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CITs' transfer order continues to be live and kicking; Optimists in Board exude greater optimism!; RITES Consortium bags general consultancy to Bangalore Metro; Banks were largest IT spenders last fiscal : Nasscom; Ambani brothers again lock horns - this time over Maharashtra Govt's Rs 4000 Cr sea link expressway; SC says TADA proceedings can be resumed against accused who was initially discharged for lack of sanction from competent authority; CBN Gwalior holding slogan-writing competition on occasion of International Day against Drug Abuse and Illicit Trafficking on Tuesday; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-181-ITAT-DEL.doc + itat story.doc No addition under Chapter XIV-B can be made on estimate basis and without material found in search: ITAT; 2007-TIOL-328-HC-MAD-IT.doc + actress story.doc Taking loan of Rs. 4.65 Lakhs in cash in contravention of IT Act which requires large sums to be taken only by cheque - Film star convicted and fined - Two years RI set aside but fine of Rs. 4.65 Lakhs upheld:HC; Income Tax - Assessee assessed under Sec.143(3) - Revenue reopens assessment u/s 147 after a period of four years - Reopening of assessment u/s 147 can't be done beyond four years unless income has escaped assessment on account of non disclosure of material facts by the assessee - Since there is no finding that on account of failure of the assessee, income has escaped assessment - Revenue's appeal dismised :HC; Income Tax - Assessee values his closing stock at market price - Revenue disallows it and insists on valuation at cost price and accordingly makes additions - Assessee is free to value his stock in trade at cost price or market price whichever is lower provided there is no cessation of business - In present case, the assessee has not shut down his business - Revenue 's appeal dismissed :HC; |
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Central Excise - Classification - Vim Dish Wash Bar - Revenue classifies it under Heading 3401.20 attracting a rate of 30% duty - Assessee is for sub-heading 3405.40, attracting a duty of 20% - It is neither a soap nor an organic surface- active product for use as soap - It is a mixture of detergent and abrasive powders, classifiable under sub-heading 3405.40 - Revenue's appeal dismissed :SC 2007-TIOL-840-CESTAT-MUM.doc + otis story.doc Merely because Registry admitted the appeal does not mean that the Appeal is maintainable before the Tribunal - Matter involving export of goods outside India hit by clause (C) of first proviso to S.35B of CEA'44:Cestat; Duty also recovered by department from merchant exporter for failing to produce proof of export - Once duty has been recovered from merchant exporter, there is no question of recovering the same once again from the manufacturer u/s 11D - Stand of Revenue is self contradictory - Revenue appeal contains no merit, hence dismissed. Export of sugar under CT-1 certificate - Invoice issued to the merchant exporter was at consolidated rate of Rs.1,100/- per MT and it did not show break up of the amount under two heads i.e. assessable value and duty - department on its own calculating the duty and assuming that the duty has been recovered - once an amount has not been recovered as representing duty as is evident from the invoice, the applicability of section 11D of CEA'44 does not arise. :Cestat; Central Excise - job work - denial of credit on the inputs used in excess of the material received from the principal manufacturer is not correct in view of the Larger Bench decision in case of M/s Sterlite Industries Ltd :Cestat; Central Excise - Rebate - The rebate claim which is sanctioned cannot be adjusted to an amount which has not been adjudicated in terms of Section 35 of Act :Cestat;
SERVICE TAX SECTION Service Tax - Management Consultant vis-a-vis Business Auxiliary Service - Services appropriately classifiable as Business Auxiliary Service cannot fall with in the ambit of Management Consultancy - Respondents can legitimately claim support of Tribunal decision :Cestat; ST - C & F Service - Demand raised for the period July '97 to March '98 - Since the issue was decided in favour of the assessee in another case, the assessee's appeal allowed :Cestat; Service Tax - Appeal - Condonation of delay - Revenue could not satisfactorily explain the reasons for delay - Application rejected and appeal dismissed .:Cestat;
CUSTOMS SECTION 2007-TIOL-329-HC-MUM-CUS.doc + jupiter story.doc Duty has to be demanded in accordance with law and not on the basis of equity or on moral consideration; import duty only from importer and not the one who sold an import licence - when partnership is penalised, separate penalties cannot be imposed on the partners: HC; Tribunal recording in its order that there is no evidence regarding addition of certain percentage of vitamins which is contrary to that contained in the affidavit filed by the appellant - Error apparent on face of record - Matter remanded and ROM allowed. :Cestat; Customs - Imports - Provisions of Section 114 A was invokable against importer if the relevant show cause notice alleges non-payment or short payment of duty by way of collusion or willful mis-statement or suppression of facts - In the absence of such findings the penalty imposed is not sustainable :Cestat; |
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Comments on the Draft Circular on procedural issues in Service Tax Law; Convergence of Transfer Pricing and Customs Valuation - Is it a myth? Valuation of physician's samples : Impact of IDMA judgement on pharma industry; Income Tax Department bracing to catch tax evaders through intelligent software; Hexaware to offer Enterprise Risk Management solutions through a JV; Zydus Cadila acquires Brazilian Company Nikkho; Man Inds bags exports order worth Rs 220 Cr; Ranbaxy launches Pravastatin Sodium tablets in USA; ICICI Bank prices public issue at Rs 940 per share; Public offer of India NRE Minerals oversubscribed Hindustan Lever gets nod to become Hindustan Unilever Ltd; |
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