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Motorola withdraws petition from Delhi HC; BSNL can now go ahead with GSM expansion plans; IOCL plans to raise USD 200 mn from overseas markets; FM's immediate goal is to moderate inflation to 5%; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-189-HC-DEL-IT.doc + ajay story.doc Income Tax - Seized money released on appeal - Interest u/s 132B (4) awarded from the date following 120 days from the date of seizure - Cost awarded against the Revenue's dilatory tactics:HC; Assessee collects sales tax on lease rental to be paid later and treats it as contingent deposits - AO disallows deduction u/s 43B and treats it as part of trading receipt - Revenue has a point and deduction can be allowed only if the same is passed on to the State Govt or refunded to the customers:HC; The authorities should value the facts carefully to arrest the tax evasion, but at the same time, valuation has to be in accordance with law - This twin principle of arresting tax evasion with acceptable valuation is a factor that has to be borne in mind in gift-tax proceedings while considering the deemed gift in terms of s. 16 of the Act:HC; |
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Inclusion of erection and installation charges in the assessable value - Since the sale of equipment was totally disintegrated from the services on which service tax is already paid, inclusion of service charges in the value of goods for central excise purposes not called for:Cestat; Transfer of duty paid inputs from one unit to another - Cenvat credit taken reversed - Revenue asks for reversal of credit to the tune of 115% of the invoice value - Had such inputs been cleared to a third party reversal of the credit taken would have been acceptable to the Revenue, and following the same logic the assessee cannot be asked for reversal of higher percentage of credit - Then it also makes no sense as the reveral of higher percentage of credit would again have been available to the assessee as credit - Revenue's appeal dismissed :Cestat;
SERVICE TAX SECTION Target incentive not relatable to service provided - not liable to be taxed; Service Tax - Advertising Agency - The adjudicating authority has neither considered the factual position nor the legality of the active issue - The impugned order has no merit; Service Tax - Advertising Agency - Since the cash discount and target incentive have not been received from the clients of the device provider there is no liability of service tax on these amounts :Cestat; Service Tax - Consulting Engineers - No Service Tax is payable on the Royalty paid by the appellant to the Korean Company for the services rendered by the latter :Cestat;
CUSTOMS SECTION Customs duty on palm oil reduced; Adjudicator appointed for Davinder Singh Dawar case; Adjudicator appointed for M/s Star Gold Exports; Adjudicator appointed for M/s Rubfila International Ltd; Adjudicator appointed for M/s F M Communication; Adjudicator appointed for Sanjay Dogra case; Adjudicator appointed for M/s New Generic Drug House Ltd; 2007-TIOL-59-SC-Cofeposa.doc + second cofeposa story The fact that detenu was exonerated in adjudication proceedings is not necessarily a bar to preventive detention on the same facts: SC; Exemption from CVD - Notification 6/2002-CE - Term "ore" includes concentrate - roasting of ore to obtain concentrate does not amount to manufacture. Roasted Molybdenum Ore concentrate - Ore as well as concentrate fall under the same heading & are species of "ore" which is genus - SC decision in MMTC relied upon :Cestat; |
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When should the President give assent to the Finance Bill ? Essar SEZ unit booked for non-payment of huge excise duty; BoA draws flak for jeopardising revenue's interests and also industry's ! Changes in rates of Indirect Taxes - Effective dates demystified ! binani sc story.doc + 2007-TIOL-60-SC-CT.doc Reopening of assessment is not permissible by mere change of the opinion - amendment to Act - retrospectivity is not to be presumed and rather there is presumption against retrospectivity: SC; Wockhardt receives one more USFDA approval; Zee Telefilms and Goldstone Technologies become partners; ITC to foray into new ventures; Adobe comes out with offline video player software; Essar Steel aquires Canadian Algoma; Bharti Shipyards gets hold of swan Hunter; |
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