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Cabinet approves proposal to sign Trans-Asian Railway + setting up of National Policy Memorial in Delhi + guidelines on corporate governance for Central PSEs; CCEA okays policy resolution for petroleum, chemicals and petrochemicals investment regions; I-T raid on stud farm in Mumbai & Pune : MoF confirms detection of foreign accounts; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-115-HC-MUM-IT + hc story.doc Income Tax - No failure on the part of the assessee to disclose fully and truly all material facts - No reopening of assessment Unutilized MODVAT credit to be included in the closing stock of raw material and work in progress, whereas the excise duty paid on unsold finished gods had to be included in the inventory of finished goods; AO
allows more carry forward losses than what was right figure - Proceedings
u/s 154 initiated - Tribunal disallows it on the question of jurisdiction
- Only to correct an arithmatical error initiation of proceedings
u/s 154 not allowed Levy of surcharge in block assessment cases - No surcharge is attracted in cases booked before the insertion of proviso to Sec 113 in 2002; |
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adone67.doc + adone68.doc + cbecorder69.doc Lalit Kumar Gupta is new JS (Admn) of CBEC;
I.V. Cannula not exempted - CBEC issues Circular; Advance Ruling forms changed; 2007-TIOL-30-SC-CX.doc + sc story.doc Question of dutiability can be agitated before the CESTAT any time - If duty is payable cenvat credit has to be allowed; 2007-TIOL-310-CESTAT-AHM.doc + varun story.doc Appeal - OIA - Commissioner himself cannot file appeals - Revenue's appeal dismissed; Rule 16(2) of CER’2002 – Piston rings manufactured & initially cleared on payment of duty brought back & credit availed – cutting & scrapping the same is not a manufacturing activity – assessee required to pay an amount equal to cenvat credit availed – payment of duty on scrap value will not suffice; Since the assessee did not disclose to the department
the process to which they were subjecting the defective piston rings
in the factory, extended period is invokable.; Modvat credit – Section 38A of the CEA’44 will not cover a case of substitution of rules – demand notice issued in November 2002 proposing recovery of modvat credit under rule 57AH is bad in law – Tribunal decision in Sunrise Structurals & Engg followed. Cenvat provisions cannot be invoked to recover modvat credit allegedly wrongly availed & utilized;
SERVICE TAX SECTION Advance Ruling forms changed Refund - Service Tax on Consulting Engineering Service - Since the agreement was only for transfer of technical knowhow and no element of consultancy involved, no tax is liable to be paid - Refund claim upheld;
CUSTOMS SECTION Advance Ruling forms changed; Services Export Promotion Council in place - will issue RCMC; Appellant, an employee of CHA company has admitted in his statement that exporter had disclosed to him that the goods are being exported to claim fraudulent drawback by mis-declaring the value of the goods – imposition of penalty justified.; Even though the statement has been retracted the fact remains that the containers on re-examination were found to contain old and used garments instead of “Ready made garments” as declared on the shipping bill – no merit in appeal.; Clause
14 of CHALR, 1984 – agent is required to exercise due diligence
– non-signature on documents cannot absolve him of any penalty; Refund - Service Tax on Consulting Engineering Service - Since the agreement was only for transfer of technical knowhow and no element of consultancy involved, no tax is liable to be paid - Refund claim upheld; |
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| Regards
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