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India-UAE Trade Policy Forum meets in New Delhi; PM calls for radical reforms in power sector; CBEC gives additional charge of Bhopal & Nagpur to Chief Commissioner, Pune, for review cases; |
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| Dear Member, Sending you the following files : |
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Temporary relief : CBDT allows manual filing of returns to firms liable to audit u/s 44AB; 2007-TIOL-96-SC-IT.doc + sc it story.doc Levy of penalty under Section 271(1)(c) is discretionary in nature - The approach of the AO in this behalf must be fair and objective - The order imposing penalty is quasi-criminal in nature and, thus, burden lies on Revenue to establish that the assessee had concealed his income: SC; HUF - Search & seizure - Revenue finds details of timber trading business of the Karta - Return for block period shows nil undisclosed income - AO ignores explanation and passes order u/s 158BD read with 158BC and 143(3) - In absence of any material evidence found during the search Revenue cannot make addition for undisclose income which is not related to the assessee - Revenue's appeal dismissed :HC; Assessee gets compensation for surrender of tenancy rights - Sum treated as capital receipts and not offered for taxation - AO allows but CIT invokes powers u/s 263 - Tribunal holds the amount received to be taxed as capital gains as per provisions of Sec 45 to 55 - If the cost of acquisition of a capital asset cannot be determined, the transfer of such asset not to attract capital gains - Revenue's appeal dismissed : HC; |
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CBEC amends Excise Settlement of cases rules; prescribes new Form; 2007-TIOL-97-SC-CX.doc + sc story.doc Appeal to High Court against Tribunal orders - location of the Tribunal has no relevance in deciding jurisdiction of the High Court :SC; Central Excise - Rule 57CC - Castings and not the pumps were to be treated as final product for the purposes of Rule 57CC - Part of the Commissioner (Appeals) orders were ordered to be deleted :Cestat; 2007-TIOL-699-CESTAT-BANG.docCentral Excise - Section 11D - The amount of 8% collected from the buyers and paid to the exchequer would not attract section 11D of the Central Excise Act :Cestat;
SERVICE TAX SECTION Sales tax paid on sale of SIM cards - Prima facie service tax is not liable in view of Tribunal decision as both the activities are mutually exclusive. Enhancement in the rate of Service Tax - Board's Circulars lay down that service tax is to be paid on receipt of payment at the rate prevalent at the time of payment of tax - however, Circulars are silent regarding the relevant date for the purpose of determining the rate of tax - issue arguable - no case for complete waiver of pre-deposit - Pre-deposit ordered :Cestat; ST - Cenvat credit - No credit to be allowed on CHA service which is post-clearance the goods - Similarly, credit cannot be permitted on construction service availed for putting up a signboard for advertisement :Cestat;
CUSTOMS SECTION CBEC amends Customs Settlement of cases rules; prescribes new Form; DGFT amends Handbook for EO period and its extension under Advance Authorisation Scheme; 2007-TIOL-05-ARA-CUS.doc + ara story.doc Benefit of two exemption notifications simultaneously, one in Customs and one in Excise cannot be denied; After export obligations have been discharged in full, exempt material can be disposed of in the open market - Logging of exports under the advance licences allowed. As long as the export obligation was fulfilled within the time allowed to the licensee or within the period extended by the DGFT authorities, there is no violation of condition of Notification No. 203/92 Cus or 204/92 Cus & it is immaterial whether material imported duty free was first used for domestic clearances of final products in the manufacture of which the imported material was used, and exports were made later on, or vice versa:Cestat; |
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Transfer pricing - Joint Working Group recommendations; seminar.doc + seminaranswers.doc + budget2007.ppt + tiolvcst.ppt Finance Act 2007 : Hi-voltage workshop in Hyderabad+ Questions & Answers + PPP on CST & Budget; Growing ambit of Works Contract as a taxable service; Amendments to the Banking Ombudsman Scheme, 2006; RBI guidelines on operation of NRO account by power of Attorney Holder; Import of equipment by BPO Cos in India for international call centres; itnotfication saving scheme.doc Govt amends Senior Citizens Savings Scheme Rules to omit proviso to sub-rule(2) of rule 3; Jain Irrigation to acquire 50 % stake in NAANDAN; Mahindra decides final dividend; Ranbaxy expands product basket in US Market; Ruchi Infrastructure signs MoU with MP; Accentia Technologies to set up a subsidiary in UAE; TCS Consolidates Brazilian Operations; |
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