of tax liability under s. 72 by best judgment method when assessee has not maintained proper books of accounts – Tax liability to be re-quantified based on actual number of persons using health club based on the inspection report – Matter remanded :BANGALORE CESTAT;

CENTRAL EXCISE SECTION

2009-TIOL-1948-CESTAT-MUM.pdf

CCE, Mumbai-V Vs M/s Pam Pharma & Allied Machinery Co Pvt Ltd (Dated : October 6, 2009)

Purchase order gives the price ex-works and shows that transportation charges are extra – no cause for adding the cost of Transportation in assessable value – Revenue appeal rejected. :MUMBAI CESTAT;

2009-TIOL-1947-CESTAT-MUM.pdf + Surana Telecom & Power Ltd Story.pdf

Surana Telecom & Power Ltd Vs CC & CCE, Goa (Dated : October 26, 2009)

In the guise of modification applications, the applicant's intention is to avoid compliance of stay order which cannot be permitted:MUMBAI CESTAT;

CUSTOMS SECTION

PUBLIC NOTICE

dgft09pn020.pdf

DGFT moves agarbattis from chemical to handicraft category for exports promotion;

CASE LAWS

2009-TIOL-1946-CESTAT-BANG.pdf

M/s Linkwell Telesystems (P) Ltd Vs CC & CCE, Hyderabad-II (Dated : May 29, 2009)

Customs – Classification of WISMO imported as parts for manufacture of PCO monitors – WISMO based on wireless technology and has no application in line telephony, not classifiable under Chapter 8517 – Product classifiable under Chapter 85299090, eligible for concessional rate of 5% under Notification No.21/2002 – Impugned order set aside :BANGALORE ITAT;