Another IRS Officer clean bowled 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 clean bowled by CBI

AIT News Network

MUMBAI. Corruption in IRS has taken another toll. High Profile Deputy Director(Investigation) of Income Tax Department, Abhishek Verma, an IRS of 1999 Batch has been finally arrested by CBI from a 7-Star Hotel in Mumbai alongwith a CA Bipin Shah and Arms Middleman Suresh Nanda and his son Sanjeev Nanda for hatching a conspiracy to save middleman in the investigations.

At the time of his arrest accused IRS was negotiating remaining amount of bribe amount for helping Nandas in an investigation conducted by the accused IRS.

The Directorate of Income Tax (Investigation) had conducted raids during 2007 at the premises of the defence middleman in which several incriminating materials pertaining to the involvement of defence middleman’s and his associates in different defence deals were recovered. The accused IRS was handling the investigation of that case. As part of the conspiracy, it is alleged, IRS obtained huge amount of bribe from the accused defence middleman and his son in order to favour them in the investigation report prepared by him in connection with the Income tax case. The deal was struck through the Chartered Accountant. As part of the deal, after receiving huge money, the official deliberately withheld/suppressed the incriminating material in his possession in the investigation report prepared by him in order to save the defence middleman and his associates from any impending prosecution by the CBI and other agencies. The accused IRS also showed the draft investigation report which he had prepared to the Chartered Accountant and made changes after vetting by the defence middleman.

The middleman is alleged to have received kickbacks to the tune of over Rs 1000 Crore in several Arms Deal handled by him and is also said to have purchased Claridges Hotel in Delhi and SeaRock Hotel in Mumbai.

Searches were conducted at different premises of the four accused persons by CBI in New Delhi, Ghaziabad, Mumbai and Goa.

Accused IRS, for the crucial meeting first flew from Delhi to Goa with his wife; and thereafter flew from Goa to Mumbai after putting his wife in a resort.

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