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Minister of G-4 countries to meet in Delhi on Thursday; FM hopeful of realising revised direct tax targets of Rs 2,29,272 Cr; Delhi continues to record shortfall of Rs 1000 Cr; MoC still working on annual avaatar of Foreign Trade Policy; not likely before next week; |
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| Dear Member, Sending you the following files: |
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Assessee runs agricultural farm - Also earns income from hiring of tractors, trucks and trollies for nominal sum - AO treats it as business income and disallows 25% of agricultural income for lack of details - Since the assessee is not in the business of hiring vehicles, the small amount charged cannot be treated as business income : HC; 2007-TIOL-96-ITAT-MUM-SB.doc + spl bench story.doc The deduction u/s. 80HHC in a case of MAT assessment is to be worked out on the basis of the adjusted book profit and not on the basis of the profit computed under the regular provisions of law applicable to the computation of profit and gains of business or profession: ITAT Special Bench; Search u/s 132 - Additions made for unexplained loans and interests earned thereon - CIT (A) and Tribunal delete addition, holding that it cannot be made on basis of unsubstantiated handwritten notes - Revenue bases its evidence on recorded statement of the assessee's daughter - It is settled law that the only person competent to give evidence on the truthfulness of such document is the writer himelf but since he was neither confronted by the AO nor allowed to cross-examine his daughter, Revenue's case not sustainable:ITAT; Tata Sons Limited is not a company in which public is substantially interested :ITAT Third Member; |
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Rebate on goods manufacctured in N-E and subsequently exported under Rule 18 of Excise Act; 2007-TIOL-470-CESTAT-MUM.doc + excise story.doc Soap Dish cleared in Uni-pack with Soap is an input and eligible for Cenvat Credit - MRP of Soap remaining unchanged has no relevance to the issue : Cestat; Imposition of penalty when duty paid before issue of SCN - issue no longer res integra - LB decision in Machino Montell & SC decision in Rashtriya Ispat Nigam to be followed - Revenue appeal dismissed : Cestat; Modvat credit on capital goods - Large gas cylinders for only industrial use - Issue no longer res integra and credit cannot be allowed : Cestat; Goods intercepted for want of invoices - the invoices produced later by the assessee are held not relatable to the impugned goods - confiscation upheld - redemption fine and penalty reduced : Cestat;
SERVICE TAX SECTION 2007-TIOL-176-HC-MAD-ST.doc + st hc story.doc Commercial or industrial construction service - Abatement - Does value, include cost of free materials supplied by the client? Interim stay granted: HC; Appellant deposited entire Service Tax amount with interest before issue of SCN - As there could be doubt about payment of tax by Company Secretaries penalty reduced : Cestat; Service Tax - Penalty - In view of the settled decisions no penalty is imposable when tax is paid before issue of Show cause notice - Appeal for enhancement of penalty is not justified : Cestat;
CUSTOMS SECTION 2007-TIOL-51-SC-CUS.doc + sc cus story.doc Department failing in appeal yet claiming interest from party - totally unwarranted and time consuming :SC; Seizure of foreign origin ball bearing - Confiscation and penalty - No evidence of legal import furnished - Confiscation not challenged but reduction in penalty pleaded - Tribunal reduces penalty - No substantial question of law involved - Appellant's petition dismissed: HC; |
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Rebate on goods manufactured in North East, J&K etc., and subsequently exported under rule 18 of the Central Excise Rules - Board clarifies; FM says Direct Taxes are the future of Revenue machinery; optimistic about realising revised targets; Subhash Projects bags Rs 309 Cr order for power projects; Lumax Auto's Uttranchal plant becomes operational; Accel Frontline joins hands with Trend Micro Inc; ONGC & Oil India step in aid for Assam Gas Project; ADB amends waivers on loan balances of member countries; Coffee exports see highest earnings ever; |
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