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LIC to commence reverse mortgage scheme soon; Govt merges Ministries of Small Scale Indus and Agro and Rural Industries into Ministry of Micro, Small and Medium Enterprise; Phone-tapping by Income Tax Department : MoF clarifies it is done in rare cases with due approval of competent authorities; K M Chandrasekhar takes over as Cabinet Secretar; Indo-Japan trade pact : MoF not in favour of drastic tariff cut; Tata Indicom goes for free local calls scheme but in its own network; CBI searches a DC-level IRS officer in Mumbai Income Tax; Nepal Parliament vests powers in itself to abolish monarchy if it interferes in November polls ; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-164-ITAT-MAD.doc + ca institute story.doc CA Institute's Guidance Note cannot over ride provisions of the tax law - Return accepted under Section 143(1) can be re-opened :ITAT; Income Tax - Assessee is a charitable trust duly registered and claims deduction u/s11 - Revenue disallows on the ground that certain trust properties are used for commercial purposes and the same dilutes the character of public utility trust - U/s 11(4) and 11(4A) properties held by trust include business undertakings which are incidental to the main objective and the income from the same is used for achieving charitable objects, and business per se is not a ground for refusing exemption - Assessee's appeal allowed - (para 15). :ITAT; Income Tax - Assessee is a financial Corporation - Claims deduction for a refund - Revenue disallows holding that the amount had nothing to do with the income and expenditure of that year - The sum of refund follows an instruction of IFCI, and moreover books of account of the assessee were open at the time when decision was taken, thereby entitling the assessee to make adjustments and a claim accordingly - Revenue's appeal dismissed. :HC; Income Tax - Assessee claims exemption for living allowance u/s 10(14) - Revenue disallows - Any allowance given to the employee, in the nature of reimbursement, to meet any expenditure incurred for the purposes of his duty or employment is exempt from tax - Assessee has received allowance to meet expenditure for food which is for the purpose of his duty and thus in the nature of reimbursement and exempt from tax - Revenue's appeal dismissed :HC; |
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Central Excise - Physician samples - The demand on physician samples sent for quality control test and thereafter destroyed is not maintainable :Cestat ; Central Excise - Notification 67/95 CE - Once the goods manufactured within the factory are utilized in the manufacture of capital goods then the benefit of Notification cannot be denied - The terms of Notification does not restrict the use of capital goods either for production of goods or for maintenance of machines :Cestat ;
SERVICE TAX SECTION 2007-TIOL-785-CESTAT-AHM.doc + foster st story.doc No service tax on services rendered abroad before April 18, 2006 :Cestat ; ST - Architect's Service - Late payment of tax - Penalty imposed - Since the levy was challenged before the HC, the tax was paid belatedly although the return was rivsed much in advance, admitting the liability - Penalty not called for :Cestat ;
CUSTOMS SECTION Initiation of Anti-dumping investigation concerning the imports of Diclofenac Sodium from China; DGFT prohibits import of rough diamond from Cote d'Ivoire in compliance to UN resolution; Policy condition to Exim Code 8473 30 stands deleted; Export of raw sugar to EU - quantity hiked; Export of red sanders procured from AP Govt; 2007-TIOL-310-HC-DEL-CUS.doc + cbi story.doc Forged passports; illicit import of nine Honda cars - CBI charge sheet upheld - exoneration in departmental adjudication proceedings, no bar to prosecution; Anti Dumping Duty - Section 27A of Customs Act, 1962 is consequential to Section 27 - Wherever refund under Section 27 is granted, 27A automatically follows - Amendment of Section 9A of Customs Tariff Act, 1975 with effect from 10.9.2004 is immaterial :Cestat ; |
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No Service Tax services rendered abroad before 18.4.2006 - CESTAT ; Name a least two failures of Mr PC as FM ? UNDP looking for Trade Officer ; FBT on ESOP : CBDT to take more time to work out determination of fair market value method; First instalment date extended to Sept 15; ABG Shipyard gets Award for Exports; ICICI Bank public issue to hit markets on Tuesday ; ICRA to rate SMEs for Corporation Bank; Alstom bags Rs 1000 Cr order from GSECL ; Sun TV signs exclusive Cable & Satellite channels agreement with Nimbus Communications ; Lupin receives FDA approval for Trandolapril; Nagarjuna Construction bags NIT order ; Aurobindo Pharma unveils new Corporate Identity ; Wipro, EMC announce global strategic alliance ; |
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