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India grows to 7 th position in global steel production ranking; Govt to set up IIT at Medak in AP; INSAT-4B launched as per regulated path; Govt claims India to become electricity surplus nation in five years; UN says Africa heading for another food scarcity year; No decision on EPF interest rate; CBT meeting ends inconclusive; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-67-ITAT-MUM.doc + marico story.doc Assessee purchases equipment from Electricity Board - Then leases them back to the same Board - Assessee not to be treated as the owner of the assets - Depreciation on such assets cannot be allowed; Assessee pays non-resident company for consultancy - Revenue treats it as fees for technical services and brings it under Sec 44D - Since Revenue fails to controvert the fact that the assessee could have mined mineral oils without this consultancy it was a step in aid to the mining of petroleum and gas, the payment made is to be taxed u/s 44BB; Capital gain - Assessee receives sale consideration for sale of land and factory, including building and machinery - Short-term capital gains calculated - AO disagrees - CIT(A) bifurcates sale consideration for the sale of land and the depreciable assets and asks AO to calcultate long-term capital gains for the sale of land and short-term u/s 50 for the depreciable assets as value shown in the balance-sheet for the Companies Act - CIT(A) order upheld; |
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2007-TIOL-324-CESTAT-MUM.doc + rallis storyt.doc Pesticides cleared in pack of 100ml to Mahyco Monsanto for being supplied free to farmers along with B.T.Cotton seeds to be assessed under Section 4 and not S.4A of CEA'44 - Tribunal.; Although there are two sets of decisions, both for and against the appellant, the Board had in its Circular dated 28.02.2002 after citing examples of Ice Creams & Telephone instruments sold in bulk clarified that such goods which are not sold in retail are to be assessed under section 4 and not section 4A.; Board Circular 625/16/2002-CX., dated 28.02.2002 was not yet withdrawn and following the ratio of the Supreme Court decisions in Paper Products & Dhiren Chemicals Industries, the Revenue could not challenge the position taken in the Circular although the assessee could.; Central Excise - Valuation - Payment made as Compensation for not being permitted to produce the contract is in nature of penalty for breach of contract and hence not includible - supervision is at the option of the buyer and charges are paid by the buyer , not includible in the assessable value - Adjudication order beyond the scope of show cause notice not permitted; Central Excise - Valuation - The process of in-lining and out-coating with Cement Mortar are carried at the site after clearance of MS Pipes from the factory - value addition outside the factory cannot be included in the assessable value ; SERVICE TAX SECTION Service Tax - Recipient of Goods Transport Operator Services - The tax was paid and return filed with in the time prescribed in statute - Interest is not chargeable and penalty is not imposable;
CUSTOMS SECTION 2007-TIOL-323-CESTAT-MAD.doc + depb story.doc Credit of CVD paid in cash - Bill of Entry can be amended under Section 149 - CVD credited from DEPB; when later paid in cash, amount to be re-credited in DEPB; Customs Classification - Net work Access Controller is more appropriately classifiable under 8473.30.91 of Customs Tariff; |
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Service Tax circulars - review - Rustagi Panel Report - Board seeks comments; SHE included as ‘duty’; bud it story.doc + indi.pdf + corp.pdf Direct Tax implications on corporates and individuals : A 'Cess-pool'? Lapsing of balance credit - A balancing view needed; Patni Computer wraps up implementation of Core HRMS with BSE; Vidoecon may invest in West Bengal; Srei Group to acquire assets worth Rs 3400 Cr; |
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| Regards
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