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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme courtYour final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
CUSTOM NOTIFICATION NO -8 - Exemption for refined or white sugar, imported upto and inclusive of 31st December, 2010 | CENTRAL EXCISE NOTIFICATION NO -01 - Government exempts various items cleared from a unit located in the state of Jammu and Kashmir | SC UPDATES - Issue of s. 143 (2) notice is mandatory for block assessment proceedings | DGFT POLICY CIRCULAR NO -22 - DGFT issues procedure to re-credit 4% Special Additional Duty (SAD) of Customs in DEPB, VKGUY, FPS, FMS, MLFPS scrips | DGFT PUBLIC NOTICE -38 - DGFT notifies revalidation of freely transferable Authorization/ Duty credit scrips and re-credit of 4% SAD thereof. | 2010-ITS-155-CESTAT - No interest is payable on duty which arose as a result of provisional assessment. | 2010-ITS-134-CESTAT - The fact that amount has been deducted from the refund claim would not change the nature of the recovery which remains that interest is liable under Section 11AB of Central Excise Act, 1944. | 2010-ITS-133-CESTAT - Refund is admissible in the case of deemed exports. | 2010-ITS-167-HC - An order of settlement is obviously distinct from an adjudication order of a Central Excise Officer, who has no power to accord immunity from prosecution while determining duty liability under the Excise Act. | 2010-ITS-166-HC - Once the matter has only been remanded back to the Assessing Officer for fresh determination then the issue cannot be considered to have been finally determined | INCOME TAX NOTIFICATION NO - 8 - Central Government specifies Bhavishya Nirman Bond (a ten year zero coupon bond) of National Bank of  Agriculture and Rural Development (NABARD) | INCOME TAX NOTIFICATION NO - 7 - Central Government authorizes Indian Railway Finance Corporation (IRFC) to issue, during Financial Year 2009-10, tax free secured, redeemable, non-convertible Railway Bonds  | CBEC CIRCULAR NO-913 - Tribunal says MOU cannot be considered as ‘transaction value' under section 4- case pending under SC- all cases to be kept in call book | FEMA UPDATES - Indian passenger traveling to and from India can now take upto Rs 7500/- | DGFT PUBLIC NOTICE -37 - No fee is required for inclusion of PAN no. in the old IEC. |
Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme courtYour final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

 

Show cause notice not to be issued when tax paid and when offence or deliberate intent to evade absent

In the case of M/s Volpak Systems Pvt. Ltd. -v- CCE Ahmedabad  Dt. 27.01.10 Tribunal held that issue is squarely covered by the decision of this Tribunal in case of  M/s U.B. Engineering Ltd. Vs. CCE Rajkot as reported in 2009 (17 STJ 291 (CESTAT Ahmd.). In that case also, there was a delay in payment of service tax as well as in filing the returns in the year 2006. In that case, relying upon Board s circular as well as provisions of Section 73(3) of Finance Act, 1994, it was held that imposition of penalties under Sections 76 and 77 of Finance Act, 1994 was not warranted.  The learned Chartered Accountant on behalf of the appellant submits that in this case, once the appellant paid the service tax with interest, as per provisions of Section 73(3), no show cause notice sho ...
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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
 

Daily updates in Excise ,Custom ,Income Tax, DGFT,Service Tax ,vat & RBI

CUSTOM NOTIFICATION NO-8/2010 Dt : February 8, 2010
Exemption for refined or white sugar, imported upto and...

CUSTOM NOTIFICATION NO . 03/2010 DATE 13.01.2010
Amendments in the exemption notification- Kakrapar Atom...

CENTRAL NOTIFICATION NO-01/ 2010 Dt : February 6, 2010
Government exempts various items cleared from a unit l...
 

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A. P. (DIR Series) CIRCULAR NO -31/RBI., Dt : February 5, 2010
Exim Bank's Line of Credit of USD 36 million to the Government of the Republic of Mali ...

DGFT POLICY CIRCULAR NO-22/2009-2014 Dt: Feb 3, 2010.
Procedure to re-credit 4% Special Additional Duty (SAD) of Customs in DEPB, VKGUY, FPS, FMS, MLFPS s ...

DGFT PUBLIC NOTICE NO-38/2009-14, Dt: Feb 3, 2010
Amendment of paragraph 2.13.1, 3.11.7 and 4.50 of HBP Vol. 1 for revalidation of freely transferable ...

Income Tax Notification No. 08/2010/F. No.164/03/2008-ITA.I, dt 3-2-2010 
Central Government specifies Bhavishya Nirman Bond (a ten year zero coupon bond) of National Bank ...

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CESTAT, Mumbai: withering Justice

Justice needs to prevail at any cost but when it comes to implementation, the state of affairs is deplorable. If this continues then it will simply result in the destruction of the institution. The people will have no faith in the administration of justice. In India, the problem starts with the law making in itself. The law is laid out in the first place in such a manner that it will provide leverage for interpretation for rent seeking. Therefore, the authorities in the implemen ... Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme courtRead Full Story
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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court
 
Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

Highlights
Foreign Trade Policy 2009-2014
Order for payment of second installment of arrears on account of implementation of Sixth Central Pay Commission's recommendations issued
FM unveiled new Direct Tax Code
FINANCE MINISTER'S REPLY TO THE DEBATE ON FINANCE (N0.2) BILL 2009
BUDGET SPEEACH

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Should You Apply For Life Assurance Plans?
Pension tips for women
Home Insurance and What It Entails
What You Should Know About Buildings and Contents Insurance
Choosing Between Term and Permanent Life Insurance

 

 Spot Light (Read All)

There is no specific bar in Rule 3(4) of Cenvat Credit Rules in utilising the credit for payment of service tax payable by the respondent as a deemed service provider.
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In the absence of express provisions for reversing the credit of service tax attributable to input services associated with the inputs, the question of reversal of credit of service tax does arise.
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Sports Ministry liberalised and rationalised procedures for import of weapons and ammunition and resale of used weapons by renowned shooters
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Where a manufacturer avails of modvat credit on fuel which is used in the manufacturing of non- excisable final product, then no modvat credit can be availed by the manufacturer.
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The AO has no power to review; he has the power to re-assess-SC
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The “Provision for NPA” made in terms of the RBI Directions by NBFCs is not deductible- SC
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Issue of s. 143 (2) notice is mandatory for block assessment proceedings

Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

The Apex court in a recent case of  Assistant Commissioner of Income Tax & Anr Versus   M/s. Hotel Blue Moon Dt. February 2, 2010 held that if the assessing officer, if for any reason, repudiates the return filed by the assessee in response to notice under Section 158 BC(a), the assessing officer must necessarily issue notice under Section 143(2) of the Act within the time prescribed in the proviso to Section 143(2) of the Act. Where the legislature intended to exclude certain provisions from the ambit of Section 158 BC(b) it has done so specifically. T ...

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With Effect From 1st Feb'09
Currency Import Export
Euro 66.15

64.40
Pound 75.25
 73.30
US 46.60 45.70
Japanese Yen 51.90
 50.45

FINANCE (NO. 2) ACT, 2009
Special Economic Zones (Third Amendment) Rules, 2009
Income-tax (Appellate Tribunal) Amendment Rules, 2009
Special Economic Zones (Second Amendment) Rules, 2009 - Amendment in rule 2, 5 and 19

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Your final destination -Indian tax law, Rules,acts ,notification, circular of customs, excise , vat ,fema, dgft, cbdt,cbec,case law of cestat,itat ,high court and supreme court

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