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RBI Dy Governor says 9% growth has pushed 50 mn people from lower to middle income group and banks can tap them; Mittal to pour in Rs 32 bn for 49% stake in HPCL's Bhatinda refinery; Reddy says Delhi to have statutory authority to monitor construction; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-91-HC-MUM-IT.doc + goodwill story.doc Depreciation of goodwill u/s 32(1)(ii) - Date of agreement declared to be April 1, 1998 - Assessment completed - Notice u/s 148 - Reopening of assessment disallowing depreciation on goodwill as intangible asset u/s 32 - Since date of acquision shown in tax audit report and return of income shown differently and AO fails to examine the same, re-assessment is justifiable; Taxing interest on securities - Even though Sec 18 was deleted, the assessee is taxable for interest on securities only on specified dates which the payment is due - Third proviso to Section 145(1) of the Act; Sec 10(5) - Exemption to LTC - Assessee reimburses LTC expenses after getting detailed information in a performa - AO alleges short deduction of tax u/s 201 as LTC is not exempt - Since reimbursements have been made to the employees and accounts have been audited by the auditors appointed by the CAG and Revenue has no evidence as to any mala fide, there is no case against the assessee; |
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2007-TIOL-234-CESTAT-MUM.doc + 2007-TIOL-235-CESTAT-MUM.doc + mumbai story.doc Penalty under Sec. 11AC when duty and interest paid before issuance of show cause notice - Since the assessee and the Bench is situated in the jurisdiction of Bombay High Court, decision in Gaurav Mercantiles Ltd. is to be followed - no penalty is imposable - P&H HC decision in Machino Montell not applicable; Cenvat credit on inputs used exclusively in manufacture of exempted goods – in the light of Tribunal decision in Concept Pharmaceuticals 2006-TIOL-638-CESTAT-MUM, pre-deposit of duty dispensed with;
SERVICE TAX SECTION ST on GTO service recipient - Exemption to registered SSI - Tax deposited under protest - Relevant notifications rescinded after SC order in Laghu Udyog - Refund claim filed - Since there was no tax on service receiver, refund admissible but Revenue to examine it through unjust enrichment prism before granting the same;
CUSTOMS SECTION Loni notified as ICD; 2007-TIOL-92-HC-MUM-CUS.doc + customs hc story.doc Just because the big fish has escaped, the small ones need not be left - customs penalty confirmed; Import of old vessels for ship-breaking - Full duty paid for vessel, balance bunkers and consumable stores on board - Later refund claim filed for assessing food stuff and drinks on higher duty - The term ship cannot include everything in the ship - CBEC guidelines World Customs Organization opinion prescribe reasonable norms as to what can be treated as part and parcel of the ship for assessment and what should be treated for separate assessment - Refund claim not sustainable; |
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Loni notified as ICD; Tax on talk – US IRS to refund tax collected illegally – biggest refund in IRS history; Business should boom, not paper work! Terrorists and dubious MNCs endanger India's national security; Union Govt SEZ rehab-package 'cooking'; RIL comes out with lucrative package in Mumbai; Once proof of import filed, the legal obligation of the importer stands discharged - No penalty under FERA called for; Aurobindo Pharma gets another marketing nod in SA; Cranes Software tie-up with Engineering Tech Associates; |
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| Regards
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