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EGoM on SEZ to finalise rehabilitation policy for oustees on Jan 22; FDI inflows cross USD 7.3 bn between April-Nov 2006; Tax Return Preparer's exam results out; 5000 qualify out of 90,000 applicants; UK to support India's bid for Security Council seat; MoF likely to issue SLR ordinance by month-end; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-18-ITAT-MUM.doc + PE story.doc If an income is attributable to a PE of a foreign company, it is taxable in India even if the PE ceases to exist in the relevant assessment year : ITAT; Search & Seizure - Revenue seizes small diary from the assessee's premises - AO makes additions on basis of entries indicating outstanding debts - Addition cannot be made on basis of dumb documents as the onus is on Revenue to prove that the assessee had received the money recorded in the diary : ITAT; Search & Seizure - Loose papers seized from the assessee's premises - Additions made on basis of loose papers - Explanation furnished along with evidence for unexplained investments - Onus is on the Revenue to disprove the same and loose papers are not books of account and, therefore, outside the purview of Sec 34 of Evidence Act : ITAT; |
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CBEC promotes R B Pandey as AC; CBEC issues transfer order of Addl/JCs;
2007-TIOL-85-CESTAT-BANG.doc + Rule 9B story.doc No bar of unjust enrichment for refunds consequent to provisional assessments before amendment to Rule 9B; Refund of security deposit – non production of original TR-6 challan cannot be a ground to deny refund – Executing indemnity bond would suffice; Allegations regarding substitution of the raw material, on which credit has been taken, is based mainly on the ground that the invoices showed a price less than the procurement price of the first stage dealer from the original manufacturer of scrap - No tangible evidence has been brought by the revenue to establish that there has been substitution of the goods - Demand set aside following Tribunal decision in Business Combines Ltd & Ors vs. CCE, Nasik [ 2005-TIOL-1158-CESTAT-MUM] & Kohinoor Trading Co;
SERVICE TAX SECTION ST on C & F Service - Inclusion of loading and godown charges in value - In view of Chennai Bench giving prima facie opinion in favour of the assessee, recovery stayed;
CUSTOMS SECTION 2007-TIOL-86-CESTAT-MUM.doc + camera story.doc Cameras, Zoom lenses are non-notified goods - since the department has failed to produce any evidence to prove that they are goods of foreign origin and smuggled into India, confiscation set aside - Commissioner(A) order upheld - Revenue appeal rejected; Customs duty - Delay in paying refund - Interest to be paid for the period starting after expirty of three months from the date of application; |
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ddt 18 jan.doc + rbi guidelines.doc Bar the Bar No more retired officers prasticing as lawyers? Airport privatisation a new initiative; Govt needs to exempt it from service tax; e-governance mandatorily requires governance first!; Patni Computers partners with Management Institute; Ranbaxy picks up stake in Krebs Biochemicals ; Hyundai signs a concessional agreement with Chennai Port Trust; Biocon opts Ferzsons for marketing in Pakistan; HCL
and HP launch new program for BPO; Flyington to acquire six A330-200F; |
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| Regards
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