"07 September 2007" Archive

Notification No. 33/2007-Central Excise (N.T.); dated: 07.09.2007

Notification No. 33/2007-Central Excise (N.T.) (07/09/2007)

The principal rules were published in the Gazette of India, Extraordinary vide notification No. 23/2004-Central Excise (N.T.), dated the 10th September, 2004, vide GSR 600 (E), dated the 10th September 2004, and were last amended vide notification No.32/2007-Central Excise (N.T.), dated the 3rd August, 2007, vide G.S.R.534 (E), dated the...

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Notification No. 28 (RE-2007)/2004-2009, Dated: 07.09.2007

Notification No. 28 (RE-2007)/2004-2009 (07/09/2007)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby makes following amendment in the Paragraph 3 of Notification No.15(RE-2006)/2004-2009 ...

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Circular No. 854/12/2007-Central Excise, Dated: 07.09.2007

Circular No. 854/12/2007-Central Excise (07/09/2007)

In exercise of the powers conferred under Rule 31 of the Central Excise Rules, 2002, the Central Board of Excise and Customs, hereby, issues following instructions for the assessees manufacturing Pan Masala, Gutkha and Chewing Tobacco....

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Notification No. 27 (RE-2007)/2004-2009, Dated: 07/09/2007

Notification No. 27(RE-2007)/2004-2009 (07/09/2007)

Activity related to all phases prior to “production” such as design, design research, design analysis, design concepts, assembly and testing of prototypes, pilot production schemes, design data, process of transforming design data into a product, configuration design, integration design, layouts....

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SEBI : Proof of Identity (POI) and Proof of Address (POA) for opening a Beneficiary Owner (BO) Account for non-body corporates.

MRD/DoP/Dep/Cir-12/2007 (07/09/2007)

Subsequently, SEBI vide circular No. MRD/DoP/Cir-08/2007 dated June 25, 2007 has discontinued with the requirement of Unique Identification Number (UIN) under the SEBI (Central Database of market Participants Regulations), 2003 (MAPIN Regulations)/circulars....

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BCTT helps Income Tax make dent into cash transactions; CBDT to use prosecution

As against 6000 surveys conducted u/s 133A in 2004-05 the Department has closely followed the data coming from all the scheduled banks and zeroed in on potential cases and organised 7400 surveys in 2005-06 and detected undisclosed income to the tune of Rs 2300 Crore. Last fiscal it was only 6200 Surveys but detected Rs 2600 Cr undisclosed...

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Posted Under: Excise Duty |

Whether notice to assess gift by a deceased person has to be served on all legal representatives of deceased

Smt. Jasbeer Kaur Bhatia Vs. Assistant Commissioner of Gift-tax Solan, HP (ITAT Chandigarh Bench II)

In the present case, as is evident from admitted facts, the notice was Under Section 16(1). It is a general notice on the assessee as if she made a gift which had escaped assessment. There is no reference or mention to alleged deemed gift made by her mother Smt. Gurcharan Kaur which the G.T.O. wished to assess. ...

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Employing muscle power to recover vehicle loans cannot be permitted

Employing muscle power to recover vehicle loans cannot be permitted in a civilised society where there is effective rule of law - procedure of law may be slow, but that is no excuse for use of force: National Consumer Commission. It is well known that the private banks use muscle power to recover loans. The National Consumer Redressal Com...

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Posted Under: Excise Duty |

Public Notice No. 46 (RE-2007)/2004-2009, Dated: 07.09.2007

Public Notice No. 46 (RE-2007)/2004-2009 (07/09/2007)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Appendix- 3 of Handbook of Procedures....

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TDS credit – firm vs partners – If dividend income is assessed in hands of assessee-shareholder ?

In the present case, the dividend income is admittedly taxed in the hands of the assessee/ shareholder. Once the dividend income is assessed in the hands of the assessee / share-holder, the proviso to Section 199 of the Act would have no application and consequently denying the credit of TDS to the assessee / shareholder does not arise at...

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Posted Under: Excise Duty |

J & K exemption – education cess also to be refunded : Tribunal

It is evident that when the exempted amount of duty was required to be refunded for operationalising the exemption, Education Cess, which was in the nature of piggy back duty on the excise duties under the said three Acts, was also required to be refunded, because it was not at all leviable, in view of the entitlement to exemption worked ...

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Posted Under: Excise Duty |

ITAT has power to extend stay, even after 2007 amendment – Identical cases in Central Excise followed : Bombay HC

Does the third proviso to Section 254 (2A) of Income Tax Act, have the effect of denuding the Tribunal of its incidental power to grant interim reliefs? Finance Act 2007 substituted sub-section (2A) to Section 254 of the Income Tax Act, 1961 with effect from 1st June, 2007....

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Posted Under: Excise Duty |

Acceptance of audit & Code of conduct

An auditor is precluded from making inquiries and sending feelers to appoint him as the auditor. The proposal should come from the client and should not be initiated by the auditor. Several professional and legal requirements are to be considered while accepting a new audit. Code of conduct, auditing and assurance standards, the Indian Co...

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Posted Under: Excise Duty |

Assessee entitled to deduction u/s 80HHC on income from transfer of DEPB from AY 1998-99 and onwards – ITAT

The Assessee is not entitled to deduction u/s 80IB on profit from DEPB Scheme and the cross objection filed by the Assessee was dismissed. In regard to Duty Draw Back Scheme, it has held by the division bench of the ITAT, Delhi that the receipt was in lieu of expenses earlier incurred by payment of excise and customs duty. Therefore, the ...

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Posted Under: Excise Duty |

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