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Finance Bill yet to receive Presidential assent; Service Tax exemption to exports : MoF denies differences with MoC and says modalities being worked out to neutralise service tax on services rendered abroad; Hike in crude oil output sustains high infrastructure growth last fiscal; CBDT amends para 5.3(1) of Transfer Policy 2005, to carve out 'Central Area' comprising of Gujarat, MP and Bihar; Pak allows import of cotton from India through land route; Three names recommended for CBDT Member slots - N B Singh, Sunita Kaila and Saroj Bala; Income Tax raids on HFCL + Uflex Industries Directors & employees : Huge investments detected; |
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| Dear Member, Sending you the following files: |
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Applications invited for 12 slots of Ombudsmen; 2007-TIOL-246-HC-DEL-IT.doc + oracle story.doc Sec 80IA benefits - Manufacture - Conversion of blanc disc into a software loaded new product with a distinct commercial identity does meet the definition of 'manufacture' - Benefits cannot be denied. Disallowance of royalty paid to the parent company for import of master copy of software - Revenue's ground is that the TDS was deducted but not deposited in the relevant previous year - Royalty payment disallowed u/s 40(a)(i) - As long as the tax was deducted at source, the assessee meets the conditions of the relevant Section and benefits cannot be denied - HC upholds Tribunal's decision - Revenue's appeal dismissed : Delhi HC; Assessee claims deduction for huge commission paid to an agency for procuring orders - AO seeks details of contact persons, bank accounts and copies of agreement - Assessee fails to furnish details on ground of commercial expediency - AO disallows deduction on ground of entry adjustment - Tribunal dismisses appeal for lack of credible information and failure to give details of the agency - No law point involved - Assessee's appeal dismissed : Delhi HC; Assessee is a foreign national - Gets salary in India for his services and also paid 'retention money' by its employer in Japan - Since employer directly paid taxes on this income, assessee claimed credit for the same - Revenue denied it - Tribunal allows CIT(A) order in favour of the assessee - Since AO has verified that the employer has credited TDS of the assessee, Revenue cannot deny credit - No question of law involved : Delhi HC; Contribution made for construction of building for a Chamber of Commerce as a Member - Deduction claimed by treating it as business expenditure - Revenue rejects and terms it as donation - Later Revenue's counsel describes it as capital expenditure - Since business is not a static concept, commercial expediency is the test to determine the nature of expenditure - Riguours of Sec 37 do not exclude such expenditure - Revenue's appeal dismissed : Madras HC; |
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2007-TIOL-81-SC-CX.doc + sc story.doc Capital goods received prior to 1.4.2000, installed after that date - only 50% credit eligible - balance 50% not eligible even in subsequent years :SC; Discount to deemed exporter customer may be additional consideration, but assessee eligible to clear goods to Advance licence holder without payment of duty under Rule 19 of CER - Stay granted in a Rs 11.5 Crore case :Cestat; Central Excise - refund - principle of unjust enrichment is not applicable to refund of excise security encashed by the department by enforcing the Bank Guarantee :Cestat;
SERVICE TAX SECTION Service Tax - CHA Services - Demands time barred when returns have been regularly filed - Amounts deposited partially - Stay granted :Cestat; Service Tax - Stay/Dispensation of Pre-deposit - ST 3 returns filed -plea of time bar is prima facie sustainable - Stay granted :Cestat;
CUSTOMS SECTION Procedure for import of Vegetable Fats,Pepper under Indo-Sri Lanka FTA; 2007-TIOL-623-CESTAT-MUM.doc + godrej story.doc Amounts deposited after adjudication pursuant to direction of the Court has to be treated as "deposit" & not "duties" - not hit by the provisions of unjust enrichment - Refund allowed :Cestat; |
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Rustagi Report - Board withdraws circulars; GAIL saves Rs 100 Cr taxes; eyes mega tax savings in long-run; Issue of Asian Clearing Union Dollar accounting statements; KAVVERI acquires DCI of Canada; UTV plans eight new channels; Bharti to foray into customer premise equipment; Asian paints announces profits; MSP Steel signs MoU with Chhatisgarh Govt; Eight Indian companies included in S&P Challenger List; |
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