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Engg colleges facing serious crunch of faculty after freeze on recruitment : Assocham; Govt claims MoC and MoA closely coordinated efforts on WTO agri issues; India's Food products export make up to 1.6 percent of global trade : Survey; India signs accord with UAE to expand air traffic; |
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| Dear Member, Sending you the following files: |
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CBDT issues transfer order of 5 Addl./ Joint/Deputy/AssistantCommissioner; CBDT issues transfer order of 8 CCITs - Mr Prashant Ray is new CCIT-1 for Delhi; Applications invited for selection of Income Tax Ombudsmen; 2007-TIOL-76-ITAT-MUM-TM.doc + tm story.doc Tribunal does not have the power to review nor to reconsider its order passed in appeal - It can only rectify its order within the parameters of section 254(2) if a mistake is there in its order and not in the order of CIT(A); Assessee returns business profit less than 5% u/s 44AF - Files audit report late - AO disallows the benefits for filing audit report u/s 44AB belatedly - Sec 44AF nowhere talks about the fact that if the audit report is furnished beyond the due date it cannot avail benefits of sub-section (1) of Sec 44AF - Moreover, it is established fact that the filing of audit report is only procedural in nature; A portion of profits set aside and credited to Statutory Reserve Fund (SRF) - The transfer is from the profits to the SRF and amounts to application of income after it has reached the assessee as such - Transfer of the amount to the SRF is not deductible in computation of income of the assessee; |
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Corrigendum to Notification No. 8/2007-Central Excise (N.T.); Broaching and drilling operations conducted on rotor oil filters (ROF) and outer turning, hole drilling and tapping done on castings of gear shift drums (GSD) - Section Note 6 of section XVI of CETA'85 states that in respect of the goods covered by Section XVI (machinery and mechanical appliance etc.) conversion of an article which is incomplete or unfinished but having essential characteristic into complete or finished article shall amount to manufacture -Credit availed on inputs ROF & GSD and same cleared on payment of duty at higher values proper - no cause for denial of modvat credit; Central Excise - duty demand on clandestine clearances - matter remanded to consider the case law relied upon by the assessee in respect of penalty imposed; Manufacture of computer by assemblage - Inspection of factory reveals no manufacturing activity nor infrastructure for the same - Revenue fails to discharge responsibility of proving manufacture - Inter-state nature of transaction not disproved by Revenue - Since the entire activity is mere trading, no levy is attracted;
SERVICE TAX SECTION 2007-TIOL-128-HC-KAR-ST.doc + shriram story.doc Service Tax – abatement – denial of cenvat credit is not discriminatory – Notification 1/2006 is valid and does not enhance the tax liability; ST - Travel and Tour Service - Penalty u/s 76 of Finance Act, 1994 - Tax with interest paid - Adjudicating authority takes lenient view as reasonable cause exists for delay - Tribunal further reduces penalty - Since none takes notice of Sec 80 which allows waiver of penalty if reasonable cause exists for failure the question of whether tribunal is empowered to reduce penalty is only academic; Penalty at the rate of Rs 100 per day imposed by adjudicating authority - Commissioner hikes it equal to service tax evaded - Penalty reduced and to be calculated at the rate of Rs 100 per day;
CUSTOMS SECTION CBEC allows even 'Less Than Full Container Load' (LCL) of imported goods for international trans-shipment 2007-TIOL-34-SC-CUS.doc + sc settlement story Fact that Settlement Commission has granted unconditional immunities does not mean that the order of detention is contrary to law - orders of the respective authorities should not and cannot be binding or influencing each other; Refund of light house charges - Exemption for coastal run vessels - Revenue rejects on ground that claims were filed after six months - Assessee questions Customs jurisdiction - Since Customs officer is notified as proper officer under Light House Act 1927, albeit Sec 19 does not stipulate so specifically, but refund is only incidental to collection and recovery and Revenue has the jurisdiction to reject refund claims filed beyond the period specified in the Act; |
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What Reserve Bank of India means to the Common Person What is RBI all about? How to be corrupt - and survive! Is Service Tax really leviable on international in-bound roamers? Emami to foray into realty sector; IPCL emplyees go on mass protest tomorrow; ABG launches Pollution Control Vessel for Indian coast Guard, Caparo to set up greeenfield investments; Malaysian Airport wins World's Best Airport Award; Cadila receives fresh USFDA approvals; Chhatisgarh bags two Skoch Challenger awards for IT innovations for common man; |
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| Regards
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