Due date    

31st  March!!!

Leaf No:    012
Month:   March
Year:   2011
 
 
latest news

• Allahabad High Court rejects review application of Ayodhya verdict.

• Proposal for setting up Legal Service Regulator to monitor legal services under consideration.

• IT strategy for GST implementation presented to government http://finmin.nic.in/GST/IT_Strategy_GST.asp

• The Government is likely to withdraw the service tax imposed on healthcare services in the Union Budget for 2011-12 following a strong reaction from the public and the medical fraternity
 

circulars & notifications

EXCISE

Exemption granted under Section 11C of Central Excise Act, 1944 on goods manufactured at site of construction for use in construction falling under specified sub-headings of Chapter 68 of Excise Tariff Act for the period 01-03-06 to 06-07-2009.....Click here for copy of the Notification.
 
FTP
 
Amendments made in Vishesh Krishi and Gram Udyog Yojana and Focus Product Scheme ...Click here for copy of the Public Notice .
 
Public notice issued amending periodicity for furnishing bank guarantee on domestic procurement of goods under EPCG Scheme ....Click here for copy of the Public notice.
 
CUSTOMS
 
Bill of entry to be filed in respect of goods imported for display ....Click here for copy of the Order.
  
genie in aladdin’s lamp

UNION OF INDIA Vs M/s IND-SWIFT LABORATORIES LTD
(2011-TIOL-21-SC-CX)

In a judgement which is sure to have far reaching impact on the trade, the Hon'ble Supreme Court has held that, in cases of irregular availment of Cenvat credit,  interest is payable from the date of availing such credit and not from the date of utilising it.... Click here for copy of the judgement

ELECTRONICS CORPORATION OF INDIA LTD Vs UNION OF INDIA
(2011-TIOL-18-SC-CX-CB)

The COD set up with intent of reducing Department litigation and delay in litigation has been set aside by Hon’ble Supreme Court in a remarkable judgement wherein it was observed the mechanism has outlived its utility...Click here for copy of the judgment

PEAREY LAL BHAWAN ASSOCIATION Vs M/s SATYA DEVELOPERS PVT LTD
(2011-TIOL-114-HC-DEL-ST)

Even in absence of a provision in agreement between service provider and recipient for payment of service tax, service recipient is liable to pay the same to the service provider, as the levy is an indirect tax ....Click here for copy of the judgement


M/s HANS STEEL ROLLING MILL Vs COMMISSIONER OF C.EX, CHANDIGARH
(2011-TIOL-30-SC-CX)

Hon’ble Supreme Court holds that the limitation under Section 11A of the Central Excise Act is not applicable to compounded levy scheme ... Click here for the copy of the judgement

COMMISSIONER OF IT, COIMBATORE Vs CHIRANJJEEVI WIND ENERGY LTD
2011-TIOL-91-HC-MAD-IT

Hon’ble High Court Of Madras has held that the assembling of different parts to form a wind mill amounts to manufacture under Income Tax provisions ....Click here for the copy of Judgment.

Disclaimer
The views expressed and the information provided in this newsletter are of general nature and is not intended to address the circumstances of any particular individual or entity. Further the above content should neither be regarded as comprehensive nor sufficient for making decisions. Although we endeavor to provide accurate and timely information, there is no assurance or guarantee in this regard. No one should act on the information or views provided in this publication without appropriate professional advice. It should be noted that no assurance is given for any loss arising from any actions taken or to be taken or not taken by anyone based on this publication.

Should you have any feedback or require any clarifications, please do write to

 
contact us

news@swamyassociates.com

www.swamyassociates.com
 
editor’s desk -sindhu
Dear Readers,

Greetings from Team SA!

How mind perceives an event is said to be impacted by the way in which the event is presented. If so, how should one perceive tragedies in the form in which it is presented by media. This is not a philosophical insight but a common man’s confusion on watching tragedies presented in visual media nowadays. On hearing the news of attack of massive tsunami triggered by a devastating earthquake in Japan, I browsed website of a famous news channel which claims to provide latest news from India and abroad. Of course, the website, living up to their tall claims had a few videos available on coverage of tragedy. A click each of the videos took me first to a commercial either of a telecom operator or a mobile manufacturer, so and so (links to some of the videos given below). For a moment I was confused as to whether I clicked on a wrong video footage because my conscious was not evolved enough to comprehend that such videos covering massive catastrophes should be preceded by ‘commercials’. Of course, a much evolved commercial mind would have conceived it as a good opportunity as it certainly creates good revenue as the number of taps such videos will get especially on the very next moment of tragedy will be enormous compared to a normal video on a budget analysis.

But do such massive tragedies not deserve a better treatment? Is it inappropriate for media to be a little more serious, humane and respectful in exercising their discretion on commercialisation?

pl click on to:

http://www.ndtv.com/video/special/massive-japan-earthquake-triggers-13-foot-tsunami-363/193293

http://www.ndtv.com/video/special/tsunami-wipes-out-airport-363/193304 

http://www.ndtv.com/video/special/oil-refinery-catches-fire-363/193302

 

sa corner ...

There were a spate of analytical articles written by Team SA on Budget 2011, which are published in reputed journals and portals. We have gathered some of them :

 

Click here for a powerpoint presentation on Budget 2011 ...

Click here for an ready reckoner on Budget 2011 ...

Click here for a ready reckoner on "Input Services"...

Click here for a list of "Input Services ...

Click here for an analysis on Rule 6 of Cenvat Credit Rules ...

 
before parting ... -jk

 

"for, against & behind..."

 

 
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