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we have got a few calls from some of our subscribers saying that
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FII crosses $ 3 bn mark in the Indian Stock Market; Vodafone's stake for Hutch-Essar gets FIPB nod; Indian forex reserves surges by $ 789 bn to reach $ 203.881 bn; SBI claims number one spot in overseas acquisition funding; RBI delegates power to banks to fix interest rate on education loan on their own; Interim relief : Pay Commission commissions study by IIM (A); |
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| Dear Member, Sending you the following files: |
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CBDT introduced new series of Forms for filing of Income Tax Return for the assessment year 2007-08; return of income for Individuals having salary and interest income and no other income. return of income for Individuals and HUFs having income from any source except from business or profession. return of income for Individuals and HUFs being partners in firms and not having proprietory business or profession. return of income for Individuals and HUFs having proprietory business or profession. combined form for return of income and fringe benefits for Firms/AOP/BOI . combined form for return of income and fringe benefits for Companies. combined form for return of income and fringe benefits for Charitable / religious trusts, political parties and other non- profit organizations. stand alone form for return of fringe benefits for persons who are not liable to file return of income but are liable to file return of fringe benefits Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature 2007-TIOL-112-ITAT-JAI.doc + remand story.doc Increase in the foreign exchange liability utilised for purchase of machinery and plant - Investment allowance thereof allowed - Third Member. Holds that remand cannot be ordered for the sake of remand - It is a discretion required to be exercised judicially as per facts and circumstances of the case; Initiation of assessment proceeding u/s 158BC without issuing warrant u/s 132 is illegal and bad in law; Search u/s 132 - Seizure of loose papers - Additions made - Since Revenue failed to examine the partners of the assessee-firm and also could not furnish any other evidence, no addition can be sustained: ITAT; |
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Probationers posting order issued; 2007-TIOL-70-SC-CX.doc + Bellary Story.doc Demand of Rs. 3 Crores; pre deposit of 1 Crore ordered – application made to BIFR – three months time granted :SC; 2007-TIOL-559-CESTAT-DEL.doc + rule5 story.doc Refund of Additional duty of Excise (T&TA) under rule 5 of the Cenvat Credit Rules - refund can not be denied on the ground that the goods were not exported under bond and rebate was already granted on the duty paid on final products. Since there is no AED payable on final products exported, the same could not be obtained as rebate under rule 18 - refund allowed under rule 5 of Cenvat Credit Rules; Central Excise - Appeal - Doctrine of Merger - Party's appeal was allowed after setting aside original authority order by Commissioner (Appeals) - Revenue filed appeal against original authority order - The doctrine of merger applicable in such cases :Cestat;
SERVICE TAX SECTION 16 Show Cause Notices adjudicated together – facts different – some do not relate to services at all – matter remanded for fresh adjudication :Cestat;
CUSTOMS SECTION Customs - Drawback - The investigation is highly defective - There is a possibility that the samples may not have been properly drawn at Cochin docks - Appellant gets benefit of doubt :Cestat; |
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Centre-State relations : Govt sets up Commission to look into teething issues |
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| Regards Taxindiaonline.com Pvt. Ltd. |
