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TIOL wishes Netizens 'Happy Ramanavami'; Delhi is closed today; CBEC to hold one more meeting to finalise Commissioners' AGT list Mumbai CBI arrests Allahabad Bank Sr Manager accepting bribe of Rs 50,000 PM tells steel industry captains - India is a land of opportunities; Don't miss it; Chennai DRI seizes 50 kg ketamine hydrochloride; two passengers arrestedat Airport; Ashok Leyland to set up manufacturing unit in UAE; Industry puts pressure on MoC to continue DEPB Scheme for some more time; Kamal Nath hopeful of FDI inflow crossing USD 15 bn; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-143-HC-MAD-IT.doc + bonus hc story.doc Bonus paid subsequently because of a settlement between the management and the employees is a statutory liability – deductible; Explanation 8 to Sec 43(1) - Interest payable under deferred payment scheme cannot be included in the actual cost of assets for claiming investment allowance; |
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Penalty u/s 11 AC - Duty deposited before issue of SCN - Tribunal sets aside penalty - If adjudicating authority fails to record its finding as to intention to evade duty, there is nothing substantive for the HC to admit this appeal; 2007-TIOL-397-CESTAT-MUM.doc + silk story.doc On the appellant becoming successful at the higher appellate level, Revenue cannot take U-turn and contend that the amount paid during investigation was "deposit" only & not "duty" - Interest payable under s.11B of the CEA'44; Credit not admissible on Welding Electrodes used for repair and maintenance – LB decision in Jaypee Rewa followed; Duties paid by an EOU on DTA clearances is Excise duty & that it is only for the purpose of calculating the Excise duty that the sum total of Customs duties is calculated & thereafter the E.D is computed as a percentage of Customs duty – Credit of entire duty paid by EOU is entitled as credit – LB decision in Vikram Ispat followed;
SERVICE TAX SECTION Insurance Policies issued prior to 10/9/2004 when Service Tax increased to 10% from 8% - Amendment would not affect the policies taken prior to that date – Strong prima facie case for waiver of Service Tax & penalty;
CUSTOMS SECTION In case of non-notified goods, the burden lies on the department to prove that the goods are of smuggled nature – unless this burden is discharged, it will not pass on to the person to rebut the same; |
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Cricket World Cup : All for the love of Game ! 2007-TIOL-43-SC-CT.doc + sc kerala story.doc Exemption can only operate when there has been a valid levy, for if there was no levy at all, there would be nothing to exempt; DLF enters JV with UAE Nakheel; ICC constricts YouTube to show World Cup matches; TRAI explores voluntary implementation of CAS; Hinduja Group invests in UAE; OECD Members approve principles for pvt sector role in infrastructure projects; Punj to carry operation in Bahrain; Glenmark acquires stake in Czech firm; |
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