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Nath says India can richly contribute to Global Engineering Process Oursourcing; Delhi HC stays Cestat order directing liquor major Seagrams India to deposit Rs 40 Cr in Customs case; RBI hikes CRR to 6%; Mumbai DRI seizes diamonds worth Rs 2 Crore at Sahar Airport; holding talks with four European nations (Norway, Switzerland, Liechtenstein and Iceland) for free trade pact; Punjab polls : 65% turnout reported; Company Affairs Minister and Chairman of International Accounting Standards Board discuss issues related to enforcement of accounting standards in India; TCS sets up JV in China; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-41-ITAT-DEL-SB.doc + sb story.doc The mode adopted to carry out the charitable purpose would include a business engaged in for that purpose - Income Tax authorities cannot take inconsistent views on the same set of facts; Deduction claimed for expenditure on 'Repairs and maintenance of leased premises ' - Since expenditure was incurred on setting up modern communication network, roof insulation, heating and cooling of the premises and demarcation of the office space among employees which do not fall in the category of repairs and maintenance and offered a fresh advantage in doing efficient business, such expenditure to be treated as capital in nature; Assessee is into financing and leasing business of vehicles - Declares lease rental income and claims depreciation u/s 32 - AO disallows depreciation on ground that it was purely a finance transaction - CIT allows the same - CIT order set aside as evidence like 'internal appraisal form', no interest on security deposit etc indicates that it was a finance transaction - Retaining name of the assessee in the vehicles' registration certificates cannot help as it can be done even under finaning relationship; |
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CBEC amends Chief Commissioners' panel for review of excise cases; Interest on refund claim is payable from the date of expiry of three months from the date of refund application & not on expiry of 3 months from date of order passed by Commissioner(Appeals) or Tribunal – issue no longer res integra – Tribunal decision in GSFC followed; Allegation of clandestine removal on the ground that seized cartons did not carry running serial number as required under Rule 51 of CER’44 - no provision under CER’44 under which the appellant is perpetually liable for observing rule 51 when goods are not in appellant’s possession – Matter remanded; Used capital goods are required to be cleared on payment of duty at transaction value & not on payment of duty equal to credit originally availed inasmuch as it cannot be considered as “removal as such”;
SERVICE TAX SECTION 2007-TIOL-208-CESTAT-AHM.doc + st story.doc Service Tax- No telegraph authority can be treated as subscriber of another telegraph authority in relation to the link established between one telegraph authority and another telegraph authority;
CUSTOMS SECTION CBEC does away with verification of DEPBs at EDI ports; 2007-TIOL-20-SC-CUS.doc + sc cus story.doc In the absence of any concrete evidence, the findings of Tribunal that FOB price was not inflated acceptable; Customs - diversion of Nepal bound goods back to India - penalty on the CHA under Section 112(b) of the Customs Act - Role of the clearing agent is limited up to the clearance of the goods from the docks and he is under no legal obligation to ensure that the Nepal bound cargo reaches Nepal - Penalty set aside; |
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No more verification of DEPBs at EDI ports; Budget 2007 should avoid influencing consumer choices through tax distortions! Exemption from service tax on job work activity - BAS !! 2007-TIOL-21-SC-SERVICE.doc + skgoel story.doc The seniority/promotion granted on the strength of DPC selection should not be unsettled after a lapse of time - non adverse remarks in ACR need not be communicated to the officer; Numaligarh Refinery looking for Director (Finance); Safeguards to address the concerns of the investors on transfer of securities in dematerialized mode; Greaves Cotton to acquire Burk-Farymann of Netherlands; HCL Technologies showcases SynAps in Annaul Manufacturing Forum; E-tendering launched by GAIL India; Ranbaxy selected for listing by Germany's largest General Local Health Insurance; World bank to credit Pak's earthquake hit areas; RBI hikes CRR to six percent; OECD's
annual report cautions against complacency in economics reforms; |
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| Regards
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