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CIT transfer order about to be closed by Revenue Secretary; FM travelling overseas; Afghanistan continues to be key producer of opium: UN; SC stays recovery of hiked entry tax by MP Govt; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-334-HC-MUM-IT.doc + 2007-TIOL-333-HC-MUM-IT.doc + snuff story.doc Interest and remuneration paid to the partners - liable to be excluded from the Gross Total Income for the purpose of deduction under Section 80HH: Bombay HC; Assessee claims deduction for bad debts u/s 36(1)(viia) - AO examines and finds excessive claims - Assessee attributes it to wrong placement of decimal and owns up the clerical mistake - Revenue imposes penalty u/s 271(1)(c) - Tribunal sets aside order - Mere misplacement of decimal leading to excessive deduction does not amount to furnishing of wrong particulars - Penalty not sustainable - Revenue's appeal dismissed:HC; Income Tax - Assessee, engaged in the business of rice shelling, surrenders certain amount in a survey conducted on the business premises and files revised returns - Penalty imposed treating surrendered income as concealed income - Surrendered income does not automatically lead to an inference of concealment unless proven - Not proved in this case - Revenue's appeal dismissed:HC; Income Tax - Assessee adduces fresh evidence before CIT(A) - Revenue contends against taking fresh evidence without giving an opportunity to ITO to rebut the same in violation of Rule 46A of IT Rules - If at the time of admission of evidence ITO is present and he does not raise an objection to it then later it cannot be pleaded that the officer has not been given opportunity to rebut the evidence - Since ITO was present at the time of evidence in the present case, the requirement of rule 46A is satisfied:HC; |
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Members' charge distribution in CBEC; 2007-TIOL-118-SC-CX.doc + bisleri story.doc Bisleri Club soda eligible for SSI exemption - Show Cause Notice is the foundation on which the department has to build up its case - If the allegations are not specific and are on the contrary vague, lack details and/or unintelligible that is sufficient to hold that the noticee was not given proper opportunity to meet the allegations:SC Central Excise - CENVAT - Duty paid by debiting in cenvat account - Credit not yet accrued. Future credit cannot be used for present duty - clearances are without payment of duty - demands are in accordance with law and are sustainable - penalty reduced:Cestat; Central Excise - revenue appeal dismissed for want of serving the notice on the respondent by the department.:Cestat;
SERVICE TAX SECTION Service tax - cargo handling service - stay - interim stay granted and revenue barred from recovery till the matter is finally heard:Cestat; ST - Leased circuits - Refund claim on the basis of Tribunal's order - Claim rejected as Revenue was in appeal before the HC and there was no other option to safeguard the Revenue's interests - Since the HC had not stayed the tribunal's order and also inadequacy of provisions for safeguarding the revenue cannot be a reason to place taxpayers at a disadvantageous position - Assessee's appeal allowed:Cestat;
CUSTOMS SECTION NOTIFICATIONS 2000 MTs wheat exports allowed for Myanmar; DGFT Delhi Chamber notified for issuing certificate of origin; DGFT SION rates for Chemicals and Electronics products amended; CASE LAWS 2007-TIOL-845-CESTAT-MAD.doc + Gmmco Story.doc Assistant Commissioner sits in judgement over Tribunal's orders - order set aside - refund ordered within seven days- AC's Order contumacious:Cestat; Customs - Refund - The amount paid by the assessee was not customs duty on any imported items but was only a deposit of extra amount - Refund admissible:Cestat; |
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Transfers in CBEC - CAG finds fault with; Terrorists shadow cloud economic policies and their execution; PAN as the sole identification number for all transactions in the securities market; Guidelines For Foreign Investment In Preference Shares; Infosys named Royal Bank of Scotland Group's 2007 "Best Technology Supplier"; Praj's partner Aker Kvarener bags huge contract from BP and ABF; Pratibha Indus secures contract from Jabalpur Municipality; VSNL's India Ethernet Services achieve metro ethernet forum certification; Tulip launches USD 125 million Zero Coupon Bonds; 3i prices FCCBs for USD 100 mn; |
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