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SAARC members eyeing USD 20 bn trade by 2010; Govt to provide aid for legal services to be hired by women deserted by overseas Indian spouses; Neemuch CBN seizes 2.5 kg heroin and arrests two persons; Samjhauta Express fire - Final tally goes up to 66; Indian American Subhask Kak claims to have found answers to Einstein's twin paradox; Realty sector in Asia is highly promising : Study; HC approves death penalty in Tandoor murder case; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-46-ITAT-DEL.doc + alcatel story.doc Income arising from supply of equipment, which was concluded outside India, not taxable - Income from the licensing of the software is not taxable as royalty; Assessee is into housing finance business - Goes for public issue and its expenditure claimed as deduction u/s 35D (ii) - Expenditure claimed to be linked to extension of 'industrial undertaking' - AO disallows - Assessee pleads the expression 'industrial undertaking' be construed more liberally and takes in its fold any commercial activity - Section 35D (ii) clearly refers manufacturing or processing activities and the assessee is not eligible for such deductions; Sec 80-IA - Assessee leases cranes to JNPT - Claims deduction for infrastructure facility and reduces it from book profits determined u/s 115JA - Since cranes depoloyed are neither 'port' nor a notified public utility and also the assessee not paid for operation of the cranes, benefits of Sec 80-IA(12)(ca)(i) not available; |
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2007-TIOL-230-CESTAT-MUM.doc + indorama story.doc Furnace oil sent to job worker for production of electricity and consequent transmission for manufacture of final product - Tribunal holds that 214/86CE job work procedure available & grants credit of Rs.1.13 crores; Factory of production referred to in rule 2(g) of Cenvat Credit Rules, 2002 is the factory where the final products are manufactured and not where electricity is produced - LB decision in Ballarpur Industries Ltd 2000(116)ELT 312(T-LB) followed. It is immaterial whether the electricity is excisable product or not as this is not a condition laid down under the rule 4(5) of Cenvat Credit Rule; Input "Furnace Oil" can directly be sent to the job worker as such a procedure is allowed by Board in its Circular dated F.No. 345/2/2000-TRU dated 29.08.2000 & 637/28/02-CX dated 08.05.2002; Trade discount relating to quantity purchased/dispatched or terms of payment or volume of sale/purchase at the end of a specified period given by supplier – consignee raising debit notes – no legal requirement to reverse the excess modvat/cenvat credit availed consequent upon reduction in sale price of goods; Assessee availing credit of quantum of duty paid by supplier – discount given on the price inclusive of duty & taxes without affecting A.V or duty paid – in fact the assessee supplier had received less payment for his goods – no loss of duty to the department; No exercise conducted at supplier end for refund or short payment of duty – there is no meaning in the action of the department to seek reversal of credit; Central Excise - Cenvat Credit - Application of Rule 6 of Cenvat Credit Rules , in the present case, leads to an oppressive demand and the fertilizer industries would face closure if the demand is pressed - However, Rule 6 cannot be completely ruled out - Prima facie, appellants cannot be said to have a very strong case - Directed to Pre-deposit Rs. 20 crores;
SERVICE TAX SECTION ST appeal - Revenue asked to file affidavit to explain delay for condonation - Non-compliance - If there is scant regard for law, maintaining this appeal would be abuse of the process of law;
CUSTOMS SECTION Corrects 10/2007-Cus; 2007-TIOL-88-HC-DEL-CUS.doc + sandeep story.doc Revenue lambasted for continued non-appearance in Court - Government Departments, who take the Courts for granted, should not be lightly let off for their dereliction of duties - costs imposed; Customs - Classification - Data Processing Unit - Importer insists for classification along with calorimeter under Tariff Heading 9027.90 - Heading 84.71 specifically covers it and Chapter Note 5 (B) explanation clarifies it ; |
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Failure to collects TDS –penalty liable; Double Taxation - Treaty-making powers - S K Jha questions Govt's constitutional competence in a PIL in Delhi HC; Budget 2007 : Does more tax mop-up mean merrier for allocations for development needs? Excisability of software : CBEC's penchant for confusion! L&T enter sign Mou with Dassault Systemes ; GAIL and IIP to jointly market the Natural Gas Liquid to Gas and Gasoline Technology; Micro Technologies enters into contract with Universal Group; Dabur to establish a plant in Pakistan; Bank of India to set up a JV life insurance company ;
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| Regards
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