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CBI files charge-sheet against Defence Ministry official for leakage of documents; Delhi HC upholds CIC decision on disclosure of UPSC marks; Also directs UPSC to disclose model answer papers to candidates; Indo-Asean FTA : India willing to remove more items from sensitive list; SEZ-led land acquisition of farmers : NHRC serves notice on Union Govt; Lankan Minister calls for removal of NTB by India for better trade relations; Govt bans deep sea fishing in Exclusive Economic Zone on east coast from April 15 to May 31 and west coast on June 15 to July 31, 2007; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-103-ITAT-MAD.doc + advance story.doc Assessee advanced money to secure a capital advantage - The loss caused due to the non recovery of such advance was in the capital field only :ITAT; Return processed u/s 143(1) and intimation issued - Limitation - Notice u/s 147 for reopening of assessment issued - AO makes disallowance u/s 14A against dividend income exempted u/s 10(33) - Although the reason recorded for the reassessment that speculation loss cannot be allowed against other business income was valid but it is settled law that what cannot be done directly can also not be done indirectly and disallowance made u/s 14A in a finalised assessment cannot be allowed as the period of limitation u/s 143(2) had expired :ITAT; When ascertained liability has been provided for in the books of account by the company while preparing its accounts under the Companies Act, 1956, the same cannot be a subject matter of adjustment under Explanation to sub-sec. (2) of sec. 115JA - As the adjustment in question does not fall within Explanation to sub-sec. (2) of sec. 115JA - the disallowance is deleted :ITAT; |
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2007-TIOL-504-CESTAT-AHM.doc + brick story.doc Main machinery for the manufacture of Refractory Fire bricks being the kiln, sharing of the same without paying any rent is enough ground for clubbing of clearances :Cestat; Central Excise - Valuation - The aspect of grant of cash discount and non-includability of interest collected by the assessee is already covered by the pronounced decisions - The issue is no longer is res integra - No suppression :Cestat; Central Excise - Modvat credit exempted final products - On reversal of the Cenvat credit availed on inputs on removal of exempted goods.,the situation is put back in as much as the appellants are deemed not to have availed credit at all :Cestat;
SERVICE TAX SECTION 2007-TIOL-503-CESTAT-MUM.doc + st story.doc Refund of Service Tax - CD is an admissible piece of evidence in view of the provisions of Section 4 of the Information Technology Act, 2000 & rule 5(1) of the Service Tax Rules laying down that computerized data shall be accepted. :Cestat; Service Tax - Penalty and Interest When tax is paid even before issue of show cause notice, penalty and interest are not leviable :Cestat;
CUSTOMS SECTION New system of import of metal scrap from registered sources : DGFT once again defers it to Oct, 2007; Definitive anti-dumping duty imposed on dry cell batteries import from China; No change in tariff value of edible oil; Only brass scrap tariff value lowered; Customs - Smuggling - Retraction of Statement - Efficacy of statement not eroded by belated retraction after five months :Cestat; |
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Customs duty on edible oils reduced - But where is the Notification? Now available ! Targets are over - It's the Transfer season; FM's BCTT fails; Black money continues to lubricate economy ! fryum story.doc + 2007-TIOL-61-SC-CT.doc When the word 'includes' is used in the definition, the legislature does not intend to restrict the definition; Fryums not cooked food: SC; Exim Bank credit to Govt of Republic of Senegal; Parking of Funds in Short Term Deposits of Scheduled Commercial Banks by Mutual Funds – Pending deployment; German trade transcends OECD allies; HMT records 6% growth; L & T forms JV with Mitsubishi; Abbot cuts prices of Aids containing drugs; IFFCO to empower farmers using IT; Redington enters into agreement with Apple; Roadshows to help IOC meet capital needs; ONGC seeks concession for Kakinada refinery; Motorola withdraws petition against BSNL; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
