|
 |
 |
 |
 |
 |
CBEC issues Draft Master Circulars on Service Tax, superseding all existing Circulars / Instructions / Communications issued by the Board, DGST and field formations since 1994 (See 'Service Tax' Section); Hyundai Heavy Industries to set up plant near Pune; UK promises support to India for permanent seat on UNSC; Delhi Cabinet okays proposal to divide Delhi into 8 categories for property valuation; Floor Area Rates approved; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
CBDT invites representation from ITOs likely to be promoted to AC against vacancy in 2006-07; 2007-TIOL-172-ITAT-DEL.doc + commission story.doc Commission paid to wife and brother-in-law - If such commission can be paid to outsiders, no adverse inference can be drawn merely because the same is paid to the close relatives - Deduction allowed :ITAT; Income Tax - Assessee engaged in the business of export and import of sugar - Treats sale of bonds as long term capital gains in return - Files revised computation of income claiming deduction of interest which did not accrue to it - Revenue rejects both the claims - If a security is to be treated as long term capital asset then it is to be held for more then 12 months as per Sec.2(42-A) whereas in this case they have been held for 12 months, and revised computation of income cannot be taken cognisance of unless filed within the prescribed time limit laid down in Sec.139(5) - Assessee's appeal dismissed :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; I Income Tax - Deduction for bad debts - Revenue disallows for failure to establish that debt has actually become bad - Deduction for bad debts u/s 36(1)(vii) can be claimed once the debt is written off in the account books treating it as bad and assessee is not required to prove that the debt has actually become bad - Revenue's appeal dismissed:HC; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
RLT Case Law Headnote; 2007-TIOL-808-CESTAT-MUM.doc + dujodwala story.doc Section 4 of CEA'44 - Related person - Inter Connected undertaking - Explanation to Sec.2(g) of MRTP Act applies in the case of two bodies corporate and not one body corporate - a body corporate and a proprietary concern (an individual) cannot be treated as related person :Cestat; Advocate agrees for pre deposit of Rs. 30 lakhs ? another advocate moves an application that the first one was not authorized ? Rectification application rejected ? matter referred to Bar Council :Cestat;
SERVICE TAX SECTION Procedural issues in Service Tax-clarification; Clarification on technical issues relating to scope and classification of taxable services, levy of service tax and valuation of taxable services; Service Tax - International in-bound roaming - exempted retrospectively; ST - Registration not taken and tax not paid - Tax and interest paid on detection - Penalty imposed for suppression of facts - Penalty sustained :Cestat; ST - Security Service - Penalty imposed for non-payment of tax - Since the assessee who has rural background was not aware of the new law it failed to fulfill his obligations - A fit case for invocatin of Sec 80 - Penalty set aside :Cestat;
CUSTOMS SECTION 2007-TIOL-318-HC-DEL-Cofeposa.doc + diesel hc story.doc Diesel smuggling case - Cofeposa detention quashed - grounds of detention given in English to illiterate detenu - Advisory Board did not follow principles of natural justice :HC; Customs - Importer is 100% EoU - Caught clandestinely removing goods from bonded warehouse - Fine and penalty levied - Jurisdiction challenged - Assessee says it is the Excise and not Customs which has jurisdiction over 100% EoU - Since EoU consists of both Customs and Excise work, the Customs has the powers to take action - Assessee's appeal dismissed (para 6.5). :Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Duty on Jute twine? Fire ignited and Jute Industry likely to be engulfed soon : Fire extinguished - exemption notified - DDT salutes a responsive government; Government-business nexus smothering competition; Vacancies Post of Dir Fina In BCCL.doc Selection for the post of Director (Finance) in Bharat Coking Coal Ltd; 2007-TIOL-317-HC-KERALA-CT.doc Sales Tax - Petitioner challenges the validity of Sec.47(16A) of the Kerala VAT Act which gives powers to the authorities to collect tax in advance in case of evasion prone items - The power to levy tax given to the States includes within it power to make provisions for prevention of evasion of tax and is intra vires Entry 54 of List II of Schedule 7 - Assessee's petition dismissed.: HC; L&T-Eastern JV bags Rs 610 Cr order for residential building project in Dubai; Zicom forms strategic tie-up with Future Media; HCL Technologies - Alenia Aeronautica partner for engineering activity on C-27J program; Sterlite Industries prices ADS at USD 13.44 per share; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
