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CBEC outgoing Chairman utters a GST note of caution for successor! MAY 31 was a highly emotional day in North Block. Chairpersons of both the Revenue Boards retired after a gratifying service of more than 35 years. Farewell parties were organised by the respective Boards, and predictable utterances were heard at both the gatherings. But it does not mean that the events were completely bereft of news for the newsy nose! Mr V P Singh in his speech uttered a note of caution for his successor and the IRS about the looming event of Goods and Services Tax (GST). He advised the Board to keep an eye on the GST-related developments and do not miss the bus. What he meant was - the IRS should work hard to get its own share of role in the future fiscal regime, and since Central Excise and Service Tax - two of the main taxes administered by the CBEC would be merged in the GST - the CBEC should ensure that it is not rendered irrelevant. But the million-dollar question is : What did Mr Singh himself do during his tenure for his service? The talks of GST are in the air for long, and the MoF has been holding brain-storming sessions for several months. But did Mr Singh discuss with the Board and work on any strategy to grab a leading role in the deliberations for the CBEC? A big NO! But let's give him credit for at least sounding the note of caution before leaving North Block! |
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BSNL, MTNL roll out free roaming plans; Maruti's sales register 10% growth in May; Member A K Raha gets additional charge of Member (P & A); India all set to become hub for engineering process outsourcing : Nath; CITs' transfer order : CBDT placement committee okays final list; expected to be issued next week; Cabinet okays proposal to set up Wildlife Crime Control Bureau + new international airport at Mumbai; Mr P V Bhide takes over as new Revenue Secretary this morning; Both Chairmen in CBEC and CBDT also take over; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-144-ITAT-COCHIN-SB.doc + norasia story Income Tax - No interest is payable u/s 234B and C where a regular assessment is made as per option u/s 172(7) and it cannot be charged through rectification of assessment order - interest to be determined by statutory provisions, not Board Circulars, though beneficial circulars(to the assessees) are binding on the department :ITAT; B Assessee is a foreign company - Files return and takes advantage of DTAA with Australia - Files loss return - CIT invokes powers u/s 263 - Assessee asked to file audit report by an Indian CA - Order set aside in view Tribunal's earlier orders on the same issue :ITAT; Petitioner possesses tenancy rights - Property was gifted to the present owner by an income tax defaulter - Recovery process initiated - TRO passes order under Rule 11 - Order set aside by civil court - TRO initiates process of auction - Tenants deposit the tax arrears unconditionally - TRO challenges the validity of tenancy right as the gift deed was not registered - Successful bidder deposits 25% of auction price but fails to deposit the rest within 15 days and the bid is cancelled - TRO's order passed under Rule 60 set aside as TRO not competent to go into the question of validity of unregistered gift and tenancy rights vested in the petitioner - Petitioner's appeal upheld :HC; Deduction u/s 80J - Process of bleaching, dying, finishing and printing of cloth amount to manufacture and deduction cannot be disallowed : HC; |
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2007-TIOL-722-CESTAT-MUM.doc + Raymond Story.doc Advertisement/publicity expenses borne by dealers and franchisee shops cannot be included in Assessable value even after 01.07.2000 - Board Circular dated 01.07.2002 not in conformity with Section 4 of CEA'44 :Cestat;
SERVICE TAX SECTION ST - C & F Service - Assessee is appointed by the manufacturer as 'commission agent' - Revenue argues since agreement is also for storing and then forwarding goods in the market it is covered under the clearing and forwarding service - Since 'commission agent' was covered specifically under BAS, and mere storage and forwarding does not render one C & F Agent, demand is not sustainable - Commissioner (A) order upheld :Cestat; 2007-TIOL-723-CESTAT-MUM.doc + st story.doc Since the appellant is manufacturing and removing concentrates for which no advertisement is undertaken they are not entitled to take credit of the service tax paid on the advertisement of aerated waters :Cestat; In a case where transport and cargo handling services are provided in a composite manner, if the bill indicates the amount charged for cargo handling and transportation separately on actual basis, tax would be leviable only on the cargo handling services - Prima facie CBEC circular B11/1/2002-TRU dated 1.8.2002 applicable - Stay granted :Cestat;
CUSTOMS SECTION Tribunal had after setting aside the seizure of gold biscuits ordered its release and in case the gold is not available for any reason, the proceeds were be returned along with 9 % interest there on - ROM application filed by Revenue praying to delete the interest awarded - Department cannot raise objection with regard to grant of interest in the absence of specific provisions - such interest awarded is in the interest of justice, equity and as per practice prevalent - No merits in the ROM, hence rejected. :Cestat; |
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Universities and hospitals - income tax exemption - cosmetic changes; 2007-TIOL-101-SC-CT.doc + Asiatice Gases S Court story.doc Consideration received by manufacturer for over-retention of gas cylinders is sale price under Sales Tax Act:SC; Director (Finance) in FACT; TDS on 8% savings bonds; Procedure further relaxed for commodity hedging; Norms eased for remittance on winding up of companies; Jubilant Organosys completes acquisition of Hollister-Stier Lab; Sintex Industries to acquire 81% stake in US based Wausaukee Composites; |
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