|
 |
 |
 |
 |
 |
Fear of Avian Influenza : Govt bans import of livestock products; Govt allows many airlines to import 80 seater passenger aircraft; Patel says new Bangalore airport to be inaugurated on April 2, 2008; UN says world population to reach 9.2 bn by 2050! ITC earmarks Rs 150 Cr for new unit in snacks business; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
2007-TIOL-120-HC-MAD-IT.doc + cash story.doc Amount paid in cash over Rs. 20,000/- expenditure cannot be allowed as deduction; Provision for non-performing assets made - AO disallows but Commissioner deletes disallowance - Tribunal sets aside CIT (A) order - Since such provision is predominantly in nature of capital expenditure, assessee not entitled to deduction; Assessee has three units, including one in a backward district - Sec 80-IA benefits - Full deductions claimed for profits of unit in the backward district - AO deducts losses of other units from the profits of Sec 80-IA unit and restricts the benefits - Tribunal allows full deductions - For deduction u/s 80-IA a unit to be treated as an independent unit and also the only source of income for computing deduction; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
2007-TIOL-121-HC-DEL-CX.doc + hc cx Story.doc Central Excise - prosecution after exoneration by Tribunal - Complaint quashed; Differential duty short paid made good before issuance of show cause notice - interest required to be paid u/s 11AB in view of Section 11A(2B) of the CEA’44 – LB decision in Machino Montell not applicable as same stands reversed by the P&H High Court.; Central Excise - Loss in fire accident - Remission - The statute does not provide time limit to demand duty in respect of goods claimed to have been destroyed, in an unavoidable accident with in factory.; Central Excise - Returned goods under Rule 173H - Settled case laws allowed duty free clearance of remanufactured goods received for repairs under rule 173-H;
SERVICE TAX SECTION Cenvat Credit - Mobile telephone used as input for output service - Revenue audit advises reversal - Credit reversed but refund claim filed - Credit is available as Cenvat Credit Rules 2004 does not disallow and Board circular not to apply under such circumstances;
CUSTOMS SECTION Provisional assessment of anti-dumping duty on vitrified tiles; Provisional assessment of anti-dumping duty on vitrified tiles; Import of certain types of livestock prohibited; Import of soyabean oil - restrictions waived for more time; Zero duty wheat import by STC and FCI; 2007-TIOL-33-SC-CUS.doc + sc story.doc Carrying gold in shoes - indicates smuggled nature of gold? Is it a question of fact or a substantial question of law? - Case remanded to Tribunal; Customs - Smuggling - Seizure of Mobile Phones - Revenue has not been able to conclusively prove that the said goods were smuggled - In the absence of any conclusive evidence as to the involvement of the respondents in smuggling activity, appeals filed by Revenue dismissed.; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Anti dumping duty on vitrified and porcelain tiles – provisional assessment; Imports under Served from India Scheme - Royal mess and the belated wisdom!; Budget targets Rs 82000 Cr non-tax revenue and Rs 3200 Cr from duty on exports; VSNL launches first joint market development initiative with Microsoft; Reliance explores two new wells in east coast blocks; VRanbaxy and Cipla bid for German Merck; Biocon enters into partnership with Bristol Myers; Jet gets set for flight from Ahmedabad to London; Dabur to set up retail outlets for beauty products; |
|
|
| |
|
|
|
| Regards
Taxindiaonline.com Pvt. Ltd. |
