|
 |
 |
 |
 |
 |
FM extends Sec 80C benefits to Nabard bonds; Tax neutral status granted to amalgamation and demerger of cooperative banks; Hike in excise duty on non-machine made biri reduced to Rs 2 per thousand but hiked in case of machine-made biri to Rs 26 per thousand; Nokia targets 4 bn sales by 2010; Lok Sabha passes Finance Bill; Rajya Sabha to debate on Saturday; FM moves amendment in Finance Bill - Relief granted for FBT on ESOP - to be applicable from the date of vesting rather than allotment; Sec 80IA benefits granted to VC fund into infrastructure; Deeming provision inserted in Sec 17 & rate reduced for valuing concessional accommodation to 15 %, 10% and 7.5% respectively for cities with population with 25 lakhs, above 10 lakh and less than 10 lakh; Excise duty on zip fasteners reduced to 8%; Exemption granted to aircraft import by flying clubs and charterers; 12% ad valorem rate introduced on cement with MRP of Rs 190 per bag; Specific duty of Rs 350 per MT to continue for bags selling at less than Rs 190 per bag; Export duty on iron ore fine reduced to Rs 50 per MT on some category and Rs 300 rate to continue on superior quality; Import duty on nickel reduced to 2% + Refrigerated vehicles exempted from import duty and CVD reduced to 8% on such vehicles; No duty on cut and polishd diamond + Soyabari and ready-to-use food items exempted from excise duty + Biscuits with MRP of Rs 100 per kg exempted; FM says India aims at GST from April 1, 2010 + service tax on renting is only for commercial property; Exodus of officers from revenue services : Annual average in last five year is only 65 and 80% are promotees; FM says MoF & MoFA reviewing DTAA with Mauritius + to review BCTT next year + 1.4 lakh taxpayers paid more than Rs 10 lakh tax in 2005-06 + Tax : GDP ratio up to 11.5% last fiscal; Munshi says 50 : 50 ratio to be ensured between male and female anchors in DD and AIR; Lok Sabha debate on Finance Bill : FM to reply at 3.30 PM; Honda to set up Rs 1000 Cr car plant in Rajasthan; FM likely to propose amendments in FBT, Sec 14 of Customs Act and service tax today in Lok Sabha; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
2007-TIOL-227-HC-MAD-IT.doc + cairn story.doc HC not to interfere in a question of fact: HC; Contract for supply of minimum amount of gases with Union Carbide - Gas leakage tragedy - A sum paid to the assessee and the same claimed as compensation for the loss of income of the capital nature - AO treats it as revenue receipt - Since one agreement was cancelled and a fresh contract was entered into and no agreement had a clause for compensation on termination of contract, such a sum cannot be treated as capital receipt : HC; Notice u/s 143(2) - Notice returned undelivered - Second notice issued and served - Assessee invokes limitation clause and argues the first notice was never served - As per Order V Rule 19 A of the Code of Civil Procedure, the notice is to be sent by registered post along with acknowledgment but, the same was not done in this case - Revenue's appeal dismissed : HC; Show Cause Notice issued - No time granted to file reply - Coercive action taken to recover demands by freezing bank accounts - Registrar directed to issue notice for initiating contempt proceedings against AO for disobeying guidelines laid down by the Court for granting stay : HC; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
CBEC notifies procedure for movement of indigenous goods from factory to a unit under EoU/STP/ BTP; Central Excise - Cenvat Credit on endorsed invoice is allowed in terms of CBEC Circular 218/52/96-CX dated 4.6.96 - interest and penalty set aside :Cestat; Appellant deposited an amount of Rs.1.67 lakhs while claiming provisional release of seized goods - later SCN issued and proceedings dropped - it is well settled that duty deposited during investigation is to be treated as deposit and the factor of time bar does not apply - in any case, it is only after the proceedings were dropped that the appellant became entitled to refund - appeal allowed with consequential relief. :Cestat; Valuation of lip-sticks, eye liners in multi-packs - since the weight of individual item is less than 10 ml, even if contained in multi-packs the same will be exempted under rule 34 of SWAM Rules and consequently section 4A will not be applicable - LB decision in Urisan Cosmetics, 2006-TIOL-354-CESTAT-MUM-LB followed - Appeal allowed :Cestat;
SERVICE TAX SECTION 2007-TIOL-583-CESTAT-MUM.doc +mckinsey story.doc Out of pocket Expenses (OPE) - Abatement thereof - Section 67 of the Finance Act, 1994 defines value of service provided by management consultant to client as gross amount charged by such consultant from the client for services rendered in connection with the management of any organization in any manner. The section does not provide for exclusion of any charges or abatement of any expenses and it is on account of the trade notice 7/98-ST, dated 13.10.1998, Mumbai Commissionerate alone that abatement is being given :Cestat;
CUSTOMS SECTION Export of SMP under ITC(HS) Code – 04021010 to the extent of 300 MT to Nepal by NCCF as per the work order given by the Ministry of External Affairs and 50 MT to Bhutan on humanitarian considerations is exempted from the restrictions imposed; Re-warehousing of goods imported and/ or procured indigenously by EOU/EHTP/STP/BTP units; DGFT notifies norms for import of cement; Goods imported were assessed at a lower rate of duty by the Department - in such a scenario, there is no cause for the importer to be aggrieved with the order and file an appeal - Refund claim cannot be rejected by applying the SC decision in Flock India Ltd :Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
ddt 3 may.doc + trade notice24.doc + trade notice23.doc No more TR-6 Challan EASIEST GAR-7; Corruption in Income Tax - startling facts! 'Rush' to realise revenue targets : A tale of judicial rebuke, and now contempt too ! Minor relief to ESOP from FBT; Deeming provisions inserted in Sec 17 of I-T Act; Sec 80-IA benefits to VC fund for infrastructure; 12% ad valorem rate introduced for cement with MRP of Rs 190 per bag; LS passes Finance Bill ; Finance Minister's Reply to the debate on the Finance Bill 2007-08 in the Lok Sabha on May 3, 200; 2007-TIOL-74-SC-CT.doc + sc story.doc Dog feed and cat feed - Nil rate of duty under Entry 5 of First Schedule of VAT - Nil rate is for only specified items put under Entry 5; Significance of And , Comma and Namely explained; Rashtriya Ispat Nigam looking for Director (Finance); Mphasis jacks up profits in Q4; Moser Baer posts handsome profits; Welspun bags Rs 700 Cr pipeline orders; HCL launches solution frameworks; Micro Technologies launches 'MICRO OBB' for security of Office Premises; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
