Two customs and central excise officers have been arrested by the CBI in connection with a tax evasion scam in Panaji that also saw arrest of Ahmadabad-based Adani Group MD Rajesh Adani. Both the senior officers were arrested on Monday from their residences in Goa , CBI’s Anti Corruption Bureau SP S S Gavli told PTI on Tuesday, refusing to divulge the exact location and names and designations of the officers.
The IT department has alerted tax-payers against sharing personal financial information like PAN card number and credit cards details on the internet in the wake of a spurt in fake e-mails being sent to people. Concerned over fictitious and unauthorised e-mails landing in personal internet addresses of many people, the department has issued an “alert message”.
The Reserve Bank of India is likely to announce its draft guidelines on the compensation packages of private sector bank Chiefs by next month, a move aimed at aligning the salary structures with the business performance.”The indications are that the draft paper will be out by March. This would be aimed at putting a framework in the way banks compensate their CEOs and other top executives,” a source in the know told PTI.
The Supreme Court has dismissed the appeal of Hindustan Petroleum Corporation which had terminated its dealership agreement with Super Highway Services, a retail dealer. The action was taken after a check on the private company’s stock of high speed diesel for its quality. The dealer moved the Patna high court, which set aside the termination.
The Supreme Court has ruled that an arbitral tribunal has no power to direct payment of compound interest or interest on interest on the award amount from the date of the award to the date of payment. It declared in the appeal case, State of Haryana vs SL Arora & Co, that the Punjab Haryana high court was wrong in taking a contrary view.
SECTION73 (3) of Finance Act, 1994, provides for non-serving of notice under Section 73(1) by department in such cases where service tax has been paid before issuance of notice. However, there is no clarity whether department can still initiate proceedings for imposing penalty under Section 76 or 78. Though, CBEC clarified sometime back that all such cases where tax has been paid before issuance of notice can be closed without imposing penalty,
The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for duplication or distribution in electronic medium and in cinematographic film. Henceforth custom duty would be charged only on the value of the carrier medium.
Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation.
The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in ‘Digital Head End’ equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector. Shri Pranab Mukherjee, the Union Finance Minister announced project import status at a concessional customs duty of 5 per cent with full exemption from special additional duty to the initial setting up of such projects.
Project import status at a concessional customs duty of 5 per cent with full exemption from service tax to the initial setting up and expansion of Cold storage, cold room including farm pre-coolers for preservation or storage of agriculture and related sectors produce; and Processing units for such produce;
