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Japan pledges USD 7 mn fund to Saarc cultural exchange fund; Mysore Central Excise Zone mops up Rs 5819 Cr - Rs 969 Cr more than target; April- Feb exports up by 23%; MoF Panel recommends concerted efforts to make Mumbai international financial hub; Extradition treaty among SAARC Members : Pak predictably opposes it; SBI hikes interest rates on foreign currency deposits; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-164-HC-DEL-IT.doc + assessment story.doc I-T assessment is an administrative action & writ jurisdiction should not be invoked to readily interfere with it Assessment vs Re-assessment - Both cannot be equated as the entire exercise is looked upon with great stringency, in the case of re-assessment : Delhi HC; 2007-TIOL-163-HC-MUM-IT.doc + godrej story.doc AY 2001-02 - When there are profits from exports, deduction granted under s. 80HHC cannot be faulted. Consequently, contention that income has escaped assessment by erroneously granting deduction under s. 80HHC sans merit : Bombay HC; Deducation for bad debt u/s 36 (i)(vii) - A claim for bad debt to be allowed in the year in which it is written off as irrecoverable in the accounts of the assessee Assessee is into tutorial business - Collects fees in advance for future period - Advertisement expenses claimed as deduction in the year of spending - AO insists for matching income concept and argues since fee collected in advance is spread over many years, expenditure should also be claimed as deduction in the matching manner - As lon as expenditure is genuine and wholly for business it is to be allowed u/s 37 : Madras HC; Loss Return - AO disallows interest paid on borrowing u/s 43 B - Levies penalty u/s 271 (1)(c) - Disallowance of interest does not mean concealment of income and when there is no tax payable, penalty cannot be imposed : Madras HC; |
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Application invited for CMD-post for ITI; Hiring of one additional vehicle for each Commissionerate Hqrs and one additional vehicle for each Division Office - Utilization of 1% incremental revenue; Sanction of Laptop Computers under the Scheme of utilization of 1% incremental revenue as incentive provision for CBEC; Reimbursement of Mobile Phone charges under the Scheme for utilization of 1% of incremental revenue as incentive provision for CBEC;
Refund of unutilised credit of Additional Duty of Excise (T & TA) and admissibility under Rule 5; Rebate of automobile cess paid on goods exported; No. 8/2007-Central Excise (N.T. ) amended; Defaults in payment of excise duty - Fortnightly facility withdrawn but allowed to pay by Cenvat account - Liability of interest imposed - Notice quashed and Revenue directed to grant a hearing and issue fresh SCN: HC; 2007-TIOL-434-CESTAT-AHM.doc + world bank story Notification 108/95-CE does not prescribe any time limit - Delay in funding by World Bank not to deny benefit of notification :Cestat; Central Excise - valuation - Once a finding was reached that the parties were not related, the price at which the goods were sold by the assessee to the buyer was required to be considered as a normal price under Section 4(1)(a) :Cestat; Central Excise - Cenvat Credit on explosives used in mines - eligible for credit as inputs in view of SC ruling in Vikram Cements case :Cestat;
SERVICE TAX SECTION Revised ST-3 Form (Sending you the doc file); 2007-TIOL-435-CESTAT-MUM.doc + st bpl story.doc Sale of SIM Cards - Transaction being accepted by assessee to be a sale of goods - question of considering the activity as Auxiliary service cannot be considered - Service Tax cannot be levied on the value of SIM cards - Tribunal decision in Idea Mobile Communications 2006-TIOL-857-CESTAT-BANG followed :Cestat; ST - Tour Operator - Tax is leviable only on vehicles registered as 'tourist vehicle' complying with the specifications as per the Motor Vehicle Act - Commissioner (A) order upheld against Revenue :Cestat;
CUSTOMS SECTION Exports - Some of the cartons packed with misdeclared goods - Confiscation and penalty imposed - Drawback benefits denied - Exporter is responsible even if CHA is instrumental in packing misdeclared goods and a decision cannot be set aside only for the reason that a contrary decision has been taken in the case of another party - Petition dismissed: HC; An importer is entitled to relinquish his title to the goods even after expiry of warehouse period as no order for clearance of goods for home consumption has been passed - Tribunal decision in Garden Silk Mills, Technologies Software P.Ltd followed :Cestat; |
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Is the Sikkim Celebration over? Excise exemption expires? Mortgage story.doc + rbi_draft.pdf RBI lays down stringent guidelines for entry into mortgage guarantee business; Chennai Airport Customs seizes dead sea horses being smuggled out to Bangkok; ACC appoints Asha Swarup of 1973 batch as new Secretary of Ministry of Information & Broadcasting; S K Arora goes to Youth Affairs & Sports; M&M, Renault JV launches Logan; Orchid Chemicals receives ANDS approval; Ranbaxy loses patent to Pfizer in US court; Indian Hotels acquires Campton Place; Fiat Tata JV plan heavy investments; World Bank says South Asia integration to help India; |
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