TIOL-DDT 676 · the untouched capture
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<!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> <p align="justify"><font size="2"><b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL</font></b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif"><b>-DDT 676</b></font><font face="Verdana, Arial, Helvetica, sans-serif"><b><br> 10.08.2007<br> Friday</b></font></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Income Tax Rules amended.</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Sub rule 4 has been added to Rule 44C to stipulate that an assessee who makes an application for settlement before the Settlement Commission, on the same date intimate the Assessing officer in Form No. 34BA about having made the application before the Settlement Commission. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rule 44CA has been amended to add that where an application has not been declared invalid or the application is allowed to be further proceeded with, the information in the Annexure to Form 34B has to be sent by the Commission to the Commissioner.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">New Forms 34B and 34 BA have been notified.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2007/it07not215.htm" target="_blank">CBDT NOTIFICATION NO. 215/2007, Dated: August 7, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>And Wealth Tax Rules…</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Similar amendments have been made in the wealth Tax Rules too.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2007/it07not215.htm" target="_blank">CBDT NOTIFICATION NO. 215/2007, Dated: August 7, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Electronic IC and Parts of Set-top Box exempted from Customs duty</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Government has exempted parts of Set-top box, namely Tuner, RF Modulator and remote control unit by notified ‘nil' rate of customs duty for these products. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Electronic Integrated Circuits will also attract nil rate of customs duty. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2007/ctariff07_093.htm" target="_blank">NOTIFICATION NO. 93/2007-Cus., Dated: August 8, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>RBI transfers surplus profit to Government of India</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Reserve Bank of India's Central Board, in its meeting held yesterday, approved the transfer of surplus profit to the Government of India amounting to Rs.45,719.60crore for the year ended June 30, 2007. It includes Rs.34,308.60crore on account of profit on sale of SBI shares held by the Reserve Bank to the Government of India. Excluding this amount, the transfer of surplus for the year ended June 30, 2007 amounts to Rs.11,411.00crore, as against Rs.8,404.00crore for the year ended June 30, 2006.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">What is all this accounting circus all about? First SBI shares held by RBI is sold to the Government, so now SBI is almost fully with government, but the government does not have so much money to buy all those SBI shares. So RBI transfers that money to the government! </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">If a couple of private parties were doing this kind of things, the government would have booked all types of cases against them.</font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Dacoit in uniform?</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">He owns three cars, a Scorpio, an Indica and a Getz. He is said to have purchased a flat for Rs. 50 lakhs and spent Rs. 20 lakhs on renovation. Fine, good living, nobody should complain.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">But they found other interesting possessions of his - six illegal arms including a 9 mm pistol and a .32 revolver and four country-made weapons besides an illegally held knife.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">And they recovered from him</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">seven mobile phones</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">150 gms of smack, and</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Cash of Rs. 78,715/-</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">And he was caught red-handed accepting a bribe of Rs. 25,000/- </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">You think he is a Naxalite? A terrorist? A dacoit? </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No, he was just a humble Sub- inspector in Delhi's PaschimVihar Police Station. What do you do if the fence starts eating the crop?</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Anyway CBI arrested him yesterday and till 13<sup>th</sup> of August, he will be a government guest in one of the prisons under judicial custody.</font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> </b></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>From our Legal Corner – Monday's cases</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><b><b><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_31.gif" alt="Legal Corner Icon" width="191" height="160" hspace="5" border="0" align="left"></b></b></b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#FF0000">Central Excise</font></b></font><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> </b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399">Cenvat Credit - Rules do not bar assessee from claiming depreciation of unavailed amount of credit in year of receipt of capital goods in Income Tax return relating to said AY : CESTAT </font></b></font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><i>Chennai follows Bangalore</i></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#FF0000">Customs</font></b></font><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> </b></font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>While provisions of KVSS and settlement are not completely identical, underlying objective in both is similar - Case against co-noticees comes to an end once a case is settled for main applicant : CESTAT by majority </b></font></p> <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><i>++ While the provisions of KVS Scheme and those relating to Settlement of Cases under the Customs Act are not completely identical, the underlying objective in both the schemes is similar and it is for this reason that the case laws in respect of cases under KVSS including in the case of OnkarS.Kanwar do not become entirely irrelevant; </i></font></p> <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><i>++ The question as to who played the main role is irrelevant for the reason that once the case is settled by the Settlement Commission, it is settled in its entirety and such a case then cannot be adjudicated qua other co-noticees; </i></font></p> <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><i>++ The case against all co-noticees comes to an end once the order of Settlement is passed in respect of the person entitled to file an application before the Settlement Commission and, therefore, penalty imposed on the appellants cannot be sustained and is set aside. </i></font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><i>If an accused has been acquitted of murder, co-accused cannot be held guilty of conspiracy to murder. </i></b></font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Income Tax</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399">Interest ordered for delayed refund - action recommended against officers concerned - Order to be sent to Finance Minister : Gujarat High Court </font></b></font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>This is a fit and proper case in which action should be initiated against all the officers concerned who were all in charge of this case at the appropriate and relevant point of time and because of whose inaction the appellant was made to suffer both financially and mentally, even though the amount was liable to be refunded in the year 1986 and even prior thereto.</strong></font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>A copy of this judgment will be forwarded to the Hon'ble Minister for Finance for his perusal and further appropriate action against the erring officials on whose lethargic and adamant attitude the Department has to suffer financially.</strong></font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><u>See our columns Monday for the judgements</u></b></font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday with more DDT</font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice weekend.</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></font></p> </body> </html>