|
 |
 |
 |
 |
 |
Charm continues for Settlement Commission; Many names recommended to ACC BUDGET 2007 may go down in the history of Settlement Commission for both - Income Tax + Customs & Excise, as the 'Institution busting' year but this Institution has not lost its charm among its potential applicants. With many vacancies cropping up, the Committee of Secretaries is leant to have recommended certain names for filling up the slots and also promotion for the existing Members. For Income Tax, Ms Urvashi Saxena's name is learnt to have been recommended for the post of Chairman and Mr Sudhakar Mishra as Vice-Chairman. For Customs & Central Excise, the four names out of dozens are learnt to be of Mr Ganu, Ms Anita Sahni, Mr K P Mishra and Mr Subhash Chander. Even as these names are being forwarded for the ACC approval, yet another circular has come out asking applicants to send their willingness for more slots which are going to fall vacant. Next big question which the CoS (now Selection Panel) will have to decide is that who would be next Chairpersons for both the Revenue Boards? Both the slots are going to fall vacant in the coming weeks. 'Insiders' say that the race is going to be quite interesting as there are many dark horses in the ring ! |
 |
|
 |
 |
 |
|
|
 |
 |
|
|
India asks Canada to expedite work to conclude FTA early; Power Ministry evolving new tariff system for non-conventional energy to be sold to states at reasonable price; Hotel Leelaventure bags 3 acre plot in South Delhi for Rs 611 Cr; Govt announces price spectrum band for 2006 for Tea, Coffee & Rubber; Air India to take graduates as cadet pilots; |
|
|
|
|
|
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
2007-TIOL-216-HC-DEL-IT.doc + tax avoidance story.doc Assessee leases assets purchased out of interest-bearing security deposits - Interests on deposits is designed to be equal to the monthly rental to be paid by the tax-exempt lessees - Depreciation claimed - Revenue denies it on ground that the contract was designed to avoid tax payment - Revenue case is sustainable as the manner of tax planning was to avoid tax payment : Karnataka HC; Assessee signs an agreement with a foreign hotel group - A few expatriates deputed to assist its management agaisnt some payment to the foreign company - TDS - No objection certificate issued by AO - 30% TDS deducted - Survey conducted - Short payment of TDS alleged - Payment with interest deposited - Penalty proceedings u/s 271 initiated - Since there was no employer-employee relationship and the payments directly made to the overseas company, penalty set aside - Tribunal's conclusions are based on facts and do not call for any interference - Revenue's appeal dismissed : Delhi HC; Assessee is a foreign airline - Makes payments to hotels for providing accommodation to crew - No TDS deducted - AO holds it as assessee in default - Penalty and interest levied - Since assessee was not aware of TDS application to such payments and tax being paid by the hotel on such income earned from the assessee, no express benefits accured to the assessee - Tribunal deleted penalty and interest charged as it had decided quantum appeals of the Revenue against it for the same AYs - No fault in tribunal's order - Revenue's appeal dismissed : Delhi HC; Depreciation claimed in reutrn - Assessee detects a mistake in its claim and revises the return - Since it was a bona fide mistake and a correction was done even before it was pointed out by the Revenue, it does not call for penalty u/s 271(1)(c) : Gujarat HC; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
etariff07_20.doc + etariff07_21.doc Excise holiday for North-East, including Sikkim; Cenvat Credit rule amended + Refund of unutilised cenvat credit; 2007-TIOL-66-SC-CX.doc + petro story.doc Central Excise - RFO used in refinery to produce Suphur and Naphtha, not dutiable; RFO used for generating electricity sold outside is dutiable; No suppression by Refinery, nothing stopped the Department from verifying : SC; 2007-TIOL-550-CESTAT-DEL.doc + refund story.doc Refund application disposed within prescribed time limit - No ground for grant of interest:Cestat; Central Excise - Demand - When the revenue lost the case against job worker, they cannot initiate the same proceedings against the manufacturer :Cestat;
SERVICE TAX SECTION Service Tax - service from abroad - it has to be inquired whether service was taxable - orders should be self speaking - matter remanded :Cestat; Outward Transportation from the place of removal - input service eligible for credit - department's stay petition rejected :Cestat;
CUSTOMS SECTION Customs exchange rate for exports for May; Customs Exchange rate for imports for May; No interference with a question of fact decided by Tribunal - Revenue appeal dismissed :SC; Central Excise - SSI - The assessee was working under SSI exemption of 1 Crore and as such they are not liable to pay excise duty on the re-imported goods cleared in the domestic market :Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Can Service Tax on GTA be paid from your excise cenvat credit? A tryst with stark reality of Human Development Index! 2007-TIOL-67-SC-CT.doc + liquor story.doc Selling of country liquor in bottles - is it a sale of bottles? It is for the department to prove an implied agreement to sell: SC; SEBI amends Clause 32 of Equity Listing Agreement; Exim Bank credit to Govt of Republic of Sudan; SKF India to invest Rs 150 Cr for new bearing factory near Haridwar; Govt sets up Committee to develop Service Price Index; Ranbaxy gets USFDA nod for more drugs; Tetley to acquire Vitax & Flosana in Poland; Cambridge completes sale of Albion in USA; Opto Circuits to acquire medical firms; Cambridge completes sale of Albion in USA; Opto Circuits to acquire medical firms; ANG Auto gets US patent for Slack Adjuster; Mascon launches plastic industry solution; Reliance refinery SEZ coming up at rapid pace; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
