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EPF Board again defers decision; Govt nod to Pawan Hans to run as 'Scheduled Operator'; Govt notifies iCAT as accredited 'Type Approval and Homologation' Agency; Govt withdraws ban on FTV channel; |
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| Dear Member, Sending you the following files : |
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Investment allowance - Revenue disllows as machinery installed but not put to use - Since the non-use of machinery in the accounting year does not lead to change in its character from new machinery to old machinery and the rationale of Sec 32A(1) is to encourage industrialisation, deduction cannot be disallowed - Revenue's appeal dismissed : HC; Search & seizure u/s 132 - Additions made for lack of proof about identity of creditors - Interest expenses also partly disallowed for alleged loading of expenses to profit-making projects - Tribunal deletes them for lack of any evidence collected during search to fulfill the necessary conditions for any income to be treated as undisclosed income as per Sec 158B - No substantial question of law involved - Revenue's appeal dismissed;
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Headnotes of latest RLT case laws; Mr S D Majumder posted as DG, DRI;
2007-TIOL-693-CESTAT-DEL.doc + jobwork story.doc Job worker - cost of the raw material manufactured and supplied by the principal manufacturer - whether only cost or the value under rule 8 of the valuation rules which is equal to 110% of the cost of the material should be considered for payment of duty by the job worker - matter referred to the Larger Bench : Cestat; Notification 56/2002 CE – once Khasra no. 394 has been specified in the notification & the same comprises only SIDCO Industrial Complex & not EPIP, Kartholi, then the benefit of notification should not be denied – amending notification 79/2003 Ce makes matters clear – however matter remanded to verify whether the claim of the appellant is correct; 2007-TIOL-697-CESTAT-MUM.doc + limitation story.doc Revenue appeals involving amount of Rs.50,000/- and less are also hit by limitation in second proviso to section 35B of the CEA'44;
SERVICE TAX SECTION ST - C & F Service - As per the agreement the assessee was to take care of 'execution of orders' and procurement of orders and such activities are not covered under the C & F service as per the Larger Bench order in the case of L & T and since no hire or purchase of real estate was facilitated no tax is leviable as real estate agent - Since no demand of tax is there, no penalty can be levied - Assessee's appeal upheld :Cestat; ST - Security Services - Tax paid before the issue of SCN except for a minor amount - Issue pending with HC - Penalty imposed - Balance tax also deposited - No penalty leviable during pendency of issue before a higher appellate court;
CUSTOMS SECTION CBEC issues transfer order of Mr S D Majumder posted as DG DRI; Delay of 6 years and 3 days in filing appeal - Appellants had shifted their office in the year 1994-95 - SCN & the order-in-original sent by the Customs authorities to the old address - it was only in the year 2007 that the appellant's proprietor came to know about the order when he visited Customs House & when he was provided with a copy of the same - Delay condoned. Notification 203/92 Cus - Order passed without hearing the appellant - Matter remanded to Commissioner to ascertain the veracity of the claims made that no modvat credit was availed on inputs as the Tribunal cannot consider this claim. : Cestat; Eight cut pieces of cartridge found in imported consignment - Commissioner ordered absolute confiscation & imposed penalty - Since appellant had taken care to produce a Pre-shipment inspection Certificate of an accredited agency which certified that the consignment did not contain any arms, ammunition etc and was metallic scrap/seconds defective, they cannot be faulted with or said to be negligent - Tribunal's decision in Valley Iron & Steel Company followed - Appeal allowed & Order set aside; |
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Shrinking ICI India splurging cash, whereas competitors invest on expansions; Dr Subba Rao gets additional charge of RS; ITC expects higher forex earning undr renewed Sheraton tie-up; Apollo Tyres resumes operations at Kochi plant; Ahluwalia bags contract from ADAG ; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
