Joint Commissioner of Central Excise awarded 3 years RI for Corruption

the Appellate Tribunal was right in holding that the second reassessment proceedings were not validly initiated and thereby quashing the reassessment proceedings-the proceedings initiated by the AO for the second time under Section 147 is barred by limitation-even the proviso to Section 147 does not come into play on the facts of the case-AIT-2010-373-HC Even if the goods belong to same entry, manufacture does take place if new identifiable/marketable goods known in market emerge due to operation conducted-the process of ironing applied to the stiched brassieres prior to their packing was a process incidental to the completion of the brassieres as a manufactured product-process of purification and filtration being incidental or ancillary to the manufacture of a marketable product, the Respondent was entitled to Modvat credit on the inputs involved-AIT-2010-370-HC Larger Bench of CESTAT rules the Tribunal has ample power to condone the delay in filing the appeal including the one filed under section 35 E (4)-AIT-2010-372-CESTAT Corruption in IRS takes its toll-Deputy Commissioner of Income Tax Dhananjay Kumar arrested by CBI in Mumbai-Joint Commissioner of Customs & Excise Hemant Kothikar also arrested by CBI FM directs expediting of Cadre Restructuring in CBDT & CBEC Tariff Value for import of Brass Scrap is 3924-Customs Non-Tariff Notification No. 78 Chief Justice of Gauhati High Court Justice Ranjan Gogoi to be Chief Justice of Punjab & Haryana High Court Anti-dumping duty on imports of Acrylic Fibre originating in, or exported from Japan and Belarus-Customs Tariff Notification No.85 Prescribing SION for new product “Propylene” under Chemical & Allied Products Group-DGFT PN 7 Inclusion of Finished Leather in the Focus Product Scheme of FTP-DGFT PN 6 Exchange Rate for imported goods is Rs 47.25 per US Dollar and Rs 60.35 per EURO-Exchange Rate for export goods is Rs 46.30 per US Dollar and Rs 58.70 per EURO-Customs Non-Tariff Notification No. 77-Click on Exchange Rate for details Anti Dumping Duty under the Notification No.15/2007 is not applicable to Spandex Yarn (Elastomeric yarn)-Customs Circular No.30 Import of goods under Notification No.13/2010 for Commonwealth Games, 2010-Customs Circular No.31 Larger Bench of CESTAT rules charges towards pre-delivery inspection and after-sale-service by dealers from buyers of the cars to be included in the assessable value of cars for payment of excise duty-AIT-2010-366-CESTAT merely because there was non accounting of goods, penalty was technical and inference of clandestine removal was not called for-AIT-2010-365-HC ITAT rules provision for doubtful debts and provision for standard debts are to be taken into consideration for computation of book profit u/s. 115JB of the IT Act-AIT-2010-361-ITAT HC rules slitting of aluminum foils into customized width, mounting the same on the printing machine and thereafter printing the necessary text thereon is covered for 80IB benefit as it falls within the ambit of the term “produce”-AIT-2010-363-HC Definitive Anti-dumping duty imposed on imports of Coumarin, originating in, or exported from China-Customs Tariff Notification No. 82 Special Bench of ITAT Ruling-where a forward contract is entered into by the assessee to sell the foreign currency at an agreed price at a future date falling beyond the last date of accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date of the accounting period i.e. before the date of maturity of the forward contract-AIT-2010-355-ITAT-SB

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Joint Commissioner of Central Excise awarded 3 years RI for Corruption

AIT News Network

MADURAI. Corruption in IRS has taken its toll with CBI Court convicting and awarding three year Rigorous Imprisonment and Rs.50,000/- fine to Joint Commissioner of Central Excise, V.Jayaraman for possessing assets disproportionate to known sources of income. The Special Judge for CBI cases, Madurai also awarded one year Rigorous Imprisonment each to his wife, Smt. Waheed Jayaraman and his father, P.Velu for abetting him in acquiring the properties.

CBI in its FIR had alleged that Shri V. Jayaraman, during the period 1998 -2004 Joint Commissioner acquired four properties including three houses, two cars, FDs, shares, bank balance. etc. worth Rs.60.02 lakh which he could not satisfactorily explain and was thus living beyond known sources of income. The properties were acquired in the names of V. Jayaraman, as well as his wife and father. The IRS Officer was found to be in possession of disproportionate assets to the tune of Rs.45.62 lakh. He had acquired two of the houses showing lower value in the documents while as per evidence collected it was found that the actual value was much higher. It was also found by CBI that his wife, Smt. Waheeda Jayaraman and his father, Shri P. Velu had abetted Jayaraman in acquiring these properties.

After trial, the CBI Court found the Joint Commissioner and his family members guilty of the offence of corruption and convicted them.

IRS Officers command a dowry of Rs 1 to 2 Crore as the bride’s parents eye the lifestyle to be enjoyed by the bride after marriage but after such incidents the market rate of IRS Probationers is going to come down as even their wives can be charged by CBI for abetting in corruption and will also have to share prison with them in case of a CBI raid.