|
 |
 |
 |
 |
 |
Govt announces holiday tomorrow for Govt offices + industrial establishments to celebrate birthday of Dr B R Ambedkar; Union Cabinet stamps 4647 new posts, earlier approved by CoS for CBEC; India witnesses USD 11.9 bn FDI inflow in equity from Apr 2006 to Feb 2007; BJP opposes religion-based quotas; New Delhi talks for Doha Round hopeful of closing it by year-end; Industrial Production logs 11% growth in Feb; Cabinet okays India, France agreement on transfer of sentenced persons; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
2007-TIOL-57-SC-IT.doc + sc it story.doc Undistributed accumulated profits advanced as loans to shareholders - treated as deemed dividend - High Court should not disturb questions of fact :SC; Assessee claims exemption for dividend income u/s 10(33) - Since investments were made out of own surplus capital, no expenditure attributed - AO insists on rule of proportionality of expenditure for disallowance u/s 14A - Insertion of sub-sections (2) and (3) of Sec 14A by Finance Act 2006 lends retroactive operation and since the provisions for quantification of disallowance under these sub-sections are procedural they apply to all pending cases - Revenue's appeal allowed: ITAT; Tax on distribution of profit or dividend by domestic companies is nothing but income tax and it shall be added to the book profit shown in the Profit & Loss Account: ITAT; Exemption under section 10(14)(i) in respect of "Uniform Making Expenses" and Uniform Washing Expenses" eligible to Electrical Officer working on ships - However, similar exemption not available to "academic research allowance": ITAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
2007-TIOL-484-CESTAT-KOL.doc + remand story.doc Not to do an act required by justice on the ground of lack of power, would be manifest injustice - Dismissal of appeal on the ground of non-payment of pre-deposit amount within a specified time without hearing on merits - matter remanded :Cestat; "Vipul Booster" containing a small quantity of insecticide "Triacontanol" is marketed as plant growth regulator - correctly classifiable under heading 3808.20 & not 3808.10 - Appeal allowed with consequential relief; Opinion of Experts also favour the view that the product cannot be considered as an Insecticide - Department has not adduced any evidence that the same can function as an Insecticide - Even application to the Central Insecticides Board states that it is a Plant growth regulator:Cestat;
SERVICE TAX SECTION 2007-TIOL-485-CESTAT-MUM.doc + colgate story.doc Plea that the services referred to in the inclusive definition of input services under Rule 2(1) of Cenvat Credit Rules need not be used in or in relation to the manufacture of final product is prima facie untenable inasmuch as the services had to be used in or in relation to the manufacture of final product and inclusive definition only suggests that some services may seemingly not appear to be used in relation to the manufacture of final product would nevertheless deemed to be so used. Once "Input Service" itself has been defined as being service used in or in relation to manufacture of final product, the word "Input Service" wherever it occurs would mean "service used in or in relation to manufacture of final product" and not otherwise - rule 6 of Cenvat Credit Rules, 2004. Pre-deposit ordered of Rs.50 lakhs for getting Stay:Cestat; Service Tax - The amounts shown as due in IT returns cannot be the basis for confirming service tax as service tax has to be levied on the amounts already received the demands are not time barred - Matter remanded to original Authority for re-confirmation of service tax :Cestat;
CUSTOMS SECTION DGFT amends jurisdiction of Jt DGFT in various states; 2007-TIOL-56-SC-CUS.doc + sc story Merely because two parties are related to each other will not amount to undervaluation per se - it will depend on facts and circumstances of each individual case - Matter remanded for examination of facts :SC; Customs - Exemption - compressor being part of ground power unit is a part of aero plane and eligible for benefit of exemption:Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
ddt13 apr.doc + aisacrform.pdf Madam, when are you menstruating next? Government wants to know! Cabinet approves Petrochemical Technology Upgradation Fund, Plastic Development Council and vests power in Ministries to increase retirement age in CPSE; Corporate Bond Market - Launch of Trading Platform; Infosys profits surge, company expects huge revenues in future; Industrial growth in India crosses record mark; Indian infrastructure attracts global investors; Ramco Systems to divest its stake to TVS; Neotel acquires stake in Transtel Telecoms; Garware enters JV with Anchor; Ranbaxy receives yet another manufacturing approval; Posco's profits sore; IBM to make more energy efficient microchips; Larsen and Tubro on a high march in China; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
