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Income Tax : Method of calculation of interest changed from yearly to monthly basis; Interest on loan taken for higher education u/s 80E extended to 'relative' also; TDS u/s 194I on plant & machinery reduced to 10% from 2007-08; China sets 8% growth rate for 2007; Govt to give incentive to unauthorised colonies in Capital for redevelopment; China earmarks 17.8% of GDP as defence budget; |
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| Dear Member, Sending you the following files: |
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Missing in the budget - Tariff Value for Pan Masala - 56% of RSP; 2007-TIOL-27-SC-CT + amtek story.doc Officer should not have acted as if he was a bloodhound but as a watchdog of revenue - It is unfortunate that in large number of cases, orders totally bereft of rationality are being passed - SC; FM's sleight of hand - Redefines scope of Sec 9 of I-T Act - Apex Court decision annulled - Retrospective amendment raises head again !; A new Sec 14 of Customs Act : Some observations! Reverse mortgage facility for senior citizens - FM, please take care of related tax issues ! Budget aligns FBT with Advance Tax; to attract interest and penal provisions; Amendment in Sec 40(A)(3) to disallow 100% of expenditure exceeding Rs 20,000 in cash; Advance payment for import of rough diamonds : RBI further liberalises norms; Moser Baer to set up world's largest thin film solar fab plant; Granules India to develop products for Matchland Pty; Strides Arcolab gets tentative nod for Lamivudine tablets; Holland,
Australia and New Zealand sign pact for exchange of tax information; |
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2007-TIOL-58-ITAT-AHM-SB.doc + sb story.doc The sale of occupancy right is transfer of capital asset and would be chargeable to capital gain tax; Method of accounting - AY 1999-2000 - Debit balance in assessee's modvat account - AO applied provisions of Sec 145A and made addition of debit balance to the value of closing stock as per inclusive method - Following the amendment in the Sec 145A, such an action of the AO is justifiable; CIT sets aside assessment on ground that P & L account albeit shows gross profit but the same was only due to commission and share trading income which if excluded there was gross loss - Since AO failed to inquire into the nature of services which earned commission to the assessee or it was only accommodation entry to help somebody else reduce tax liability, it is a fit case of an order being prejudicial and errorneous - CIT order upheld; |
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Tariff Value for Pan Masala- 56% of RSP; 2007-TIOL-290-CESTAT-BANG.doc + enrichment story.doc Proceedings initiated for recovery of modvat credit u/r 57I after substitution by Cenvat Rules are not saved by Section 38A of the CEA’44 Mere non-entry in RG-I register will not amount to non-accountal of the goods unless it is supported by past conduct of the assessee in removing the goods or that the raw materials used in the manufacture of the finished goods have not been accounted for - revenue appeal seeking confiscation rejected; Section 57F(3) - If inputs are cleared as such the duty has to be paid - In case the duty is already paid by the manufacturer of inputs, the credit taken has to be reversed and if there is no balance credit the assessee has to pay equivalent amount by cash;
SERVICE TAX SECTION Service Tax – Commissioner reviewing order & imposing penalty equal to Service Tax - since assessee got registered prior to introduction of Amnesty scheme in October 2004, there is no reason why the benefit of the scheme be not extended to them – Tribunal decisions 2006-TIOL-470-CESTAT-DEL & 2006-TIOL-486-CESTAT-DEL followed;
CUSTOMS SECTION Customs exemption for Dabhol Power extended by another six months; Import of dental operating lights from Japan - Revenue finds comparable imports from Brazil at higher value - Short levy alleged - Duty demanded - Since prices vary from country to country and also from time to time, comparison without regards to country, supplier and time cannot be dependable - No ground to reject transaction value; |
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| Regards
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