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CCEA gives nod to Customs for acquiring 109 marine vessels at cost of Rs 358 Cr + Rs 675 Cr worth of FDI from South Asia Entertainment Holdings Ltd + approves creation of new Kolkata International Development Pvt Ltd for infrastructure projects; Income Tax operation against professionals : Follow-up raids continuing in Cochin, Chennai and Delhi also; Govt calls for bids for Maruti stake; 1980 Batch IRS officer Nirmal Singh is no more; dies of cardiac arrest; Mumbai Income Tax (Inv) searches 40 premises of different professionals and service providers; CBDT says no search on either share brokers or corporate group; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-07-ARA-IT.doc + ara story.doc Income from transfer of capital assets in India by a non-resident company chargeable to Income Tax in India and in the Netherlands - As per section 90(2), the provisions of the Act shall apply to the extent these are more beneficial to the assessee - No taxable capital gains would therefore arise in India; 2007-TIOL-95-HC-KAR-IT.doc + infosys story.doc No TDS for ESOP u/s 192 – Don’t brand an assessee as defaulter when the department itself is not sure – Department should encourage welfare measures : HC; Petition u/s 273A for waiver of penalty - CIT declines - Petition for waiver of interest on penalty filed - Again rejected on ground that assessee failed to prove it would cause genuine hardship - Given that the assessee was no longer in the same old business of running toddy and arrack shops and is left with very little income and property, it is a case of non-application of mind on part of Revenue - Case remanded; |
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SCN - Recovery of excess refund paid erroneously - Assessee pleads it is based on Tribunal's order but fails to produce relied upon Order - 50% deposit ordered under Sec 35F; 2007-TIOL-245-CESTAT-MUM-LB.doc + LB story.doc Provisions of Rule 8 of the Valuation Rules will not apply in a case where some part of the production is cleared to independent buyers - Gunapradhan principle applied by SC in Ispat Industries case applicable - Larger Bench; Clarification by Board vide Circular dated 01.07.2002, sr. no. 5, that valuation has to be done in terms of rule 9, proviso thereto, in the manner specified in rule 8 improper; Rule 8 would apply only in a case where its entire production of a particular commodity is captively consumed - High Court in the case of Indian Drug Manufacturers Association vs. Union of India, wherein the Court held that Rule 8 applies in a situation where goods are not sold but are cleared 'exclusively' to be used in consumption or for manufacture of other articles relied upon; If the intention was not to restrict the applicability
of rule 8 to cases where the entire production was being captively
consumed, the Rule 8 would have simply stated " where excisable
goods are consumed by an assessee himself or on his behalf "
instead of preceding the above expression with the words "
where the excisable goods are not sold"; Central Excise - Classification - Assessee manufactures plastic shelf with multiple levels - Claims classification under Heading 3924.90 - Revenue argues such shelf to be classified as 'other shelved furniture' under Heading 9403.00 - HSN makes it clear that the household goods made of plastic and generally kept on top of furniture or hung in the wall are classifiable under Chapter Heading 39.24 - Demand also hit by limitation; Clandestine removal of modavatted inputs – plea that invoices were issued only for the purpose of taking loan unsubstantiated as authenticity of invoices admitted by Managing Director himself in his statements which have not been retracted – Charges proved beyond doubt – demand upheld;
SERVICE TAX SECTION 2007-TIOL-244-CESTAT-KOL.doc + gymkhana story.doc Mechanical and statistical disposal of appeal by Commissioner (Appeals) - Remanded for passing speaking order;
CUSTOMS SECTION Import of heavy metal scrap - Bill of entry filed - On examination Customs finds 10% of consignment as re-rollable material - Since documents supplied by foreign supplier and Inspection Certificate by accredited agency mention only metal scrap, importer cannot be charged with misdeclaration - Penalty u/s 112 set aside - But confiscation of re-rollable materials upheld; |
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Interest on warehoused goods – Change in Act not to apply to already warehoused goods; Increase duty on cement - get a cut out of increased cement prices! Service Tax and Budget - Will it turn out to be a lottery for Lottery Industry! Kolkata CESTAT seeks supplementary information for speedy service of notice and orders; RBI latest direction to banks on doorstep banking; Apple and Cisco join hands for iPhone marketing; JM Financial Ltd to separate from Morgan Stanley; Cranes Software introduces Systat; Aurobindo Pharma now in Botswana; |
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| Regards
Taxindiaonline.com Pvt. Ltd. |
