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Pranab Mukherjee says Pak not keen on implementation of SAFTA; Putin hopeful of bilateral trade crossing USD 80 bn by 2015; EGoM to meet shortly; Nath favours export obligations model for SEZ units; FM approves 23 FDI proposals; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-23-ITAT-MUM.doc + LIC story.doc Assessee is created out of a Statute by Parliament - A capital of Rs five crore provided by the Central Govt - Assessee pays Central Govt out of surplus profit - AO wants to tax it as dividend u/s 115-O - Since existence of shares representing capital as well as share-holders are sine qua non for a payment to qualify as dividend u/s 2(22), the payments are not taxable : ITAT; Assessee buys materials and machinery to install ropeways for a third party for transporting timber - Sec 32A - Assessee seeks investment allowance on the investment made on the value of the plant and machinery installed for transporting purposes - No benefits can be allowed as there is no production of any article or thing and the relevant conditions under the Section are not satisfied : HC ; Arrears of rent - Assessee claims it as damages - Arrears of rent to be assessed in the year to which they relate and not the actual receipt year : HC; |
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2007-TIOL-114-CESTAT-MUM.doc + amtex story.doc Clearing new Room Air Conditioners under the guise of repaired goods - documentary evidence and statements confirm modus operandi - Demand of duty upheld; Assessees are traders - Buy grey fabrics, get them processed and sell them - No duty paid on processed fabrics - Duty cannot be recovered from traders as they are not manufacturers but penalty imposed under Rule 173Q is sustainable as they were in the know that the processed fabrics were cleared without payment of duty; Non-woven fabric/sheet of manmade fibre, an intermediate product arising in the course of manufacture of jute backed floor coverings is leviable to duty under CET 5603.00 as it is marketable inasmuch as similar products described as non-woven fabrics are sold by assessees and classified under heading 5603.00; Burden to show that the product cleared on payment of duty is different from the product in dispute has not been discharged by the assessee to whom the burden shifted after department discharged the initial burden of showing that the goods were marketable; Grey cotton canvas cloth is classifiable under Chapter 52 and not 59 - SC ruling in case of M/s Simplex Mills Co Ltd (2005-TIOL-68-SC-CX-LB) followed - CBEC Circular 48-2-97-CX dated 17.4.1997 quashed: HC;
SERVICE TAX SECTION Service Tax –Consulting Engineer – The demand of differential tax is not sustainable both on merits and limitation – While imposing penalty one should exercise proper judgement, otherwise such careless exercise of statutory powers would amount to mockery of judicial delivery system; Advance ruling on service tax issue sought - Application rejected as applicant does not qualify to do so as per Sec 96A(C) and 96C(2) of the Finance Act, 1994;
CUSTOMS SECTION Govt reduces import duty on crude palm oil from 70% to 60%; on RBD from 80% to 67.5%; Crude sunflower oil and refined sunflower oil from 75 % to 65% and 85% to 75% respectively; DGFT says curbs on sugar exports not to apply to valid Release Orders issued by Dte of Sugar ; 2007-TIOL-113-CESTAT-MUM.doc + BE story.doc The view that adjudication order did not survive merely because the appellant had not appealed against the orders of finalization of Bill of Entry cannot be accepted; Advance ruling sought for import of gold dust and ingots - Withdrawal of application sought on the ground that the assessee was convinced that gold would not fall under the category of "Ores and Concentrates" within the meaning of Chapter 26 of Customs Tariff Act - Permission granted; |
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Help! PM on FM! Rationalise indirect tax structure and prune exemptions - They are bigger than a comet's tail; 'Omission Vs Repeal' - A synonymous antonym; Amended Transfer Policy by CBEC for IRS; Reliance given green signal to issue ADRs; L&T bags DMRC orders for third phase; |
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| Regards
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