|
 |
 |
 |
 |
 |
Arjun Singh says no move to include sex education in CBSE syllabus; SC refers Cauvery dispute to Larger Bench; SC notice to Centre + Dr Venugopal on AIIMS issue; Advani says BJP to sit in opposition if it fails to secure majority in UP; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
2007-TIOL-121-ITAT-AHM.doc + ITAT story.doc Assessee shows business loss plus capital loss minus dividend income in return - Claims set off of speculation loss against dividend income assessable u/s 56 - AO disallows - Explanation to Sec 73 - No set off can be allowed as dividend income is earned only by holding shares and not by transfers of shares - Since there is no shade of speculation in holding shares, it cannot set off against loss arising out of speculation business - However, expenditure incurred to earn dividend income to be allowed under the head 'business':ITAT; Joint Venture company - Contribution of equity share in terms of technical knowhow - Deduction u/s 35AB claimed for knowhow expenses in kind - AO allows it but CIT invokes powers u/s 263 - Merely because two different opinions are possible on the issue, Sec 263 cannot be invoked:ITAT; Capitalisation of expenses incurred before commencement of commercial production - Depreciation u/s 32 claimed - Part of expenses disallowed on ground of lack of direct nexus with the project - Expenses like gift cannot be allowed to be added to the cost of assets but expenses like entertainment and guesthouse to be allowed as they are connected to the setting up of the project Assessee adds costs of equipments and materials to the project costs - Once equipment and materials become unusable, they were sold as scrap - AO treats the receipt as revenue income - Since the cost of acquisition of the materials and equipment was added to the cost of the project, their disposal income must be allowed to be deducted from the project costs:ITAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
CENTRAL
EXCISE SECTION
Central Excise - Valuation - State Govt fixes upper ceiling of price for sale of molasses - Assessee clears it at cheaper rates - Revenue demands duty based on the price fixed by the State Govt under Molasses (Control) Order - Fixation of upper ceiling means freedom to the assessee to sell at any price less than the outer limit and such a price to be the normal price under Sec 4(1)(a) of the Central Excise Act - Tribunal's order set aside : SC; An assessee is entitled to take re-credit of the amount deposited by him on his appeal being allowed by the appellate authority without filing a formal refund claim - Matter no longer res integra - Board Circular dated 2.01.02 referred to : Cestat; Appellant depositing duty in December 1997 before adjudication of SCN & claiming refund thereof in April 1998, same rejected by AC - later appellant succeeding before the Tribunal in March 2004 - again filing a refund claim in May 2004 & same sanctioned in July 2004 - Interest payable on the delayed refund from July 1998 onwards till date of sanction in terms of s.11BB of CEA'44 - LB decision in Rama Vision & Jayanta Glass followed : Cestat; Inputs even if written off in the balance sheet are still available with the assessee - Prima facie Credit not deniable - Waiver Pre-deposit ordered - Stay granted - Tribunal decisions in Kinetic Motors & Ashok Leyland followed : Cestat;
SERVICE TAX SECTION Service tax - Consulting Engineer Services - when a foreign concern transfers the technical know-how/technology, such transfer of service cannot come with in the definition of Consulting Engineer Services:Cestat;
CUSTOMS SECTION Anti-dumping duty on vitrified tiles - provisional assessment ordered for import from M/s Guangdong Monalisa Ceramic Co Ltd; Anti-dumping duty on vitrified and porcelain tiles - provisional assessment ordered for import from M/s Foshan Chan Cheng Jinyi Ceramics Ltd; 2007-TIOL-601-CESTAT-MUM.doc + cus story.doc "High Speed FRP Patrolling Boat" is classifiable under heading 8903 as it is not in the nature of a warship or vessel having attribute of a warship - Notification 21/2002-Cus not available - Pre-deposit ordered - Tribunal Duty payable on "Patrol Boat" manufactured is Central Excise duty and not Customs Duty - Provisions of Section 72 of the Customs Act, 1962 are applicable when warehoused goods are removed as such - in this case "Patrol Boats" have been manufactured out of imported and indigenous components and parts:Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
ddt 7 may.doc + 2007-HRIOL-04-CIC.doc Valuation of rent-free accommodation - FM announces retrospective concession : FM on his budget; Update your website - CIC tells Commerce Ministry; CBEC and CBDT should take note & Revenue Secretary should wake up! The mirage of rural development! Intangible asset : A Transfer Pricing Appraisal! 2007-TIOL-78-SC-CT.doc + sc atul story.doc No interest on refund of deferred sales tax; Essar Oilfields eyes Dubai for complex; Dell to work with Microsoft and Novell; Maruti launches SX4 sedan; Hotmail gets new version; Patel Engineering to execute BMC tunnel project in JV with Pratibha Ind; Aurobindo Pharma gets another USFDA; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
