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Delhi HC says no to change in age for admission to nursery; US to impose sanctions against companies dealing with Iran; Nepal to set up 16 security posts on Indian border; Indo-Nepal Trade Treaty renewed for five more years; Domestic LPG connections : Deora says backlog of 20300 continues across the country; DIT Cyber Forensics develop software tool to combat cyber crimes; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-110-HC-MAD-IT.doc + grand bazaar story.doc Cash credits shown in the books of accounts could not have been used for unaccounted purchases - a question of fact - High Court not to interfere with Tribunal's order : Madras HC; Assessment completed u/s 143(3) - R & D expenditure and expenses incurred for technical knowhow allowed - Notice for re-opening of assessment - Reopening of assessment for AY 2001-02 based on ground that the transactions were not at Arm's Length as held in the AY 2002-03 cannot be sustained as the TP rules never existed in the relevant AY : Bombay HC; Sec 80-IA benefits - Assessee manufactures rubberised cork sheets - AO disallows deduction on the ground that the item manufactured belongs to negative list f Eleventh Schedule - CIT (A) agrees with the AO - Tribunal allows the benefits - Assessee was a small scale industrial undertaking and started its production on 2nd January, 1992, so the Assessee is entitled for deduction for the AY 2001-02 - No substantial question of law involved - Revenue's appeal dismissed : Delhi HC; |
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2007-TIOL-111-HC-MAD-CX.doc + mad hc story.doc Withdrawal of facilities under Not 32/2006-CE (NT) - Madras HC grants interim stay; Fortnightly/monthly facility u/r 8 of CER 2002 is available even in respect of removal of cenvatable inputs from factory – Tribunal decision in Savita Polymers 2006-TIOL-1463-CESTAT-MUM followed; Assessee can take credit of pre-deposit in PLA without filing a formal refund claim; Duty paid through PLA & modvat, however activity held as not chargeable to duty – Refund can be granted of amount of duty paid through PLA only – Revenue appeal allowed;
SERVICE TAX SECTION Issuance of summons in service tax matters; Service Tax on brokerage charges - Revenue treats turnover tax collected from customers as brokerage charge - Since assessee is separately showing turnover tax in the contract note and the same is deposited with the stock exchange, prima facie Revenue has no case - Stay granted;
CUSTOMS SECTION Canalised exports of maize seed through STC / MMTC / NAFED; 2007-TIOL-28-SC-CUS.doc + sc story Customs valuation - computed value under Rule 7A not permissible when transaction is not tainted; Customs - purchaser of imported goods, having no knowledge of any violation, cannot be subjected to penalty; Benefits taken on the basis of fraudulently obtained DEPB scrips on the basis of forged Bank Realization Certificates - Penalty imposed on partnership firm & partner u/s 114 of Customs Act - since the firm is now a Proprietorship one, penalty on proprietor is set aside; |
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| Regards
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