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CBEC jamboree in Mumbai : Does it qualify the tests for determining profligacy? PROFLIGACY is a terminology which goes hand in hand with Govt spending despite stringent control by the Department of Expenditure. And it happens as a high-profile 'Insider' in the MoF puts it largely because of 'status quo' in the attitude of our decision-makers. Empirically speaking, it can be split into two categories - First, conspicuously extravagant expenditure, and second, as gift-wrapped in serious-looking business in the name of problem-solving! Let's not talk about the first one which is in any case conspicuous, revealing and limited ! The most insidious one is the second category which thrives with misplaced legitimacy! Since it is done in the name of trouble-shooting or serious deliberations to resolve or facilitate the public at large it often manages to escape from the eyes of even our 'audit' teams. Here is a situation and TIOL wants its netizens to place it in one of the two categories discussed above. It goes like this - The FM has come out with a new Sec 14 in the Customs Act. The CBEC has issued Draft Import and Export Valuation Rules. The immediate challenge is to finalise these rules after discussing the feedback / inputs received from within the Customs formations and the industry and trade. There could be three ways to do it . First, let a team of valuation experts numbering a handful in the entire Department handle it. Second, let there be a conference of all Chief Commissioners of Customs, including the Preventive charge. And third, let's hold a meeting of only those Chief Commissioners who are well-apprised of appraising problems and may contribute some inputs to the Board. Even as our Netizens may take some time to figure it out it is equally important to inform you that the CBEC is going to hold a Chief Commissioiners' Conference on this Valuation issue in Mumbai on 9 th of April. Invitees are all as CBEC does not want to prevent the 'Preventive'! This means our Netizens can smartly see the relevance or perhaps the irrelevance of this mela and may decide whether this would help further the objective of holding such a jamboree ! And may finally decide whether this event would not be covered by any of the two categories of profligacy! |
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Tata Steel exceeds 5 mn tonnes production last fiscal; CBEC notifies new ST 3 Form; AP revives Legislative Council after 20 years; PM gives Awards in Public Administration to Rajeev Chawla, IAS of Karnataka cadre + R S Paney, Secy, Ministry of Steel; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-46-SC-IT.doc + sc it story.doc Section 80 HHC - export house premium can be included in the business profit: SC; 2007-TIOL-88-ITAT-DEL.doc + itat story.doc Merely because loan was not shown in the return, its genuineness is not suspect - In case of gift, the burden is on the assessee to establish the identity and the capacity of the donor as well as the genuineness of the transaction:ITAT; 2007-TIOL-158-HC-RANCHI-IT.doc AO makes addition for suppression of value of goods allegedly made to pay less sales tax - CIT (A) order partly allows allowance but calls for detailed enquiry - Tribunal reverses order - HC restores CIT (A) order and finds no substantial question of law referred to it:HC; Assessee claims deduction for repair and maintenance expenses - Revenue disallows it by treating a part of expenses as capital in nature - Tribunal upholds Revenue's order - Since expenditure led to creation of new assets such as lift shaft and wooden counters in the shop, the expenditure is capital in nature - Assessee's appeal dismissed: HC; Assessee provides its officials cars and hard furnishing items under a Scheme - After a period officials are allowed to either buy the same or get them replaced - In some cases the selling prices were lesser than the written down value of the assets - AO treats the difference in value as perquisite in the hands of officers - Assessee held to be in default for short deduction of TDS - Additions made and interest demanded - Since Revenue collects no evidence to prove that the selling prices of these assets were less than the market value, the difference cannot be treated as perquisite and the assessee cannot be charged with short deduction of TDS u/s 201 read with Sec 192: HC; |
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Vacancies in Settlement Commission;
Investigation cannot be split into two parts - one relating to seizure of goods & the other relating to irregular availment of credit - even in respect of seized goods there could be a case of irregular availment of cenvat credit - Sufficient reason for extending period of SCN u/s 110(2) of Customs Act r/w s.12 of CEA'44 by Commissioner - Stay application rejected:Cestat; Notification 29/96CE (NT) - Deemed modvat credit - appellant clears semi-finished goods to job worker & received processed fabrics as inputs for further processing - Explanation II to Sr.no.7 of notification 29/96CE(NT) cannot be interpreted to the detriment of an assessee - Appeal allowed with consequential relief - Tribunal decision in Balkrishna Textiles relied upon:Cestat; Demand for ATF transported on behalf of IOCL to depot in Raxaul - Since there is no proof as to duty-paid nature of the goods, demand for duty is rightly confirmed:Cestat;
SERVICE TAX SECTION ST - 3 Form revised; Latest Return to be filed in this Form; 2007-TIOL-429-CESTAT-AHM.doc + input service story.doc Prima facie, services beyond the stage of manufacturing and clearance of the goods from the factory could not be input services:Cestat; Service Tax - Business Auxiliary services - Since the tax was already been deposited - Stay Granted:Cestat; ST - Online Information as Database Access and Retrieval Services - Failure to pay tax on one time deposit - Tax with interest paid before issue of SCN - No penalty is called for as it is covered by the Extraordinary Taxpayer Friendly Scheme:Cestat;
CUSTOMS SECTION 2007-TIOL-428-CESTAT-MAD.doc + customs story.doc Customs - Import - Dutiable goods means any goods which are chargeable to duty and which duty has not been paid-where duty is not chargeable, the goods are said to be not chargeable to duty and by virtue of definition vide Section 2(14) of customs Act, they are not dutiable goods; "Insulated enclosures" - it was after due application of mind that the goods were considered as capital goods by Commissioner & import was allowed - Subsequent change of view by Revenue does not entitle them to invoke larger period of limitation - Stay allowed unconditionally:Cestat; Import of HMS scrap - since scrap also contained certain fired rusted/used broker artillery shells which are prohibited items, penalty imposed requires commensurate reduction as the same was imposed taking into account the value of the entire scrap:Cestat; |
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Hired vehicles and purchase of Laptops & Mobile for Customs and excise office(r)s but DRs ignored; Poverty-led deaths - Tap potential of domestic help sector to generate employment and alleviate poverty; CST Notification + No indication of phase-out by 2010; CST amendments and implications on inter-state trade ! ADB wants India to consolidate and continue with fiscal efforts towards development; Sasken Communiaction changes its Finnish subsidiary's name; General Motors announces results; Maruti sees highest sales ever; Tata sells off CR mill at Sisodra; Kirloskar works for Jamaican water project; Eli Lilly confronts Sun Pharma for patent; Pune transcends other IT hubs to become first absolute wireles city; Hero Honda and Bajaj sale hiked; BSNL goes TDSAT against levy cut; Moser Baer buys stake in German Co; Gujarat Petronet & Reliance sign pact; Amgen extends subsidiary arm in India; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
