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India, China move closer to close Regional Trading Agreement; Chinese silk exporters not happy with anti-dumping suit filed by Central Silk Board; ONGC top slot : R S Sharma's name recommended; Gujarat Govt decides to remove octroi from seven municipal zones but to put an alternate tax in place; UNDP Report suggests India should exempt micro-insurance from service tax; India asks Russia to relax visa norms; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-296-HC-DEL-IT.doc + balco story.doc When CIT did not find the order erroneous, he has no power to revise the order of assessment made by the Assessing Officer :HC; Jewellery seized - Block assessment proceedings initiated and demand raised - Tax paid but jewellery not released - Revenue retained assets as it could not distinguish the jewellery owned by the wife and the husband and also because an appeal was filed against the block assessment order - Not valid reason to retain jewellery once liabilities are discharged - Cost imposed on Revenue : HC; Assessee claims deduction for bad debts written off u/s 36(1)(vii) - AO disallows - Tribunal sets aside Revenue's order - Amount taken as income in earlier year if stands irrecoverable and written off, the essentials of Sec.36(1)(vii) are satisfied and deduction allowable - Revenue's appeal dismissed. (Para 7) :HC; Income Tax - Assessee engaged in the business of civil construction - Assessee's gross receipts crossed Rs 40 lakh - Revenue insists on applicability of Sec 44AD - Beyond Rs 40 lakh the provisons of Sec 44AD not applicable - Assessee's appeal upheld :HC; |
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2007-TIOL-106-SC-CX.doc + Papsi Food Story.doc Sales Tax collected when no tax was payable – excise value to be increased? - Sales tax exemption not intimated to excise – extended period invocable: SC; Remission of duty under Rule 21 of Central Excise Rules, 2002 - Reversal of modvat credit - Issue stands settled by the Larger Bench decision in the case of Grasim Industries ( 2007-TIOL-135-CESTAT-DEL-LB ) :Cestat; Central Excise - Cenvat credit reversed along with interest before issue of notice -Commissioner (Appeals) order setting aside penalty needs no interference as essential ingredients of quasi criminal proceedings are absent :Cestat;
SERVICE TAX SECTION ST - Credit availed on mobile phone bills - Revenue disallows in view of Board Circular 59/2003-ST - No bar on taking credit for tax paid on mobile phone bill but assessee needs to satisfy adjudicating authority about whether the input service was used directly or indirectly in relation to manufacture of final goods :Cestat; ST - Credit on input services denied on ground of addresses mentioned on the invoices not tallying with those in the registration certificate - Since the invoices were in the name of the assessee, it has a favourable case - Pre-deposit waiver granted :Cestat;
CUSTOMS SECTION DGFT eases licensing norms for two months for export of Red Sanders Wood procured from AP Govt; 2007-TIOL-752-CESTAT-AHM.doc + Anchor Daewoo Story.doc Anti dumping on CFL ? not parts; the views of the authority that recommends anti dumping prevails over revenue's :Cestat; Anti Dumping Duty ? Review of Commissioner (A) order by committee of Commissioners by all means a disservice to the case of justice ? Strictures passed :Cestat; |
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Removal of port restrictions on import of Tea from Sri Lanka – Notification and CBEC instructions; Climate change summit : West needs to avoid Doha Round-like climate to reach a consensus ! 2007-TIOL-297-HC-ALL-CT.doc + works contract story.doc Own construction is not works contract - SC's order in Raheja case distinguished: HC; Strides Arcolab launches USD 75 million Zero Coupon Convertible Bonds; L&T bags USD 187 mn order in Dubai; Moser Baer Photo Voltaic begins commercial shipment of solar photovoltaic cells; Sterlite Optical granted patent for optical fibre in USA; Pratibha Inds bags Rs 20 Cr order; |
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