<DIRECT TAX LAWS>

n  A resident applicant who has entered into a transaction with a non-resident can file an application under section 245Q(1) in relation to tax liability of such non-resident arising out of such transaction - McLeod Russel Kolkata Ltd., In re [aar no.763 of 2007]

n  A resident who has entered into a transaction with a non-resident is an applicant within meaning of section 245N(b) and such applicant can approach Authority of Advance Ruling to determine a question which has bearing on tax liability of non-resident collaborator - Airports Authority of India, In re [A.A.R. No. 753-754 of 2007]

n  Manufacturing Process Under Section 80-IB - Manufacturing process should be construed as comprising of procurement of raw materials, processing thereof and generation of finished products and persons involved in all these three processes have to be treated as employed in manufacturing process, therefore, a factory manager and his assistant looking after various activities of a unit and being ultimately responsi­ble for production results would be considered as workers em­ployed in manufacturing process for purpose of section 80-IB - Shree Par Fragrance (P.) Ltd. v. Income-tax Officer [IT Appeal No. 5549 (Mum.) of 2007]

n  Taxability of compensation received by lessor for premature termination of lease by lessee - Additional Commissioner of Income-tax v. Rama Leasing Co. (P.) Ltd. [IT Appeal No. 1891 (Mum.) of 2001]

<CORPORATE LAWS>

n  Share Capital - Right shares cannot be offered to outsiders without a special resolution by 2/3rd majority shareholders - V. S. Krishnan v. Westfort Hi-Tech Hospital Ltd. [civil appeals NoS.1473 TO 1476 of 2008]

<SECURITIES LAWS>

n  Instructions to registered merchant bankers - Circular No. SEBI/CFD/DIL/MB/IS/1/2008/11/03, dated 11-3-2008

n  Offences - Amendment in section 24 brought into force with effect from 29-10-2002 is a substantial amendment and amendment in section 26 is only consequential in view of enlargement of sentence period under section 24 - Videocon International v Securities and Exchange Board of India [CRIMINAL APPLICATION NOS. 2238  TO 2239 OF 2007]

<SERVICE TAX>

n  Amendment to Circular No. 97/8/2007-ST, dated 23-8-2007 - Power of Adjudication of Central Excise Officers - Circular No. 99/2/2008-ST, dated 11-3-2008

n  Guidelines in Respect of Publication of Names Under Section 73D of the Finance Act, 1994 - Circular No. 100 /3 /2008-ST, dated 12-3-2008

n  Clearing and Forwarding Agent - Where assessee was appointed as consignment agent by ITC for sale of its goods and assessee sold those goods on its own invoices at retail price for a commission it was held that assessee was merely a shopkeeper, who was selling goods of principal under its own invoices and not on behalf of principal and, therefore, it could not be treated as a clearing and forwarding agent for purpose of service tax - Commissioner of Central Excise v. Parekh Apparels [SERVICE TAX APPEAL NO. 85 OF 2004]

n  Penalty - Plea of bona fide belief, not supported by any cogent material, constitutes 'reasonable cause' for failure of an assessee to pay service tax - Habasit AG v. Commissioner of Central Excise  [In Appeal Nos. S/61/2005 & S/62/2005]

<DAILY CASE LAW REPORTER>

n  Madras High Court on section 269UD(1) of Income-tax Act, 1961 - A. Fatima v. Appropriate Authority [WRIT PETITION NOS. 8583 AND 8584 OF 2002]

n  Allahabad High Court on section 40A(3) of Income-tax Act, 1961 - Evershine Platers v. Commissioner of Income-tax

n  Delhi High Court on section of Income-tax Act, 1961 - Commissioner of Income-tax v. Best Plastics (P.) Ltd. [IT APPEAL NO. 951 OF 2005]

n  Chennai ITAT on section 132 of Income-tax Act, 1961 - Anjuga Chit Funds (P) Ltd. v. Deputy Commissioner of Income-tax [IT (SS) APPEAL NO. 172 & 173 (MDS) OF 2004]

n  Delhi ITAT on sections 9 and 90 of Income-tax Act, 1961 - Amadeus Global Travel Distribution S.A. v. Deputy Commissioner of Income-tax [I.T. APPEAL NOS. 2143 TO 2145 (DELHI) OF 2000 AND 1022 TO 1024 (DELHI) OF 2005]

n  Delhi ITAT on section 195 of Income-tax Act, 1961 - VAN OORD ACZ INDIA (P.) LTD. v. ADDITIONAL COMMISSIONER OF INCOME-TAX [IT APPEAL NO. 2126 (DELHI) OF 2007]

n Supreme Court on section 10F of Companies Act, 1956 - Sumitomo Corporation v. CDC Financial Services (Mauritius) Ltd. [Civil Appeal No. 1496 of 2008]

n Mumbai SAT on regulation 10 of Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992 - Sodhani Securities Ltd. v. Securities and Exchange Board of India [APPEAL NO. 151 OF 2007]

n  Mumbai SAT on section 11B of Securities and Exchange Board of India Act, 1992 - Shirish Chandrakant Shah v. Securities and Exchange Board of India [APPEAL NO. 124 OF 2007 OCTOBER 16, 2007]

n Gujarat High Court on section 457 of Companies Act,  1956 - Mak Business Enterprise (P.) Ltd. v. O.L. of Ambica Mills Ltd. [O.J. APPEAL NO. 147 OF 2007]

n  Bangalore CESTAT on section 74 of Finance Act, 1994 - Commissioner of Central Excise v. V.M. Tourist Home [APPEAL NO. ST/30 OF 2006]

<NEWS>

n  Top taxman advises better pay up

n  India likely to meet FY08 revised tax target

n  No fresh disclosure clauses for investment through PNs: Govt

n  2008-09 reinsurance terms seen to favour insurers here

n  ULIPs may soon offer more security, returns

n  18 FDI plans of Rs 1.5k cr get FIPB clearance

n  Industry body for 8 pct uniform tax on retail fuels

<A PREVIEW OF LATEST ISSUES OF TAXMANN'S JOURNALS>