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FM says RBI, IBA have no reservations about giving more credit to minorities; Industrial production records 10.9% growth rate; DGCEI arrests three persons in Hyderabad for excise evasion - remanded in 10 days judicial custody; SC says no to Mulayam's plea to direct CBI to put probe on hold till polls! Mumbai Customs (General) arrests two importers for misdeclaring value of perfume consignment; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-70-ITAT-MUM.doc + bonus story.doc Sale proceeds of the bonus shares is a business receipt and not capital gain - Not eligible for exemption under section 54F; Assessee is a buying agent - Sample expenses - AO disallows part of it as it could be personal expenditure of the Directors as well - Given the nature of the business of the assessee and also the invoices indicating bulk purchase and left-overs being donated to charitable organisations, CIT (A) order allowing such expenses does not call for interference; Payment of salary outside India to expatriates - No TDS deducted - But tax later paid by the assessee as per CBDT Circular granting immunity from prosecution - Sec 40(a)(iii) - A disincentive proviso - If no tax deducted and paid in India, deduction for salary paid overseas not allowable; |
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Mr Tayal is new Chairman of Customs & Excise Settlement Commission + Ms Sunipa Basu goes to Kolkata as Vice Chairman and Mr Sunder Raman joins Mumbai as Vice Chairman;
2007-TIOL-330-CESTAT-DEL.doc + lml story.doc Excess Recovery of Freight & Insurance, F.S.E. Salary, Forwarding charges, Monsoon Packing, 2-T Oil Supply, Shared Advertising, Retention charges, Cost of form are not includible in Assessable value of scooters; Central Excise - Interest for delayed payment - The provision for levy of interest @ Rs. 1000/- per day has been struck down by Rajasthan High Court leaving the residuary power to levy interest @ 2% per month; Central Excise - Valuation - additional charges cannot be added to the assessable value without re-opening the assessments.;
SERVICE TAX SECTION 2007-TIOL-329-CESTAT-MUM.doc + st story.doc Service tax - Delay of 208 days in preferring an appeal by the department against order of Commissioner(A) – Tribunal observes that the reasons advanced are not sufficient for condoning the delay – COD application rejected – Appeal dismissed as time barred;
CUSTOMS SECTION DGFT amends SION for some of chemical products; Curbs on exports of kabuli chana extended upto March 31, 2008; Unless higher Judicial forum has stayed the operation of CESTAT order the department is duty bound to implement the same; Customs - EPCG - The licensee did not ask for any clarification of the DGFT on the question whether the amendment would have only prospective effect - The conduct of the party amounts to acquiescence in the retrospective operation of the amendments; |
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