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FBT on ESOP : Employer given option to recover tax from employee; CBDT to notify method for calculating 'fair market value'; Income Tax Department facing crunch of manpower at lower levels; Civil Aviation Minister to receive inaugural flight from Surat to Delhi; Rahul Bajaj says SEZs are turning out to be land scam; |
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| Dear Member, Sending you the following files: |
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Amendment to Finance Bill 2007.doc Amendments moved by the Finance Minister in Finance Bill 2007; EOUs under watch - Physical control ? + Budget 2007 - revised & passed; Pak banks to open branches in India; GM profits drop in first Q; Brussel is Jet Airway's European hub; HCL joins in Windows Vista application; ICRA and Canara Bank strike a deal; HAL forms JV with Infotech; Airport Economic Regulatory Authority gets nod from Govt; Bill to be tabled soon; |
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2007-TIOL-229-HC-DEL-IT.doc + it story.doc Search & seizure u/s 132 - Documents seized and a restraint order u/s 132(3) issued against fishing trawlers - After 22 months another search conducted but no seizure made - Return for block assessment filed and assessment order passed - Assessee calls for invocation of limitation u/s 158BE and alleges that the second search was only an eyewash to extend the period of limitation - A search should be continuous and if it is discontinued and then resumed, a valid explanation for the gap must be available - however, it was only a make-believe story in this case to extend the time-limit which can be seen from the letter of the AD about the completion of the search issued after 22 months - Then the seizure of trawlers should have been u/s 132(1) and not 132(3):HC; Computation of benefits u/s 80HHC - AO deducts unabsorbed depreciation and investment allowance carried forward from profits and gain of business - Assessee argues against set off for computing Sec 80HHC benefits - Since Section 80HHC is governed by section 80AB, assessee's appeal is not sustainable:HC; Deduction for income earned out of non-SLR investments disallowed u/s 80P(2)(a)(i) - Provisions of law do not make distinction between income earned out of SLR and non-SLR investments and income earned on investments made in govt securities, FDs, KVP and IVP out of surplus / idele fund are nothing but banking business and hence eligible for deduction u/s 80P:ITAT; Assessee is into the business of market research and consultancy - Claims deduction u/s 80-IA - Revenue denies it on ground that it is merely a data collection and data entry business - Issue is no longer res integra as the process of market research is a specialised service provided to commercial undertaking and does involve processing of huge raw data into concrete insights and final products - 80-IA benefits cannot be denied:ITAT; |
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6/2006 amended - duty on refrigerated motor vehicles reduced; exempts ultra-filtration technology; Ad valorem 12% excise duty levied on cement selling with MRP of Rs 190/-; 3/2006 amended to grant concessions to several goods; Export warehousing : Facility extended to Sholinghur in Vellore distt of TN; 2007-TIOL-75-SC-CX.doc + larsen story.doc Excisability of PSC girders - Revenue loses on limitation ground - SC says extended period cannot be invoked in subsequent SCN if it was not done in the first:SC; 2007-TIOL-588-CESTAT-AHM.doc + rebate story.doc The right to claim benefit of the rebate of raw materials/inputs gone into the manufacture of finished products is on the exporter of finished goods and not on the supplier of such inputs:Cestat; HASITPACD Rules, 2000 - Madras High Court in case of Beauty Dyers has held that Notification Nos. 42/98-CE, 36/98CE, 2/99-CE, 14/2000-CE and 19/2000-CE issued under rule 96ZQ are ultra vires of Section 3A - Demand & penalty set aside:Cestat; Veg./Non-veg. Burgers, Non-veg. Curry Pan, Non-veg. Wraps, Pizza Puffs, French Fries - prima facie are products are a result of process of manufacture - whether classifiable under chapter 16 or chapter 20 - whether can be called as put up in unit containers - matter debatable - Pre-deposit ordered of rupees ten lakhs:Cestat;
SERVICE TAX SECTION When there was a doubt as to whether the services rendered were taxable under the head Management Consultant and this point was clarified by the Board only in June 2001 after being directed by the Bombay High Court, suppression cannot be invoked for demanding service tax for the earlier period Since there was a doubt as to whether advisory service on merger and acquisition of companies was a service provided by management consultants, the High Court had in November 2000 directed that this position be clarified by the CBEC and the matter was clarified by the Board in June 2001 - In these circumstances it cannot be held that the respondent knew or must have known that their rendering of such services was in the nature of the management consultancy services so as to attract liability to service tax - Not paying service tax during the period 16.10.98 to 31.03.1999 does not amount to suppression of the fact so as to make available to the department, the extended period of limitation:Cestat;
CUSTOMS SECTION Export duty on iron ore fins of ferrous content 62% and below reduced to Rs 50; Duty reduced on n-paraffin + refrigerated motor vehicles; 2007-TIOL-587-CESTAT-MUM.doc + triumph story.doc It is not open to an assessee to himself adjudge the correctness of the order and not to challenge the same by treating the order as incorrect or invalid Even an incorrect order, requires setting aside of the same by the higher appellate forum. As such, even if the appellant was under a bona fide belief that the impugned order is not correct, he was required to file an appeal there against and get the same set aside by the higher appellate authority. Instead of doing so, they had chosen not to challenge the same, and in the process, allowed the order to attain finality - COD application for condoning delay of nearly 5 years rejected The extension of benefit of any exemption notification requires judicial application of mind and a decision thereon, based upon number of factors & as such, it could not be held to be a clerical or arithmetical error involving any undisputed facts - Section 154 of Customs Act not invokable:Cestat; |
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