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Govt examining proposal to set up Central Council for promotion of Overseas Employment : PM; Assocham Study : 'Inspector Raj' continues despite liberalisation; 40 Inspector visit a factory in place of 30 earlier!; Union Govt sets up Core Group on urban poverty; Knowledge Commission Vice Chairman reportedly claims he was not consulted before submitting many reports to PM; Narayana Murthy for opening retail sector MNCs; |
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| Dear Member, Sending you the following files: |
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CBDT gives Addl Charge of CCIT for Jaipur & Trichy; 2007-TIOL-11-HC-ALL-IT.doc + income tax story.doc Explanation regarding source of deposit found to be false by lower authorities & Tribunal - Expln 1 to Sec. 271(1) gets attracted and penalty leviable; Assessee borrows funds at interest rate of 14% p.a. and advances the same to its partnership firm at 4% interest p.a. - Deduction for differential interest liability claimed - Since it is not a prudent business decision, deduction under section 48(2) of the Act rightly denied; |
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2007-TIOL-32-CESTAT-KOL.doc + excise cestat story.doc No direct sale by the spinning mills to the traders and conditions of notification satisfied - exemption to Spinning Mills cannot be denied; Default in payment of duty by due date - Penalty sustainable in view of Punjab & Haryana HC order; 2007-TIOL-28-CESTAT-MUM.doc + excise story.doc Transfer of appeal from Mumbai Bench to Delhi Bench rejected in view of Order of the President communicated vide Public notice 02 of 2005 dated 5 th August 2005; Contract to sell - Fixed price, inclusive of taxes - An error in charging excise duty at 13% instead of 16% - Refund claim filed - Since certificates of buyer companies clearly show that the payments were made at the lower prices only, the provision of unjust enrichment cannot apply in this case;
SERVICE TAX SECTION ST - Recipient of GTO service - Period 16.11.1997 to 02.06.1998 - Issue is no longer res integra; Demand of Service Tax - Commissioner (A) has authority under Sec 85(4) to re-determine tax liability, interest and penalty;
CUSTOMS SECTION Overinvoicing of exports - Drawback claims - Investigation reveals much higher value than the PMV - Independent valuer prices the goods very low - Since Director of exporting firm did not cooperate and gave false information, confiscation and penalty proposed in the SCN upheld; DEPB - It is not necessary that the goods should be available to hold them liable for confiscation; |
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| Regards
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