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Any guess how many cases pending with High Courts as of Dec 31, 2006 - About 40 lakh and 2.64 Crore with lower courts; MoF asked to cap iron ore exports to 90 MMT; CBN Neemuch & Lucknow seize 23 kg opium and about 1 kg morphine respectively; Agri sector grows only by 2.7% so far in current fiscal; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-79-ITAT-DEL.doc + land story.doc Building in a commercial complex - value of land not eligible for depreciation - No new facts before Tribunal - The taxability of income does not depend upon its utilization; AO disallows interest paid on borrowed funds utilised for investments in assessee's promoted companies - Deductrion claimed for the same as business expenditure - Since dividend income does not form part of total income, claims made either u/s 36(1)(iii) or u/s 57(iii) are not allowable - Primary onus for taking deduction for the expenditure is on the assessee to establish that the same is allowable; Plant and machinery purchased by the assessee were exported to India - This supply is a transaction involving trading with India and not trading in India - It is an international transaction on principle to principle basis and therefore, the profits, if any, arising from manufacture and export of such material are not chargeable to tax under the Indian Income-Tax Act - No liability on the part of the assessee to deduct tax in terms of sec. 195; |
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2007-TIOL-36-SC-CX.doc + sc story.doc No SSI benefit even if the trade mark is registered in the assessee’s name at a later date with retrospective effect; Allegation that appellant had short received the inputs - It is clear from the record that the appellants had in fact received the entire quantity of goods and dispatched the same quantity to the job worker and received back processed goods - Credit not deniable; Job work challan and debit of 10% of the value of the goods in RG 23 Part II and recording of the same in Form V register are all statutory records - adjudicating authority summarily dismissing the claim by stating that same cannot be considered as they are private records, is not proper; Central Excise - Dross and Skimming - In view of the settled decision the products are not excisable;
SERVICE TAX SECTION ST - Commercial Training and Coaching service - Tax paid with interest after being detected by authorities - Penalty imposed - Since there was little confusion about extension of exemption notification for this service, the assessee had a bona fide reason to delay its registration - A fit case for waiver under S 80 of the Fiannce Act; Service Tax – Recipient of Goods Transport operator Services – In view of the settled decisions the impugned order is not sustainable;
CUSTOMS SECTION 2007-TIOL-363-CESTAT-MUM.doc + drawback story.doc Both drawback and refund cannot be given; CHA - Commissioner of Customs as envisaged under Regulation 9(2) is a quasi-judicial authority - A quasi-judicial authority cannot delegate its function to a subordinate authority; |
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ddt 20 mar.doc + pnotice01.doc International transshipment of containers at Indian Ports – Board’s initiative; 2007-TIOL-35-SC-MISC.doc + cbi story.doc HC directs inspection of file notings leading to sanction of prosecution against respondent - Since HC did not comply with the Apex Court's earlier direction to first hear maintainability of writ, case remanded again to the HC and ASG directed to produce the relevant files for persual of the High Court - Maintainability of writ to be heard afresh; FM'S REPLY TO DABATE ON GENERAL BUDGET IN RAJYA SABHA; Vacancy in ATFP; Savings Scheme Notification.doc MoF amends PF Scheme for interest rate to be allowed on refund claims; APPOINTMENT OF SHRI MADHUKAR GUPTA AS HOME SECRETARY; Three fraudulent companies prosecuted under Companies Act and IPC after investigation report prove allegations; NIIT enters into alliance with EMC; EPIC Energy acquires Hydragen Infrastructure; Sri Lankan Airlines to hit century per week with its foreign carrier to India; Honda Motors to increase capacity to 2 mn units by 2010; Wockhardt gets FDA approval to market products in US; |
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| Regards
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