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Kamal Nath says service tax waiver to exports has PMO's sanction; CBI raids premises of former CEO of Delhi Jal Board and a pvt company at 13 places in Delhi and Haryana; Gujarat Police arrests three IPS officers for involvement in fake encounter; Annual Policy Statement : RBI makes no change in major rates; dilutes growth projection to 8.5% for current fiscal; Shillong Customs seizes 5786 kg ganja worth Rs 1.42 Cr from LPG tanker; One arrested; India, New Zealand exploring avenues for FTA; |
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| Dear Member, Sending you the following files: |
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Two IRS officers Ahmed Fareed of 1972 batch and Mr D K Srivastava (76 batch) joining ITAT as Accountant Member; 2007-TIOL-210-HC-DEL-IT.doc + gift hc story.doc Gift - Mere identification of donor and movement of gift through banking channels is not sufficient to prove the genuineness of the gift. Onus is on the assessee to prove genuineness : HC; Sale of property - Additions made for higher value taken for payment of stamp duty - CIT (A) and tribunal partly delete the additions on the ground that the AO fails to cull evidence towards higher payment - No question of law involved - Revenue's appeal dismissed : HC; Loss on sale of mutual funds units - AO directed to allow set off against other incomes in view of Mumbai Special Bench order :ITAT; Deduction u/s 80HHC claimed for interest income earned on FDs - AO disallows and treats it as 'income from other sources' u/s 56 - Since such income has no direct nexus with exports, deduction not allowable under stand-alone Sec 80HHC :ITAT; |
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Scholarships for Customs Kids; Malaysian Customs invites applications for fellowship programmes; 2007-TIOL-538-CESTAT-MUM.doc + packing story Cost of Re-packing at the depot is addable in the Assessable value from May '2003 - ROM partly allowed by Tribunal.; A decision arrived at without taking note of the statutory provision was an order in which there was a mistake apparent on the face of the record. :Cestat; Central Excise - Refund - Reduction in price retrospectively subsequent to the clearance of the excisable goods under terms of agreement is allowable - Consequential refund is entitled :Cestat; Central Excise - duty demand on DTA clearances by a 100% EOU - since the matter has already been deiced by the CESTAT in the case of the appellant which related to two earlier adjudications done against the appellant on the same set of facts for the self same period - No suppression of facts - demand hit by limitation :Cestat;
SERVICE TAX SECTION Service Tax on internet services eligible for cenvat credit – Courier service for outward transport not eligible :Cestat; 2007-TIOL-539-CESTAT-DEL.doc + ambuja story.doc Service Tax on outward freight – Cenvat credit not allowed :Cestat;
CUSTOMS SECTION 2007-TIOL-208-HC-KERALA-CUS.doc Customs - When appellate remedy is invoked, the petitioner cannot file writ petition against the adjudicating authority :HC; Customs - Imports - Valuation - as the price of electrical goods vary from day to day, it is not permissible in law to adopt the import price of similar goods - No contemporaneous price of similar models available with department; |
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Sky is no more the limit; it's our birthday; No credit of Service Tax on outward freight - landmark order from Tribunal; TIOL - on way to eighth year ! RBI projects lower growth rate this fiscal; to set up Working Group on Currency Futures; MTNL posts 11% profits; Emami to set up bio-diesel plant in Haldia; Parsvanath to develop metro stations; Wockhardt gets another FDA approval; Ace to be rolled out in Nepal; FDA approves versions of drugs for insomnia; |
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