A dozen IRS Officers resign for Packages of Rs. 1 Crore

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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A dozen IRS Officers resign for Packages of Rs. 1 Crore

AIT News Network

New Delhi. Poor Packages of IRS Officers in Revenue Department has taken its toll with a dozen IRS Officers from Customs & Excise and Income Tax Department resigning from the Government for greener pastures having offers from the Corporate World.

A Commissioner of Customs posted in New Delhi has already resigned. He is said to be having an offer of Rs. 1 Crore per annum from a big company having stake in Financial and Infrastructure Sector.
A Commissioner of Central Excise posted in Karnataka has also resigned. Further, an Additional Commissioner of Central Excise posted in NCR has also resigned.
Several more IRS Officers have got their resignation letters typed and are waiting for advice of their astrologers for putting auspicious date and signature. Those opting for voluntary retirement will also get the benefit of Pay Commission’s recommendation which will be effective from 1^st January 2006 as far as Pension and other benefits are concerned.
There has been a wide gap in the packages offered by the Government and the packages being offered by MNCs and Indian Corporates. Even a CA with one year of experience is offered a package of Rs. 10 lakh which is much more than the salary package of the Chairman of Central Board of Direct Taxes or Central Board of Excise & Customs.
An ex-IRS Officer who is now with a Big Consulting company is already getting a package of Rs. 1.5 Crore per annum. Even an Inspector of Central Excise Department has been hired by a Big Consulting Company as Manager on an annual package of Rs. 24 lakh.
CAs with 8 to 10 years experience are hired by Consulting Companies as Director for their Tax Advisory Practice on Packages ranging from Rs 50 Lakh to Rs 80 Lakh Per Annum. Those having over 10 years experience are hired as Partners on Packages ranging from Rs 1 Crore to Rs 2 Crore.
When some candidates without any Professional Degree are anointed as Country Head with package of Rs 2 Crore per annum by some Companies; IRS Officers having wide exposure and expertise deserve and can expect much better Positions and Packages. Several SEZs are already looking for CEOs on Packages of Rs 1 to Rs 1.5 Crore and an IRS Officer is their first choice considering his rich experience in Export-Import regulations and procedures.
Those joining Consulting Companies are gainers in short term but are losers in long term. An IRS Officer who resigned in Eighties and floated his firm is said to be having annual billing of over Rs 100 Crore. An Inspector of Central Excise who resigned couple of years ago now has a billing of Rs 5 Crore. Those joining the Companies have also to retire on turning 60 ; but in your own once you create your name in the market; the name sells and the sky is the limit even if the work is handled by the juniors. An employee gets a hike of 15 to 20 per cent per annum ; while an Independent Professional can grow by 50 to 100 per cent per annum if he can market himself.
It is always a better option to make Rs 10 Lakh of your own as an entrepreneur rather than getting Rs 50 Lakh as an employee. If you set up a Company; the fruits go to generations and with PE money flowing and floating in India; you can also sell a small stake of your Company for few Crores after running it for few years.

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