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No of FM radio goes up to 68 in country; MNCs under-prepared to tackle cross-border frauds : KPMG Study; CBDT targets next week for issuing CITs transfer order; Former Deputy Secretary of State Robert Zoellick likely to be named as new World Bank chief; New heads of CBEC & CBDT - Mr S K Shingal + Mr B M Singh get ACC approval; Mr S Dutt Majumder takes over as DG, DRI; Import of sensitive items last fiscal logs 10.5% growth; Kamal Nath says FTA talks with Gulf countries likely to be concluded soon + new FDI policy being given finishing touches; RBI issues fresh guidelines for banks under PM Rozgar Yojana; CBN seizes 50 kg opium + arrests one person in Chittorgarh; |
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| Dear Member, Sending you the following files: |
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Amends No. S.O. 333(E), dated the 8th March, 2007; 2007-TIOL-99-SC-IT.doc + sc insure story.doc Assessee is into the business of general insurance - Returns filed for AYs 1974-75, 75-76 and 78-79 - AO disallows deduction for 'reserve for bad and doubtful debts' and entertainment allowance - Business of insurance is not governed by ordinary principles applicable to income computation u/s 10 and Sec 44, a non-obstante clause prevails over Sec 36(1)(vii) - Income Tax is a liability, not an expenditure - 'bad and doubtful claims' also not expenditure :SC; Assessee transacts some shares and makes capital gains - AO receives a communication about some accommodation entries bought at a premium from another broker - Reassessment proceeding initiated - Tribunal sets aside the order - Since the information provided to the AO was scanty and vague, and the same never verified by the AO who mechanically accepted the information and no satisfaction was recorded by the AO for issuing notice u/s 148, the Tribunal was right in setting aside the order - Revenue's appeal set aside :HC; Sec 254(2) - Assessee in the garb of rectification of mistake apparent cannot seek to reopen and re-argue the whole matter as it is beyond the purview of Sec 254(2) - Assessee's appeal dismissed :HC; Additions made for unexplained gifts - CIT (A) deletes it - Since the onus to prove the identity of the donor, his creditworthiness and authenticity of the gift is on the assessee, tribunal upholds additions - Since the assessee failed to prove the donor's capacity to gift and also his identity, tribunal order does not call for interference - Assessee's appeal dismissed : HC; |
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2007-TIOL-713-CESTAT-AHM-LB.doc + lb story.doc Sale is not a necessary condition for charging to excise duty - Quantity discount not applicable for MRP valuation : Cestat Larger Bench; 2007-TIOL-712-CESTAT-MUM.doc + cola mum story.doc Used bottles/crates transferred to sister unit facing shortage - Employing rule 16 of CER to demand amount equal to Cenvat credit availed is inappropriate as aerated waters not returned in the first place - similarly rule 3 of Cenvat Credit Rules not applicable as no inputs were cleared as such, a fact which the Commissioner has himself acknowledged inasmuch as bottles/crates were received again for refilling - Prima facie case in favour of the company - Pre-deposit waived and stay ordered from recovery :Cestat;
SERVICE TAX SECTION ST - Consulting Engineer - Transfer of knowhow, trademark and technical assistance pleaded as not covered under this taxable service - Pre-deposit ordered :Cestat; ST - Maintenance and Repair Service - Demand raised and penalty imposed - Assessee argues it is only a sub-contractor and the liability falls only on the principal manufacturer - But contract terms indicate assessee is the sole contractor for maintenance and repair as the contract-signing party is only the procurer of order - Refund claims rejected but penalty set aside as the facts were known to the Revenue :Cestat;
CUSTOMS SECTION Customs - Exemption to medical equipment - The demand is sustainable since the conditions of the Notification are not fulfilled - In view of Apex court judgment the demand is with in time - Penalty reduced :Cestat; Existence of two views on the prima facie nature of the case itself shows that the issue on merits is debatable and, therefore, the appellants are entitled to the benefit of unconditional waiver - Majority Order :Cestat; |
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CAG objections on Service Tax; Is salary an income under Income Tax Act ? OECD Study shows females at greater risk in urban areas; Patel Engineering secures order worth Rs 518 crore; ICRA to rate SSI borrowers for UCO Bank; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
