|
 |
 |
 |
 |
 |
CIC directs Law Ministry to disclose information related to appointment of Justice Vijender Jain as CJ of Punjab & Haryana HC; Industry Chambers put pressure on MoC to continue DEPB till replaced by a suitable scheme; China offers crude oil business to pvt sector and even foreign participation; AGT season begins : CBEC Placement Committee to discuss Commissioners' order today; Skimmed milk prices shoot up despite ban on exports; World Bank says China's 'demographic dividend' to end by 2010; Tremors of magnitude 6.9 rock central Japan; about 200 hurt; If Tata's people's car hits higher-end two-wheelers, Bajaj auto will also get into car business : Rahul Bajaj; Jet to put on new look for global branding from mid-April; Deora says Govt to promote use of piped natural gas and CNG in all cities; FM exhorts industry to look beyond balance-sheet and curb price rise; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
2007-TIOL-85-ITAT-DEL-SB.doc + sb story.doc Defect in notice u/s 158BC (a) as it did not allow time of 15 days for filing of the block return is a curable irregularity and does not make the entire assessment proceedings null and void; Wealth tax - Assessee buys a piece of commercial land for construction of office - Construction stopped due to litigation - Assessee claims exclusion from taxable wealth u/s 2(ea) - Revenue denies exemption for initial period of two years when land was vacant on the ground that assessee was not an 'industrial undertaking' during this period - As soon as the first brick is laid down for construction of a building, the character of land ceases to be vacant for the purpose of Wealth Tax even though the pysical character of land could still be held as vacant - Such land cannot be treated as urban vacant land liable to be taxed under provisions of Wealth Tax; Assessee is a small trader - Sec 44AF - Income determined as a percentage of turnover is only notional figure and its scope cannot be extended to allowable deduction u/s 40(b)(v) for remuneration of partners particularly when the proviso to S.44AF quantifies the deduction allowable and are subject to limits prescribed in S.40(b) without any qualification; A return filed u/s 139(4) cannot be revised at all - Assistant Commissioner revising the return by taking note of a letter sent by the assessee is contrary to the provisions of law; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
2007-TIOL-42-SC-CX.doc + sc story.doc Modvat Rules – Rule 57 E is only clarificatory and cannot affect the substantive right of the manufacturer for credit; Rule 57F(8) of CER’44 prescribing that credit of SED paid on inputs on or prior to 28.02.1993 may be utilized towards payment of duty on final products cleared subsequent to 28.02.1993 but prior to 31.03.1994 – there is no restriction in the rule that utilization of credit should also be prior to 31.3.1994; Rule only prescribes the period during which the final product are to be cleared & does not speak about utilization – More over the rule itself was introduced in August 1993; Notification 6/2000 CE – Filing of refund claim within 6 months is a substantive requirement – if benefit of a notification is claimed then the condition prescribed therein have to be complied with even if they are only directory in nature – Refund claim beyond expiry date rightly rejected; 2007-TIOL-387-CESTAT-MUM.doc + excise sun story.doc Expression "exclusively" in rule 57R of CER'44 does not mean "mainly or substantially" but "solely & only" - Usage of capital goods for job work, an exempted activity, and also for manufacturing a miniscule quantity of goods on own account - Credit of duty on capital goods not deniable - Appeal allowed on merits as well as on limitation as facts intimated to the department; No penalty is warranted for delayed payment of duty under rule 8 of the Central Excise rules - but interest shall be payable at 24% p.a;
SERVICE TAX SECTION Space selling by airlines; Appellant acting only as “Co-ordinating agency” or “pass through agency” between SAP India & affiliates who are their group companies – Prima facie appellant only a wholesale procurer of service & distributor of service to the affiliates – may not fit in the category of “Management Consultancy Service” – but probably under “Consulting Engineer” & would be entitled to exemption notification 4/99 ST – Prima facie case for waiver of pre-deposit; Service Tax – management consultants – the provisions of Income Tax requires declaration of amounts still due from the debtors, while in the case of service Tax, the same is to paid when recoveries are made – service tax cannot be recovered based on the Income Tax returns; ST - C & F Service - Prabhat Zarda is not longer a good law - Assessee's appeal upheld;
CUSTOMS SECTION Clarification regarding seizure of goods; 2007-TIOL-41-SC-CUS.doc + sc cus story.doc Classification of Automated Sequential X-ray Spectrometer – the fact that there was an in built computer in the spectrometer not considered by Tribunal – matter remanded; Refund for excess duty paid - Claim rejected by Customs on ground of unjust enrichment - Commissioner (A) sets aside order and directs correct quantification and verification of claims - Customs works out claims but again orders the amount to be credited to Consumer Welfare Fund - Since Revenue failed to challenge the Commissioner's order and complied with quantification, the order to deposit the same to Consumer Welfare Fund not sustainable; CHA is not under any obligation to verify the quality of the goods or value of the same – if goods exported are found to be of a lesser value, CHA cannot be blamed for the same – Revocation of licence is neither justified nor warranted; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
ddt 26 mar.doc + cx draftcir.doc + publicnotice.doc Prilled ammonium nitrate – Dutiability – Board releases draft circular; Service Tax on sale of space – airways and railways; Seizure of goods – clarification – be careful about the six months period; I am born tough - If I love to take back my AED(GSI) and keep it forever in my Cenvat records, what problem do you have - okay, I assure that it will not be utilised ! Indirect tax points to ponder for wiser heads ! Sales tax arrear - Demand notice issued - HC directs deposit of 50% of demand - Since property is already attached, pre-deposit is waived and HC directed to dispose of the writ on merit; Chennai DRI nabs steel importer for alleged tax evasion; NSCS to propose FDI - Security matrix and FEMA amendments; Godrej enters JV with SCA Group; Intel to build plant in China; Union Bank goes overseas, Shanghai destined to be first branch; Toyota to set training institute in manufacturing sector; Stemor may double stake in Mesco steel plant; Politically stable economies are natural choice for banks to lend : OECD Study ; |
|
|
| |
|
|
|
| Regards
Taxindiaonline.com Pvt. Ltd. |
