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Kamal Nath targets USD 30 bn FDI in current fiscal; Budget session to resume tomorrow; Many amendments in Finance Bill to be tabled in first week of May; IIMs admission imbroglio : HRD Ministry to take decision today; Telecom service providers account for 19% of complaints received by National Consumer Helpline; WTO begins probe into Indian high tariff on wine on EU plea; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-108-ITAT-DEL.doc + salary story.doc Income Tax paid by the employer salary has to be calculated by the multiple grossing up method :ITAT; Assessee pays self-assessment tax many months ahead of filing his return - Interest u/s 234A levied without giving credit for the tax paid in advance - Sec 234A is not a penal section for delay in filing of the return and interest is charged for retention of money to prevent unjust enrichment - The term "advance tax" used in section 234A to cover all the taxes paid in advance and credit for the same not to be denied to the assessee:ITAT; Re-opening of assessment u/s 148 - No action taken and the reassessment got time-barred - Fresh notice u/s 148 issued - Assessee argues such a notice is bad in law and amounts to forming of second opinion on the same set of facts - Since the assessee did not file return in response to the first notice it cannot allege a change in opinion and there is no bar to issue second notice - Once conditions precent are satisfied the AO is justified in reopening assessment within the time limit u/s 149 (1)(a)(iii) : ITAT; Assessee seeks waiver of interest - Settlement Commission grants 50% waiver under Sections 139(8), 215 and 217 of the Act but rejects the same for waiver under Sections 234A, 234B and 234C - Since the Commission did not assign any reasons for restricting the waiver to 50% and then denial of benefits under other sections, the case restored to the Commission for fresh consideration :HC; |
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Collection of Education Cess-Secondary & Higher Education Cess Manually; Applications invited for posts of Member in Customs & Excise Settlement Commission; Issue of fake modvatable invoices - Buyers take credit for additional customs duty leviable under Sec 3 of Customs Act - Penalty levied - Since availing modvat credit on additional customs duty was not an offence before July 14, 1999, no penalty can be levied - Revenue's appeal dismissed :HC; 2007-TIOL-545-CESTAT-MUM.doc + trivial story.doc Fortnightly payment of duty - defaults committed - Maxim lex non curat de minimis applicable - trivial matters to be ignored Assessee had paid the defaulted duty amounts along with interest and although the fact remained that they did not pay duty consignment-wise through PLA, had the duty demanded been paid, there would be two amounts having been discharged on the same set of clearances. Obviously, duty could not be confirmed and/or accepted twice on the same goods. Moreover, the duty demand can be upheld if the modvat credit utilized for clearances is allowed to be re-credited to the deemed credit register. Appeals allowed :Cestat; 10% amount reversed in terms of rule 6(3) of Cenvat Credit Rules, 2004 & recovered from customer cannot be considered as additional consideration and added back to price LB Tribunal decision in Unison Metals [ 2006-TIOL-1337-CESTAT-DEL-LB ] followed :Cestat;
SERVICE TAX SECTION ST - Mandap Keeper - Assessee is a club and lets out space to its Members for functions - Since the facilities are meant to be used only by the Members, letting out any space to a Member cannot be termed as a commercial activity - For a service to be commercial it has to be provided to a third party against some consideration - Assessee's appeal upheld :Cestat;
CUSTOMS SECTION 2007-TIOL-544-CESTAT-MAD.doc + review story.doc Customs - Refund - Section 129D (2) of Customs Act - Does not provide for recovery of erroneous refund - Erroneous refund is a specific ground laid down under Section 28(1) of Customs Act:Cestat; Customs - Imports - Classification - without disclosing the alternate classification in the show cause notice deciding issue is bad in law - Matter remanded:Cestat; |
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New Services and new rate not yet in force Budget is not enacted wait till the 2nd week of May; Interest liability in provisional assessment - A potential maelstrom; Aurionpro to acquire consulting firm E2E Infotech Ltd; FDA gives nod to Ranbaxy's tablet to prevent heart disease; General Motors forms JV with Mapquest; Dr Reddy receives USFDA; SpiceJet gets more Boeing to fight competition; Skewd farmlands and inadequate credit facilities mar Pak's agriculture : WB Report; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
