|
 |
 |
 |
 |
 |
BoA once again defers decisions on Mundra Port + Navi Mumbai SEZ but gives nod to 24, including Tata's Gopalpur SEZ; ACC approves name of Mr P V Bhide of AP cadre (1973 batch) as new Revenue Secretary; MNCs under-prepared to tackle cross-border frauds : KPMG Study; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
Income Tax (Seventh Amendment) - Amends Rule 17A & Form No 10A; Income Tax (Six Amendment) - Substitutes Rule 2C & amends Form No 56; Income Tax (Fifth Amendment) - Amends Rule 2CA & Form No 56D; Mr B M Singh is new CBDT Chairman; Settlement Commission four Members appointed; 2007-TIOL-142-ITAT-MUM-SB.doc + flat story.doc Assessee is a co-owner of a flat with her husband - Sells her flat and buys two flats in the same city with 50% share in both - Capital gains - Exemption u/s 54F claimed for both - AO allows deduction for higher investment in one of the flats - Perusal of exemption section 54B, 54D, 54E, 54EA and 54EB shows usage of the word 'any' of the assets - Going by the intention of the legislature which used the expression 'a residential house' exemption cannot be allowed for two flats - However, exemption is allowable for two flats converted into one single house with a common passage and a stair case : ITAT Special Bench; Search & Seizure - Undisclosed income surrendered - Statement recorded u/s 132(4) - Later the statement was retracted - Retraction made after a considerable gap and without any valid reason, is not justifiable - When the assessee himself filed the declaration of undisclosed income the onus is not on the Revenue to establish that such undisclosed income is in the form of assets : ITAT; Assessee manufactures CTD bars and iron rods - Sets up steel melting shop and capitalises the expenditure in books - Revises return and treats the same as revenue expenditure - AO disallows it - Tribunal allows it - Merely because the assessee treats the amount as a capital expenditure in its books, it would not be bound by it, and since the expenditure was for the expansion and betterment of its existing business it is revenue expenditure : HC; Sec 115JA - Assessee pays tax @ 20% on long-term capital gains and @ 40% on the rest of the income - AO applies uniform rate of 40% - CIT (A) finds the tax on capital gains @ 20% under Sec 112 a debatable one and holds AO's decision to make adjustment u/s 143(1)(a) untenable - Tribunal upholds CIT (A) order but also decides 20% rate to be applied to capital gains - Whether it would be 20% or 40% it is debatable and Tribunal's order is per incuriam but AO cannot adjust the tax u/s 143(1)(a) - Revenue's appeal dismissed :HC; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
New CBEC Chairman is Mr S K Shingal; Two promoted as JC; 2007-TIOL-719-CESTAT-MUM.doc + kandla story.doc Clearances to Kandla Special Economic Zone are to be considered at par with clearances to Kandla Free Trade Zone with all admissible benefits as geographically speaking both occupied the same area - Tribunal. No cause for payment of 8% amount under rule 57AD(2) of CER'44 - Exempted clearances to KSEZ are to be considered as clearances to KFTZ - rule 57AD(4) comes into play : Cestat; Whether penalty u/s 11AC can be imposed when duty has been paid before issuance of SCN - Appeal filed by Revenue before SC in Rashtriya Ispat Nigam case dismissed by Apex Court - even dismissal of appeal without reasons results in merger - Bombay HC decision in Gaurav Mercantiles case to be followed - Revenue appeal rejected :Cestat;
SERVICE TAX SECTION ST - C & F Service - Assessee engaged in supervising, loading, quality and quantity verification, weighment and liasioning with Railway Board for rakes - Demand raised - Since the assessee's activities are not similar to the ones covered in the LB decision in the case of Larsen and Toubro, pre-deposit ordered:Cestat; ST - Security Service - Tax demanded on gross realisation of value of services - Penalty imposed u/s 76 and u/s 77 - Pre-deposit ordered :Cestat;
CUSTOMS SECTION CBEC revises tariff value of brass scraps; Import of Sun Control Film - Misdeclaration of quantity and country of origin of consignment - Misdescription of goods as 'Self Adhesive Sheeting' to evade anti-dumping duty - Confiscation and penalty - Since the importer has admitted the intention of duty evasion, redemption fine and penalty upheld :Cestat; Customs - Imports - When the actual user condition for import of Satellite Receiver and LNB without licence was not satisfied the goods liable for confiscation :Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
CAG strictures on EOUs; Rejuvenating agriculture sector - Let's tax-exempt private investment in profit-driven farming; 2007-TIOL-100-SC-ET.doc + sc story.doc Higher rate of entertainment tax for Hindi films compared to Telugu films is discriminatory - Notification set aside: SC; FM okays 23 FDI proposals promising an investment of Rs 418 Crore; ACC approves name of Mr P V Bhide of AP cadre (1973 batch) as new Revenue Secretary; 3i Infotech wins award for anti-money laundering software; SREI Infrastructure, BNP Paribas form JV for equipment finance; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
