Another IRS Officer arrested by CBI

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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Another IRS Officer arrested by CBI

AIT News Network

2nd January 2007. Though Excise Officers are blaming CBI for spoiling their New Year Party by CBI raid on the Officers; corruption in Delhi Central Excise Department has taken its toll with the arrest of Subhash Narain Assistant Commissioner incharge of whole Industrial Area in Trans-Yamuna Area. Blue eyed boys of the Officers have also been arrested by CBI for demanding and accepting of bribe of Rs 10 lakh only from Director of a copper wire manufacturing industry of Delhi.

The Anti-corruption branch of CBI, Delhi laid a trap and the Inspector and Superintendent of Central Excise were caught red-handed while demanding and accepting bribe of Rs.2.5 lakh as the first instalment of the Rs. Ten lakh bribe they had demanded. Investigation by CBI also revealed that the Assistant Commissioner, also had a share in the bribe. Accordingly, he was also arrested and searches were conducted at the official and residential premises of all the three officials.

CBI had registered a case of corruption on the allegation of demand of bribe of Rs. Ten lakh by the accused Inspector and the Superintendent of Central Excise Department, MOD VIII Division, Scope Minar, Laxmi Nagar, New Delhi for submitting a favourable inspection report in connection with a search conducted by the Anti-Evasion Cell of the Central Excise Department at the premises of the Industry on 19.12.2007.

In Civil Services examination after first option of IAS; second option is given for IRS by most of the Candidates who opt it in preference to even IFS and IPS; due to hidden perks involved.

IRS Probationers are also second choice of Industrialists while they look for a groom for their daughters as they already know about the hidden perks of IRS. But such incidents may lead to a second thought by the Parents of brides who would better opt for an Investment Banker or an MBA earning a pay cheque of Rs 1 Crore Per Annum rather than a poorly paid IRS Officer who is prone to corruption after seeing the lifestyle of Industrialists who interact with him on day to day basis.

· Joint Commissioner of Central Excise awarded 3 years RI for Corruption

· Commissioner of Customs loses his shirt

· CBI raids den of corruption Nhava Sheva