Vol

VOL. 1 | PART 18 | FEBRUARY 20, 2008

n Transfer pricing - Under section 92D(3), it will not be possible to call for all information prescribed under rule 10D including supporting information and documents mentioned in rule 10D(3) in a routine or casual manner without application of mind as to what specific information is required to achieve said purpose; information, which has already been furnished by assessee either in audit report or in response to notice under section 92CA(2), would be of no use and there is no point in requiring same information again or require unprescribed information under section 92D(3) and cast additional burden on assessee; in all such cases, notice would no more remain valid notice under section 92D(3)/271G - Cargill India (P.) Ltd. v. Deputy Commissioner of Income-tax [IT Appeal No. 1844(Delhi) of 2007]

n Penalty - Provisions of section 271G are quite different from provisions of section 271(1) and, therefore, no satisfaction need be recorded before initiating proceedings under section 271G - Cargill India (P.) Ltd. v. Deputy Commissioner of Income-tax [IT Appeal No. 1844(Delhi) of 2007]

<FEMA>

n Issue of Foreign Currency Exchangeable Bonds Scheme, 2008 - Notification No. G.S.R. 89(E), dated 15-2-2008

n Foreign Exchange Management (Remittance of Assets) (Second Amendment) Regulations, 2007 - Notification No. G.S.R. 90(E), dated 18-9-2007

n Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2007 - Notification No. G.S.R. 91(E), dated 18-9-2007

n Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2008 - Notification No. G.S.R. 92 (E), dated 25-1-2008

n Amendment in Notification No. 41/2007-Service Tax, dated 6-10-2007 - Notification No. 3/2008-Service Tax, dated 19-2-2008

n Scheme to refund service tax on taxable services linked to exports further extended - Press Release dated 19-2-2008

n Bombay High Court on section 23 of Income-tax Act, 1961 - Commissioner of Income-tax v. Akshay Textiles Tradings Agencies (P.) Ltd. [IT Appeal No. 607 of 2005]

n Delhi ITAT on sections 92D and 271G of Income-tax Act, 1961 - Cargill India (P.) Ltd. v. Deputy Commissioner of Income-tax [IT Appeal No. 1844(Delhi) of 2007]

n Delhi High Court on section 68 of Income tax Act, 1961 - Commissioner of Income-tax v. Dwarikadhish Investment (P.) Ltd. [INCOME TAX APPEAL NOS. 5 & 8 OF 2007]

n Delhi High Court on section 32 of Income-tax Act, 1961 - Commissioner of Income-tax v. Nirula Corner House Ltd. [IT APPEAL Nos. 826, 827 & 828 OF 2006]

n Punjab & Haryana High Court on section 199 of Income-tax Act, 1961 - Commissioner of Income-tax v. Smt. Sonal Bansal [IT Appeal No. 412 of 2007]

n Delhi High Court on section 263 of Income-tax Act, 1961 - Commissioner of Income-tax v. Vimgi Investment (P.) Ltd. [INCOME TAX APPEAL NO. 1433 OF 2006]

n Delhi ITAT on section 10B of Income-tax Act, 1961 - Income-tax Officer v. Vinod Chhabra [IT Appeal No. 5282(Delhi) of 2004]

n New Delhi CESTAT on rule 2(P) of Cenvat credit Rules, 2004 - Commissioner of Central Excise v. Nahar Exports Ltd. [SERVICE TAX APPEAL NO. 141 OF 2007 - NB(S)]

n Ahmedabad CESTAT on section 74 Finance Act, 1994 - Gujarat Security Service v. Commissioner of Service-tax [APPEAL NO: ST/265/2006]

n Chennai CESTAT on rule 14 of Cenvat Credit Rules, 2004 - Mount Mettur Pharmaceuticals Ltd. v. Commissioner of Central Excise [E/89/2007]

<NEWS>

n Budget likely to give relief to income tax payers

n Pension funds to be exempted from tax?

n PIL seeking uniform income tax rates for men and women

n Tax refund to exporters of 3 more services allowed

n Exporters to get tax refund on 3 new services

n Goods & services cannot be treated on par under Foreign Trade act, feels MoF

n Insurance co told to pay Rs 53,000 for rejecting medical claim

n Tax breaks: Punjab comes under fire

n Vol. 110, Part 8, for the week of Feb. 20 - Feb. 26, 2008

n Vol. 20, Part 1, for the week of Feb. 19 - Feb. 25, 2008