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Dr D Subba Rao, 1972 batch topper of AP Cadre, all set to make it to Revenue Secretary slot in North Block; PM okays Wage Board for working journalists; Rupee leapfrogs to nine-yr-high of Rs 40.55 a USD; Exporters ask Govt to take steps; Target Plus Scheme : Out of 1923 applications as on April 30, 2007, Govt settles 897 claims for Rs 4725 Cr; Jharkhand HC asks SAIL to compensate displaces villagers for Bokaro Plant in 1960s; UPA Govt enters fourth year; PM to host dinner for MPs on Tuesday; |
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| Dear Member, Sending you the following files : |
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2007-TIOL-90-SC-IT.doc + 80hhc story Exports profits - Sec 80HHC benefits - HC holds Sec 80HHC is a self-contained code in itself and is an independent Section and no set off against business losses of earlier period u/s 72 to be allowed - Sec 80AB governs Sec 80HHC, and set off of unabsorbed business losses of earlier years is permissible for determining business profits :SC; Additions made - CIT (A) sets aside order and asks AO for fresh examination - Revenue asks assessee to submit books of account which were lost in fire and also disclosed to the Department at the time of assessment - It is not open to the AO ordering re-assessment to substitute his own opinion in the original assessment - Tribunal's order upheld - Revenue's appeal dismissed: HC; KVSS - Assessee makes declaration - Revenue determines liabilities - Higher rate and higher income challenged in writ - Courts not to interfere in case of special schemes and Revenue directed to work out liabilities as per the provisions of the Scheme: HC; Valuation of closing stock net of modvat - Revenue insists for explanation for exclusion - Modvat is not an income liable to be taxed - Tribunal order upheld - Revenue's appeal rejected : HC; |
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100% EOU - Aluminium Hydroxide manufactured from the mother liquor - benefit of Notification 8/97 CE is not available as the assessee was importing copper bars and aluminium ingots from which the mother liquor emerges - Larger Bench decision of the Tribunal in the case of Jayant Agro Organics Ltd. vs, CCE., Vadodara followed :Cestat; Credit on fuel oil - Revenue allowed 10% credit under Rule 57B - In view of SC order in the case of Jindal Poly Films Ltd ( 2006-TIOL-59-SC-CX ) where it was held that items listed under Rule 57B to be give special treatment and cannot be equated with Rule 57A - Assessee's appeal allowed : Cestat; Central Excise - Job work - Notification 214/86 - job worker not precluded from using any material other than raw materials (vide Explanation) supplied by the principal manufacturer : Cestat; Central Excise - Clearance of final product from a refinery under bond to any warehouse is not to be regarded as a clearance made at nil rate of duty or a clearance of goods exempt from payment of duty : Cestat;
SERVICE TAX SECTION 2007-TIOL-670-CESTAT-DEL.doc + calvin story.doc Neither the Act nor the rules grant any immunity to the foreign service provider from payment of Service Tax in respect of taxable services provided by them in India - Liability of recipient to pay Service Tax cannot arise merely from the fact that the Income Tax was deducted at source :Cestat; Service Tax - Input Cenvat credit - Inclusion of Raw material cost in the value of taxable services - Pronounced decisions are in favour of the appellants - Stay granted :Cestat; ST - C & F Service - Assessee markets its products through consignment agent - Since there was confusion about the liability and there were conflicting decisions by the tribunal on the issue, the Commissioner (A) granted part relief - When different views are prevalent about the applicability of a tax, extended period is not available to the revenue and Revenue's appeal fails on limitation ground :Cestat;
CUSTOMS SECTION CBEC clarifies issues related to Target Plus Scheme; 2007-TIOL-89-SC-CUS.doc + sc cus story.doc Illegality of the seizure would not in all cases prove fatal to the case of the prosecution – confession (especially a retracted one) alone is not sufficient for conviction: SC; EPCG- The duty leviable is a duty liable to be assessed and collected from the assessee in as much as the collection is also an integral part of levy - Under Target Plus scheme the duty to be debited is the duty which is leviable i.e., effective rate : Cestat; CHA - Customs authorities have nothing to do about the Civil dispute raised by the appellant : Cestat; |
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Export of sugar – DGFT allots quota; Tormentor to mentor : Change of role in 21 st century; Service Tax on advances - Cart before the horse; CAG says e-TDS returns filed but Income Tax failed to process them for three AYs; India, Mexico sign bilateral investment pacts; Lupin receives tentative US FDA Approval for Ziprasidone; Sun allots shares for conversion in FCC Bonds;; Sun Pharmaceutical to acquire Taro Pharma in a USD 454 million deal; Gammon joins hand with Macquarie for Chennai Airport; Media Video to develop Township in Haryana; MoF says only PSU pension fund managers are eligible to apply to EoI of Pension Regulator; |
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