|
 |
 |
 |
 |
 |
Govt says no move to hike FDI in FM Radio segment; Govt allocates 57 coal blocks for power generation; Canadian Thomson Corp buys out Reuters for USD 17.2 bn; Manufacting sector clocks 14% growth rate in March 2007; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
Rule 12 amended to notify new ITRs Forms; itr-1-2pages.pdf + itr-1-3pages.pdf for Individuals having salary and interest income and no other income; for Individuals and HUFs having income from any source except from business or profession; return of income for Individuals and HUFs being partners in firms and not having proprietory business or profession; return of income for Individuals and HUFs having proprietory business or profession; combined form for return of income and fringe benefits for Firms/AOP/BOI; combined form for return of income and fringe benefits for Companies; combined form for return of income and fringe benefits for Charitable / religious trusts, political parties and other non- profit organizations; stand alone form for return of fringe benefits for persons who are not liable to file return of income but are liable to file return of fringe benefits; Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature; Acknowledgement for e-Return and non e-Return;
2007-TIOL-255-HC-MAD-IT.doc + source story.doc Assessee-firm is a partnership entity - Income being less than Rs five lakh, no books of accounts maintained - Capital contributions of partners shown- Revenue for proving source of share capital of partners - Unless the explanation offered by the firm is rejected and the same is not genuine, the AO cannot invoke the provision of Section 68 of the Act.: HC; Sec 80HHC - Creation of a reserve fund one of the conditions for availing benefits - AO disallows on ground that assessee failed to comply with the conditons - Tribunal allows appeal as general reserve created by the assessee satisfies the condition - No law point involved - Revenue's appeal dismissed :HC; Deduction for cost incurred for acquisition and distribution rights of feature films - AO disallows - Tribunal stand that the Rule 9B(3)(c) would be applicable to the assessee upheld : HC; Assessee withdraws appeal pending before the CIT (A) and moves Settlement Commission u/s 245(1) - Commission rejects application for lack of pendency of any proceedings before tax authorities - Assessee goes back to CIT (A) for condonation of 19 months delay - Application rejected - Since the asseess has no valid ground, the Revenue order is valid : HC; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Central Excise - Rebate - Once duty has been paid and goods exported then the assessee is eligible for rebate notwithstanding the fact that there is a failure to follow procedures as it is permissible under Provisions of Rule 12 : Cestat; Central Excise – Section 11D of Central Excise Act, 1944 – Demand can be made only from the manufacturer – A dealer who is not a manufacturer of the goods involved is not liable to pay duty under Section 11D: Cestat;
SERVICE TAX SECTION Applicability of service tax on entry and exit load charged by the Mutual Fund; 2007-TIOL-645-CESTAT-MAD.doc + st story.doc Service Tax- GTA Service received for clearance of product from factory is deemed "output service" by virtue of the Explanation under rule 2(p) of the CENVAT Credit Rules, 2004 - hence credit can be utilised for payment of service tax on such "output service"- demand of service tax and penalty imposed set aside : Cestat; Service Tax - C & F Agent - Service Tax is leviable in the case on the gross remuneration or commission received by C & F agent - The expenditure incurred for transporting Cement reimbursed and other items of expenditure reimbursed by the principal are not part of taxable value - Stay granted :Cestat;
CUSTOMS SECTION Customs – Imports – Battery Separators in roll form classifiable under CSH 8507 and eligible for the benefit of assessment claimed : Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Full Text of Finance Act 2007; CBDT notifies new ITR Forms; CBEC getting ready for another revision of ER 1 and ST 3? Totalisation - Is development of an international social security systems the alternate? Notification 26/2007-CE (NT) : Written off inputs, capital goods - Wiping creases on forehead of Revenue; 2007-TIOL-86-SC-CT.doc + voltas story.doc Sales Tax - It is not merely the labour charges which are deductible from the value of the works contract, but all other charges/amounts, except the value of the goods sold in execution of the works contract: SC; Investment in ADRs/GDRs/Foreign Securities and overseas ETFs by Mutual Funds; Tata Power signs Contract for 4000 MW Mundra Power Project; HCL Technology and Storage Networking to promote awareness; VSNL to enhance Wi-Fi Service; Gujarat NRE signs pact to acquire BHP Billiton's Elouera Mine; i-flex implements solutions for Islamic Banks in Middle East; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
