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Jaipal Reddy says Delhi Master Plan signed; no sealing tomorrow; Conservationists rap China for lifting ban on trade in tiger parts; FM asks banks not to hike home loan rates; Core sector grows by 8.3% in December; 8% Relief Bonds 2002 : MoF clarifies no interest to be paid after March 1, 2007; Theft of watermark from India Security Press : MoF says factually incorrect reports appearing in the Press; Home Minister says new police bill to be tabled in House during Budget Session; First-ever international meet on IPR begins in Delhi today; Justice Yad Ram Meena is new Chief Justice of Gujarat HC; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-30-ITAT-DEL-SB.doc + SB story.doc Net interest income earned on bank FDRs having nexus to its contracting business cannot be treated as part of the receipts from civil construction works: ITAT Special Bench; Deduction u/s 80HHC claimed - CIT invokes revisionary power u/s 263 and disallows duty drawback - Tribunal finds no nexus between the reasons given in the show cause and the reasons given in the impugned order for holding the order of Assessing Officer as erroneous - CIT order quashed Unsecured loans and excessive allowance of expenditure vis-a-vis Section 40A(2) - Lack of enquiry would render the order of assessment as erroneous and prejudicial to the interest of Revenue - Since AO failed to verify the market price of purchases made from the sister concern, AO's order is erroneous and CIT order upheld : ITAT; Search & Seizure u/s 132 - Additions made for unexplained cash credit - Sums disclosed in regular returns cannot be assessed under block assessment: ITAT; |
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2007-TIOL-13-SC-CX.doc + sc story.doc Interest on receivables deductible from value - Department having accepted the principle in earlier case cannot be permitted to take a contra stand in subsequent cases: SC; 2007-TIOL-170-CESTAT-MUM.doc + ispat story.doc Iron Ore fine is a “waste” emerging during the manufacture of Sponge Iron from Iron Ore pellets – - clearance of Iron ore fine does not amount to removal of inputs as such - Rule 57D applies & hence credit not deniable - Revenue appeals rejected, party's appeal allowed; Central Excise – Valuation – Service station licence fees (SSLF) collected from the dealers is not includible in the assessable value of the petroleum products cleared;
SERVICE TAX SECTION Refund of excess Service Tax paid - Assessee files claim on plain paper rather than Form R out of ignorance - Since it was a new levy and the assessee was not aware of the procedure, refund cannot be time-barred - Matter remanded;
CUSTOMS SECTION Anti-dumping duty on NBR revised as per Cestat order; 2007-TIOL-169-CESTAT-MAD.doc + A.Rangaswamy cus story.doc Customer – CHA – There is no legal obligation on the part of the CHA to keep the Department informed about the details of their premises or when it is relocated; Customs – valuation – Demurrage and connected bank charges are not includible in the assessable value of liquefied propylene gas imported; |
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ddt 6 feb.doc + trade notice.doc Refund cheques by post – Ahmedabad’s laudable move ; what is right for the left? Will Corporate India see red? Taxability of agricultural income in context of SEZ Scheme FTAs and PTAs - A stepping stone or stumbling blocks? Condonation of delay of 157 days - In view of the provisions of Sec 52(2) of the FERA Act which even excludes the application of Limitation Act 1963, delay of more than 90 days cannot be condoned by the tribunal; Exim Bank credit to Eastern and Southern African Trade and Development Bank (PTA Bank); Pyramid Saimira to set up multiplexes in Malaysia; Hinduja TMT wins Best Call Center Award ; L&T to set up plant in Dubai; Indra Nooyi to head pepsico; Hyundai's head sentenced for embezzlement; Indiabulls to demerge with Indiabulls Securities ;
Cambridge Solutions conferred with Best Performing BPO award; |
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| Regards
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