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Akali Dal stages a comeback in Punjab polls + BJP all set to form govt in Uttranchal and Manipur heading for hung assembly; Services sector accounts for 55% of Economy; Fiscal deficit projected to be down from 6.2% to 3.8%; Industrial growth rate falls short of targets in 10th Plan; Subsidies down to 1.2% of GDP; India's population growth projected to stabilise in 2045; Health parameters are unsatisfactory; SEBI levies fine of Rs 25 lakh on BFSL promoter; AICTE notifies entry guidelines for foreign educational institutes; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-09-ARA-IT.doc + advance ruling story.doc The situs of the deed being outside India, the income or profit if any, accruing or arising to the applicant on account of deed of assignment cannot be said to arise in India - Receipts from such proposed agreement not taxable in Indian: Advance Ruling; Search u/s 132(1) - Search party takes stock of timber and plywood - Notice u/s 158BC - Return for block period filed - AO makes additions by rejecting assessee's stock register - Since assessee has not been maintaining any register and the closing stock has been worked out only as a balancing figure, therefore, the inventory prepared after the date of search is irrelevant: Delhi HC; Rental income from leasing of airconditioners - Business income - Deductions claimed - AO accepts the income - CIT invokes powers u/s 263, treating it as 'income from other sources' - Given that the assessee has been doing this business for 20 years and merely because airconditioners were leased to one of its Directors it does not change the head of income - Tribunal order upheld: Madras HC; |
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2007-TIOL-266-CESTAT-MUM.doc + excise story.doc Raising of Debit Notes to supplier does not result in an automatic reduction of the Cenvat Credit - Issue no longer res integra Tribunal decision in Trinetra Texturisers followed - Appeal allowed; Adjustment of refund claim against another pending case is not sustainable in any manner; Condonation of delay - Assessee takes the ground that the Apex Court later overruled its own decision and that makes a ground for filing an appeal against he Commissioner (A) order - A decision of the Apex Court or a High Court given in another case later cannot be made a valid ground for condonation of delays - Petition rejected;
SERVICE TAX SECTION ST - Cargo handling service - Assessee does packaging of refractory bricks - Duty confirmed by Commissioner (Appeal) - Tribunal grants stay - Meanwhile Commissioner reviews AC's order under Sec 84 and hikes penalty equal to tax effect - Pre-deposit of penalty waived;
CUSTOMS SECTION Under-invoicing of import of a horse - Importer produces broker's invoice for transaction value purposes - Records prove that the broker had sold the horse even before it was bought from the actual seller - Waiver of pre-deposit denied; |
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K Batra appointed DG, Safeguards and DG, Specific Safeguard - But what is the difference? Budget 2007 : Should TDS be introduced in Service Tax? Govt's laxity encourages MNCs to get away with bribes; Robust industrial growth and higher FDI facilitate progress at right trajectory; Rising Economy not enough to raise living standard, Economic Survey paints dismal picture of common man; Economic Survey : SEZ apprehensions to be addressed through a mix of policies; 2007-TIOL-25-SC-CT.doc + sc story.doc State cannot suffer for the mistake of the Assessing Authority - Statutory Authorities can rectify mistakes apparent on the face of the records even without giving opportunity of hearing; CAT looking for Judicial Members; Pyramid Saimira signs MoU with Moser Baer; Logix Microsystems purchases Carsite; China gets tough with web giant Google; TVS to set up factory in Uttarakhand; Allahabad
Bank opens branch in China; HOV Services merges with Lason; |
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| Regards
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