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Kandla Customs seizes misdeclared consignment worth Rs 1.25 Cr, exported from SEZ unit having only a shed and no machinery; Manufacturing sector to generate 1.6mn jobs annually : Ashwini Kumar; Financial Intelligence Unit-India granted membership of Egmont Group; Shekhawat to be independent candidate for Presidential poll; NDA to support; De Beers to explore diamond depository in Jharkhand; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-170-ITAT-MAD.doc + prime textile story.doc Assessee Co. enganged in manufacture and sale of textile yarn - Transferred a piece of land to the subsidiary which in turn sold the same and filed nil return and total income of Rs.47,71,532 u/s 115JB - AO took guideline value of property for long term capital gains and disallowed deductions u/s 80HHC and deduction on deferred tax liability for computing book profits u/s115JB as assessee had nil income under regular computation Tribunal held - - guideline value cannot be the fair market value. The Assessing Officer is required to ascertain the fair market value on the basis of comparable sale incidence. - the deferred tax liability cannot be considered as ascertained liability. Hence, the A.O. has every power to make adjustment of that expenditure:ITAT; Income Tax - Application for registration u/s 12A - Revenue declines registration on the ground that certain object clauses violate Sec.13 of the Act - For granting registration the Revenue just need to satisfy itself only about the genuineness of activities of the institution and its objects being of charitable nature without going into the provisions of Sec.13 - Assessee's appeal allowed :ITAT; Income Tax - Assessee is an NBFC - Going by RBI guidelines that in case of NPAs, the income on receipt basis is to be taken, the assessee does not include interest in total income - The objective of RBI guidelines is to regulate and supervise NBFCs, and moreover, they cannot override the provisions of IT Act - Scope of income under IT Act includes total income that arises or accrues to an assessee and in the present case it is to be included in computation of income:ITAT Distinction between shares held as stock-in-trade and investment : CBDT puts onus on assessees and asks AOs to follow total effect of all principles; 2007-TIOL-314-HC-DEL-IT.doc + hc it story.doc Income Tax - An amount set apart for construction of molasses storage tank in molasses reserve fund as per Molasses control order not to be included in the total income - Revenue's appeal dismissed; |
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Govt exempts flavoured milk of animal origin, jute twin and solid state non-volatile storage devices from excise duty; 2007-TIOL-800-CESTAT-MUM.doc + irrigation story.doc Even if the fact remains that the goods have been removed clandestinely, the question of confirmation of demand will not arise as the goods are entitled for full exemption - Stay granted :Cestat; EOU liable to pay duty on consumables and fuel used in the manufacture of goods on job work basis cleared to another DTA unit:Cestat; Central Excise - SSI - Form 'H' Certificates to be held as proof of export in respect of printed cartons supplied to merchant exporters - Matter remanded for decision afresh :Cestat; 2007-TIOL-795-CESTAT-MUM.doc + cestat cx story.doc Notarized certified copy of Bill of Entry is a Cenvatable document and credit can be availed on the same:Cestat;
SERVICE TAX SECTION Taking photographs of voters for issue of Photo identity cards whether comes within the ambit of Photography service - Revenue stay application on the Commissioner (Appeals) order allowing the appeal of the assessee rejected :Cestat; 2007-TIOL-802-CESTAT-BANG.doc + bajrang story.doc Service tax - stay - taking photographs for voter identity cards and bus passes is prima facie not covered under the photographic services - stay granted :Cestat; ST - Architect Service - Tax with interest deposited before issue of SCN - Penalty imposed u/s 76 and 77 - Assessee claims ignorance about the new levy - Since the assessee's case is covered under the Amnesty Scheme, penalty not imposable:Cestat;
CUSTOMS SECTION CHA firm cannot be held vicariously liable for the act of its employee in accepting bribe unless there is evidence of involvement of the CHA - Bombay HC decision in Raj Clearing Agency relied upon :Cestat; EOU - Refund - As the unit continues to function as EOU, the grant of refund of duty paid on capital goods is in order :Cestat; |
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DRI case -Reliance pays up about Rs 20 Cr; Can FM be trusted any more with management of economy ? Understanding intricacies of Minimum Alternate Tax; Vikash Metal inks MOU with BSEB; ICICI IPO to have Rs 1312 Cr Green Shoe option; |
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