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AGT : First transfer order by CBEC suffers sudden death! IT's AGT season but the Revenue Boards are terribly cut-off from the minds of their topbrasses and the same can be seen from the ill-fate the CBEC first transfer order finally suffered. So much of homework and productive hours which went into preparing and endorsing a huge list of Commissioners finally went astry when the FM reliably did not buy the idea of disturbing too many senior revenue managers. This is particularly undesirable in the light of the fact that the Revenue mop-up has done pretty well last fiscal. So, it has been decided not to follow the transfer parameters so strictly. The relief will go to those who have completed less than 50% of the city-tenure notwithstanding the fact that they might have completed their zonal tenure. This new parameter would now require a fresh casting of the transfer order and then putting the same to the same old route of endorsement. In other words it would take another 20 days. If that happens the entire leadership scenario in both the Boards would change later this month when the Selection Panel headed by the Cabinet Secretary would be coming out with Chairman-designates. If that happens, for the present Chairman, at least in the CBEC, it would be a case of sour grapes as he would not be able to play any role in the final placement ! An unpleasant experience before retirement indeed! |
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FM to move amendments to Finance Bill on Thursday; Parliament to pass Budget by convening special session of Rajya Sabha on Saturday; B'desh keen to pursue tri-nation gas pipeline project; US says India has scored major success in containing terrorism; Sahar Customs seizes memory sticks and adaptors worth Rs 81 lakh from pax coming from HK; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-72-SC-IT.doc + sc story.doc Sec 80HHC - Excise duty and sales tax cannot form part of 'turnover' :SC; 2007-TIOL-116-ITAT-MUM.doc + itat story.doc Assessee is a foreign broadcasting company - Has a PE in India and also a dependent agent - Both bring business to the assessee and dependent agent gets commission paid - Both are distinct taxable entities - Dependent Agent's commission income is separate taxable and the assessee's income is taxable as business income under Article 7 of DTAA with Singapore - No interest under Ss 234B and 234C as the assessee was subjected to TDS provisions : Mumbai ITAT; 2007-TIOL-115-ITAT-AMRITSAR.doc Deduction for interest earned on commercial paper claimed - AO disallows it for lack of proof - CIT (A) allows it by admitting additional evidence - Sec 15(5) of the Interest Tax Act calls for harmony with the procedure applicable to the I-T Act which is laid down in Rule 46A(3) and as per this Rule no additional evidence can be entertained at the back of the party - Revenue's appeal upheld : ITAT; 2007-TIOL-114-ITAT-AMRITSAR.doc Reassessment initiated by invoking Sec 147 - Deduction u/s 80IA disallowed on basis of a statement recorded at the premises of the business - A mandatory condition for launching reassessment is that there must be a direct nexus between the information and the material being available to the AO which enables him to form a 'reason to believe' that the taxable income has escaped assessments - Since no such nexus exists in this case, assessee's appeal upheld and disallowance made u/s 80IA deleted : ITAT; |
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2007-TIOL-573-CESTAT-MUM.doc + Remi Fans Story.doc Section 35B(2) of the CEA'44 - Review by a Committee - even if there is a single Commissioner who signs in a dual capacity as a Committee, there is no infirmity as he is holding additional charge of the other Commissionerate too :Cestat; Appellant manufacturing PSC poles for captive consumption viz. drawing electric transmission lines for distribution of electricity - Assessment done provisionally and later finalized in favour of the appellant - refund cannot be denied on ground of unjust enrichment as the electric poles are being used by the Electricity Department itself and are not being either further sold or consumed for manufacture of any other items - SC decision in Solar Pesicides not applicable - Order of Commissioner(A) allowing refund is just and proper needing no interference :Cestat; Confiscation of land, plant, building and machinery of co-noticee - Board's circular No. 275/33/98-CX.8A dated 9.12.1998 clarifies that no civil proceedings for imposition of fine or penalty shall be proceeded with against a co-noticee in case of settlement in favour of the main notice (declarant) under the Kar Vivad Samadhan Scheme - Appeal allowed :Cestat;
SERVICE TAX SECTION ST - The service of erection, commissioning and installation not covered under Consulting Engineer Service prior to July 2003 :Cestat; ST - Consulting Engineering Service - Tax deposited under protest - Refund - Since there was no liability on the service recipient, refund claim filed - Given that the agreement with the foreign management consultant clearly talks about the assessee bearing all local taxes and their fee was net of taxes, it would not be fair to grant any refund at this state when Revenue cannot recover the same from the overseas service provider - Appellant's appeal rejected :Cestat;
CUSTOMS SECTION Tariff value of brass scrap marginally hiked; 2007-TIOL-572-CESTAT-AHM.doc + ultratech story.doc Customs - coal imported under Advance License scheme under Notification 43/02 Cus and transferred to the subsidiary unit for manufacture of cement which was finally exported - no violation of conditions of the Notification - duty demand, penalty and confiscation set aside :Cestat; |
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One Commissioner does constitute committee - CESTAT; Use EU-India spat over liquor tariff as springboard for foreign trade reforms; ECB policy amended; Remittance for donation by corporates - norms liberalised; Remittance for consultancy services - Liberalisation; Reimbursement of pre-incorporation expenses - Liberalisation; Opening of foreign currency accounts in India by ship-manning / crew management agencies; Overseas Investment by venture capital funds; SEBI amends Investor Protection Guidelines 2000; MoF notifies fresh guidelines for foreign investment in preference shares; FM approves 23 FDI proposals worth Rs 351 Cr; Govt makes allotment of seat no mandatory for all passengers boarding public transport aircraft; DND profits surge with heavy traffic; VSNL to provide wireless broadband services; TCS to work out direct delivery of fertiliser subsidy; |
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