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Interest rate cut : EPF Board once again defers decision; Industry seeks 80-IA benefits for smaller power projects also and extension upto 2015; Self-driven vehicle owner not entitled to third party insurance : SC; Vessel carrying huge iron ore cargo sinks off Panaji port after collision; Industrial growth rate pole-vaults to 14.4% in November - highest in over one decade; Trade Ministers agree to give a fresh chance to Doha talks ; FM holds pre-budget meetings with FIIs; GoM clears formation of Airports Economic Regulatory Authority; Fali Nariman, Khushwant Singh, Justice P N Bhagwati and Naresh Chandra get Padma Vibhushan; Income Tax detects Rs 1700 Cr tax evasion and seizes assets worth Rs 228 Cr besides detection of tax evasion of Rs 1100 Cr through Surveys; |
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| Dear Member, Sending you the following files: |
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40 DCITs promoted as JCITs; Penalty u/s 271D and 271E imposed for taking loans in cash and repaying the same in cash - If transactions are bona fide and no tax evasion involved, penalty is not called for; Revenue files appeal against the CIT (A) - Tribunal dismisses appeal on ground that the Revenue did not furnish grounds in column 14 of statutory Form No 36 - Sec 292B - mere mistake or omission not to make any difference to a case - Since the substance and effect of the appeals was to challenge the CIT (A) order, the Tribunal was required to hear the case on merit rather than dismiss the same on technical ground ;
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Duty demand along with penalty and interest raised - Tribunal orders pre-deposit - Assessee pays only miniscule part of pre-deposit - Tribunal allows pendency of the case - KVSS - Assessee opts for the scheme - Revenue asks for pre-deposit amount plus 50% of the balance duty - Authorities were wrong in calculation; as per the Scheme the assessee should have been asked to deposit the duty demanded minus the deposit made with the tribunal and the 50% of the same - Refund ordered for the excess deposit under the Scheme; 2007-TIOL-123-CESTAT-MUM.doc + valuation story.doc Valuation on cost basis - abnormal costs need not be added; Floor sweepings arising during the manufacture of biscuits cannot be considered as excisable goods & exempted products, hence prima facie rule 6 of the Cenvat Credit Rules not applicable – Stay petition allowed unconditionally ; Notification 5/98CE – Payment of 8% amount under Rule 57CC is equivalent to reversal of credit on inputs – benefit of notification available – SC decision in Life Long Applicances Ltd. relied upon. Plea of SDR that matter may be remanded for determining whether payment of 8% is equal to reversal of credit rejected as no such plea made in appeal memorandum;
SERVICE TAX SECTION ST on tour operator and rent-a-cab-service - Assessee claims to be contract carriage - waiver of pre-deposit denied; ST - Tour Operator - Penalty imposed u/s 76 - Tax deposited before issue of SCN - Commissioner (A) waived off penalty based on Machino Montell order - Since Service Tax is a self-codified Act, a decision related to Central Excise will not apply to it - Waiver from penalty set aside - Revenue's appeal upheld; CUSTOMS SECTION 2007-TIOL-127-CESTAT-MUM.doc + fine story.doc No duty implication and no margin of profit -Fit case for reduction of redemption fine and penalty; Refund of pre-deposits in view of Tribunal's order - Refund not made for three years - Customs ordered to pay refunds within 15 days as the tribunal's order has not been stayed by the Supreme Court;
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Pension Regulator decides to outsource record-keeping for Rs 1500 Cr funds; Delhi Air Cargo is the latest to join e-auction bandwagon for disposal goods; TVS launches bike with electric start; Hindujas venture into healthcare; UBS acquires Standard Chartered's MF business; L & T lays keel for the first ship at Hazira; |
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| Regards
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