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President appoints Mr Mansoor Ahmad Mir as Addl Judge of J & K HC + Four Addl Judges for Rajasthan HC; GoM on Civil Aviation Policy constituted; Exports up by 20% in first two months of this fiscal + USD 90 bn Delhi-Mumbai Industrial Corridor Project reaches last leg of finalisation; Heavy rains lead to temporary suspension of Amarnath Yatra; VAT Panel to discuss exempting essential food items like rice and pulses; RBI to earmark USD 5 billion for infrastructure development; First two-day International Tax Conference, co-hosted by Ministry of Finance, ADB and OECD, begins today in New Delhi; BoA to take up Navi Mumbai SEZ proposal on July 12; Assocham Study finds bureaucracy continues to be no 1 choice for youth; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-350-HC-MAD-IT.doc + dollar story.doc Interest from bank deposits cannot be treated as export income even if the deposits are a pre condition for sanctioning limits:HC; Income Tax - Assessee engaged in the business of constructing commercial complex and letting it out on rent and treats it as income from business - Revenue treats it as income from property - Assessee refers to service-cum-lease agreement as it also provides certain services like supervisory, sanitation and security - AO directed to bifurcate the income to work out the portion attributable to services and treat the same as 'income from other sources' :HC; Search u/s 132 - Cash found - Return filed for the block assessment period - Savings shown as brought forward and explained to be the same found during the search - AO accepts returned income but declines to give benefits of savings in the AY in question - If the returns are accepted and duly assessed, the benefits of savings cannot be denied - Assessee's appeal allowed : HC; 2007-TIOL-186-ITAT-MAD.doc + itat story.doc Family partition of Hindu Undivided Family which is as per amended provisions of Hindu Succession Act, 1989 is recognised u/s 171 of I-T Act - Revenue cannot deny recognition:ITAT; |
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INSTRUCTIONS Non reversal of cenvat credit when process of manufacture held by court as not excisable - New Section 5B proposed to be put in effect; Metalising is indeed manufacture? CASE LAWS 2007-TIOL-878-CESTAT-AHM.doc + refund story.doc Self assessment and Self payment of duty are envisaged in law but not taking Self refund since if the same is allowed, it may lead to a situation like inclusion of a new name in the ration card automatically by the card holder, amendment of passport by a passport holder himself and so on : Cestat; 2007-TIOL-877-CESTAT-AHM.doc + related story.doc If the goods are sold to the related person at the same price as sold to other purchasers, it cannot be said that there was depressed price in favour of the related buyers : Cestat; 2007-TIOL-872-CESTAT-MAD.doc + cestat cx story.doc Appeal - when records says that it could not be ascertained when the order-in-Original was dispatched and where it was received by the assessee- the appeal must be considered as having been filed with in the period of limitation prescribed by law : Cestat; Central Excise - Classification - Friction dust manufactured by the appellants is rightly classifiable under Tariff Item No. 15A(1)(i) of the old Central Excise Tariff :Cestat;
SERVICE TAX SECTION Service Tax - Clearing and Forwarding Agent - Stay/Dispensation of pre-deposit - The issue involved is contentions - pre deposit of Rs. 50,000/- to be deposited :Cestat; Service Tax - Consulting Engineer Services - In view of settled decisions technology transfer agreements do not fall within the scope of Consulting Engineer Services :Cestat; Service Tax - Rent-a-Cab services - Stay/Dispensation of pre-deposit - prima facie the Case is in favour of appellants on limitation - Stay granted :Cestat;
CUSTOMS SECTION NOTIFICATIONS RBI fixes rupee value at Rs 56.8292 for Special Currency Basket effective from April 19, 2007 Duty also slashed on 248 textile items; India reduces customs duty on 127 items under SAFTA; Anti-dumping duty imposed on import of CD-Rs from China, HK and Singapore; CASE LAWS Customs - Exemption Notification No. 165/86-Cus - The appellant should not have cleared a part of the imported goods for use as spares availing the benefit of Notification - Invokation of longer period is justified :Cestat; Customs - Imports - SAD is payable on the date of clearance for home consumption under ex-bond bill of entry :Cestat; EPCG - Refund - Encashment of Bank guarantee by the department on non-fulfillment of export obligation was not amounting to payment of duty and refund of such amount is entitled without applying the provisions of Section 27 of Customs Act . :Cestat; |
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Income Tax - Payment of amounts exceeding Rs.20,000 in cash - rule amended; How tricky is business of classifying goods in Central Excise Tariff ? Intellectual property rights and their enforcement at borders; CBI arrests Rajkot Addl Commissioner of Central Excise in bribery case; XL Telecom gets fresh orders from BSNL for Rs 468 mn; Pratibha Indus secures two contracts from Indore Municipal Corporation; Spentex Industries acquires Schoeller Litvinov k.s., Czech Republic; Glenmark Pharma gets FDA nod for Topiramte Tablet; |
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