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AGT : Have Revenue Boards gone into 'sleep mode'! AS per the Transfer Policy, May 31 was the deadline for both the Revenue Boards to wrap up the AGT exercise, and let the officers and their families settle down at new place. But going by the delay it appears that both the Revenue Boards have slipped into a 'sleep mode'! And this is after getting new Chairman! A highly-placed 'Insider' tried to convince TIOL that the work is progressing well but the pace sometimes dips because of the involvement of many layers of decision-making. It is learnt that both the orders in the CBEC are ready and may be issued this week only! So far as the CBDT is concerned, the CITs' order continues to be an enigma! How much more time it may take none is sure except those who are going to be transferred as one such officer shared his view that ''I am going to go to Mumbai'' ! Let's hope the Boards quickly slither out of the 'sleep mode' and live upto the expectations of its own officers. |
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PM takes off to attend G-8 Summit on climate change; Govt issues guidelines for registration of telemarketers; Delhi Govt levies 20% sales tax on petrol + 12.5% on diesel ; 1000 Indians deported for overstay in Saudi Arabia ; |
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| Dear Member, Sending you the following files: |
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Accumulation of stocks - Not possible for the assessee to consume them captively because of low metal content and high impurity - No buyer in domestic market for the stock - Decision to export the stock at London Metal Exchange price which was less than the weighted average cost by Rs 27 Cr - AO adds back the sum on basis of Auditor's report that the decrease in the value of inventory was not in harmony with the assessee's accounting policy - Tribunal deletes additions - Since the fall in the price only reduced the prospective profits there was no justification to discard the valuation at cost - It is clearly not a case of anticipated loss rather a case of reduction in the prospective profits - Revenue's appeal upheld (Para 10) : Supreme Court; 2007-TIOL-152-ITAT-MAD.doc + chennai story.doc Interest under section 234B which is of mandatory nature can be charged only on the amount which is payable by the assessee after reducing the amount of tax which was deductible :ITAT; Assessee a registered society, availing exemption u/s 10(22) and 10(23) - Belated application filed for renewal for AY 2002-03 and 2003-04 but duly explained - Revenue grants certificate for 2003-04 but not for the previous year - CIT (A) held no two orders can be passed u/s 12AA in the same case - Since the society is an established charitable institution and the delay is satisfactorily explained, the Revenue has committed an error - Exemption order to be effective from April 1, 2001 instead of April 1, 2003 - Assessee's appeal upheld :ITAT; |
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Rule 4(2)(b) of the Cenvat Credit Rules, 2002 - Appellant taking 100% credit of duty paid on capital goods in the next financial year - Availment of such credit cannot be found fault as there is no specific rule which prohibits, in clear terms, the availment of more than 50% cenvat credit even during the next financial year - Impugned order is erroneous hence set aside - Appeal allowed. :Cestat ; 2007-TIOL-745-CESTAT-MUM.doc + reliance story.doc Cenvat credit cannot be denied on inputs and capital goods cleared to captive power plant to produce electricity even if exemption is claimed from payment of Income Tax in respect of income from Captive power plant being a new industrial undertaking :Cestat ;
SERVICE TAX SECTION 2007-TIOL-744-CESTAT-AHM .doc + lt story.doc Another service tax demand bites dust - Since service tax liability on Works Contract is brought into tax net from 2007, it can be argued that these services were not to be taxed earlier :Cestat ; Late payment of service tax with interest - Penalty levied under Sec 76 - Assessee pleads for invocation of Sec 80 as he was ill - Since no medical proof of illness submitted, no case for invocation of Sec 80 made out - Case not admitted :Cestat ;
CUSTOMS SECTION Import of tea under TRQ from Lanka : Customs asked to comply with monitoring mechanism even after removal of port restrictions ; Not No 60/2000 amended to delete condition no (3); Adjudicator appointed for M/s V K Tours & Transports; Adjudicator appointed for M/s Raj Mahal Bhinder ; Adjudicator appointed for M/s Hamilton Housewares ; Adjudicator appointed for M/s Dollar Poly Pipes Ltd ; Adjudicator appointed for M/s Rose Zinc Ltd ; Adjudicator appointed for M/s Paradise International case ; Another service tax demand bites dust - Since service tax liability on Works Contract is brought into tax net from 2007, it can be argued that these services were not to be taxed earlier :Cestat ; |
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Anti Dumping Duty on Parts of CFL - DGAD clarifies but Customs not convinced.CESTAT convinced ; Pondicherry VAT - Tax holiday to continue, Works Contract to be taxed; The Puducherry Value Added Tax Ordinance, 2007 ; Securities Contracts Amendment Act.doc The securities contracts (regulation) amendment act, 2007 no. 27 of 2007 ; Exim Bank's LOC of USD 8 million to Seychelles ; GMR awards contract for ground handling at New Hyderabad Airport ; GAIL to pump in Rs 500 Cr in Dabhol power plant ; Alstom wins signaling contract worth Rs 255 Cr from DMRC ; Sunil Hitech bags order worth Rs 1524.47 mn; GEI Industrial bags export order of Rs 350 mn; |
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