IRS Officer arrested by CBI while taking Bribe of Rs 9 Lakh

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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IRS Officer arrested by CBI while taking Bribe of Rs 9 Lakh

AIT News Network

INDORE. Corruption continues unabated in Income Tax Department with another IRS Officer posted as Assistant Commissioner of Income Tax at Indore being arrested by CBI for demanding and accepting a bribe of Rupees 9 Lakh only for settlement of Income Tax liability after survey, which was conducted by the Officer.

A Chartered Accountant who was working as a tout of the Officer was also arrested by CBI.

The Proprietor of a private firm based at Indore, lodged a complaint with CBI that the accused IRS Officer had demanded bribe of Rs. nine lakh from him for showing official favour to him . After registering the case against the accused Assistant Commissioner and an Income Tax Officer, CBI laid a trap and arrested the Officer and CA.

Many IIT and IIM graduates have joined Income Tax Department, on a salary which is equal to salary of a Driver in MNCs, keeping an eye on hidden perks involved but second generation of Businessmen who themselves are educated MBAs and Engineers are no more willing to listen to unjustified demands of corrupt Tax Officers. It is a better option for a Businessman to complain to CBI rather than accepting the demand of huge bribe. A Businessman is already under lot of stress in managing the business, supervising production and marketing and in complying with various laws, rules and regulations.

Several High Profile Officers are already under CBI scanner and such incidents are only going to increase in future as none of the Officers is taking lessons from such incidents.

· Dozen Excise Officers shunted amidst allegations of nexus with evaders

· Another IRS Officer arrested by CBI

· Income Tax Commissioner jailed for One Year RI

· CBI raids several Customs Officers for extortion and corruption

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

· Commissioner of Customs loses his shirt

· CBI raids den of corruption Nhava Sheva

· A Dozen IRS Officers resign for Packages of Rs 1 Crore