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Auto industry grows by 20% in 2006-07; TRAI cuts by 37% charges paid by pvt players to BSNL; STD to be cheaper; Pawar opposes govt role in acquiring land for industrial use; PM promises to tackle power theft on war-footing level; DGCA asks all Airlines to withdraw 'congestion surcharge'; DRI Hqs seizes 40 kg heroin in Delhi and Amritsar; arrests a couple; Justice Indrajit Mahanty appointed as Judge of Orissa HC; Promotion of start-up companies : Govt sets up Technology Business Incubator with Rs 50 lakh grants; Delhi Service Tax Commissionerate invites assessees for Budget workshop at PHD House; Govt declares Dandi March as heritage path; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-82-ITAT-DEL.doc + grindlays story.doc Refund of interest on minimum balances to RBI - Payment compensatory in nature - Deduction of the said amount allowable under section 37(1); Disallowance of expenditure u/s 14A - Revenue fails to pinpoint specific expenditure attributable to earning of dividend income - Since, apart from investment in shares, assessee does nothing to earn such income, disallowance of administrative expenditure apportioned in relation to dividend income is not sustainable; Assessee is STP unit - Surplus fund fixed deposited - Interest income earned cannot be treated as profits and gains from industrial undertaking u/s 10A; Valuation of shares held as stock-in-trade - Speculation loss claimed as business loss - Any fall in the valuation of the closing stock to be considered as speculation loss and the same can be set off only against the profits of speculation business u/s 73(1); AYs 1997-98 and 1998-99 - Sec 201 - Assessee charged with short deduction of tax on allowances paid to employees - Given the nature of the assessee's business such expenditure to be treated as reimbursements, and as per provisions of Sec 201(1) prior to the amendment in 2002, assessee cannot be held to be an assessee-in-default for short payment - No additional tax and interest to be levied; |
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2007-TIOL-37-SC-CX.doc + sc story.doc Process of cutting betel nuts into small pieces and the addition of essential/non-essential oils, menthol, sweetening agent etc. does not amount to manufacture; Stay petitions - waiver of Pre-deposit - Prima facie , case against the appellant - Plea for financial hardship made - However , balance sheets submitted by appellant not audited and simply bear the signature of partner - Reliance cannot be placed on such balance sheets - Ordered for pre-deposit within specified time; ANotification 2/95CE – Value of deemed exports to be included while calculating FOB value of exports for entitlement of clearances to DTA – Tribunal decision in Amitex Silk Mills (2005-TIOL-1134-CESTAT-DEL) followed – Appeal of Revenue is dismissed and appeal of assessee allowed. Notification 82/92CE – there is no requirement for the permission of the Development Commissioner for clearance of the final product to the Advance Release Holder – even otherwise the appellant had the permission from the Development Commissioner – denial of benefit improper; ROM - Modvat credit on capital goods - Assessee cites two decisions of the tribunal which were not considered - Although it is true that these citations were never considered as they were never cited before the Bench but this does not mean that there is 'error apparent from the records' - Appeal dismissed;
SERVICE TAX SECTION Service Tax – Consulting Engineer – Royalty payment made to the foreign collaborator for supply of know–how cannot be brought within the definition of consulting Engineer;
CUSTOMS SECTION Provisional anti-dumping duty on Saccharin confirmed; Anti-dumping duty imposed on Persulphates; Customs Draft Notification.doc +Customs Draft Notification1.doc The Draft Valuation Rules for import and export; 2007-TIOL-368-CESTAT-DEL-LB.doc + tiles story lb.doc Customs - Anti Dumping duty on vitrified and porcelain tiles - withdrawal based on the new shipper review under Rule 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995) - findings of the designated authority that there was no dumping from the respondent exporters upheld; |
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International transshipment of containers at Indian Ports – Board’s initiative; Budget and Beyond; CBEC awards contracts worth Rs 250 Cr to Malaysian and Singaporean firms for high speed Customs vessels; IBM, Idea Cellular sign Business Transformation pact; HSBC launches close end income scheme; DLF forms JV with UAE property developer; Rajesh Exports enters into agreement with Muthoot Group; |
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| Regards
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