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Global experts say Asia going through a phase of 'epidemic of counterfeit' drugs, mainly originating from China; Govt to bring comprehensive social security bill; Budget likely to gift 'Tobacco Fund' to nation; Sydney Customs raids Hollywood star Sylvester's hotel room suspecting 'banned drugs'; Chennai Airport Customs arrests Singapore-bound pax with FC worth Rs 13 lakh, concealed in the heels of chappals and Nokia handset; Ram Vilas to launch second Phase II of Neem Project; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-06-ARA-IT.doc + cargo story.doc Payments made by an Indian subscriber to a foreign company for using a portal abroad are taxable in India and subject to deduction of tax at source as such services fall in the category of 'Fees for technical services'; 2007-TIOL-05-ARA-IT.doc + falcon story.doc 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; Assessee is a non-resident company - Its 100% non-resident subsidiary gets amalgamated with the assessee - Subsidiary held certain shares in an Indian listed pharma company - Is capital gains tax leviable u/s 45 in such a case ? - No capital gains to be charged as the amalgamation of wholly owned subsidiary with its parent company does not involve transfer of any consideration - The liability to capital gains can only be on the transferor (the subsidiary) which ceased to exist in this case; |
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cbecorder48.doc + cbecorder55.doc Two officers of CBEC go on deputation;
Issue of SCN for interest and power of adjudication; I.V. Cannula not eligible for exemption – Dr. CBEC to issue circular; 2007-TIOL-240-CESTAT-MUM.doc + amardeo story.doc Refilling of coconut oil received in bulk from Marico Industries into smaller HDPE containers of 100ml and 200ml and marketed under the brand name of "Parachute coconut oil - product classifiable under chapter 15 of CETA '85; When the department has issued two Circulars clarifying that the products in question is classifiable under Ch.15, it is not open for the department to challenge the same in view of SC decisions in Simplex 2003-TIOL-68-SC-CX and Ranadey Micronutrients 2002-TIOL-184-SC-CX; Classification
of coconut oil is no longer res-integra
and once the issue has been settled by the Tribunal in Kothari Products
and Srikanth Sachets, and the department has chosen not to file
an appeal, the decisions have attained finality and same cannot
be re-opened; Laminated decorative boards - Classification dispute between the manufacturer and the Revenue - Goods seized from purchaser - Is it correct to confiscate and impose fine on purchaser or the confiscation has to be set aside? - Matter goes to Larger Bench; Refund - Discounts not known at the time of clearance - Board Circular allowing option of provisional assessment - Assessee writes for keeping it provisional - Revenue neither accepts nor rejects application - Refund claim cannot be rejected and to be considered on merits by adjudicating authority;
SERVICE TAX SECTION ST - Assessee receives consulting engineering service from a non-resident - Pays tax as per understanding - Claims refund on the ground that it was paid mistakenly - Since service recipients for services provided by overseas provider were notified as liable to pay tax from January 1, 2005, no tax can be collected for prior period - Refund granted;
CUSTOMS SECTION 2007-TIOL-239-CESTAT-KOL.doc + itc story.doc Six years delay in sanctioning refund and yet, no interest granted - Interim order directs concerned officer to appear before the Tribunal to explain violation of statutory mandate; |
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| Regards
Taxindiaonline.com Pvt. Ltd. |
