Fwd: TaxGuru : “Excise Duty – Under Section 35C(2) CESTAT cannot altogether take a different view in law and it cannot reappreciate evidence” plus 23 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Aug 12, 2011 at 10:04 AM
Subject: TaxGuru : "Excise Duty – Under Section 35C(2) CESTAT cannot altogether take a different view in law and it cannot reappreciate evidence" plus 23 more
To: palashbiswaskl@gmail.com

TaxGuru : "Excise Duty – Under Section 35C(2) CESTAT cannot altogether take a different view in law and it cannot reappreciate evidence" plus 23 more

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• Excise Duty – Under Section 35C(2) CESTAT cannot altogether take a different view in law and it cannot reappreciate evidence
• Honest mistake committed in maintenance of stock register can not be treated as fraud or willful mis-statement or suppression of facts – SC
• Clandestine removal of excisable goods can not be denied by the company if MD of the company voluntarily came forward to sort out the issue and to pay the Excise duty – SC
• When Did Amitabh become a Crorepati – Income Tax Knows?
• Cost of packing of motor cycles cleared to Depot to be included in assessable value for Excise Duty Valuation – Supreme Court
• India's Export Grows 81 percent in July at US $ 29.3 Billion -Commerce Secretary
• RBI – Prudential Norms for Off-balance Sheet Exposures of Banks
• CBEC requiress Advocates for empanelment as Senior/Junior Standing Counsels to represent before Bombay HC
• MCA – Foreign Companies can file Form No. 52 under Company Law Settlement Scheme, 2011
• ICAI May 2011 PCC and IPCC exam – Pass percentage, List of Regional and All India Toppers and Analysis
• Regarding Name change of ICWAI to ICMAI /ICAI – President writes letter to Minister of Corporate Affairs
• Multipurpose Empanelment Form – 2011
• MCA – Revised Form 23AC and Form 23ACA applicable from today
• Whether while computing the disallowance u/s 37(3), each trip of the employee will be considered separately and no set off will be allowed for the amount of deficit in the next trip by the same employee in the same year ?
• Even if assessee admits different sums of undisclosed income on two different days, and then retracts one of its statements, no addition can be sustained for having recorded wrong disclosure statements during the search
• Whether the notional interest on interest-free deposit from tenants is to be considered while determining the correct ALV u/s 23(1)(a)?
• When assessee fails to receive TDS certificates on interest income from banks in time but decides neither to declare the income in his return nor to take credit for the TDS on the basis of duplicates collected, penalty u/s 271(1)(c) is warranted in such a case
• Delhi court sentences businessman to six months in jail in cheque bouncing case
• CSR contribution to be based on net Profit; Loss making companies not required to earmark specific funding for CSR activities
• RBI releases Its Monthly RBI Bulletin for August 2011
• Parliament permits government to mint coins of Rs 1,000 denomination
• Simplification of Passport issuance system
• SFIO investigates 33 cases in last 3 years and Competition Appellate Tribuanl (CAT) receives 36 appeals against decisions of CCI
• Govt to Disinvest 10% paid up equity of National Buildings Construction Corporation Limited

Excise Duty – Under Section 35C(2) CESTAT cannot altogether take a different view in law and it cannot reappreciate evidence Posted: 11 Aug 2011 08:09 PM PDT CCE Versus RDC Concrete (India) P. Ltd. - Supreme Court - There was no mistake apparent on record when the CESTAT did not accept a submission of the respondent-assessee to the effect that the officer appointed to value the goods manufactured by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Honest mistake committed in maintenance of stock register can not be treated as fraud or willful mis-statement or suppression of facts – SC Posted: 11 Aug 2011 07:39 PM PDT C.C.E., Mangalore -Vs- M/s. Pals Microsystems Ltd., (SC) - The department could not establish that there was any suppression of facts or a fraud on the part of the respondent-assessee. We find that the honest mistake committed in maintenance of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clandestine removal of excisable goods can not be denied by the company if MD of the company voluntarily came forward to sort out the issue and to pay the Excise duty – SC Posted: 11 Aug 2011 07:14 PM PDT CCE V. M/s. Kalvert Foods India Pvt. Ltd. & Ors. - SC The statements were recorded by the Central Excise Officers and they were not police officers. Therefore, such statements made by the Managing Director of the Company and other persons... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When Did Amitabh become a Crorepati – Income Tax Knows? Posted: 11 Aug 2011 06:46 PM PDT When asked to recall the moment when he first became millionaire in real life, Big B said, 'I don't remember the time when I became a 'crorepati'. I have never paid that much attention to it I was more focused on my work that is acting. But I guess... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cost of packing of motor cycles cleared to Depot to be included in assessable value for Excise Duty Valuation – Supreme Court Posted: 11 Aug 2011 06:43 PM PDT Royal Enfield (Unit of M/s. Eicher Ltd.) V. CCE (SC) - the packing which is given by the appellant-company to their motorcycles is necessary for putting the excisable article in the condition in which it is generally sold in the wholesale market at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India's Export Grows 81 percent in July at US $ 29.3 Billion -Commerce Secretary Posted: 11 Aug 2011 06:17 PM PDT India's exports have registered a growth of 81.8% during July 2011, at US $ 29.3 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-July 2011, exports have reached a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Prudential Norms for Off-balance Sheet Exposures of Banks Posted: 11 Aug 2011 06:09 PM PDT In terms of our circular DBOD.No.BP.BC.57/ 21.4.157/2008-09 dated October 13, 2008, the overdue receivables representing positive mark to market value of a derivative contract would be treated as a non-performing asset (NPA), if these remain unpaid... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBEC requiress Advocates for empanelment as Senior/Junior Standing Counsels to represent before Bombay HC Posted: 11 Aug 2011 06:03 PM PDT The Customs and Central Excise Department requires Advocates for representation before the Hon'ble High Court of Bombay, Mumbai and other Statutory bodies/authorities like Tribunals/BIFR/AAIFR/DRT in the matters relating to Indirect Tax Laws.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA – Foreign Companies can file Form No. 52 under Company Law Settlement Scheme, 2011 Posted: 11 Aug 2011 05:55 PM PDT General Circular No. 60/2011 In continuation of the Ministry's General Circular No. 59/2011 dated 5.8.2011 on the subject cited above, it is stated that the said scheme shall be applicable to Form 52 (filing of annual accounts by a foreign company)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI May 2011 PCC and IPCC exam – Pass percentage, List of Regional and All India Toppers and Analysis Posted: 11 Aug 2011 05:36 PM PDT The Institute of Chartered Accountants of India (ICAI) announced the results of PCC & IPCC examinations held in May, 2011. The toppers of PCC examination held in May, 2011 are from Chennai, Mumbai and district Satara located in Maharashtra.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Name change of ICWAI to ICMAI /ICAI – President writes letter to Minister of Corporate Affairs Posted: 11 Aug 2011 05:12 PM PDT The ICWAI has been appealing the Government to change its name from the 'institute of Cost and Works Accountants of India' to the 'Institute of Cost and Management Accountants of India' in line with the global practice and to make its members known... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Multipurpose Empanelment Form – 2011 Posted: 11 Aug 2011 04:54 PM PDT This is to reiterate that last date for submission of online applications on www.meficai.org is 27th August, 2011. Sample copy of MEF is availaible at http://pdicai.org/docs/Multipurpose_Empanelment_Form_2011.pdf for your ready reference. You are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA – Revised Form 23AC and Form 23ACA applicable from today Posted: 11 Aug 2011 04:19 PM PDT Revised Form 23AC and Form 23ACA will be available on the MCA Portal, effective 12th August, 2011. All Stakeholders are requested to use new version w.e.f. 12th August, 2011 (6.00 AM) as the current version of these forms will be discontinued on MCA... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether while computing the disallowance u/s 37(3), each trip of the employee will be considered separately and no set off will be allowed for the amount of deficit in the next trip by the same employee in the same year ? Posted: 11 Aug 2011 05:35 AM PDT CIT Vs M/s SRF Ltd (Delhi HC) -Whether while computing the disallowance u/s 37(3), each trip of the employee will be considered separately and no set off will be allowed for the amount of deficit in the next trip by the same employee in the same... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Even if assessee admits different sums of undisclosed income on two different days, and then retracts one of its statements, no addition can be sustained for having recorded wrong disclosure statements during the search Posted: 11 Aug 2011 04:56 AM PDT M/s M Narayanan & Bros Vs ACIT (Madras HC) - In the decision reported in (2006) 287 ITR 209 (P.R.Metrani V. Commissioner of Income-Tax), dealing with the scope of Section 132(4A), the Supreme Court considered the conclusive character of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether the notional interest on interest-free deposit from tenants is to be considered while determining the correct ALV u/s 23(1)(a)? Posted: 11 Aug 2011 04:40 AM PDT DCIT, Mumbai Vs M/s Sumer Ville Investments (ITAT Mumbai) - Whether the notional interest on interest-free deposit from tenants is to be considered while determining the correct ALV u/s 23(1)(a) – Whether when no independent enquiry is made by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When assessee fails to receive TDS certificates on interest income from banks in time but decides neither to declare the income in his return nor to take credit for the TDS on the basis of duplicates collected, penalty u/s 271(1)(c) is warranted in such a case Posted: 11 Aug 2011 03:32 AM PDT Sanjay S. shah Vs. DCIT (ITAT Ahemdabad) - the fact that the assessee got credit of TDS u/s 154 proceedings in fact goes against the assessee. When the assessee received TDS in respect of some FDRs, and not in respect of other FDRs as claimed by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi court sentences businessman to six months in jail in cheque bouncing case Posted: 11 Aug 2011 12:40 AM PDT Expressing concern over rising cheque bouncing cases, a Delhi court has sentenced a businessman to six months in jail and imposed a fine of Rs 3 lakh on him, saying no leniency is called for in such cases. Metropolitan Magistrate Vishal Pahuja... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CSR contribution to be based on net Profit; Loss making companies not required to earmark specific funding for CSR activities Posted: 11 Aug 2011 12:28 AM PDT The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises have issued comprehensive guidelines on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI releases Its Monthly RBI Bulletin for August 2011 Posted: 10 Aug 2011 10:11 PM PDT The Reserve Bank of India today released the August issue of its Monthly RBI Bulletin. The August Bulletin carries four special articles: Developments in India's Balance of Payments during Fourth Quarter (January-March) of 2010-11 India's... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Parliament permits government to mint coins of Rs 1,000 denomination Posted: 10 Aug 2011 09:35 PM PDT Parliament on Thursday permitted the government to mint coins of Rs 1,000 denomination even as nostalgia over withdrawal of 25 paise coins (chawani) was witnessed among Rajya Sabha members. The Coinage Bill, 2009 passed by the Upper House, limits... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Simplification of Passport issuance system Posted: 10 Aug 2011 09:30 PM PDT The Passport Seva Project (PSP), a flagship e-Governance initiative has been undertaken by the Ministry of External Affairs to comprehensively reform the passport issuance system. The PSP aims at delivering all passport related services to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SFIO investigates 33 cases in last 3 years and Competition Appellate Tribuanl (CAT) receives 36 appeals against decisions of CCI Posted: 10 Aug 2011 09:25 PM PDT The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that 33 cases have been investigated by SFIO during the last 3 years i.e. 2008-09, 2009-10, 2010-11 and 2011-12 (till date 05.08.2011). The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to Disinvest 10% paid up equity of National Buildings Construction Corporation Limited Posted: 10 Aug 2011 09:25 PM PDT The Union Cabinet today gave its approval for divestment of 10% of total paid up equity of National Buildings Construction Corporation Ltd. (NBCC) out of its holding through Initial Public Offering (IPO) in the domestic market. The Government of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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