"May, 2008" Archive

Filing of appeals by Income-tax Department – Measures for reducing litigations

5 (15/05/2008)

The CBDT, as a measure to reduce litigation, revised the monetary limits for filing appeals by the Department before Income Tax Appellate Tribunals, High Courts and Supreme Court. Accordingly, appeals would henceforth be filed in the ITAT only if the tax effect exceeded Rs.2,00,000, in the high court only if the tax effect exceeded Rs.4,0...

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CST rate to be cut to 2% from June 1, 2008

After much bickering with states, the finance ministry today reduced the central sales tax (CST) rate on inter-state sales from 3 per cent to 2 per cent with effect from June 1.The ministry notified the rate-cut to the states despite differences on compensating them for losses of about Rs 13,000 crore in 2008-09 because of the cut. CST wa...

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Posted Under: Income Tax |

Notification No. 66/2008-Income Tax Dated 30/5/2008

Notification No. 66/2008-Income Tax (30/05/2008)

Notification No. 66-Income Tax In exercise of the powers conferred by clause (ii) of the third proviso to sub-section (9) of section 80-IB of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the following undertakings, being mineral oil refinery projects, for the purposes of the said sub-section...

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Constitution of National Advisory Committee on Accounting Standards (NACAS)

Notification No. S.O. 1270(E) (30/05/2008)

- In exercise of the powers conferred by sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the following persons to advise the Central Government on the formulation and l...

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Circular No. 871/09/2008-Central Excise, Dated: 30.5.2008

Circular No. 871/09/2008-Central Excise (30/05/2008)

I am directed to refer to Board's Circular No. 581/18/2001-CX dated 29th June, 2001 which inter alia, specifies conditions, procedures, class of exporters and places under sub-rule (2) of rule 20 of Central Excise Rules, 2002 for warehousing of excisable goods for the purpose of export. In paragraph 2(2) of the said Circular, the Board ha...

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Notification No. 65/2008-Customs Duty (N.T.), Dated 29th May, 2008

Notification No. 65/2008-Customs (N.T.) (29/05/2000)

for the purpose of adjudicating the matters relating to show cause notice pertaining to Shri Liu Kang Chuan (In Judicial Custody) and Others issued vide, F.No. DRI/BZU/C/INV-14/2006-07/5190-5195 dated the 5th July, 2007, by the Additional Director General, Directorate General of Revenue Intelligence, Mumbai Zonal Unit, Mumbai. ...

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Amend the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995

Notification No. 64/2008-Customs (N.T.) (29/05/2008)

The principal rules were published vide notification No. 37/95-Customs (N.T.), dated the 26th May, 1995, published in the Gazette of India, Part II, Section 3, Sub-section (i), vide G.S.R.441(E), dated the 26th May, 1995, and was last amended vide notification No. 80/2006-Customs (N.T.), dated the 13th July, 2006 [G.S.R. 419 (E), dated ...

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Notification No. 63/2008-Customs Duty (N.T.), Dated 29th May, 2008

Notification No. 63/2008-Customs (N.T.) (29/05/2008)

For the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Hardik Overseas Private Limited, Delhi/Bhiwadi (Rajsthan) and Others issued, vide, DRI. F.No. 23/9/2005-DZU, dated the 8th May, 2007, by the Additional Director General, Directorate General of Revenue Intelligence, Delhi Zonal Unit, B-4, 6th Floor...

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Notification No. 62/2008-Customs Duty (N.T.), dated 29-05-2008

Notification No. 62/2008-Customs (N.T.) (29/05/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs....

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Notification No. 61/2008-Customs Duty (N.T.), Dated 29th may, 2008

Notification No. 61/2008-Customs (N.T.) (29/05/2008)

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Meenu Exim Pvt. Ltd., Block No. 160, Plot No. 18B to 18C, At/Po.-Pipodara, Ta-Mangrol, Dis-Surat issued, vide F.No. DRI/AZU/INV-06/2005/Meenu, dated the 16th June, 2006, F.No. DRI/AZU/INV-06/2005/Meenu, dated the 27th July, 2007, and F.No. DRI/AZU...

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Notification No. 60/2008-Customs Duty (N.T.), Dated 29th May, 2008

Notification No. 60/2008-Customs (N.T.) (29/05/2008)

For the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Abchal Impex, B-1/594, Janakpuri, Delhi - 58 issued, vide DRI F.No. /25/60/2006-DZU/Part-II/3711-14, dated the 19th June, 2007, by the Additional Director General, Directorate General of Revenue Intelligence, Delhi Zonal Unit, B-3 & 4, 6th Floor, ...

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Notification No. 59/2008-Customs Duty (N.T.), Dated 29th May, 2008

Notification No. 59/2008-Customs (N.T.) (29/05/2008)

Air Cargo Complex, Sahar, Mumbai for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Jwala Micro Devices Private Limited, E/204, Bhoomi Enclave, Near Omkar Hospital, Mahavir Nagar, Dahanukar Wadi, Kandivali, Mumbai-400067 issued vide, F.No. DRI/MZU/C/INV-18/2006-07, dated the 13th December, 2007, b...

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Notification No. 58/2008-Customs Duty(N.T.), Dated 29th May, 2008

Notification No. 58/2008-Customs (N.T.) (29/05/2008)

New Custom House, Ballard Estate, Mumbai for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s. Euroasia Global, 8/6514, Hardhian Singh Road, Dev Nagar, Karol Bagh, New Delhi-5 and another, issued vide DRI F.No. 23/01/2007-DZU/198-203, dated the 9th January, 2008, by the Additional Director General, ...

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Notification No. 57/2008-Customs Duty (N.T.), dated 29 May, 2008

Notification No. 57/2008-Customs (N.T.) (29/05/2008)

For the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Global Exim Inc, M/s H.M. International, M/s B.M. Exports controlled by Shri Mohan Lal Arora, Shri Pawan Kumar Sharma, Shri Nathu Ram Sharma and Shri Harmesh Arora issued, vide, DRI. F.No. 50D/137/2005-CI/1738, dated the 26th June, 2007, by the Ad...

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Notification No. 56/2008-Customs Duty (N.T.), Dated 29 May, 2008

Notification No. 56/2008-Customs (N.T.) (29/03/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi to act as a common adjudicating authority to exercise the powers and...

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Notification No. 55/2008-Customs Duty (N.T.), Dated 29th May, 2008

Notification No. 55/2008-Customs (N.T.) (29/03/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, New Central Revenue Building, Statue Circle, Jaipur to act as a common adjudicating authority to exercise the power...

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Notification No. 54/2008-Customs Duty (N.T.), Dated 29th May, 2008

Notification No. 54/2008-Customs (N.T.) (29/03/2008)

powers and discharge the duties conferred or imposed on the Commissioner of Customs (Exports), Jawaharlal Nehru Custom House, Nhava Sheva, Tehsil Uran, District Raigad, Maharashtra for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Alborz Industries, Delhi...

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Notification No. 53/2008-Customs Duty (N.T.), dated 29-05-2008

Notification No. 53/2008-Customs (N.T.) (29/03/2008)

For the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Pradeepkumar Nirmalkumar, Block No. 160, Plot No. 16/2/, At/Po.-Pipodara, Ta-Mangrol, District-Surat issued, vide, F.N. DRI/AZU/INV-06/2005/PKNK, dated the 9th August, 2007, by the Additional Director General, Directorate General of Revenue Intell...

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Appoints Common Adjudicator

Notification No. 52/2008-Customs (N.T.) (29/05/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Air cargo, NCH, Delhi to act as a common adjudicating authority to exercise the powers and discharge the duties con...

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Notification No. 51/2008-Customs Duty (N.T.), dated 29-05-2008

Notification No. 51/2008-Customs (N.T.) (29/03/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby appoints the Additional Commissioner of Customs, (Port-Import), Chennai to act as a common adjudicating authority to exercise the powers and discharge ...

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Notification No. 50/2008-Customs Duty (N.T.), dated 29-05-2008

Notification No. 50/2008-Customs (N.T.) (29/05/2008)

For the purpose of adjudicating the matters relating to show cause notice pertaining to Shri Naveen Sehgal, R/o C-1, Shardapuri, New Delhi and Others issued vide, DRI F. No. 34/05/2007-DZU/5813-5820 dated the 8th November, 2007, by the Additional Director General, Directorate General of Revenue Intelligence, Delhi Zonal Unit, New Delhi. ...

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Notification No. 49/2008-Customs Duty (N.T.), dated 29-05-2008

Notification No. 49/2008-Customs (N.T.) (29/05/2008)

For the purpose of adjudicating the matters relating to show cause notice pertaining to Shri M/s A Square Automation Private Limited, 110, Saini Enclave, 2nd Floor, Delhi - 92 and Others issued vide, DRI F.No. 50D/131/2004-C.I. dated the 9th July, 2007, by the Additional Director General, Directorate General of Revenue Intelligence, 7th ...

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Appoints Common Adjudicator

Notification No. 48/2008-Customs (N.T.) (29/05/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby appoints the Commissioner of Customs (Import), Mumbai Port, New Custom House, Ballard Estate, Mumbai to act as a common adjudicating authority to exerc...

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Notification No. 47/2008-Customs Duty (N.T.), dated 29-05-2008

Notification No. 47/2008-Customs (N.T.) (29/05/2008)

the matters relating to show cause notice pertaining to M/s Rochi Ram and Sons, D-468D and F, Road No. 9A, VKI Area, Jaipur and Others, issued vide, F.No. 23/38/2006-DZU/RRS, dated the 19th June, 2007 by the Additional Director General, Directorate General of Revenue Intelligence, Delhi Zonal Unit, New Delhi....

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Notification No. 46/2008-Customs Duty (N.T.), dated 29-05-2008

Notification No. 46/2008-Customs (N.T.) (29/05/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby appoints the Additional / Joint Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra to act as a common ad...

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Activity of construction of flats by a builder for their subsequent sale not chargeable to service tax under construction of complex services

Magus Construction Pvt Ltd Vs Union of India (Gauhati High Court)

The circular, dated August 1, 2006, aforementioned, is binding on the department and this circular makes it more than abundantly clear that when a builder, promoter or developer undertakes construction activity for its own self, then, in such cases, in the absence of relationship of ‘service provider’ and ‘service recipient’, the ...

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Foreign nationals working in India will be exempt from fringe tax

Foreign nationals working in India will be exempt from fringe benefit tax (FBT) on the cost of transportation from their residence to the workplace, according to a Supreme Court ruling. Responding to a petition filed by an Australian firm, R&D Falcon (A) PTY, the apex court overruled an earlier decision by the Authority for Advance Ruling...

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Posted Under: Income Tax |

Notification No. 29/2008-Central Excise, Dated: 28.05.2008

Notification No. 29/2008-Central Excise (28/05/2008)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Departm...

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Exchange rate notification for Import of / exported goods w.e.f 1st June, 2008

Notification No. 45/2008-Customs (N.T.) (28/05/2008)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.39/2008-CUSTOMS (N.T.), dated the 28th April, 2008 vide number S.O. 1033(E), dated the 28th April, 2008, except as respects thin...

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Sanction of Customs duty refunds – Unjust Enrichment – reg

Circilar No. 07/2008-Customs Duty (28/05/2008)

I am, accordingly, directed to request you to instruct the officers working under your jurisdiction to carefully examine this aspect of the refund claim before passing an Order-in-Original, so that unnecessary hardships caused to the applicants and protracted litigation in claiming refunds is avoided. ...

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The amount of share application money received by a Company from alleged bogus shareholders cannot be regarded as undisclosed income under S. 68.

CIT vs. Divine Leasing & Finance (SC) - The amount of share application money received by a Company from alleged bogus shareholders cannot be regarded as undisclosed income under S. 68 of I. T. Act for the simple reason that if the names of the alleged bogus shareholders are given to the AO, then the Department is free to proceed to re-op...

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Posted Under: Income Tax |

Under Rule 22 (2) of the Anti-Dumping Rules and the proviso thereto, the initiation of a new shipper review cannot be with retrospective effect in the case of a first time exporter.

M/s H and R Johnson (India) Limited Vs Union of India [New Delhi High Court]

H and R Johnson (India) Limited,Versus Union of India - Under the given circumstances of the case and particularly the purport of Rule 22 (2) of the Anti-Dumping Rules and the proviso thereto, the initiation of a new shipper review cannot be with retrospective effect in the case of a first time exporter. ...

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SEBI : All Foreign Institutional Investors, and Custodians of Securities

Circular No. IMD/FII & C/ 28/2008 (27/05/2008)

We undertake that we/ our associates have not issued/ subscribed/ purchased any of the offshore derivative instruments directly to/ from Non Resident Indians/ Indian Residents....

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Notification No. 27/2008- Service Tax Dated-27.05.2008

Notification No. 27/2008 (27/08/2008)

Services provided in relation to chit. - Chit means a transaction whether called chit, chit fund, chitty, kuri, or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money ...

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Notification No. 13 (RE-2008)/2004-2009, Dated: 27.05.2008

Notification No. 13 (RE-2008)/2004-2009 (27/05/2008)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendments to the Notifications No.4 (RE-2008)/2004-09 dated 11th April...

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Notification No. 26/2008-Central Excise (N.T.);Dated: 27.05.2008

Notification No. 26/2008-Central Excise (N.T.) (27/05/2008)

The principal notification no. 6/2007-Central Excise (N.T.) dated the 12th February, 2007 was published vide number G.S.R.77(E), dated the 12th February, 2007 and was subsequently amended by Notification No.02/2008-Central Excise (N.T.) dated the 15th January,2008 vide number G.S.R.32(E), dated the 15th January,2008....

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Notification No. 25/2008-Central Excise (N.T.); Dated:27.05.2008

Notification No. 25/2008-Central Excise (N.T.) (27/05/2008)

The principal notification no. 5/2007-Central Excise (N.T.) dated the 12th February, 2007 was published vide number G.S.R.76(E), dated the 12th February, 2007 and was subsequently amended by Notification No.01/2008-Central Excise (N.T.) dated the 15th January,2008 vide number G.S.R.31(E), dated the 15th January, 2008....

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Circulation of copy of notifications No S.O -901(E). GSR-329(E), GSR-374 (E) and GSR-387 (E)

General Circular No. 5/2008 (26/05/2008)

Authorization of Officers of Serious Fraud Investigation Office, under section 621 of the Companies Act,1956, for the purposes of filing and conducting prosecution under the Companies Act, 1956. ...

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SEBI (Intermediaries) Regulations, 2008

Notification No. LAD-NRO/GN/2008/11/126538 (26/05/2008)

Provided that the applicant seeking registration to act as a stock broker or sub-broker or a trading member or a clearing member or a depository participant shall make the application along with such additional information through the stock exchange...

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Amends Notification No. 21/2002-Customs, dated 1st March, 2002

Notification No. 71/2008-Customs (26/05/2008)

The principal notification was published in the Gazette of India, Extraordinary, vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification no. 62/2008-Customs, dated the 6th May, 2008 which was published in the Gazette of India, Extraordinary vide number G.S.R.338(E), dated the 6th May, 2008....

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SEBI (Issue and Listing of Securitized Debt Instruments and Security Receipts) Regulations, 2008

Notification No. LAD-NRO/GN/2008/12/126567 (26/05/2008)

These Regulations shall be called the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008....

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Public Notice No. 19 (RE-2008)/2004-09, Dated: 23.05.2008

Public Notice No. 19 (RE-2008)/2004-09 (23/05/2008)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby notifies the following amendment in the Handbook of Procedures....

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SEBI : Simplification of Offer Document and Key Information Memorandum of Mutual Funds Scheme

SEBI/IMD/CIR No. 5/126096/08 (23/05/2008)

In order to ensure minimum level of disclosures in the SID and SAI, the revised and updated format of Standard Observations as on date of issuance of this circular are enclosed...

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Notification No. 24/2008-Central Excise (N.T.);Dated: 23.05.2008

Notification No. 24/2008-Central Excise (N.T.) (23/05/2008)

Under Secretary to Government of India. Note: The principal notification No. 26/2004-Central Excise (N.T.), dated the 27th September, 2004 was published in the Gazette of India, Part II, Section 3, sub-section (i) Extraordinary vide G.S.R. 644 (E), dated the 27th September, 2004 and last amended by notification No. 23/2007-Central Exc...

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Central Excise (Third Amendment) Rules, 2008 so as to allow EOU to pay duty on goods cleared into DTA on monthly basis

Notification No. 23/2008-Central Excise (N.T.) (23/05/2008)

The principle rules were published in the Gazette of India vide notification No. 4/2002-Central Excise (N.T.), dated the 1st March, 2002 was published in the Gazette of India Extraordinary, Part II, section 3 (i) vide GSR 143 (E), dated the 1st March, 2002, and last amended by notification No. 7/2008- Central Excise (N.T.) dated the 25th ...

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Public Notice No. 18 (RE-2008)/2004-09, Dated: 22.05.2008

Public Notice No. 18 (RE-2008)/2004-09 (22/05/2008)

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures....

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SEBI : Margining of institutional trades in cash market

MRD/DoP/SE/Cir-18/2008 (22/05/2008)

In the light of difficulties expressed by the market participants regarding implementation of upfront margining of institutional trades in the cash market, it has been decided to keep the same in abeyance. ...

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SEBI : (Foreign Institutional Investors) (Amendment) Regulations, 2008

Notification No. LAD-NRO/GN/2008/10/126204 (22/05/2008)

All other words and expressions used but not defined in these regulations, but defined in the Act or in the Companies Act, 1956 or in Securities Contracts (Regulation) Act, 1956 or in the Depositories Act, 1996 or under the Foreign Exchange Management Act, 1999 (42 of 1999) or the Rules and the Regulations made thereunder shall have ...

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SEBI : (MUTUAL FUNDS) (SECOND AMENDMENT) REGULATIONS, 2008

Notification No. LAD-NRO/GN/2008/09/126202 (22/05/2008)

They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996....

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F. No. 208/07/2008-Central Excise-6 Dated: 22.5.2008

F. No. 208/07/2008-Central Excise-6 (22/05/2008)

A reference has been received by the Board inviting its attention to the Delhi High Court judgment in the case of K.P. Pouches (P) Ltd [2008-TIOL-240-HC-DEL-CX]. In para 27 of the order, the High Court has opined that the adjudication authority should explicitly state the option available to the assessee under section 11AC of the Act in i...

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Kay Polyplast Limited Vs. Additional Commissioner of Income Tax (Jodhpur High Court)

Kay Polyplast Limited Vs Additional Commissioner Of Income Tax (Rajasthan high Court at Jodhpur)

This appeal has been filed by the assessee, against the judgment of the learned Tribunal, partly allowing the cross objections of the assessee, and remanding the matter to the Commissioner. The remand has been made on the aspect of gross profit rate. However, the learned Commissioner, and the learned Tribunal, upheld the rejection of book...

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Public Notice No. 17 (RE-2008)/2004-2009, Dated: 21.05.2008

Public Notice No. 17 (RE-2008)/2004-2009 (21/05/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures....

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Notification No. 26/2008 – Service Tax, dated 21-05-2008

Notification No. 26 /2008-Service Tax (21/03/2008)

Notification No. 26 /2008-Service Tax In exercise of the powers conferred by sub-section (1A) of section 86 of the Finance Act, 1994 (32 of 1994), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, No.19/2007-Serv...

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Notification No. 25/2008 – Service Tax, dated 21-05-2008

Notification No. 25/2008-Service Tax (21/05/2008)

Notification No. 25/2008-Service Tax In exercise of the powers conferred by sub-section (1A) of section 86 of Finance Act, 1994 (32 of 1994), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, No.18/2007-Service T...

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Notification No. 12 (RE-2008)/2004-2009, Dated: 21.05.2008

Notification No. 12 (RE-2008)/2004-2009 (21/05/2008)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendments to the Notifications No.4 (RE-2008)/2004-09 dated 11th April...

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Amends Notification Nos. 91/2004-Customs, 93/2004-Customs & 94/2004-Customs all dated 10th September, 2004

Notification No. 70/2008-Customs (19/05/2008)

Government of India Ministry of Finance (Department of Revenue) Notification  No. 70/2008-Customs New Delhi, the 19th  May, 2008. 29 Vaisakha, 1930 SAKA G.S.R  389 (E) – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is ne...

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Industry chambers liable to pay service tax – CBEC

INDUSTRY and business chambers are liable to pay service tax. The Central Board of Excise and Customs on Thursday clarified that the trade associations falls within the scope for ‘clubs and association services’. The clarification comes close on the heels of Confederation of Indian Industries (CII) getting a show cause notice from the...

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Posted Under: Income Tax |

Notification on Accounting Standards by the Central Government under The Companies Act, 1956

The Government recognises the importance of financial reporting in providing essential financial information about the company to its shareholders and other stakeholders, as an integral and important part of good corporate governance. Such information needs to be reliable, free from bias and should enable comparison on the basis of common...

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Posted Under: Income Tax |

Service tax refund extended to 3 more export-based services

Exporters will now get tax refund on services provided in relation to sale and purchase of foreign currency under banking and other financial services as well as under foreign exchange broking services from May 16. Service tax refund is also available on the supply of tangible goods, where the right of possession and effective control is ...

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Posted Under: Income Tax |

Guidelines for compounding of Direct Tax offences, 2008

E.N.285/90/2008-IT(Inv.)/12 (16/05/2008)

Instruction/ Circular E.N.285/90/2008-IT(Inv.)/12 Short Title:- These guidelines would be called "The Guidelines for compounding of offences, 2008." 1.2 Commencement and Application:- Subject to the conditions laid down in para 11 these guidelines will regulate the compounding of offences under Direct Tax laws with effect from 01st June ...

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Circular No. 870/08/2008-Central Excise, Dated: 16.5.2008

Circular No. 870/08/2008-Central Excise (16/05/2008)

The undersigned is directed to refer to circular No. 599/36/2001-CX dated November, 2001, wherein the issue of the applicability of the provision of section 11D of the Central Excise Act, 1944 in cases of payments made under erstwhile rule 57CC (1) of the Central Excise Rules, 1944 was examined. It has been brought to the notice of the B...

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Circular No. 869/07/2008-Central Excise, Dated: 16.5.2008

Circular No. 869/07/2008-Central Excise (16/05/2008)

Attention is invited to the Board's circular No. 809/06/2005-CX dated 01.03.2005 on the above subject, and the subsequent modification carried out in the procedure relating to pre-audit of refund claims (involving amount more than Rs. 5 lakh) vide circular No. 857/15/2007-CX dated 02.11.2007. References have been received from the field f...

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Notification No. 69/2008-Customs Duty, dated 15-05-2008

Notification No. 69/2008-Customs (15/05/2008)

The anti-dumping duty imposed under this notification shall be levied with effect from the 15th November, 2007, and shall be effective upto and inclusive of the 14th day of November, 2008 and shall be paid in Indian currency....

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Amends Notification No. 15/2007-Customs Duty, dated 20th February, 2007

Notification No. 68/2008-Customs (15/05/2008)

The principal notification No. 15/2007-CUSTOMS dated the 20th February, 2007, [G.S.R. 94(E), dated the 20th February, 2007], published in Part II, Section 3, Sub-section (i) of the Gazette of India, Extraordinary, dated the 20th February, 2007....

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Notification No. 11 (RE-2008)/2004-2009, Dated: 15.05.2008

Notification No. 11 (RE-2008)/2004-2009 (15/05/2008)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendments to Notification No.85 (RE 2007)/2004-09, dated the 17th Marc...

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Notification No. 10 (RE-2008)/2004-2009, Dated: 15.05.2008

Notification No. 10 (RE-2008)/2004-2009 (15/05/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also 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, with immediate effect, the following amendmen...

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Notification No. 9 (RE-2008)/2004-2009, Dated: 15.05.2008

Notification No. 9 (RE-2008)/2004-2009 (15/05/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendment to Notification No.38 (RE-200...

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Amends Notification No. 36/2001-Customs Duty (N.T.), dated 3rd August 2001

Notification No. 44/2008-Customs (N.T.) (15/05/2008)

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 - Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 40/2008-Customs (N.T.), dated, the 2nd May, 2008 (S.O. 1075(E) dated 2nd May, 2008)....

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Advocates cant audit, only CAs/cost accountants can

The Supreme Court today said that only chartered or cost accountants will be eligible to audit and certify sales tax returns in bid to prevent evasion. The decision would affect the lawyers specialising in Sales Tax laws and former Sales Tax officers who work as sales tax practitioners....

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Posted Under: Income Tax |

Service Tax Provisions After Enacement of Finance Act, 2008

Finance Bill 2008 stands enacted with effect May 10, 2008. In case of transactions between Associated Enterprises, service tax is required to be paid on actual receipt of money for taxable service or on crediting / debiting the account whichever is earlier effective from May 10, 2008. Seven new services came into effect from May 16, 200...

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Posted Under: Income Tax |

Damages paid for breach of contract deductible as Business Expenditure

Jamna Auto Industries vs. CIT - The assessee before the Hon'ble Punjab and Haryana High Court was a Partnership firm. The assessee firm had entered into an agreement with M/s. Deutsche Strahil Metail of Berlin a German firm for supply of certain goods of a particular value. The agreement so arrived at, however, could not be acted upon by ...

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Posted Under: Income Tax |

Income Tax Act as amended by the Finance Act 2008 is now available

Income Tax Act Amended by Finance ACT 2008 is now available on the Income Tax Departments website. The Address of the Department Website is as follows:- http://law.incometaxindia.gov.in/TaxmannDit/DisplayPage/dpage1.aspx...

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Posted Under: Income Tax |

Public Notice No. 16 (RE-2008)/2004-09, Dated: 13.05.2008

Public Notice No. 16 (RE-2008)/2004-09 (13/05/2008)

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 amendment in the Handbook of Procedures....

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Authorisng officers in the SFIO for the purporse of filing and conducting prosecution under companies Act 1956

Notification No. G.S.R. 374(E) (13/05/2008)

.— In exercise of the powers conferred by subsection (1) of Section 621 of the Companies Act, 1956 (1 of 1956) , the Central Government hereby authorizes the following officers in the Serious Fraud Investigation Office (SF10), Ministry of Corporate Affairs for the purposes of filing and conducting prosecution under the Companies Act, 19...

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Notification No. 8 (RE-2008)/2004-2009, Dated: 13.05.2008

Notification No. 8 (RE-2008)/2004-2009 (13/05/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendment to Notification No.38 (RE-200...

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Specifies "Fake Indian Currency Notes" as goods falling in category of prohibited goods

Notification No. 43/2008-Customs (N.T.) (13/05/2008)

In exercise of the powers conferred by sub-clause (c) of clause (i) of sub-section (1) of section 135 of the Customs Act, 1962 (52 of 1962), the Central Government hereby specifies "Fake Indian Currency Notes" as the goods falling in the category of prohibited goods for the purposes of the said section....

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Format of Appointment cum Declaration Letter for Tax Audit

Tax Audit for the Financial Year 2009-2010 is although over but I am sure most of us have not taken a deceleration from the management regarding the following items appearing in Tax Audit Report. Given Below is the format in which we can now take the deceleration from management which should be dated either by the Tax Audit Report date o...

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Posted Under: Income Tax |

Public Notice No. 15 (RE-2008)/2004-09, Dated: 12.05.2008

Public Notice No. 15 (RE-2008)/2004-09 (12/05/2008)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby notifies the following amendment in the Handbook of Procedures....

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Circular No. 101/4/2008-ST dated 12th May,08

Circular No. 101 /4 /2008-ST (12/05/2008)

The notification No. 41/2007-ST, dated 6/10/2007 allows refund of service tax paid on specified services used for export of goods. This notification stipulates that a merchant exporter shall file the claim of refund to the Assistant Commissioner/Deputy Commissioner of Central Excise having jurisdiction over the registered office or the he...

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Amends Notification No. 49/2005-Customs Duty (N.T.), dated 17th June,2005

Notification No. 42/2008-Customs (N.T.) (12/03/2008)

The principal notification No. 49/2005-Customs (N.T.), dated the 17th June,2005 was published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section(i) vide number G.S.R. 410(E) dated the 17th June,2005 and was subsequently amended by Notification No.63/2006- Customs (N.T.), dated the 9th June, 2006 vide number G.S.R. 356...

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Amends Notification No. 40/2005 – Customs Duty (N.T.), dated 13th may, 2005

Notification No. 41/2008-Customs (N.T.) (12/05/2008)

The principal notification No. 40/2005-Customs (N.T.), dated the 13th May,2005 was published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section(i) vide number G.S.R. 308(E), dated the 13th May,2005 and it was lastly amended by Notification No.33/2008- Customs (N.T.) dated the 28th March,2008 , published in the Gazett...

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Notification No. 24/2008 – Service Tax, dated 10-05-2008

Notification No. 24/2008-Service Tax (10/05/2008)

Notification No. 24/2008-Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.41/2007-Service Tax, dat...

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Notification No. 23/2008 – Service Tax, dated 10-05-2008

Notification No. 23/2008 - Service Tax (10/05/2008)

Notification No. 23/2008 - Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notifications of the Government of India in the Mi...

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Notification No. 22/2008 – Service Tax, dated 10-05-2008

Notification No. 22/2008 - Service Tax (10/05/2008)

Notification No. 22/2008 - Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in...

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Notification No. 21/2008 – Service Tax, dated 10-05-2008

Notification No. 21/2008 - Service Tax (10/05/2008)

Notification No. 21/2008 - Service Tax In exercise of the powers conferred by sections 93 and 94 read with section 66A of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006, namely :- ...

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Notification No. 20/2008 – Service Tax, dated 10-05-2008

Notification No. 20/2008 - Service Tax (10/05/2008)

Notification No. 20/2008 - Service Tax In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Export of Services Rules, 2005, namely :- ...

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Notification No. 19/2008 – Service Tax, dated 10-05-2008

Notification No. 19/2008-Service Tax (10/05/2008)

Notification No. 19/2008-Service Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules to further amend the Service Tax Rules, 1994, namely :- (1) These rules may be called the Service Tax (Second Amendment) R...

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Notification No. 28/2008-Central Excise; Dated: 10.05.2008

Notification No. 28/2008-Central Excise (10/05/2008)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944) read with sub-section (3) of section 136 of the Finance Act, 2001 (14 of 2001), the Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), ...

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Notification No. 27/2008-Central Excise; Dated: 10.05.2008

Notification No. 27/2008-Central Excise (10/05/2008)

The principal notification No.4/2006-Central Excise, dated the 1st March, 2006 was published in the Gazette of India, Extraordinary, vide number G.S.R.94(E), dated the 1st March, 2006, and was last amended by notification No. 4/2008-Central Excise, dated the 1st March, 2008 published vide number G.S.R. 132(E), dated the 1st March, 2008....

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Notification No. 18/2008 – Service Tax, dated 10-05-2008

Notification No. 18/2008 - Service Tax (10/05/2008)

Notification No. 18/2008 - Service Tax In exercise of the powers conferred by clauses (A) and (B) of section 90 of the Finance Act, 2008 (18 of 2008), the Central Government hereby appoints the 16th day of May, 2008, as the date on which the provisions of the said Act shall come into force. ...

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Rescinds Notification No.22/2008-Customs, dated 1st March, 2008

Notification No. 67/2008-Customs (10/05/2008)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with sub-section (4) of section 134 of the Finance Act, 2003, the Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.22/2008-Customs, dated th...

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Exempts the specified goods

Notification No. 66/2008-Customs (10/05/2008)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in column (3) of the Table annexed hereto and falling under Heading No. of the Second Schedule to t...

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DCIT Vs. Honeywell International (India) Pvt. Ltd. (ITAT Delhi)

DCIT Vs M/s Honeywell International (India) Pvt. Ltd. (ITAT New Delhi 'C' Bench)

The CIT (A) in a well-reasoned and well-discussed order has not committed any error in coming to a conclusion that the assessee was entitled to claim deduction on account of foreign exchange fluctuation loss. (Para 15)...

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Amends certain notifications

Notification No. 65/2008-Customs (09/05/2008)

The Principal notification No.97/2004-Customs, dated the 17th September, 2004 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (1) vide number G.S.R 620 (E), dated the 17th September, 2004 and was last amended by notification No.116/2007-Customs, dated the 30th November, 2007 vide number G.S.R 745 (E),...

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Exempts specified goods from duty of customs and additional duty

Notification No. 64/2008-Customs (09/05/2008)

Capital goods in Semi Knocked Down (SKD) / Completely Knocked Down (CKD) conditions to be assembled into capital goods by the importer....

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Circular No. 868/06/2008-Central Excise, Dated: 9.5.2008

Circular No. 868/06/2008-Central Excise (09/05/2008)

In the budget 2008-09, certain amendments have been carried out in the CENVAT Credit Rules, 2004. Rule 6 of CENVAT Credit Rules, 2004 pertains to an assessee who manufactures dutiable and exempted goods and provision of taxable and exempted services. As a general principle, CENVAT credit is not allowed on input or input service used for t...

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SC judgment on insertion of proviso to Section 10(23C)(vi)

American Hotel & Lodging Association Educational Institute Vs Central Board of Direct Taxes & Ors (Supreme Court of India)

In American Hotel & Lodging Association, Educational Institute vs. CBDT 2008 (301) ITR 86 SC, the Supreme Court analysed the provision and found that the second proviso to Section 10(23C)(vi) lays down the powers and duties of the prescribed authority for vetting an application for approval and that the prescribed...

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Public Notice No. 14 (RE-2008)/2004-09, Dated: 08.05.2008

Public Notice No. 14 (RE-2008)/2004-09 (08/05/2008)

The agency mentioned below is added at Sr. No.6 (Andhra Pradesh) in Appendix 4C, (Certificate of Origin Non-Preferential) of Handbook of Procedure....

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Notification No. 63/2008-Customs, dated 8th May, 2008

Notification No. 63/2008-Customs (08/05/2008)

The Principal notification No.73/2006-Customs, dated the 10th July, 2006 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (1) vide number G.S.R 408(E), dated the 10th July, 2006 and was last amended by notification No.116/2007-Customs, dated the 30th November, 2007 vide number G.S.R 745 (E), dated 30th...

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