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Phone-tapping by Income Tax : MoF clarifies it is done in very rare case; Satinder Singh, 1979 batch IRS (C & CE) dies of heart attack this morning; to be cremated at Lodhi Road Crematorium in New Delhi at 3 PM today; Dr Abdul Kalam's term ends on July 24; Presidential poll on July 19; AGT : CBEC topbrass moves to Mumbai; RS also visiting Mumbai today; Orders postponed to next week; TRAI releases consulting paper for capping no of players and review of licensing conditions; PC says Govt keen to curb demands in overheated realty and housing sectors ; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-162-ITAT-MUM.doc + roxon story.doc Sale of equipment by the head office of the foreign enterprise directly to NSPT - No Income Tax on profits in India :ITAT; Income Tax - Deduction u/s 80-O claimed - Revenue disallows as no evidence furnished - Benefits allowable only if the assessee establishes that the consideration received from the foreign enterprise is for the use outside India of Commercial knowledge, experience or skill provided by the assessee - Since the assessee fails to do the appeal is dismissed - (para 8.1,9). :ITAT; Search u/s 132 - Block assessment - Additions made - Additions during block assessment can be made only on the basis of incriminating evidence found during the search and not on the basis of income declared in regular assessment - Since Revenue found nothing incriminating during the search, additions not sustainable (para 4.3). :ITAT; Income Tax - Assessee, a gutka manufacturer, claims deduction u/s 80IA - Revenue denies deduction on the ground that in the first year of production the ratio of cost of old machinery to the total cost of machinery was more than the allowable limit - Deduction allowable only if the condition in clause (ii) is satisfied i.e. in the first year of production the cost of old machinery to the total cost of machinery should be less then 20% - Deduction not to be allowed even if the ratio comes within the prescribed limit in subsequent years - Assessee's appeal dismissed - (para 2.2,4.2) :ITAT; |
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Central Excise - Cenvat Credit of AED under GSI Act - eligible for credit from 1.4.2000 - demand of credit and interest set aside. :Cestat ; Stay - allegations of clandestine removal and under valuation of Granite Blocks - the appellants have fulfilled the export obligation which is not disputed - appellants agreed to pre deposit Rs 50 Lakhs - balance amount waived :Cestat ;
SERVICE TAX SECTION 2007-TIOL-780-CESTAT-MUM.doc + bajaj story.doc Service Tax - Hire purchase and Hire purchase financing are not synonymous - Hire Purchase finance not covered by Finance Act, 1994 - Assessee's appeal upheld :Cestat ; ST - GTO Service - With Supreme Court deciding the case in L K Sugar Factories case, the issue is no longer res integra - Assessee's appeal allowed :Cestat ;
CUSTOMS SECTION Representation on Customs House Agents Licensing Regulations; Condonation of delay - Revision petition - While exercising discretion u/s 5 of Limitation Act, the courts have to take a liberal and justice-oriented approach to serve the ends of justice rather than a pedantic approach, and it is more so when the applicant is a government authority which has a bureaucratic way of functioning - Petition allowed - (para 5,9): HC; Customs - Imports - Declaring the goods for claiming exemption and subsequently revising their claim by claiming EPCG scheme benefits will amount to mis - declaration at the first instance - Confiscation correct :Cestat ; |
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No Service Tax on services rendered abroad before 18.4.2006 ; Inclusive Growth : Corporate social responsibility a part of our cultural heritage ; Growing muscle of rupee adversely affecting exports; MoC proposes 5% hike in DEPB & Drawback across the board; 2007-TIOL-307-HC-DEL-FEMA.doc + fera story.doc No prosecution if accused exonerated in adjudication proceedings on the same set of facts; Areva T & D sets up one more plant at Hosur ; Goldstone Media partners with Legend Films to market colourisation services; |
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