Applicability of Section 269SS/269T on firm-partner deposits upheld; penalty waived where bona fide belief prevailed in assessment.
Applicability of Section 269SS and Section 269T to firm-partner deposit receipts and repayments: the Assessing Officer treated cash deposits and repayments as contraventions and imposed penalties, while the appellate tribunal found the provisions applicable but waived penalties due to a bona fide belief, a view later affirmed on further challenge.

Repayment of government stock: maturity payable with electronic credit or pay order; holders must provide bank details or tender certificates.
Repayment is payable at par on maturity with interest ceasing from that date; if the maturity falls on a Negotiable Instruments Act holiday in a State, repayment will occur on the prior working day. Payment to registered holders must be by pay order with bank particulars or by electronic credit to a bank account capable of receiving electronic funds. Holders must submit bank account particulars in advance; absent such particulars, holders may tender duly discharged certificates at designated paying offices twenty days before maturity to obtain repayment, and detailed procedure is available from those offices.

Advance tax and TDS growth shows combined increase driven by higher TDS, challenging evidence of an economic slowdown.
Corporate June-quarter collections show that advance tax grew at a lower rate this year while corporate TDS rose substantially, with companies offsetting estimated TDS against advance tax liabilities. Combined advance tax plus TDS growth exceeded advance tax growth alone. Top-ten corporates registered modest advance-tax growth due to sectoral shocks, top-100 showed higher growth, and overall company advance-tax growth was driven by proportionately strong payments from small and medium enterprises.

Leather sector development programme expands training, subsidy support and co funded environmental measures to boost skills and competitiveness.
The Indian Leather Development Programme for the XI Plan period is a federal initiative funding infrastructure, capacity building, HRD and environmental compliance: it provides for three new institutes, an HRD Mission to train rural non traditional workers with placement targets, artisan support and saddlery R&D, a revised capital subsidy scheme extending assistance to new units, and a co funded environmental grant mechanism with industry bearing operation and maintenance.

Collateralisation of savings bonds now permits pledge or lien to secure bank loans under government securities rules.
Holders of specified Savings Bonds are authorised to create pledge, hypothecation or lien in favour of scheduled banks as collateral for loans, to be effected in accordance with the Government Securities Act and the Government Securities Regulations; all other terms and conditions of the bonds remain unchanged.

Service tax on commercial property rentals challenged as beyond parliamentary competence and stayed pending consolidated adjudication.
Challenge to the levy of service tax on rental income from commercial properties raises the question whether Parliament has competence to impose tax via the Finance Act 2007 on leasing, letting, renting or similar arrangements of immovable property used for business. The Centre seeks transfer and consolidation of multiple writ petitions filed by retailers, developers and multiplex owners to avoid conflicting high court decisions and to obtain a uniform constitutional determination.

DVAT schedule amendments adjust international entries and modify the rate of reduction of tax credit under VAT rules.
The Sixth Schedule of the DVAT Act, 2004 is revised to modify entries for Singapore and Germany and to insert entries for Bahrain, while Rule 7 of the Delhi Value Added Tax Rules, 2005 is amended to modify the rate of reduction of tax credit, changing how input tax credits are reduced under the Rules.

Trade deficit widens as exports and imports grow, with oil imports outpacing non oil imports and raising concerns.
Provisional June 2008 merchandise trade figures show exports rising ~23.5% year on year and imports ~25.9% in dollar terms; April-June cumulative exports increased ~22.3% and imports ~29.7%. Rupee term growth rates are higher. Oil imports grew substantially faster than non oil imports, substantially widening the April-June trade deficit compared with the previous year. 2007-08 figures are revised; 2008-09 figures are provisional.