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Govt decides to bring Bill to amend Carriage by Air Act to include reference to Montreal Convention, 1999; Cheque-bouncing: SC says a person cannot be prosecuted on basis of his designation in a company; Govt to bring bill during Budget session to hike FDI to 49% in Insurance Sector; Motorola to set up cellular network for MTNL in Delhi and NCR; Deora says petrol price cut after international prices stabilise; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-34-HC-DEL-IT.doc + glaxo story.doc THE Revenue, by delaying the refund, is actually incurring an additional expenditure since it has to pay interest on the amount of refund as well as delayed refund - This may not, in the larger context, be in the best of interests of the Revenue itself - costs ordered for undue delay in refunds A mechanical invocation of the power under Section 245 irrespective of the fact situation, can lead to misuse of the power by the Revenue in order to delay the refund till such time a fresh demand for the subsequent assessment years is finalized If reasonable time limits are not set for the processing of and disposal of an application for refund by the Revenue, it may result in the assessee not being able to get the refund at all. The mere fact that appeals are pending in the High Court is not by itself a sufficient ground for denying the refund : HC; 2007-TIOL-33-HC-DEL-IT.doc + klm story.doc Resort to Section 147 cannot be made when the normal assessment proceedings are pending conclusion : HC; Assessee constructs a nursing home - Addition made on basis of valuer's report - Tribunal allows 10% depreciation on building as functional test proves it to be a 'plant' for the assessee carrying on medical business - HC upholds order : HC; |
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RLT case law headnote;
2007-TIOL-90-CESTAT-DEL.doc + interest story.doc Statutory interest will be attracted irrespective of whether the claim was specifically made in the demand - Revenue at liberty to claim interest as permissible under the statute; Removal of inputs, as such, to sister concern and also original manufacturer - Reversal of credit availed - Revenue seeks duty for the value calculated on 115% of the cost of production - Issue is covered by the LB decision in Eicher Tractors (2005-TIOL-1043-CESTAT-DEL-LB) - Assessee's case upheld; Board's letter dated 14.12.2000 clarifies that basic excise duty can be used for payment of additional duty - Inasmuch as the issue stands settled, order denying utilization of Cenvat credit for payment of AED set aside & appeal allowed with consequential relief;
SERVICE TAX SECTION ST - In view of the existence of reasonable cause penalty is not called for - Revenue's appeal dismissed;
CUSTOMS SECTION 2007-TIOL-91-CESTAT-BANG-LB.doc + LB story.doc Bill of entry is a document "issued" for the purpose of Modvat - MIMAMSA principle applied; Entitlement of Scheme to all shipments through EDI ports; New procedure for filing of aayat niryaat form for grant of credit; Appendix-2 amended for Cotton Textiles EPC; Anti-dumping probe into import of phenol from USA, Korea & Taiwan initiated; |
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