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Govt accepts Panel report on determination of gas pricing through competitive bidding; G-5, including India, agrees to work together for joint collaboration; FM inaugurates Rs 38 Cr new Income Tax Building at Hyderabad and urges officials to be more courteous to taxpayers while recovering dues; CBEC all set to issue AC/DC order today; may surprise all by issuing even Addl/JCs order; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-154-ITAT-MUM.doc + kotak story.doc Assessee is into insurance business - Obtained licence from IRDA in January 2001 but decided to launch the sale of policies only in May to coincide with a special event - Share capital deposited in banks and earns interest income - Exemption claimed under Sec 44 - Since no insurance business was commenced, provisions of Sec 44 are not applicable in this case, and deduction for expenses not to be allowed as no policy was sold during the relevant preiod - Even amortisation of pre-commencement expenses can also not be allowed as the charging section 28 mandates carrying on of business in the previous year as a pre-requisite and the same is missing - Assessee's appeal rejected :ITAT; 2007-TIOL-153-ITAT-JODHPUR.doc Sec 80HHC benefits - Export of processed marble blocks - Deduction denied on the ground of lack of value addition - Revenue need not go into the degree of cutting and polishing to allow exports incentive - Though exemption provisions to be construed strictly about its applicability to the assessee's case but once it's found to be applicable, the provisions have to be interpreted liberally - Assessee's appeal allowed - (para 14, 21, 22) : ITAT; Assessee engaged in the business of commission agent - Claims deduction for expenditure incurred - Revenue invokes Sec 40A(2)(a) and disallows the same - Deduction allowable if the assessee proves the expenses incurred wholly and exclusively for business but it failed to discharge the onus - Disallowance allowed :HC; CBDT Instruction no 1979 of 2000 - Monetary limit for Revenue to file appeals - Rationale for prescribing limit is to minimise litigation, and appeals can be filed only if there is a substantial question of law involved or the tax effect is more than the limit prescribed - Revenue's appeal rejected on both the counts :HC; |
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Chapter 30 is changed to 3003 or 3004; Assessee is Uttar Pradesh-based - SCN was issued by Central Excise Noida - Appeal against Settlement Commission Delhi Bench filed before Delhi High Court - Since it is a settled law that the jurisdictional HC to be the one in reference to the place from where SCn was issued or the place from where the OIO was passed, the petition is dismissed : HC; Cenvat Credit - shortage of inputs on physical verification admitted by the assessee at the time of stock taking - plea that the verification was only on the basis of estimation is an after thought - appeal is dismissed. :Cestat; Central Excise - stay - pre deposit under Section 35 F reduced in the light of guidelines given by the Hon'ble Allahabad Hgh Court :Cestat;
SERVICE TAX SECTION 2007-TIOL-757-CESTAT-DEL.doc + iic story.doc India International Centre is not a Mandap Keeper :Cestat; ST - Tax with interest paid on detection - Assessee seeks waiver on ground of payment of tax before issue of SCN - Deposit of tax before issue of SCN is not a restraint on the Revenue from invoking penal provisions - Assessee's appeal dismissed :Cestat;
CUSTOMS SECTION 2007-TIOL-107-SC-CUS.doc + peerless story.doc Over invoicing of DEPB exports - Tribunal refesssssg to the party's arguments came to abrupt conclusion without discussing how the detailed order of the Commissioner was erroneous - matter remanded; SC; Import of rock phosphate - For technical reasons, vessel fails to reach jetty - Goods unloaded from mother vessel to barges at the anchorage point - Revenue for inclusion of transporation charges in the AV - Since importer already paid freight charges upto the point of jetty, further inclusion of transportation charges not justificable - Assessee's appeal upheld and refund ordered but subject to clearance from 'unjust enrichment' angle :Cestat; |
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Abatement on medicaments – cosmetic changes; Labour reforms become endless march to nowhere ! Dr Reddys enters dermatology topical steroid market; Petron to supply Chimney to Wartsila; i-flex Solutions partners with Bharosa to combat online fraud; Biocon signs MoU with Deakin University, Australia; |
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