<DIRECT TAX LAWS>

n  Section 10(39) of the Income-tax Act, 1961 - Exemption - Specified income from any international sporting event - Notified person - Notification No. 7/2008, dated 15-1-2008

n  Assessing Officer, Jurisdiction of - In terms of section 124(3)(b), jurisdiction of an Assessing Officer cannot be called in question by an assessee after expiry of one month from date of which he was served with a notice under section 142(1) or after completion of assessment, whichever was earlier - Subhash Chander v. Commissioner of Income-tax [2008] 166 Taxman 307 (Punj. & Har.) [IT Appeal No. 129 of 2007]

n  Industrial undertakings other than Infrastructure Development undertaking - Process of cutting and sawing or sizing or polishing of marble blocks into slabs and tiles which results in making raw marble usable, amounts to manufacture of thing or article within meaning of section 80-IA/ 80-IB and assessee engaged in said process is entitled to deduction under section 80-IA/80-IB - Arihant Tiles & Marbles (P.) Ltd. v. Income-tax Officer [2008] 166 TAXMAN 274 (RAJ.) [IT Appeal Nos. 82 and 83 of 2006]

n  Zero-tax companies - Unabsorbed depreciation to be carried forward should not be enhanced by an amount equal to income assessed to tax under section 115J - Commissioner of Income-tax v. Nicco Uco Alliance Credit Ltd. [2008] 166 TAXMAN 250 (MAD.) [T.C. (Appeal) No. 199 of 2003]

<SERVICE TAX>

n  Section 86(1A) of Finance Act, 1994 - Appeals to appellate Tribunal - Notified Committee - Amendment in Notification No. 18/2007 - Service Tax, Dated 12-5-2007 - Notification No. 46/2008 - Service Tax, dated 18-1-2008

n  Section 86(1A) of Finance Act, 1994 - Appeals to appellate Tribunal - Notified Committee - Amendment in Notification No. 19/2007 - Service Tax, Dated 12-5-2007 - Notification No. 47/2008 - Service Tax, dated 18-1-2008

<NEWS>

n Rate of TDS from Savings (Taxable) Bonds, 2003

n Laptops, free petrol for taxmen

n Finmin summons top Railway official on TDS

n Don't wait till March to start your tax planning

n FM unlikely to ruffle FBT feather

n PPF gets more favourable tax treatment: Pension regulator

n OBC open to acquire more banks, hints at interest rate cut

n Budget hopes from revenue buoyancy

n Beware of tax implications on pension funds

n Bank on auction to skip capital gains tax

n Builders may get tax sops for housing poor

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