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UPA Govt fails to curb inflation - ups from 6.58% to 6.73%; Govt may cut duty on petro goods by tonight; Income Tax on cooperative banks' profits : PM promises to look into possibility of exemption; SC allows Discoms to retain depreciation value at 6.69% as against 3.75% fixed by DERC; Commissioner of Central Excise Ananya Ray going on deputation as JS & FA in Ministry of Water Resources; Loreal all set to buy Ayurvedic skin care brand; |
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| Dear Member, Sending you the following files: |
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CBDT amends jurisdictionof CCIT, Ghaziabad; 2007-TIOL-85-HC-DEL-IT.doc + delhi hc story.doc Additions cannot be made based on pure guess - something more than suspicion required to support the assessment u/s 23(3) - Tribunal order deleting additions made for aborted land deal upheld; Substantial question of law - if the finding is either without any evidence or material, or if the finding is contrary to the evidence, or is perverse or there is no direct nexus between the conclusion of fact and the primary fact upon which that conclusion is based; Assessee runs gold ornaments business - Also exports gold jewellery from a different outfit - Claims deductions u/s 80HHC - Revenue reduces deduction, saying the entire business of local sale and exports sale is one and the same - When separate expenditure accounts are mainatines and there is no inter-mingling of expenses, deductions cannot be disallowed - Tribunal order upheld; Tax-payer has the right of attribution to arrange the matters in the way most favourable to him; |
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2007-TIOL-86-HC-DEL-CX.doc + cheque story.doc Cheques given to Central Excise bounced - No offence when the adjudication, on the basis of which cheques were issued, quashed; Appeal for restoration of appeal before tribunal - Service of order - Provisions of Sec 37 to apply to orders handed down by the tribunal also - Since no proof produced as to the dispatch of the decision by registered post, appeal restored; Central Excise - Classification - Domestic milk cans - household use - exemption under Notification No 5/99 - Since capacity is not a criteria, exemption is available;
SERVICE TAX SECTION ST - Security services - PSU service recipient deposited the tax directly in bank - Certificates issued to the applicant - Tax demanded and penalty imposed - Revenue argues such deposit is invalid as the liability is on the service provider - There is merit in the Revenue's contention but since tax has been deposited by the service recipient, part pre-deposit ordered in view of financial hardship to the assessee; ST - Revenue argues royalty paid to foreign company is for consulting engineer service - Relationship is essentially of licensor and licensee - Pre-deposit waived;
CUSTOMS SECTION Deposit of Rs 3000 from foreign going vessels done away with; What does 'execution of bonds and guarantees' mean? - CBEC explains it and asks Customs to take utmost care; Import by Govt bodies : CBEC issues detailed clarification; 2007-TIOL-213-CESTAT-BANG.doc + wipro story.doc Customs - Classification - Imported Pentium-II / Celeron Microprocessors are classifiable under Chapter Sub-heading 8473.30 of Customs Tariff Act; Import of melting scrap - Issue of pre-shipment certificate by an authorised agency - Inspecting company a group company of Mumbai-based authorised company - DGFT clarification issued much after inspection done cannot be a basis for confiscation - Assessee's appeal upheld; |
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| Regards
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