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Software services and IT-BPO exports slated to exceed USD 31 bn this fiscal; Delhi Zonal Unit of DRI seizes 6 kg heroin in Amritsar, concealed in textile bales, and 5 kg from a pax at IGI Airport - both consignments heading for Canada; SC stays Sidhu's conviction; BJP declares him for Amritsar seat; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-22-ITAT-BANG.doc + IBM story.doc What is income? - Warranty is an accrued liability - purchase of software is revenue expenditure - Payments for sharing of data base and transfer of employees are Revenue receipts chargeable to tax ; ITAT; Assessee is into the business oil exploration - Claims depreciation like previous years - But AO disallows the same, arguing that the expenses incurred for acquiring the fixed assets are allowable u/s 42 - Although the doctrine of res judicata does not apply to income tax proceedings but if an issue has been decided consistently in a particular manner in the previous years, the same practice should continue for the sake of consistency unless there is a material change in the facts in the subsequent years - since there was no material change in this case, depreciaton was allowed u/s 32 : ITAT; Issue of notice u/s 148 when the assessment is pending u/s 143(3) is illegal and invalid : ITAT; |
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2007-TIOL-109-CESTAT-DEL.doc + automotive story.doc The phrase "or Rs. 1000/- per day whichever is higher" in rule 8(3) of CER is ultra-vires section 11AB(1) - No penalty of Rs. 1000/-per day can be imposed; Credit available on LSHS (fuel) used in producing steam & electricity used in turn in relation to manufacture of exempted Fertilizers - Issue no longer res integra - HC decision in own case followed; Classification of 'Jigs and Fixtures of PTC Towers' - Revenue cannot take different stands for the same goods in different jurisdictions - More appropriately classifiable under Heading 84; A beneficial circular to be applied retrospectively while adverse one to be applied prospectively - If the circular is against the assessee, it has the right to seek its enforcement prospectively;
SERVICE TAX SECTION 2007-TIOL-01-ARA-ST.doc + ara story.doc Service Tax - Ongoing activity - no advance ruling can be sought ST - Consulting Engineer Service - Exemption notification 18/2002 - Service tax on technology transfer exempted to the extent of the amount of cess paid under R & D Cess Act - Demand dropped but penalty u/s 77 retained for not filing return - Since the assessee was not liable to pay tax there was no need to file return - Penalty set aside;
CUSTOMS SECTION Overvaluation of exports consignment - Demand for Rs 22 Cr raised - In view of the evidence collected by the Revenue, a pre-deposit of Rs 2.5 Cr ordered; |
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Software Technology Parks – exemption extended; Customs concessions – what is left in the budget? The cry of salaried class - A cry unheard! Consigning welfare State to dustbin under PPP garb! SBI's profit slides in third quarter; Bharti Airtel logs 123 % profit; Dr Reddy's Lab sees three-fold rise in net profit; BSE ready with fresh IPOs; HDFC Bank extends hands towards SHGs; |
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