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Income Tax searching u/s 132 multiple premises of Flex Industries in Noida and Delhi; Mr B K Gupta is going to be new Member of CBEC; Chennai Airport Customs seizes 220 metallic coins, suspected to be antiques, heading for Australia + USA via Dubai; Finance Bill enactment expected anytime between today and tomorrow; TRAI calls for reduction in FDI norms for ISPs; Karunanidhi keen on CBI probe into Madurai incident; Mr B M Singh going to be next Chairman of CBDT; Name recommended; Two-day workshop on modern internal audit begins today; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-242-HC-KOL-IT.doc + tds.doc ITO (TDS) had no power to ask queries like the Assessing Officers, prior to 1999: Kolkata HC; Deduction u/s 32A claimed in return - Return revised and investment allowance u/s 32AB claimed - AO rejects the same - Deduction more beneficial to the assessee should be allowed: Bombay HC; Undisclosed income - Return showing business loss filed - Revenue denies set off of loss - Since the AO failed to explain the ground for denial of set off u/s 71, Assessee is entitled to set off losses against income determined under other heads except the capital gains head : Madras HC; Additions made for interest on bank deposits and investment made in silver - Since both the transactions have been taxed in the hands of the individual assessee, the same cannot be taxed in the hand of HUF-assessee again - Revenue's petition dismissed : Bombay HC; Time granted to Revenue for filing affidavit - Registrar directed to put the sum deposited in FDs with nationalised banks : Bombay HC; |
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2007-TIOL-618-CESTAT-DEL.doc + aircondition story.doc Central Excise - pumps, cooling towers, Humidification & Heating systems and ducting material are integral parts of air conditioners - duty demand upheld - extended period is also invokable : Cestat; Central Excise - CENVAT Credit - Rules 57 AD(2) of erstwhile Central Excise Rules (Present Rule 6 of Cenvat Credit Rules) does not require the assessee to manufacture, on day to day basis, both dutiable and exempted goods :Cestat; Central Excise - Valuation - Transit insurance pertaining to clearances from factory to various depots not required to be added in the assessable value:Cestat;
SERVICE TAX SECTION CBEC decides to bury 33 Service Tax Circulars and Instructions on recommendation of Rustagi Committee; Service Tax - Limit of utilisation of credit under Rule 3(5) of Service Tax Credit Rules, 2002 - There is no indication in the Rule that Service Tax credit accumulated during the earlier period lapses - No time frame has been fixed :Cestat; Service Tax - Commercial coaching Services - The appellants are non commercial organisations rendering training to candidates who are selected by Central Government and State Government - Stay granted : Cestat;
CUSTOMS SECTION ctariff07_065.doc + ctariff07_066.doc Anti-dumping duty on potassium carbonate : Definitive duty imposed but exemption granted to exporter from Taiwan; Several Notifications amended to give effect to FTP; 2007-TIOL-80-SC-CUS.doc + sc story.doc Import of Bowling Alley - technical and installation fee - no to be included in the value: SC; Refund claimed from Customs shown in suspense account- duty incidence not passed on - Refund claim filed in 1988, first rejected in 1995, de novo rejection in 2003, now allowed :Cestat; |
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Resident Welfare Association - Service Tax liability - Board clarifies; 'Liquored' import tariff : A few tips for India to fend off combined blow of the trio - EU, USA and Australia ! RBI prescribes new Return format for non-resident deposits; Subex Azure to provide solutions to Mcel; Autoline acquires stake in Detroit Engineered; iGate invited by World Economic Forum; Two more oil and gas discoveries by Cairn; Sony partners for Bollywood event rights; Lupin signs for JV with Symbiotec; Sterlite books order for Power Transmission Conductors worth USD 62 mn; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
