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Consensus within the Govt to hike threshold limit for Service Tax exemption; To curb inflation, as reported by TIOL, Govt bans export of milk powder upto September; Airlines decide not to pass on benefits of reduction in price of ATF; Security forces killed more than 10 journalists in Pakistan : International media watchdog 'Reporters Without Borders'; |
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| Dear Member, Sending you the following files: |
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Addl charge of Bangalore CCIT-1 as Ms Manju Madhavan goes to Telecom Commission as Member (Finance); 2007-TIOL-26-ITAT-MUM.doc + rent story.doc If fair rent is less than standard rent, it is the fair rent that is to be taken as annual letting value and not standard rent: ITAT; Assessee raises unsecured loans from companies belonging to a Group whose shares were bought utilising the same funds - Interest paid on such loans disallowed, alleging colourable devices - Given that the assessee company has not given any financial help for purchase of its shares, there is no contravention of Sec 11 and Sec 77 of the Companies Act not applicable to this case - Disallowance of interest disallowed : ITAT; Expenditure incurred on right issue cannot be adjusted u/s 143(1)(a) by the AO : ITAT; |
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2007-TIOL-11-SC-CX.doc + sc story.doc Refund of Duty paid under protest – Section 11B applicable? : SC 2007-TIOL-153-CESTAT-MUM.doc + unjust story.doc Interest not payable under Section 11BB of the CEA'44 to Un-spent balance in PLA; Refund - Merely because Unjust enrichment does not apply to Unspent balance in PLA as per S. 11B(2), yet the same is not a duty of excise - said provision has been incorporated as an abundant precaution to ensure that even by mistake, the provision of unjust enrichment is not applied for such refund; Since there is a specific provision for refund of PLA balance under Rule 9(1)(A) and 173G(1A) of the CER, 1944, therefore, such refund would be squarely covered under the said Rules and not under Section 11B of the CEA'44; Restriction of modvat credit in respect of inputs obtained by breaking of ships – Whether the ship is of Indian origin or foreign origin is immaterial. Proviso to notification 177/86 CE & 5/94CE are similarly worded, hence Tribunal decision in Sardar Steel Mills is applicable – Goods described at heading 72.15 & 73.09 are of similar nature as those described at heading 72.09, both are iron scrap – restriction to credit applicable.; Allegation of clandestine removal and duty demand based on difference between quantity shown in RG1 & stock declaration made to State Bank of India – since no physical stock taking or statements admitting clandestine clearances to support finding, demand set aside;
SERVICE TAX SECTION Un-intentional delay in filing Tax returns – payment of Service Tax & interest made immediately – no cause for imposition of penalty as section 80 covers such situation;
CUSTOMS SECTION 2007-TIOL-154-CESTAT-BANG.doc + cus refund story.doc Customs – Refund – Interest – Appellant is legally entitled for the interest from the date on which Finance Bill 1995 received the presidential assent till 10-01-01; |
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| Regards
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