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Serious Fraud Investigtion Office continues to be underutilised; Govt refers only 34 cases so far; Railway launches pilot project under Gramin Ticket Booking Sevak Scheme to facilitate rural India; Welcome in Sanskrit by Greek President pleasantly surprises Prez Kalam; Bank Officers' Association to set up Institute of Banking and Trade Union Research at Mamallapuram; Cabinet approves proposal to set up Indian Institute of Space & Technology + Legislation to regulate pvt detective agencies + warehousing (Devt & Regulation) Bill + enactment of Collection of Statistics Bill, 2007; Govt to set up 30 mega Food Parks; |
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| Dear Member, Sending you the following files: |
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Parvinder Kaur goes to CVC; JC / DC given field postings; Explanatory notes on Taxation Laws (Amendment) Act, 2006; Clarification related to Income Tax Third Amendment Rules concerning TDS and TCS; 2007-TIOL-110-ITAT-MUM.doc + abb story.doc Head Office expenses are required to be allocated while arriving at the profit of the industrial undertaking for the purpose of allowing deduction under section 80-IA of the I.T. Act: ITAT; TDS - Payments made to foreign companies for hiring ships under time charter agreements - Assessee argues the payment does not fall within the expression 'royalty' under Sec 9(1)(vi) - Ship is an equipment and any payment made for the right to use is exigible to tax in India - Assessee cannot suo moto presume that a payment is not taxable as there is a provision in the law to seek direction from the Revenue - Revenue's decision to treat the assessee in default u/s 201 upheld : ITAT; Loss return filed - Deduction claimed for interest paid to IREDA disallowed u/s 43B as not paid during the AY - Penalty imposed u/s 271 - Since disallowance of interest does not amount to concealment of income and that no tax is payable, penalty cannot be imposed - Penalty u/s 271 always refers to only positive income : Madras HC; Exports - Sec 80HHC - Interest earned on bank deposits added to 'profits and gains' from exports for claiming 90% deduction - Such interest income not to be included in the profits from exports - Revenue's appeal upheld: Madras HC; |
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2007-TIOL-69-SC-CX.doc + sc eou story.doc EOU - clearances in DTA in terms of para 9.10(b) of the Exim Policy against payment in foreign exchange - benefit of Notification 2/95 CE available - matter remanded: SC; 2007-TIOL-68-SC-CX.doc+ Adhunik Food Story.doc 'Puffs' prepared from cereals cannot fall within the item 'Prasad/prasadam : SC; Manufacture of exempted 'lay flat tubing' - Revenue appeals against Commissioner's order with no evidence - appeal dismissed :Cestat; Central Excise - Appeal - The mere fact of the Revenue being not satisfied with the Tribunal's order is no ground to allow the appeal - Appeal dismissed as infructuous :Cestat; Central Excise - Interest - In view of the Settled decisions levy of interest - does not arise when the duty is deposited before issue of Show Cause Notice :Cestat;
SERVICE TAX SECTION 2007-TIOL-555-CESTAT-DEL.doc + st story.doc Service Tax - GTA - can Service Tax be paid from cenvat credit? YES, affirms :Cestat;
CUSTOMS SECTION Customs - Imports - The appellant admitted the smuggled nature of the goods - Goods are notified and cannot be redeemed - The absolute confiscation is correct penalty imposed is correct :Cestat; |
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Sikkim Celebration - Back in Action - Exemption revived; Unauthorised Buildings - No Service Tax? Permanent Account Number (PAN) to be the sole identification number for all transactions in the securities market; Tech Mahindra wins award for contribution in telecom industry; Berger Paints forms JV with Nippon Bee Chemical; Bharti to invest USD 3.5 bn this fiscal; |
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