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PC says Govt keen to curb demands in overheated realty and housing sectors; TRAI releases consulting paper for capping no of players and review of licensing conditions; Industrial Production logs 13.6% growth in April 2007; Patel says Govt keen to allow airports on pvt land; Govt reduces 'local' speed post rate; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-158-ITAT-MUM.doc + sbi story.doc Assessee is a PSU Bank - Provides residential accommodation with furniture, computer table, cooking range and TV to its employees - Survey u/s 133A conducted - Proceedings u/s 201 (1) and 201(1A) launched for short deduction of TDS - Referring to amendments in the relevant Sections by the Finance Act, 2001 the assessee argues the proceedings cannot be initiated for period before the amendment - Since the amendment is retrospective, short deduction is applicable AO demands tax with interest on value of furniture and other appliances provided to employees - If uniform standard rent is charged from all employees similarly placed, it is not perquisite covered u/s 17(2)(ii) - Rule 3 is not applicable and no TDS to be charged :ITAT; Income Tax - Assessee, a dental surgeon by profession, authors a project report and earns foreign exchange - Deduction u/s 80RR claimed - Revenue disallows on ground that the assessee is not a professional author - Deduction is allowable as long as income is earned by the assessee in exercise of his profession and not necessarily in the capacity as an author - Revenue's appeal rejected (para 13,14). :ITAT; Income Tax - Rectification u/s 254(2) - Assessee holding shares as part of trading assets - Tribunal treats dividend earned on the shares as Income from business - Assessee files for rectification of mistake apparent from record - Mistake apparent from record is a obvious, patent and glaring mistake on which no two opinions are possible - Tribunal, by treating dividend income as income from business has erred and gone against law settled by Supreme Court which cannot have two opinions about it and thus nothing but mistake apparent from record - Assessee's petition allowed - (para 10). : ITAT; Income Tax - Leasehold right in land surrendered for a consideration - Assessee claims it is not taxable as the cost of acquisition of tenancy right cannot be determined - Revenue treats the income as capital gains - Before the amendment in Sec.55(2) w.e.f. 1.4 1995, if the cost of acquisition of tenancy right cannot be determined then proceeds received cannot be subjected to capital gains tax - Revenue's appeal dismissed - (para 10) :ITAT; |
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2007-TIOL-775-CESTAT-MUM-LB.doc + lb story.doc Slitting and cutting of duty paid plastic laminated films into smaller rolls does not amount to manufacture under S.2(f) of the CEA'44 - Larger Bench of Tribunal - SC decision in S.R.Tissues [2005-TIOL-101-SC-CX] & Delhi High Court decision in Faridabad Iron & Steel Traders Association [2003-TIOL-79-HC-DEL-CX] relied upon. Apex Court decisions in Indian Aluminium Cable & Laminated Packings [2002-TIOL-285-SC-CX] are distinguishable inasmuch as in the case of Indian Aluminium the dispute related to classification of wire rods and not to manufacture thereof and the issue before the Apex Court in Laminated Packagings was whether the lamination of duty paid kraft paper amounted to manufacture as kraft paper and laminated kraft paper were different distinct commodities. In the present case flexible laminated film in jumbo roll is the same commodity as flexible laminated films in smaller rolls SC decision in Kores India Ltd [2004-TIOL-92-SC-CX] also not applicable as in that case the process resulted in emergence of a ready to use product viz. "typewriter ribbon/telex ribbon" while in the present case, the jumbo rolls were not cut to any specific length but only slit lengthwise into specific widths. Cestat Larger Bench; Central Excise - Refund - Where the contract price is inclusive of duty payable there cannot be unjust enrichment even if the duty payable is either reduced or nil :Cestat;
SERVICE TAX SECTION GTO Service - problems ironed out; Service Tax - enormous correspondence between the appellant and the Revenue on liability of service tax - demand of service tax by invoking extended period is not sustainable as there is no suppression of facts - appeal allowed solely on time bar :Cestat; Service Tax - appellant engaged in the business of software sales, development, maintenance, consultancy and training - service is classifiable under consulting engineer service in view of the earlier CESTAT order on identical issue. :Cestat;
CUSTOMS SECTION Consignment of secondary / defective material of mixed dimensions, 50% of which found to be rusted and not capable of being sold as ferrous products, rightly classifiable as metal waste :Cestat; |
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Exit from EOU Scheme - de-bonding under Advance Authorisation permitted subject to positive NFE; Reverend Dr Singh's Ten Commandments to CII; China continues to face global anti-dumping wrath; EU replaces India in initiating highest no of probes; 2007-TIOL-109-SC-CT.doc + sales tax story.doc Sales Tax- Exemption to certified seeds and/or truthfully labeled seeds - both conditions need not be fulfilled - remanded to tribunal for factual consideration: SC; Areva T&D secures large order from MPPTCL for Rs 115 crore; Cadila Healthcare gets nod for three product approvals; L & T bags Rs 877 Cr turnkey project order from ONGC; EPIC Energy acquires SRS Engineers; |
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