TIOL-DDT 2374 · the untouched capture
Rendered as it looked. Links and images are disabled in this view; the file itself is untouched.
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
"http://www.w3.org/TR/html4/loose.dtd">
<html>
<head>
<title>Untitled Document</title>
<meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1">
</head>
<body>
<strong><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif"><s><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=20079"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2014_1.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="250" height="123" hspace="5" border="0" align="right"></a></font></strong></font></strong></font></strong></font></strong></font></strong></s>TIOL-DDT 2374</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br>
13.06.2014<br>
Friday</font>
</strong>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Cost Inflation Index</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> per Section 48 of the Income Tax Act, for calculating capital gains, indexed cost of acquisition is to be deducted from the sale consideration to arrive at the taxable gains. And the Government is to notify a cost inflation index (CII). The government has now notified <strong>1024 </strong>as the cost inflation index for 2014-15.</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Cost Inflation Index for the previous years:</font></p>
<table width="90%" border="1" align="center" cellpadding="3" cellspacing="0">
<tr>
<td width="10%" valign="top" bgcolor="#00C100"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Sr. No </font></strong></p> </td>
<td width="24%" valign="top" bgcolor="#EECA3C"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Financial Year </font></strong></p></td>
<td width="11%" valign="top" bgcolor="#FFFF00"><p align="center"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CII </font></strong></font></p></td>
<td width="13%" rowspan="18" valign="top"><div align="center"></div></td>
<td width="13%" valign="top" bgcolor="#00C100"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Sr.No </font></strong></p></td>
<td width="18%" valign="top" bgcolor="#EECA3C"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Financial Year </font></strong></p></td>
<td width="11%" valign="top" bgcolor="#FFFF00"><p align="center"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CII </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1981-82 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">100 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">18 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1998-99 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">351 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1982-83 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">109 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">19 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1999-00 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">389 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1983-84 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">116 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2000-01 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">406 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1984-85 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">125 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">21 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2001-02 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">426 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1985-86 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">133 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">22 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2002-03 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">447 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1986-87 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">140 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">23 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2003-04 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">463 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1987-88 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">150 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">24 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2004-05 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">480 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1988-89 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">161 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">25 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2005- 06 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">497 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1989-90 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">172 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">26 </font></p></td>
<td bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2006-07 </font></p></td>
<td bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">519 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">10 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1990-91 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">182 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">27 </font></p></td>
<td bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2007-08 </font></p></td>
<td bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">551 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">11 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1991-92 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">199 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">28 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2008-09 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">582 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">12 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1992-93 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">223 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">29 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2009-10 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">632 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">13 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1993-94 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">244 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">30 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2010-11 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">711 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">14 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1994-95 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">259 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">31 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2011-12 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">785 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1995-96 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">281 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">32 </font></p></td>
<td bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2012-13 </font></p></td>
<td bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">852 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">16 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1996-97 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">305 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">33 </font></p></td>
<td bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2013-14 </font></p></td>
<td bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">939 </font></strong></font></p></td>
</tr>
<tr>
<td valign="top" bgcolor="#00C100"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">17 </font></p></td>
<td valign="top" bgcolor="#EECA3C"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1997-98 </font></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">331 </font></strong></font></p></td>
<td valign="top" bgcolor="#00C100"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">34 </font></strong></p></td>
<td valign="top" bgcolor="#EECA3C"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2014-15 </font></strong></p></td>
<td valign="top" bgcolor="#FFFF00"><p align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1024 </font></strong></font></p></td>
</tr>
</table>
<p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2014/it14not031.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Income Tax Notification No. 31/2014, Dated: June 11, 2014 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Companies Act - Audit Committees and Remuneration Committees to be Constituted </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> per Rule 6 of the Companies (Meetings and Powers of Board) Rules, 2014, the Board of Directors of all listed companies and the following classes of companies shall constitute an Audit Committee and a Nomination and Remuneration Committee of the Board- </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) all public companies with a paid up capital of ten crore rupees or more; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) all public companies having turnover of one hundred crore rupees or more; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) all public companies, having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding fifty crore rupees or more. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the Rules are amended to stipulate that the Audit Committee and the Nomination and Remuneration Committee shall be constituted within one year from the commencement of these rules or appointment of independent directors by them, whichever is earlier. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/mca_not_14_08.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Ministry of Corporate Affairs Notification Dated: June 12, 2014 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC gets an OSD JS TRU just before Budget </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>TRU </strong>- Tax Research Unit is the most respected and envied wing of the CBEC. This is the unit that prepares the budget and is responsible for all legislation from simple notifications to complicated Acts.(no pun). The Joint Secretary JS TRU is the exalted head of this unit. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It was once considered a great honour to be selected to work in TRU, but nowadays they are finding it difficult to get capable and willing officers to work in TRU. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The present JSTRU, P K Mohanty was promoted as Chief Commissioner and posted as DG, ICCE on 13th January 2014. By an order dated 16.01.2014, he was asked to hold additional charge of JSTRU. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">On 9th January 2014, CBEC called for applications from eligible officers (Commissioner rank) to apply for the post of JSTRU. Board wanted the applications latest by 21.01.2014. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Obviously nobody applied. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">On April 28 2014, the Board again invited applications latest by 16th May 2014. On 6th May 2014, they issued a letter that they want the applications latest by 8th May 2014. Maybe Chidambaram wanted to appoint the new JS before the new Finance Minister could take over. Obviously this also did not happen. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now they have appointed Alok Shukla as OSD. The Order issued yesterday <em>says, With the approval of <strong>competent authority,</strong> ShriAlok Shukla, IRS (C&CE) is posted as <strong>OSD</strong> against the post of JS (TRU-I) till further orders. Shri P.K. Mohanty will continue to hold the additional charge of JS (TRU-I) till further orders. </em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><em>Competent Authority:</em></strong> Who is this mysterious <em>competent authority</em> ? When the Government officers do not want to reveal as to who has taken a decision, they use this <em>competent authority. </em>The<em> competent authority</em> must be a senior officer or a minister - why can't they tell the world as to who this authority is who is competent to take a decision but is hesitant to reveal his identity. In the Coal Scam, the CBI FIR mentioned a <em>competent authority</em> and the former Secretary in the Coal Ministry said that usually the minister is the competent authority. Maybe it's time the bureaucratic veil over the <em>competent authority</em> is lifted so that we know that he was really competent and had the authority. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>OSD</strong>: Is another popular sound in bureaucratic parlance meaning ‘Officer on Special Duty'. When you don't know what to call an officer, you call him an OSD. He doesn't have a particular rank - he can be anybody from an under secretary to a secretary. Delhi is full of OSDs - ministers and senior bureaucrats have OSDs - mostly to do unspecified jobs and often to bypass the hierarchy. The OSD to the Prime Minister can be a junior officer or even an outsider, who can report directly to the Prime Minister bypassing the Principal Secretary. Even our Revenue Boards Chairmen and Members appoint OSDs who are perhaps their trouble shooters. And now we have an OSD as JS TRU and a Chief Commissioner holding additional charge of JS TRU which is a Commissioner rank post. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The TRU is the Budget making body and the next Budget is hardly a month away with new ministers and a new OSD JS TRU. Maybe the present regular additional charge JS will get his well-deserved Chief Commissioner post after the budget. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=70&filename=pitara/sernews/order/cbecorder120_2014.htm"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC Office Order No. 120/2014 Dated:June 12, 2014 </font></strong></a></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">India gets new Attorney General - Finally </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</strong> has officially announced the appointment of Senior Advocate Mukul Rohatgi as the new Attorney General for India for a period of three years from the date on which he enters upon his office. There were stories doing the rounds that a senior advocate and a former Law minister had written to the Prime Minister against the appointment of Rohtagi, but finally his name was cleared. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Attorney General is the highest Law officer of the Government of India. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A Supreme Court Lawyer writes about Rohatgi, <em>"Rohatgi in argument is like watching a finely tuned performance. He possesses a quality that's elusive even in most actors, and even more so among lawyers presence. Legends, some apocryphal, most not, tell of briefing advocates who've told him no more than three words just as he was about to enter the courtroom from which he would produce a rich and complex saga of woe that results in notice and stay of the judgment of the high court."</em></font></p>
<p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">DDT Cartoon </font></strong></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/Cartoon_2374.jpg" alt="Legal Corner Icon" width="402" height="466" hspace="5" border="0" align="center"></font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Jurispruden</font><font color="#FF6633" size="5">tiol</font><font color="#006600"> - Monday's cases</font></strong></font></strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_hammer.jpg" alt="Legal Corner Icon" width="100" height="84" hspace="5" border="0" align="left"><strong><font color="#663399">Service Tax </font></strong></font></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Export of services - Refund - Relevant Date for limitation is date of receipt of payment not date of export - CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> appellant is a 100% EOU registered under STPI for export of computer software and ITES. Their basic area of work is providing product designs, modeling and analysis in car engineering etc. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The issues involved in the appeals are: </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">i. Whether relevant date specified under Section 11B of Central Excise Act 1944 is relevant for refunds under Rule 5 of the CENVAT Credit Rules, 2004 read with Notification <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2006/exnt06_05.htm" target="_blank"><font size="1">5/2006-C.E. (N.T.)</font></a></strong> dated 14.03.2006?</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">ii. Eligibility of services as input services for grant of refund. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">iii. Whether CENVAT credit availed on the input services before payments for the services received. </font></p>
</blockquote>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Income Tax </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Whether extending financial assistance or scholarship, to students for educational purpose would fall within connotation of 'education' - YES: ITAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> assessee is a Section 25 company. As per the MOA, principle object of the assessee were the study of the theory of banking, to institute scheme of examination, to promote information on banking etc. DIT(E) received a proposal from the ADIT(E) for cancellation of registration granted to the assessee u/s. 12A. ADIT in its proposal stated that assessee was carrying on activities in the nature of trading, commerce or business, that gross receipts of the assessee were in excess of Rs. 10 lakhs, that provisions to proviso to section 2(15) were applicable in the case of the assessee from AY 2009-10. Vide, his letter, DIT(E) issued a show cause notice to the assessee asking it as to why the registration granted to it should not be withdrawn by invoking the provisions of section 12AA (3). It was stated in the show cause notice that the activities as carried out by the assessee were in nature of trade, commerce or business during the AY 2009-10, that the details of the income in the income and expenditure account showed that assessee had earned income of Rs. more than 10 lakhs, that proviso to section 2(15) were applicable in its case, that the objects were in nature of advancement of any other object of general public utility. Assessee had made submissions before the DIT(E). </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The issues before the Bench are - Whether without bringing something positive on record to distinguish the facts of earlier year and current year, it can be argued that the assessee has changed its nature of charitable activities and whether extending financial assistance or scholarship, to students for their educational purpose would fall within the connotation of "education". And the verdict goes in favour of the assessee. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Excise </font></strong></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Clandestine clearances - Demand cannot be confirmed based on evidence of diary - Settled law that clandestine manufacture and clearance cannot be inferred unless allegations are also corroborated and established on evidences: CESTAT </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> dispute relates to demand of duty on alleged clandestine processing and clearance of man-made fabrics. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The appellant <i>M/s Mahesh Silk Mills</i> is engaged in the processing of man-made fabrics belonging to various cloth merchants/ traders on job work basis attracting Additional Duty under the Additional Duties of Excise (Goods of Special Importance) Act, 1957. The factory premises of the appellant <i>M/s Mahesh Silk Mills</i> and seven shop premises of cloth merchants/ traders were searched by the officers of the Directorate General of Central Excise Intelligence, Zonal Unit, Mumbai. During the course of search the officers seized one diary from the factory premise of Mahesh Silk Mills containing fabric details like Name, Date, No., Meterage, Name of Fabric etc. allegedly showing quantities of grey fabrics received from 47 cloth merchants / traders and corresponding processed fabrics sent back by <i>M/s Mahesh Silk Mills</i> after processing to the said merchants/ traders. Consequently, a demand of Rs 30,18,378/- was confirmed with penalties. The appellant is before the Tribunal against the demand. </font></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">See our Columns Monday for the judgements</font></strong></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday with more <strong>DDT</strong></font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice weekend. </font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to <a href="mailto:vijaywrite@taxindiaonline.com"><strong></strong></a></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@taxindiaonline.com"><strong>vijaywrite@taxindiaonline.com </strong></a></font></p>
</body>
</html>