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SC rules promotion cannot be granted with retrospective effect; CBEC DG (Vigilance) Jogendra Singh to join Settlement Commission today; Nitish Govt introduces five-day a week for Govt offices; New Pharma Policy proposes to bring 34% drugs under price control ambit; SAFTA : Pak notifies duty reduction on many items from today; Chhatisgarh, Karnataka and Delhi realise the goal of zero revenue deficit; Dr R A Mashelkar retires as DG, CSIR; SEBI Chief hints at exclusive trading forum for SMEs and medium enterprises; CII favours Nath on attracting FDI in education sector; |
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| Dear Member, Sending you the following files: |
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CBDT revamps refund claims procedure; No interest on belated refund claims; No refund claims to be entertained beyond six years period; 2007-TIOL-03-ITAT-MUM.doc + kbc story.doc Versatile Bachchan loses Versa but wins hands down in KBC - He was an artist while anchoring KBC - eligible for deduction u/s 80RR; Acquisition of land by the State - Compensation paid - Plea for more compensation - Compensation awarded along with interest - Such interest income is revenue in nature and the total income is capital receipt in nature and the same to be taxed as capital gains as per provisions of sec.45(5)(b); Exercise of power u/s 143(1) is not legally sustainable after proceedings u/s 143(2) of I-T Act were initiated; 2007-TIOL-02-HC-DEL-IT.doc + delhi hc story.doc When Appellate Authority remands the case for a determination on a selected aspect of the assessment, the provisions of Section 153(2A) will not be attracted - The remand proceedings not hit by limitation factor; Cash credits - Additions made u/s 68 - HC concurs with tribunal views - No case made out for addition to the income of the firm even if deposits made by the partners were unexplained income; |
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2007-TIOL-09-CESTAT-BANG.doc + ship story.doc CE – Credit on capital goods – the benefit of Modvat credit is allowable to slip ship unloader installed in the wharf area. Since without these capital goods, the inputs could not have come to the appellant's factory; Capital goods - Modvat Credit - Credit is admissible on Tor steel, cement, bars and angles; Removal of capital goods to sistern concern - 50% modvat credit availed reversed - Revenue alleges short duty payment and demands 50% more - LB decision in Eicher Tractors (2005-TIOL-1043-CESTAT-DEL-LB) covers the issue - only 50% credit to be reversed; 2007-TIOL-04-CESTAT-BANG.doc + ssi story.doc Central Excise – SSI – Value of clearances – The clearance value on those goods which are cleared on payment of duty to unit-II cannot be added to the assessable value of the unit-I; Exemption under Serial No 237 of Notification 6/2002 - Fuel and ash handling equipment - Waiver from pre-deposit granted;
SERVICE TAX SECTION ST - Ren A Cab Operator - Appeal filed after 18 months - Commissioner (A) dismissed the application on limitation ground - Tribunal cannot condone delay in filing appeal before lower authorities; ST - Photography service - Is value of materials consumed in developing and printing of photographs excludable from gross amount chargable to service tax? - Issue settled by Apex Court in the case of C K Jidheesh (2005-TIOL-135-SC-ST) but another order in Himalayan Co-op. Milk Product Union Ltd suggests that if an exemption has been given by the Govt, no other meaning should be given to the statute to defeat the purpose - Pre-deposit ordered;
CUSTOMS SECTION DGFT amends SION for 'white sugar' and 'Raw Sugar'; Laptop computers imported are not desk top computers - The right classification is chapter 8471 - No additional duty is leviable; DEPB credit - once DGFT decides to grant credit, the Customs authorities cannot modify the credit; |
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| Regards
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