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Govt reduces 'local' speed post rate; Core infrastructure sector grows marginally in April; Economic growth benefits fail to trickle down to common man : Assocham; P M hints at Cabinet reshuffle after Presidential polls; Delhi Zonal Unit of DRI seizes 9 kg heroin in Ludhiana; PM says next President to be from UPA-Left alliance; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-108-SC-IT.doc + sc it story.doc Assessee is a non-resident - Signs contract with ONGC - Partly carries out fabrication and designing work in Korea - Claim income not taxable in India under Convention for Avoidance of Double Taxation - AO holds the contract is indivisible and entire income is taxable in India - CIT (A) agrees with AO but reduces quantum of profits taxable in India - Tribunal holds Korean operations not taxable in India - Not entire profits taxable in India - Only that part of profits which is attributabel to economic nexus to the PE in India is taxable in India - Revenue's appeal partly allowed:SC; Income Tax - Assessee Co. makes a payment to another Co. for advice tendered and claims deduction - Revenue disallows for lack of supporting evidence - Since there existed an agreement between the parties, having a long standing relationship, advice need not be in written form - Reenue's appeal dismissd (para 6) : HC; Search & seizure - Notice u/s 158BC issued - Return filed for block period - Notice u/s 142(1) served on the assessee - Assessment order passed - Objection raised to assessment being done without issuing a notice u/s 143(2) - Provisions of Sec 143(2) are mandatorily applicable even in the case of block assessment when the AO repudiates the return filed u/s 158BC(a) and makes inquiry under Chapter XIV-B - Once the power of inquiry u/s 142 is invoked, the AO has no choice but to issue notice u/s 143(2) - Assessment order set aside as it suffers from both procedural and jurisdictional errors :HC; |
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Exit from EoU Scheme : De-bonding under advance authorisation permitted subject to positive NFE; 2007-TIOL-768-CESTAT-MUM.doc + dujod latest story.doc Notification 56-57/2002CE - No double benefits here - Since the goods are treated as duty paid for the purpose of Cenvat credit, they cannot be treated as 'other than duty paid' for purpose of rebate under Rule 18 of CER - Rebate allowed. Even assuming that the assessee did not undertake any manufacturing activity, since duty was paid by the Jammu unit and the Raigad unit, the payment of Raigad factory has to be treated as reversal of Cenvat credit and hence there could not be a second demand for Cenvat credit availed in light of the decisions in the case of Deioners Speciality Chemicals, Piramal Spinning & Weaving Mills, PSL Holdings & Shivali Udyog . :Cestat; Central Excise – classification – “FUNDA” containing 99% of sucrose/sugar is akin to Glucose D is classifiable under Chapter 17, but not under Chapter 21 as contended by the revenue :Cestat;
SERVICE TAX SECTION Service Tax - Tour Operator - Transport of employees from different places to a common destination like place of work and bring them back on daily basis does not appear to be in the category of Tour operator services - Stay granted :Cestat; 2007-TIOL-769-CESTAT-MUM.doc + st story.doc Ship repairs done in port is not a port service : Board Circular not in accordance with law :Cestat;
CUSTOMS SECTION Re-import of cut and polished diamons - International Diamond Lab, Dubai, appointed as certification agency; Statement recorded by the Central Excise officer under Section 108 of the Customs Act, is admissible evidence :Cestat; |
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Some more Service Tax queries from our seminar; Mukesh Ambani and his dream SEZ projects - DRI puts Jamnagar SEZ in dock ! - Navi Mumbai project deserves better treatment by BoA ! DGFT, Please be (aware) of your rights ! Petron Engineering receives Letter of Intent from Madras Cements; Delhi International Airport selects IBM to modernize business processes to meet burgeoning air traffic; Micro Technologies goes online with security products; Gujarat NRE to acquire 2 new coal ships from Scandinavian shippers; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
