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UP Governor says no to sanction to prosecute Mayawati in Taj case; Congress-NCP alliance takes lead in Goa Assembly polls; BoA considers 42 proposals - approves 24 + in-principle nod to 9; Infrastructure financing : Parekh Panel calls for easing FDI inflows ; |
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| Dear Member, Sending you the following files for today : |
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2007-TIOL-150-ITAT-MAD-SB.doc + 80 hhc story.doc Assessee claims double benefits u/s 80IA(9) and u/s 80HHC - Revenue disallows - The law is unambiguous and more than 100% deduction cannot be allowed on the same profits under Chapter VI-A, and whenever any deduction under any section of Chapter VI-A(C) is claimed, the computation to be subjected to the restrictions laid down in Sec 80IA(9) - Revenue's appeal allowed :ITAT; Assessee files return and then revises it - Claims interest income as exempt u/s 10(15)(iv)(fa) - AO also accepts the contention that assessee was 'resident but not ordinarily resident' - CIT invokes powers u/s 263 - Considering the provisions of Section 6(6)(a), the CIT held that the assessee was 'not ordinarily resident' in India - Since the assessee fails to satisfy both the necessary conditions of (i) he must have been a resident in nine out of ten preceding years; and (ii) he must have been in India for more than two years in the preceding seven years, invocation of powers u/s 263 by the CIT upheld (Para 14) Since the assessee is proven to be 'not ordinarily resident' in India, exemption u/s 10(15)(iv)(fa) cannot be allowed (Para 16):ITAT; Exemption u/s 10(26) - Revenue's ground is that the member of any scheduled community coming from outside the Sixth Schedule Area is not exempted - A member of a Scheduled Tribe notified in any tribal areas to be entitled to the benefit of exemption under section 10(26) provided - (a) he is residing in any other tribal area as described in the Table to paragraph 20; (b) the income which accrues to him must arise from any source in such area; and (c) the tribe to which he belongs is also recognised as a Scheduled Tribe in the other tribal area where he is residing in connection with his avocation - Matter remanded for fresh examination : HC; Assessee is a partner of a firm - Assessment completed by taking into account the share of loss from the firm - Revenue later rectified the assessment by invoking Sec 155 and attributed the share of loss as Nil - Such rectification is not permissible when the assessment not completed u/s 143(3) and more particularly, when the return of the firm was only lodged - Revenue's appeal dismissed :HC; |
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2007-TIOL-739-CESTAT-MUM.doc + lawkim story.doc Raw material supplied by principal manufacturer as free supply & intermediate products manufactured by job worker - No demand of undervaluation can be sustained as job- worker need not pay duty :Cestat ; Central Excise - SCN issued for contravention of Rules 57S(1)(ii) read with 57Q and 51A - Since the provisions were not in existence at the time of issuance of SCNs, the case is not sustainable :Cestat ;
SERVICE TAX SECTION 2007-TIOL-741-CESTAT-DEL.docST - Telecom Service - Lack of documentary evidence for claiming adjustment of tax paid - Demand confirmed with interest - Failure to produce necessary documents before the Commissioner because of negligent staff of the assessee company - Matter remanded to produce documents but pre-deposit ordered :Cestat ; 2007-TIOL-740-CESTAT-DEL.doc + nhk story.doc Service Tax on outward freight - Credit not allowable - Demand with interest upheld :Cestat ;
CUSTOMS SECTION NDPS - Appellant sentenced to 10-year-imprisonment and fine - Appeal in HC - Notice issued to engage another counsel as his case went unrepresented - Case decided ex parte - Since the HC itself was not sure of service of the notice, matter remitted for fresh consideration :SC; Customs - valuation - transportation charges from mother vessel to the barges at the anchorage point are not includable in value in view of the settled law by the Supreme Court in M/s Ispat Industries case. :Cestat ; |
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India Blocks WTO investigation of Tariffs on US Wine ; Inject more competition and pvt money in insurance sector; BoA gives nod to 24 and in-principle nod to 9 SEZs out of 42 applications; Reliance Haryana SEZ and M/s SRI City SEZ in AP also given in-principle approval; GMR Energy bags 1000 MW Thermal Power Project in Chhattisgarh ; KEC International wins Rs 380 Crore Order in Kazakhstan ; Suryajyoti Spinning ties up with Italian Co to set-up specialty bottom weight fabric facility ; Amtek Auto acquires UK-based JL French's Witham Assets ; Sterlite Industries launches global ADS offering worth USD 125 mn ; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
