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Cabinet approves proposal to exempt all textiles and textile machineries from textiles committee cess + okays social security schemes for unorganised sector workers; CCEA approves 'Skill Development Initiative' with a corpus of Rs 550 Cr; FDI cap in joint sector refinery projects : Govt may decide to hike it soon; PM reminds industry of its social responsibilities; |
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| Dear Member, Sending you the following files : |
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2007-TIOL-140-ITAT-DEL.doc + loss story.doc When shares which are part of closing stock of business and which are valued at market price, loss occasioned therein cannot be set off except against profits of another speculation business: ITAT; Assessee is into the business of investment - Makes capital gains on shares held as stock in trade but treats it as business income - Claims deduction for consultancy fees - Since the income is not chargeable under Sec 28, deductions under Sec 30 to 43D are not allowable - Revenue's appeal upheld : ITAT; DC set and ACs taken on hire - TDS collected at the rate of 2 % u/s 194C - AO treats the payment as 'rent' and tax should have been deducted at the rate of 20% - Penalty imposed for short deduction - Since the assessee was under the bona fide belief that the the expression "together with furniture and fittings" used in Explanation to section 194-I defining the term 'rent' gave an impression that the same would not be applicable to equipments and technical infrastructure, a reasonable cause existed for short deduction - CIT (A) order setting aside penalty upheld: ITAT; Search u/s 132 - Undisclosed income surrendered - Return filed but no tax paid for undisclosed sum - Revised return filed as assessee finds the income disclosed in block period return was already assessed in regular assessment - Matter restored to CIT (A) to verify the claims of the assessee and hear the case on merits : ITAT; |
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2007-TIOL-93-SC-CX.doc + sc story.doc Actuators are classifiable under Heading 85.01 of CETA : SC; Central Excise - Valuation - The price list had been finalised for value of goods removed from the factory gate - There is no revision to include freight & insurance charges subsequently; with re-opening of assessment, the freight and insurance charges cannot be added : Cestat; Clandestine removal admitted - Penalty under Sec 11AC leviable but since duty with interest paid within 30 days only 25% penalty to be imposed - Penalty under Rule 173Q and 226 not sustainable : Cestat;
SERVICE TAX SECTION ST - Repair and maintenance service - Assessee entitled to pay tax upto 35% from credit account but pays in cash - Refund - Revenue rejects the claim - CIT (A) sets aside Revenue order - Assessee entitled to adjust the excess tax paid through cash despite accumulated cenvat credit probably because of ignorance - CIT (A) order upheld :Cestat; 2007-TIOL-684-CESTAT-MUM.doc + Board of Control story.doc Assessee is not a commercial concern - Selling telecast rights is not advertising - No service tax leviable - Assessee's appeal upheld :Cestat;
CUSTOMS SECTION DGFT allows exports under Focus Product Scheme even through non-EDI enabled ports; Plea for stay on pre-deposit of Rs 40 Cr ordered by the Tribunal - Since the assessee has already deposited Rs 10 Cr and some bank guarantees also furnished, tribunal directed to hear the case expeditiously and keep BGs alive till disposal of the appeal :HC; 2007-TIOL-683-CESTAT-DEL.doc + hyundai story.doc Rule 9(1)(c) of Customs Valuation Rules, 1988 is not in regard to valuation of know-how per se - Authorities have to show that the royalty and licence fee are related to the imported goods : Cestat; |
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Works contract Service Tax - all worked up; ITR-1 is the simplest form in the world - FM; Three years of UPA Govt - A bundle of poor politics and 'inclusive' initiatives ! ED looking for DD at Chandigarh; Hindustan Copper looking for Director (Finance); Pawan Hans pays 20% dividend to ONGC for fiscal 2006; ABG Shipyard to acquire Vipul Shipyard; Petron bags Rs 8 Cr order; Sterlite Optical to implement broadband network for MTNL; Accentia bags USD 2 mn order; Bharti Airtel breaks into the 40 million Mobile Customer Club; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
