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AGT : Why do Revenue Boards always need wake up call from FM? TIOL yesterday got a call from one senior revenue official who asked : What is the last date as per the New Transfer Policy for winding up the AGT? May 31. What is the date today? June 19. How much more time will the Boards take to issue the remaining orders? None knows! So the conclusion is that everything is in a flux. Those who are due for transfer constitute a worried lot as admission of their children would become a big challenge. But, in the first place, why do our Revenue Boards need so much of time when the work starts as early as January and February? Does it have something to do with inefficiency or the present power axis? Or, the new Revenue Secretary is taking his own time to understand the most complicated transfer business in the history of Indian bureaucracy? Whatever could be the reasons, the fact remains that our Boards act and display efficiency only when the Finance Minister gives them a wake up call! |
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Govt keen to divest stake in Oil India; Cabinet Note under preparation; BoA likely to take up Navi Mumbai issue on Friday; Govt keen to go for Power Project Management Board : PM; UNESCO Culture list : Rig Veda figures in list of 38 items; Tata sets up Tata Capital for housing finance and merchant banking; |
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| Dear Member, Sending you the following files: |
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CBDT issues a mixed transfer order of Addl / JCITs + AC/DCITs; 2007-TIOL-176-ITAT-DEL.doc + indure story.doc AO has to be satisfied about concealment of income or furnishing inaccurate particulars - Tribunal's findings not relevant - satisfaction is AO's, not Tribunal's - This jurisdictional defect going to the root of the matter cannot be cured subsequently :ITAT; Income Tax - Deduction claimed for dividend income u/s 10(33) - Revenue disallows on the ground that cost of dividend is embedded in the purchase price of shares and so, not the gross dividend but dividend after deducting expenditure is allowable - Deduction u/s 10 is allowable only on income and not on gross receipts which is to be determined by deducting the expenditure in earning an income - Revenue has not been able to show that cost of purchase of shares had cost of dividend embedded in it - Assessee's appeal allowed :ITAT; Income Tax - Assessee claims credit for TDS deducted on commission - Revenue allows credit but only a part on prorata basis commensurate to income shown in the returns - As per Sec.199, credit for TDS to be given on production of certificate and in the year in which the income subjected to tax is made assessable and not otherwise - Assessee's appeal disallowed :ITAT; Income Tax - Assessee, a public charitable trust, got incorporated in 1960 - Seeks exemption u/s 11 - Revenue says no on the ground that the trust is for the benefit of a small community of a religious nature and thus provisions of Sec.13(1)(b) are attracted - To claim exemption u/s 11 it is enough if the charitable public utility is for the benefit of a clearly defined section of the public, and it is not required that it should benefit the entire mankind - Besides, provisions of Sec.13(1)(b) can be applied only on entities formed after the IT Act, 1961 came into force - Assessee's appeal allowed :ITAT; |
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2007-TIOL-815-CESTAT-MUM.doc + philips story.doc Rule 34 of SWAM Rules - Section 4A of CEA'44 - Televisions supplied for exclusive use in hotel industry are rightly assessed under Section 4A of the CEA'44 as the packages of the goods do not contain any marking unambiguously indicating that the goods have been specially packed for the exclusive use of any industry. Goods cannot be treated as exempted from the provisions of the Packaged Commodity Rules even if the statement of the officers of the appellants establishes that the goods were exclusively for use in the hotel industry :Cestat; Duty liability admitted under KVSS - the appellant's plea for non inclusion of the value of the duty paid inputs not accepted by the Commissioner (Appeals) - matter remanded :Cestat; Central Excise ? Held that the assessee was entitled to remove processed fabrics without payment of duty under Rule 19 of Central Excise Rules, 2001 read with Notification 43/01-CE (NT) :Cestat;
SERVICE TAX SECTION Stay - Demand of service tax under Commercial Training and Coaching Service ? full waiver of pre deposit in view of the stay in identical case earlier :Cestat; Service Tax - Business Auxiliary Services - No wilful suppression of facts - The demand is time barred :Cestat;
CUSTOMS SECTION Anti-dumping duty imposed on import of Acetone from EU, Chinese Taipei and Singapore; 2007-TIOL-812-CESTAT-BANG.doc + smuggling story.doc Customs - Imposition of Penalty on Department officer - The revenue has failed to establish the case of abatement and collusion against the appellant :Cestat; |
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Service Tax- How many services are there?; Seller's liability under VAT in case of end-used based exemption; RBI eases norms for hedging of overseas direct investments by residents; Mundu Radio wins 'CNET Webware 100' award; Varun Shipping acquires new vessel; HCL Technologies, Rockwell Collins expand relationship; |
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