TIOL-DDT 91 · the untouched capture
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<html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body bgcolor="#FFFFFF"> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#0000FF" size="3">TIOL-DDT 91</font><br> 08 04 2005<br> Friday</b></font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>Tribunal’s pat for DR</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Departmental Representatives in the Tribunals work under difficult conditions; they are the unsung heroes of the department. A posting in the Tribunal is not considered plum or prestigious and they are always at the receiving end of all that is not worth receiving. Any good work done by them is forgotten and rarely forgiven. They are pitted against the best legal brains and given hardly any facilities. It is a miracle that they still manage to win a few cases. It is only out of sheer love for the state and their jobs that these unfortunate officers work hard without any recognition. DDT is happy to report the pat that a DR got from the Income Tax Appellate Tribunal. In an Income Tax case we are carrying today, the Tribunal recorded its appreciation of the assistance rendered by the DR Shri D.N. Kar. – Please see </font><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=39&filename=legal/itat/2005/2005-TIOL-62-ITAT-DEL.htm">2005-TIOL-62-ITAT-DEL</a></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br> <br> <b><font color="#006633">Cenvat Credit on Explosives used in mines- fumes from a diffused mine?</font></b><br> <br> In the famous Jaypee Rewa case </font><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=52&filename=legal/cestat/2002/2002-TIOL-87-CESTAT-DEL-LB.htm">2002-TIOL-87-CESTAT-DEL-LB</a></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> a five member bench of the CESTAT had held that explosives used in mines are not eligible for cenvat credit. This decision was of course set aside by the Supreme Court and later the Supreme Court in JK Udaipur had disallowed the credit for a later period. Now a five member bench of the CESTAT has dismissed a Rectification of Mistake (ROM) application filed by Jaypee Rewa as infructuous, in view of the Supreme Court order. Please see </font><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=52&filename=legal/cestat/2005/2005-TIOL-277-CESTAT-DEL.htm">2005-TIOL-277-CESTAT-DEL</a></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br> <br> <font color="#006633"><b>VAT - Guidance Note on Accounting – ICAI’s priced publication</b></font><br> <br> The Institute of Chartered Accountants of India has come out with a publication on accounting for VAT. Just like any other information on VAT, this publication is also not available that easily. The ICAI has made it a priced publication at Rs. 40/- a copy which can be had from the ICAI centres. A premier professional Institution like ICAI could have made the guidance note available at least in their web site so that the unfortunate confused victims of VAT could have easy access. Even in this electronic age, it is surprising that such a document is not available on the web site. Or is it that the institute wants to make some money out of the VAT confusion? Taxindiaonline would have happily published the note in our free section but it is a copyrighted document!</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006633">VAT happened?</font></b><br> <br> <b>Lord Balajee under VAT. </b>The most famous God, Balajee of Tirupati may also be under the VAT net – of all things – for the hair sold. Around 15000 pilgrims offer their hair to the Lord daily at Tirupati and the temple sells this hair earning a cool thirty Crores of rupees a year. Now they may have to pay VAT on the sale of hair. May be ICAI can offer a complimentary copy of the <b>Guidance Note</b> to the Lord. That will ensure better sales for the publication. <br> <br> The defence ministry also may need a copy of the guidance note as its canteens are on the verge of closure. One of the perks enjoyed by the Defence personnel was the coveted sales tax free canteens. Now they are also under VAT.<br> <br> <font color="#006633"><b>FTP today</b></font><br> <br> The new Foreign Trade Policy is all set to unfold today and nobody seems to be interested. The Policy is most likely to be old wine in old bottle repacked and presented with much fanfare. However changes in DEPB and EPCG are expected. <br> <br> <b>Is FTP valid?</b><br> <br> Please see our archived article <b><a href="http://taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=1447&PHPSESSID=a3d901c0921f8a7bff176fa879a57ac6">Is FTP valid?</a></b><br> <br> <font color="#FF6666"><b>Until Monday with more of DDT<br> <br> Have a Nice Time<br> <br> Mail your comments to</b></font> <b>vijaywrite@taxindiaonline.com </b></font></p> </body> </html>