Has Rural India started shining?;

Minister seeks public feedback on Bt Brinjal ;

India's per capita income goes up to Rs 30316;

Sahar Airport Customs seizes Titan Watches worth Rs 20 lakh from courier terminal + seizes drugs from African national;

CBI arrests Addl GM of Power Grid Corporation in corruption case;

CBEC promotes 13 as Asst Commissioner;

CBEC revises tariff value of poppy seeds and brass scraps of all grades;

New benchmark must for speedy achievement of power for all: Shinde;

Govt releases 17.91 lakh tonne of sugar quota for February ;

TIOL COMMENTARY

rural economy shining.pdf

Has Rural India started shining?

RBI

NOTIFICATION

RBI Notification for CRR .pdf

Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR;

Monetary Policy .pdf

Third Quarter Review of Monetary Policy 2009-10;

MIXED BUZZ

mbuzz1272.pdf

Minister seeks public feedback on Bt Brinjal;

mbuzz1271.pdf

India's per capita income goes up to Rs 30316;

mbuzz1270.pdf

New benchmark must for speedy achievement of power for all: Shinde;

mbuzz1269.pdf

Govt releases 17.91 lakh tonne of sugar quota for February;

2010-TIOL-49-ITAT-DEL.pdf

Shri Anuj Goel Vs ACIT, New Delhi (Dated: January 8, 2010)

Income Tax - Section 80HHC - CIT(A) confirms disallowance of claim for DEPB entitlement - Held, assessee is having export turnover of above Rs.10 crores and hence 90% of DEPB was reduced from profit of business for the purpose of computation of deduction allowable to the assessee u/s 80 HHC but the same was not added back as per the amended provision of section 80HHC. Now, as per the decision of the Special Bench of the Tribunal rendered in the case of Topman Exports, 90% of profit on sale of DEPB is to be excluded and not 90% of total DEPB receipts. Special Bench of the Tribunal has also decided the manner of computation of profit on sale of DEPB and as per the Special Bench, face value of DEPB is to be reduced from sale proceeds of DEPB and if the sale proceeds is higher than the face value, such excess is profit on sale of DEPB. Matter restored to the file of the AO for a fresh decision in the light of the decision of Special Bench in the case of Topman Exports .Ground of Assessee allowed.

Section 80HHC -On the issue of CIT(A) confirming the disallowance of the claim of the assessee u/s 80HHC on the Export sale - Held, matter restored to the file of the AO for a fresh decision in the light of the master RBI Circular on Export of Goods & Service dated July Ist, 2005. If the AO finds that this RBI Master Circular is applicable in the present case and the export proceeds were realized as per this RBI Master circular, then such export proceeds should not be reduced from export turnover for the purpose of computation of deduction allowable to the assessee u/s 80HHC.Ground allowed.:DELHI ITAT;

2010-TIOL-48-ITAT-DEL.pdf

Aryan Management Service Pvt Ltd Vs ITO, New Delhi (Dated: January 8, 2010)

Income Tax - Section 68 - AO reopens assessment  on receipt of information in the form of Investigation Report from the office of Additional Director of I.T (Investigation), through proper channel that the Assessee company is one among the hundreds of beneficiaries which has taken accommodation entries from various entry operators – After consideration AO holds that the amount stated to be received by the Assessee from the companies as share application money is un-accounted money - additions u/s 68 made - CIT(A) deletes the addition on the ground that the AO has not gathered and brought on record any material evidence to controvert or disprove the contention of the Assessee regarding the genuineness of the share application money received by it and supported by necessary documentary evidence - Held, matter remanded to the AO for a de novo assessment after providing an opportunity to the Assessee to cross examine. The AO should also allow the Assessee to furnish necessary evidence to establish the identity and creditworthiness of the persons/companies from whom the share application money has been received by the Assessee and also to establish the genuineness of the transaction. Assessee's appeal allowed. :DELHI ITAT;

cbecorder024_2010.pdf

CBEC promotes 13 as Asst Commissioner;

SERVICE TAX SECTION

2010-TIOL-175-CESTAT-MAD.pdf

M/s Admec Logistics Ltd Vs CCE, Tirunelveli (Dated : September 24, 2009)

Service Tax – Stay/Dispensation of pre-deposit – maintenance and repair service – denial of benefit of exemption under Notification 12/2003 ST – the appellant had not paid any sales tax on the value of material claimed to be used during the course of providing the service – pre-deposit of tax amount ordered.: CHENNAI CESTAT;

2010-TIOL-171-CESTAT-BANG.pdf

M/s Amet Ltd Vs STC, Mangalore (Dated : June 23, 2009)

Service Tax – Services received from outside India liable to service tax only w.e.f 18.04.2006 – Service tax demand set aside: BANGALORE CESTAT;

CENTRAL EXCISE SECTION

2010-TIOL-174-CESTAT-MUM.pdf

Allovers And Lace P Ltd Vs CCE, Pune (Dated : July 31, 2009)

Judicial discipline – cenvat credit on yarn used for carrying out embroidery work on cloth received under rule 4(5)(a) of CCR, 2004 – in view of Larger Bench decision in Sterlite Industries ( 2005-TIOL-305-CESTAT-MUM-LB ) credit not required to be reversed in terms of rule 6(3) of CCR, 2004 – Strong prima facie case – Pre-deposit waived and Stay granted.: MUMBAI CESTAT;

2010-TIOL-173-CESTAT-MUM.pdf + sudarshan story.pdf

Sudarshan Chemical Industries Ltd Vs CCE, Pune III (Dated : January 4, 2010)

Ensuring quality of chemical products – Materials used for quality control and allied purpose in R&D laboratory are inputs – Prima facie case – Stay granted – CESTAT.: MUMBAI CESTAT;

CUSTOMS SECTION

NOTIFICATION

ctariff10_007.pdf

83/2009 rescinded

ctariff10_006.pdf

Govt imposes definitive anti-dumping duty on Carbon Black

cnt10_010.pdf

CBEC revises tariff value of poppy seeds and brass scraps of all grades;

CASE LAWS

2010-TIOL-172-CESTAT-BANG .pdf

M/s Transitions Optical India Pvt Ltd Vs CC, Bangalore (Dated : May 11, 2009)

Customs – Import of semi finished ophthalmic spectacle lenses and claim of exemption under Notification No. 06/2006-CE – Exemption not available for semi finished ophthalmic lenses – CESTAT decision in M/s Essilor India Pvt Ltd = 2008-TIOL-470-CESTAT-BANG followed : BANGALORE CESTAT;