TIOL-DDT 467 · the untouched capture
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<p align="justify"><b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT
467</font></b><b><br>
<font size="2" face="Verdana, Arial, Helvetica, sans-serif">11 10 2006<br>
Wednesday</font></b></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Sarathbabu</font></strong><font color="#006600"><strong>
–the idly story -response continues</strong></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No
other story in recent times in our portal has evoked so much response as our
story on Sarathbabu. An IRS officer who passed out of IIMA 18 years ago wrote
in,</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">I
do agree with all the responses this article has received. The responses contain
varied judgements depending on the perspectives of the readers. Indeed it was
more like a fable with all the necessary concoctions. As pointed out, the goal
is truly ideal and the path is riddled with many obstacles. Definitely with
diligence and determination which he possesses, I sincerely hope that Mr.Sarathbabu
would reach his dream goal. I can definitely understand his passion for doing
something entirely different as was the case with a few of us passing out of
IIMA 18 years ago. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Some
of us opted for Civil Services as a way of showing our gratitude towards the
society which had given us an opportunity to study in such elite institutions.
At that point of time India</st1:country-region> was going through a phase of
transition from being an under developed country to a developing country and
we wanted to a part of the development. So here I am- with the government of
India</st1:country-region> for the last 16 years and not single day regret.
I consider myself fortunate that I am able to witness this country transforming
itself from being a developing nation to a developed nation. I think it is only
a matter of time that our country would reach that pinnacle.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
point I am trying to drive is that there have been so many Saraths who have
dedicated themselves to the upliftment and growth of this nation. This article
is reminder to all of us that where there is a will there is a way. This article
is a pointer that everybody have a way doing things, more so, in a positive
and constructive manner. They must all be encouraged and supported. It reminds
us once again that we shall rededicate ourselves to our Motherland which has
given so much to us. Finally i would like to add that I fully agree with Aishwarya
that Mr.Sarathbabu must indulge in good things of life. After all, he has really
slogged for it and one cannot get back the time that has elapsed. Life is too
short.</font></p>
<p align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Sreeharsha</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Another
Netizen wrote,</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">What
is wrong in with what he is doing now ???? Why equate everything that is done
to money and fame only ??? The problem with most of us is that we measure success
with some set parameters and there is no other way of looking at it than fame,
money , power etc --- He has slogged it to this stage -- he will continue to
slog it hereafter also -- if he was to start some other concern, even then he
would have slogged -- he would have slogged if he was working as Head in some
MNC also -- itis just the side of the periscope that one looks into.</font></p>
<div align="justify">
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">And
this is what <strong>Rahul,</strong> a nine year old schoolboy from Vizag
had to say,</font></p>
</div>
<div align="justify">
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Business
means risk. No guarantee. So he need not refuse the 8.5 Lakhs job for
doing a business. Since he need not be present whole day to sell Idlies,
he should join the job and then simultaneously try at business.</font></p>
</div>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">CESTAT
to function from ‘New Mental Hospital Compound, Ahmedabad’ from today</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Ahmedabad Bench of the CESTAT is a reality from today. The bench will
function from O-20 Medhani Nagar, New Mental Hospital Compound Ahmedabad-380
006. The President, Justice Abhichandani will sit in bench with the newly
appointed member Mr. M .Veeraiyan on the first day. Regular members are
yet to be posted to the Bench. May be for the time being, Members from
other benches will work on short deputation. </font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Imported
CDs to cost more – anti dumping duty imposed </font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>You can
get a recordable CD for as less as Rs. 5/- in the market, but maybe no more.
The government has imposed an anti dumping duty ranging from about Rs.2 to
Rs. 4.50 on these CDs. “</strong>Compact Discs- Recordable (CDRs) write once
Read many Times” originating in, or exported from the People's Republic of
China, Hong Kong, Singapore and Chinese Taipei are subject to this anti dumping
duty. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2006/ctariff06_105.htm">NOTIFICATION
NO. 105/2006-Cus., Dated: October 6, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Imported
tyres – anti dumping duty imposed </font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Import of bias
tyres falling against tariff items 4011 20 90, 4012 90 49 and 4013 10 20 of
the Customs Tariff originating in, or exported from, People's Republic of
China (China PR) and Thailand will also now attract an anti dumping duty.
</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2006/ctariff06_106.htm">NOTIFICATION
NO. 106/2006-Cus., Dated: October 9, 2006 </a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Payment
over Rs. 20,000/- in cash – livestock not covered</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As
per the Income Tax Act, if payment of a sum more than twenty thousand
is made otherwise than by a crossed cheque or draft, 20% of the expenditure
is not allowed as deduction. But there is an exception; payment made to
the producer for the purchase of the produce of "animal" husbandry
(including hides and skins). Is this allowed for livestock? Yes! Clarified
the Board by<u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=36&filename=notification/cbdt/2006/it06cir04.htm">
CIRCULAR NO.</a></u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=36&filename=notification/cbdt/2006/it06cir04.htm"><u>
4/2006, Dated: March 29, 2006.</u></a> The expression 'the produce of animal
husbandry' would include livestock and meat and in a case where payment
exceeding rupees twenty thousand is made to a producer of the products of
animal husbandry (including livestock, meat, hides and skins) otherwise
than by a crossed cheque drawn on a bank or by a crossed bank draft for
the purchase of such produce, no disallowance should be attracted. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the question
is as to “who are the producers of livestock and meat and the evidence required
to be furnished in this regard by the persons making the payments.”</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board (CBDT)
has now clarified that any person, by whatever name called, who buys animals
from the farmers, slaughters them and then sells the raw meat carcasses to
the meat processing factories or to the traders/retail outlets would be considered
as producer of livestock and meat.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board has further
stipulated that the benefit is subject to furnishing of the following:-</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) A declaration
from the person receiving the payment that he is a producer of meat;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) A confirmation
that the payment, otherwise than by an account payee cheque or account payee
bank draft, was made on his insistence; and</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) A further
confirmation from a veterinary doctor certifying that the person specified
in the certificate is a producer of meat and that slaughtering was done under
his supervision.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=36&filename=notification/cbdt/2006/it06cir08.htm">CIRCULAR
NO. 8/2006, Dated: October 6, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">
Valuation of physician’s sample – High Court upholds Board Circular</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board
had in <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=31&filename=notification/excise/2005/excircular813.htm">Circular No. 813/2005</a> clarified that valuation of free samples has
to be done under Rule 4 based on the value of <b>such</b> goods that is the
main goods. The Bombay High Court has upheld this circular. Suppose a product
is to be launched and before that samples are given to the doctors. There
are no <b>such</b> goods. Suppose after the feedback from the doctors, the
product is dumped; Then what is the value of the samples? The Revenue had
taken a case to the Tribunal with the plea that samples are packed in better
containers and so should be valued at a rate higher than that of the main
product. We bring you the High Court order today. See our<a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=4372"> Breaking News.</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Stylish
FM </font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/03chidambaram.jpg" width="170" height="133" border="1" align="left">
The Finance Minister Chidambaram who is usually seen in his spotless white
dhoti and shirt is here smartly dressed in a colourful half-hand shirt. He
put an apron on and did a little bit of painting with AnjolieEla Menon and
then walked along with her to see the little children in a slum nursery school.
He went incognito, no one knew who he was, and he walked down the dirty little
lanes with flies and garbage everywhere.</font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Our
New Weekly Column</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Netizens
may look for our new weekly column from tomorrow. Named <b>'The Cob(Web)
or TCW</b> is going to be our inhouse baby, to be penned by our <b>Managing
Editor, Shailendra Kumar</b>. Besides
being the <b>founder of TIOL</b>, Mr Kumar has <b>16 years of journalistic
experience</b>. In the year 2001, he was also given an Award for outstanding
performance in the field of Media by the India International Professionals
Forum. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until
tomorrow with more DDT </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice day. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
<a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p>
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