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Additional Education Cess on service tax : Parliament yet to enact Finance Bill but National Insurance Company is the first to begin collection from April 1, 2007; President calls for poverty-free SAARC by 2017; AGT works get into full swing in both Revenue Boards; PM announces liberalisation of visas for professors, teachers, students, journalists and patients from SAARC countries; DoP&T clarifies Central Govt offices not to be closed for MCD polls on Thursday; Govt proposes comprehensive incentive pacakge for coastal shipping; |
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| Dear Member, Sending you the following files: |
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3 more CITs transferred; 2007-TIOL-167-HC-MUM-IT.doc + kirloskar story.doc Merely because there is a statutory provision, it does not mean that Revenue ought to acquire property on mere apprehension : Bombay HC; Assessee, a PSU bank, fails to file annual TDS Return - Penalty imposed u/s 272A(2)(c) - Tribunal dismisses Revenue's appeal for lack of CoD clearance but gives option to restore the same provided clearance is given - HC dismisses Revenue's appeal : Madras HC; AY 1989-90 - Depreciation u/s 32 - Assessee hospital claims deduction for machineries kept ready to use - AO disallows it on ground that they were not put to use - Tribunal deletes disallowance - The expression 'used' in Sec 32 has been given certain meaning by the Legislature and it cannot be stretched to mean 'ready to use' - Deductions cannot be allowed : Karnataka HC; |
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Repeated appeal on a dismissed case - Supreme Court suggests that the officer should have been more careful : SC Larger Bench; 2007-TIOL-47-SC-CX.doc + sc story.doc Review by High Court - Where the order in question is appealable the aggrieved party has adequate and efficacious remedy and the Court should exercise the power to review its order with the greatest circumspection: SC; Central Excise - Cenvat credit on capital goods - separation of power plant from the steel plant by SAIL as a different entity- denial of credit on capital goods is not justified as the power is solely used in steel mill:Cestat; Duty is based upon MRP of the final product which remained constant irrespective of the fact of payment of higher duty - duty burden was borne by the appellant from own pocket and was not passed on to the customer - no unjust enrichment - refund allowable:Cestat; Export documents fabricated/manipulated by showing that export took place on 27.2.2003 (when S.S.Utensils were dutiable) instead of 03.03.2003 (when exempted) for en-cashing cenvat credit by way of claiming rebate - Penalty u/r 26 on Director not attracted as no goods held liable for confiscation & more over no penalty imposed on company:Cestat;
SERVICE TAX SECTION 2007-TIOL-440-CESTAT-MUM.doc + BAS Story.doc BAS - Commission received by distributors on mutual fund distribution - section 65(50) of the Finance Act,1994 adopts the definition of goods from Section 2(7) of the Sale of Goods Act, 1930 which defines goods as "every kind of moveable property other than actionable claims and money; and includes Stocks and Shares " - Benefit of notification 13/2003-ST - Matter remanded : Cestat; Prior to 16.08.2002 Service provided by a foreign company having no business establishment in India cannot be considered as taxable service & therefore no service tax can be recovered from them : Cestat;
CUSTOMS SECTION 21/2002 amend to make it Nil duty for wheat; Import of portland cement exempted; 2007-TIOL-441-CESTAT-MUM.doc + settlement story.doc Whether provisions relating to Settlement of cases under the Customs Act can be considered to be identical to KVSS justifying invocation of case laws under the KVSS - difference of opinion - matter referred to President of Tribunal :Cestat; |
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Telangana effect in Central Excise; Evolution of on-line non-intrusive e-Audit - President's advice to CAG; Authorised Economic Operator - The anti-terrorism mantra; SBI to open office in Dubai; Oman Air starts flight to Luchnow and Jaipur; Honda hikes prices; JSW Steel posts highest ever production of crude steel; Terapia Ranbaxy gets renewal certificate; GE Medical Associates acquire Sri Kanchi Kamakoti Sankara Hospital; Japan's share to SAARC's fund rises; Contribution to OECD development committee sees decline; |
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