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Nine-Member SC Bench rules laws placed in 9 th Schedule of Constitution are very much within the ambit of judicial scrutiny; MoF moves Cabinet note on call option issue on VSNL; Ispat to set up coal-based power plant in Chhattisgarh; ICAI suggests MoF to tax agri income of corporate to buoy up revenue mop-up BoA meeting on SEZ proposals cancelled as Nath takes off for Philippines; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-03-ARA-IT.doc + ara story.doc Profits arising from the sale of portfolio investments in India by FII, is not business income: Advance Ruling; Replacement expenditure on parts of capital goods - If replacement is done without stopping the production and no new asset of any enduring benefits comes into being, it is revenue expenditure and allowable deduction : HC; Interest paid on debentures and corporate borrowings cannot be treated as an asset and is allowable deduction; Enhancement
or reduction of demand - CIT (A) cannot exercise the power conferred
u/s 251(2) without giving a reasonable opportunity to the assessee
: HC; |
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2007-TIOL-52-CESTAT-MUM.doc + interest story.doc Interest cannot be imposed by issuing a corrigendum; Confiscation of Plant & Machinery cannot be ordered in cases of contravention of modvat rules as clause (bb) to 173Q(1) fails to find mention in sub-rule 2 of Rule 173Q; 2007-TIOL-51-CESTAT-BANG.doc + cairn story.doc Excess payment in March - adjustment in April permissible; Penalty under Sec 11AC - Appeal filed against tribunal order in the Supreme Court - Exigibility of duty challenged - Since the Apex Court has admitted the case, mens rea for levy of penalty cannot be presumed : HC;
SERVICE TAX SECTION Having registered themselves with the department, appellant was aware of its liability to pay Service Tax – financial crisis cannot be considered to be a factor constituting reasonable cause - benefit available u/s 80 of the Finance Act, 1994 cannot be extended; Service Tax – Consulting Engineer – The ECO conservation works to preserve the waste land and bringing them into use, especially for the development of tribals is not an activity coming with in the ambit of consulting engineering services;
CUSTOMS SECTION CHA taking reasonable precaution to place container for examination by the customs – Personal penalty not imposable; |
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Revenue collections soar – Income Tax up by 42%; What is e-governance? Inspector Raj - Return of the Dragon ! To banish it, India needs 'unity in plural polity'!; Vacancies in IFU at Addl Dir + STO-levels; Infosys profits surge by 51.5 percent in the third quarter; NASSCOM releases its Innovation book; Patel Engineering to work for BMC; |
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| Regards
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