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Brazil is India's no 1 trading partner in Latin America; Hydrogen fuelled vehicle to be a reality by 2020; Gujjars block major roads leading to Delhi; India is single largest borro wer from World Bank ; Montek says shareholders should question CEOs' salaries ; Pranab Mukherjee calls for free movement of people and goods in SAARC region ; Earthquake rocks southwest China; 5 killed and 250 hurt; |
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| Dear Member, Sending you the following files for today : |
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Notifies amended Sr Citizens Savings Scheme, 2004; Amends jurisdiction of CIT, Delhi XIV; DG(I) given All India jurisdiction under Chapter XIIIC DG (I) vested powers of DIT(I); CCs / DGs notified for granting exemption u/s 10(23C); CCs / DGs notified for granting exemption u/s 10(23C); 2007-TIOL-148-ITAT-MUM-SB.doc + mukund story.doc Consideration paid by the assessee for obtaining leasehold rights for a period of 99 years is capital in nature - Not allowable as deduction : ITAT Special Bench ; Search & seizure - Additions made for household items - Assessee says it withdrew money from banks to buy the household items - Revenue insists for vouchers - Since assessee's explanation not rejected and there is no requirement in law for vouchers, additions set aside : ITAT; Assessee receives two gifts from unrelated NRIs - AO makes addition for lack of evidence - Onus to prove the authenticity of the gift is on the assessee and bank account is not a proof of creditworthiness of the donor unless more tangible documents are furnished by the assessee - Additions sustained : ITAT; |
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Export warehousing : Excise procedures aligned with FTP; Classification of connectors fitted with wire - matter remanded to Tribunal :SC ; Central Excise - a Rule which covers valuation of goods sold from depots cannot be made applicable, when an incomplete product is stock transferred to a sister unit for completion of the manufacture :Cestat ; Central Excise - Valuation - Catering pack of ice creams - Since it was supplied in bulk to hotels / restaurants it is to be assessed under Sec 4 of Central Excise Act and not Sec 4A :Cestat ;
SERVICE TAX SECTION 2007-TIOL-733-CESTAT-MUM.docST - Insurance Auxiliary Services - Assessee pays target incentives to agents - Revenue insists on including the same in the taxable value - Since incentives not linked to the service provided nor billed to the client, prima facie no case - Waiver from pre-deposit granted :Cestat ; ST - C & F Service - Commission agents are not covered under the ambit of Clearing & Forwarding Service - Assessee's appeal upheld :Cestat ;
CUSTOMS SECTION 2007-TIOL-103-SC-CUS.doc + sc story.doc Can export goods be confiscated if the market value is less than drawback claimed? - matter remanded:SC; 2007-TIOL-735-CESTAT-AHM.doc + Hindalco story.doc Commissioner of Customs can adjudicate the case where duty has been demanded under Section 72 of the Customs even if it is admitted that under Section 72 the proper officer is the Central Excise officer incharge of the 100% EOU . :Cestat ; |
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Winding up of Indian companies - remittance - RBI Clarifies ; GST - A distant dream ! Service Tax on Works Contract - A storm in the (S)T cup! Deferred payment protocol between India and erstwhile USSR; Forms for overseas Direct Investment rationalised; ONGC & Petrobras to work together for offshore blocks in India and Brazil ; GNFC - Cooling tower damaged; normal operation affected ; Goldstone Technologies to colour super hit movie 'Hum Dono'; Suzlon Energy to acquire REpower ; Rain Calcining all set to acquire balance equity of CII Carbon of USA ; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
