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OPEC not to cut production in near future; Shome says constitutional amendment required for introduction of GST; Sahar Airport Customs seizes FC worth Rs 15 lakh from Dubai-bound pax; Indian Institute of Tourims & Travel Management to set up new campus at Noida; Japanese delegation coming to India for FTA talks; Assocham is against 'land grabbing' in name of SEZs; |
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| Dear Member, Sending you the following files: |
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CBDT tightens norms for granting exemption to PF and amends rules related to withdrawal of fund by employees; 2007-TIOL-15-ITAT-MUM.doc + it mum story.doc Principle of natural justice having been complied with consequent to issuance of Notice u/s 148 and 142(1), validity of reassessment not vitiated solely on the ground that notice u/s 143(2) was not issued : ITAT; Assessee is an exporter - Keeps dollar in EEFC account - Interest earned from such a deposit to be treated as business income : ITAT; Loss return filed beyond the time-limit u/s 139 - Assessment initiated by issuing a notice u/s 148 - CIT (A) terms the assessment order prejudicial to the interests of revenue - AO cannot proceed under provisions of Sec 147/148 to complete assessment to compute the loss, thereby, giving the assessee an opportunity to claim set off of loss in subsequent years : ITAT; |
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Mere fact of the prices not undergoing any change for the period prior to & post disputed period, by itself is not indicative of the fact that duty has not been recovered from customers – SC decision in Allied Photographics followed; Clandestine removal - It is not always necessary to refer to electricity consumption or installed capacity or labour employed to prove duty evasion - Since assessee not rebutting recovery of challans and notebooks from its premises and then there are confessional statements from the partner and merchant manufacturers, duty demand upheld; Shortage of cenvatable inputs - Credit also taken on inadmissible input - SCN issued - Duty with interest deposited - Penalty u/s 11AC imposed but set aside by adjudicating authority - In view of Punjab & Haryana HC order penalty is sustainable in such cases;
SERVICE TAX SECTION Service Tax on Erection services brought into effect w.e.f 13.05.2004 under the head Commissioning & Installation – Tax collected prior to this date is without any authority of law – question of unjust enrichment will not arise in view of SC decision in Mafatlal Industries – Transfer to Consumer Welfare Fund not correct – Revenue appeal dismissed;
CUSTOMS SECTION 2007-TIOL-07-SC-CUS.doc + sc dgft story.doc Ban on DTA sales by EOUs to continue - interim order; Drawback should not be disallowed on procedural and technical ground that Drawback shipping bills was not filed; |
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Bar the Bar No more retired officers prasticing as lawyers? Need for rationalisation of excise duty on small cars; Omitted Vs Repealed; sc sales story.doc + 2007-TIOL-08-SC-CT.doc Diesel used in DG Sets is a raw material in the manufacture of polyester yarn; Age factor has no relevance in maintaining the standards of the profession - illusion and imagination cannot be allowed to be a base to frame a rule - Bar Councils' bar of entry to 45+ persons struck down; Exim Bank credit to Republic of Guyana; Reliance spreads its greenfield in Yemen; JB Chemicals to set up a SEZ in Gujarat; Mahindra signs MoU with Maharashtra; Indusind
ties up with Aviva; JSW Steel sets up waste gas-based power plant; |
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| Regards
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