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Crude import down from 9 mn last Feb to 8.7 mn in Feb this year : Petro Ministry; 33 Public Sector Enterprises running without 'head'; Govt to act in right earnest; National Urban Sanitation Policy is on the anvil; Promotion to Chief Commissioner - level : CBEC, UPSC wrap up DPC; 16 names covered; 1976 batch touched; |
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| Dear Member, Sending you the following files: |
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CBDT issues Addl Charge order for CCITs; 2007-TIOL-133-HC-MAD-IT.doc + warrant story.doc Assessees claim deduction for warranty charges payable under terms of sale - Revenue disallows on ground of unascertained liability - Tribunal reverses Revenue's decision - Since assessees fail to substaintiate any pattern in the expenditure and the elements of certainty missing, such liabilities are contingent in character and deduction cannot be allowed; Exclusion of Excise and Customs duty from the value of closing stock is allowable u/s 43B; Assessee earns interest income on bank deposits - Such income not to be included in 'profits and gains' of business for calculating deduction u/s 80HHC; |
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Central Excise - Valuation - Search conducted and demand raised - Assessee participates in adjudication proceedings - Also files appeal before CEGAT - Matter referred to Third Member - Meanwhile writ filed - Since even before the tribunal comes out with an enforceable order, a writ was filed and tribunal's proceedings were stalled during the 10-year pendency of the case, petition dismissed; No legal provisions exist for filing of cross objections before Commissioner(A) in Central Excise (Appeals) Rules, 2001 unlike CESTAT Procedure Rules 15 & 15A – Commissioner(A)’s order that Memorandum of Cross objections filed before him is not maintainable in law proper; Central Excise - Demand - Backing cloth - The demand of ADE (GSI) or that of BED is not sustainable in law for want of Show cause notice for the purpose; Central Excise - Valuation - Cost of advertisement expenses incurred by the dealers and reimbursement to them by the assessee not includible in the assessable value of the goods;
SERVICE TAX SECTION Assessee is PSU - Deposits tax and files return in time but fails to take into account the hiked rate of tax on air travel - On being pointed out the differential tax deposited immediately - Since it is a govt owned agency, and the error was bona fide, penalty not called for; Service Tax – Engineering consultant - Service Tax is not liable to be paid for the advice received from foreign consultant in view of the settled decisions - stay granted;
CUSTOMS SECTION 2007-TIOL-38-SC-Cofeposa.doc + sc story.doc Detention under COFEPOSA – government’s inaction in considering the detenu’s representation is infringement of guaranteed right of the detenu but does not render initial order of detention void ab initio – can be proceeded against under SAFEMA; Customs - Exemption - compressor being part of ground power unit is a part of aero plane and eligible for benefit of exemption; |
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Anti dumping duty on Pentaerythritol originating in or exported from Taiwan and Japan - Sunset Review; A peep into the British Budget; Service Tax : A 'tender' approach and out-of-box thinking may promise better tax collections ! SEZ cauldron heats up with backdoor amendments ! tn hc story.doc + 2007-TIOL-134-HC-MAD-CT.doc Pre-deposit for appeal – No provision under TNGST to waive – High Court cannot go against statute; CST Amendment Bill tabled in Lok Sabha; UB Group acquires Whyte & Mackay; UTI Bank intent on building pan-Asia image; IDBI soars high on investing in subsidiary; Micro technologies launches new outlet; Dabur forays into fruit drink segment; VVF to set up unit in Himachal Pradesh; Reliance refinery at Jamnagar seeks EOU status; Tata BP Solar to expand business in India; |
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| Regards
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