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BoA okays 36 SEZ proposals, including Mukesh Ambani promoted sector specific proposals plus 9 given in-principle approvals; Anil Ambani's promoted Reliance Infocomm's IT SEZ also okayed; USA, India sign aviation pact; President accepts Rajasthan Governor's resignation; CBEC making honest efforts to wrap up AGT at the earliest; AGT : CITs' transfer order file finds its feet again; moving at decent pace; |
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| Dear Member, Sending you the following files: |
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CBDT transfers 17 Addl / JCITs; 2007-TIOL-114-SC-IT.doc + sc it story.doc A firm and its partner are different entities under Income Tax Act and VDIS- Fraud vitiates all solemn acts - Supreme Court does not exercise its jurisdiction only because it is lawful to do so - while construing a statute granting immunity, it should not be construed in such a manner so as to frustrate its object:SC; 2007-TIOL-323-HC-DEL-IT.doc + Eicher story.doc Income Tax - Assessment done on basis of all material facts submitted - Reassessment initiated on suspicion of escapement of income - If original assessment is made after considering all material facts, then subsequently Revenue cannot reopen assessment u/s 147 as it's merely a case of change of opinion and not non-disclosure of material facts - Revenue's appeal dismissed :HC; Income Tax - Assessee declares a substantial amount as gift - Revenue makes additions - Onus to prove the genuineness of gift lies with the assessee which is to be discharged by giving valid reasons for making such a gift by the donor, his creditworthiness, his relationship with the donee and capacity to make such a gift - Assessee fails to discharge the burden - Assessee's appeal dismissed :HC; Income Tax - Assessee claims arrears of depreciation being the difference of past years on account of change in the method of calculating depreciation - Revenue disallows - Assessee has freedom to switch from one method to another but the change will have prospective effect and cannot have applicability for earlier years - Assessee's appeal disallowed :HC; |
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Bulk drugs sold to independent buyers were also being transferred to their sister concerns - Rule 8 of the Valuation Rules, 2000 would apply only in case where the entire production is captively consumed and would not apply in a case where some part of the production is cleared to independent buyers - LB decision in Ispat Industries, 2007-TIOL-245-CESTAT-MUM-LB followed - Appeal allowed. Department's view that since the transfers of bulk drugs to their sister units did not involve sale in terms of Section 4 of the Central Excise Act, the provisions of Section 4(1) (b) of the Act, read with Rules 6(b)(ii) of the Central Excise Valuation Rules, 1975 & Rule 8 (subsequent to 1.7.2000) are invokable not proper - Issue no more res integra - LB Tribunal decision in Ispat Industries settled the issue in favour of appellant:Cestat; Arrears - arising from one company being adjusted from the refund granted to another company in which the former has shares of 49% - the general principle that the share holder is different from the company, should be respected and it is not appropriate and legal to recover the dues from the money due to the appellant company :Cestat; Notification 42/2001CE(NT) - Merchant exporter failing to export goods within the period of six months - Manufacturer cannot be saddled with payment of Central Excise duty - Revenue appeal rejected. :Cestat;
SERVICE TAX SECTION Service tax - collection of royalty charges towards transfer of technical know how - not covered under the category of consulting engineer - Commissioner's review adjudication order is set aside with consequential relief. :Cestat; Service Tax - Banking and other financial Services - The equipment leasing does not came under the category of banking and other financial services - Stay granted :Cestat;
CUSTOMS SECTION 2007-TIOL-320-HC-MAD-CUS.doc + notice story.doc Assessment order not given to importer - appeal dismissed on limitation - If department wants to take advantage of electronic assessment to deny service of order on the party, they have to amend the statute - As of now, the method of serving orders on the party as contained in the statute has to be followed : HC; 2007-TIOL-319-HC-DEL-Cofeposa.doc + cofeposa story.doc Detention under COFEPOSA, ab initio void if the relied documents for the grounds of detention are not served on the detenu - If detention is void, action under SAFEMA cannot continue: HC; |
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Duty has to be demanded in accordance with law and not on the basis of equity or on moral consideration; Look at ground before dreaming castles in the air ! 36 SEZ proposals approved; |
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