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Does FM really need Chief Commissioners to run tax administration? BIZARRE is the way the North Block runs the tax administration. And it has not happened for the first time. Whenever promotion becomes a part of the 'loop', a vacuum crops up, and it remains 'loudly' silent for a stretched spell! Take the latest case of promotion of CBEC Commissioners to Chief Commissioners. Long, long back the DPC was held and the panel was thrown into the ACC ring! None knows why has the ACC been taking so much time when its Circular says it needs only a max of six weeks. In fact, none even in CBEC appears to be following up this file. Even as this enigma continues to gather more shades, the CBEC is trying hard to put up a brave face by issuing one after another additional charge orders. The dearth of Chief Commissioners is so acute that it has badly hit even the metros' slots. There are two vacancies in Mumbai, one in Kolkata, one in Chennai and many more elsewhere. There is one CC who has been burdened with four additional charge - going by the scary spurt in the applications under the RTI Act and the no of cases the Committee of CCs has to decide for various statutory or administrative works under Central Excise, one can imagine the plight of the existing lot of CCs. 'Insider' feels that the FM probably wants to run the administration without CCs! |
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Kamal Nath says US withdrawal of GSP on gold jewellery to hit employment in India + Import of sensitive items shows declining trend in first two months this fiscal; Sahar Airport Customs seizes 1030 pieces of Titan watches worth Rs 22 lakh; SC rejects PIL petition against Pratibha Patil's candidature; Nath says Delhi-Mumbai industrial corridor to pass through MP; International Tax Conference focuses on transfer pricing; to conclude today; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-188-ITAT-MAD.doc + debt story.doc Debt Syndication Fees is not interest accrued on loans and advances. Debenture Trust Fees are also not interest income. - Not entitled for deduction under sec.10(23G) of the Act :ITAT; Income Tax - Assessee sells one of its units manufacturing lamps and treats it as long term capital gain being a slump sale - A.O. disallows and in turn invokes Sec.50 treating a part of consideration as short term capital gain on depreciable assets and also on the ground that it is not a case of slump sale since not entire business but only one unit of assessee is sold - Sec.50 is a special provision for computation of capital gains in case of depreciable assets and not applicable to cases where there is sale of entire unit for lump sum without any part of consideration attributable to depreciable asset - Slump sale is not a case where entire business consisting of all undertakings of assessee are sold but any one or more units are sold on lump sum consideration without any part attributable to any particular asset - Agreement between the assessee and buyer clearly shows an intention of sale of entire unit for lump sum and no part of consideration is attributable to any particular asset and thus a slump sale to be treated as long term of capital gain - Assessee's appeal allowed :ITAT; Income Tax - Assessee is reassessed u/s 147 and additions made by A.O. on account of undisclosed income on the basis of information of bogus entry in assessee's return - Tribunal sets aside reassessment on the ground that there was not enough information with the A.O. to come to the conclusion that there was escapement of income - In such cases, what is required to be seen is whether there was prima facie material before the A.O. to reopen assessment and sufficiency or correctness of material is not to be looked into - Information with A.O. wasn't vague or general - Tribunal's order set aside and Revenue's appeal upheld : HC; Income Tax - Assessee makes a disclosure of refund received and reasons for not appropriating it to income and is accordingly assessed - Revenue seeks to reopen assessment on the ground that there is no true and full disclosure of facts - True and full disclosure of material facts does not constitute material on which veracity of particulars mentioned in return is to be determined but only that material which if not disclosed, the A.O. will not be in a position to make necessary enquiries - Assessee has placed material facts of refund and reasons for not appropriating it to income before the assessee - Revenue's appeal rejected.: HC; |
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Central Excise – Remission – Rule 49 of the Central Excise Rules, 1944, which provided for remission of duty in respect of goods lost or destroyed by natural causes did not provide for reversal of credit in respect of inputs used in the manufacture of such goods – LB decision in 2007-TIOL-135-CESTAT-DEL-LB followed . :Cestat; Central Excise – Cement pipes cleared under exemption for water supply projects – payment of 10% amount under Rule 6(3)(b) of the Cenvat Credit Rules -Value is no different from Section 4 value – cost of transportation, installation etc not includable. :Cestat;
SERVICE TAX SECTION 2007-TIOL-885-CESTAT-MUM.doc + st story.doc Maersk India gets reprieve in Service Tax case - Tribunal grants Stay from recovery of 18 crores Service Tax demand and Rs.25 crores penalty. Notification 6/99-ST, 21/2003-ST- only if the entire payment received for the services rendered is repatriated, they would be covered by the proviso and not otherwise. It would be impossible for the appellants to avail the benefit of the said notification and a situation would arise that they can avail the benefit of the notification only if they do not include the payment received in foreign exchange for their taxable services in their income & which would be against the provisions of Income Tax Act and the Companies Act. Prima facie, appellants are not be hit by the mischief of the proviso to notification 6/99-ST, 21/2003-ST - Stay granted. :Cestat; Service Tax – Application for vacating stay – reason that department has not accepted the earlier order of the Tribunal is not a good ground for stay – Application dismissed :Cestat; The Circular of 1997 makes no difference between the import and indigenous design and that pre-design services, basic design engineer services and detailed design engineer services have been included in the category of taxable services under heading 'Consulting Engineer Services' and this portion of the Circular has not been modified by the Circular of 2004. :Cestat;
CUSTOMS SECTION NOTIFICATION DGFT lays down procedure for import of Veg Fats, Pepper & Desiccated Coconut under Indo-Lanka FTA; CASELAWS 2007-TIOL-122-SC-NDPS.doc + sc story.doc NDPS - Respondent convicted for possession of opium - HC holds in favour of respondent on the ground that mandatory provisions of Sec 42 of NDPS Act have not been complied with as information received is not reduced to writing - Sec 42 is applicable only in cases of search in building, conveyance and enclosed places and not in cases of search in public places and in transit which is covered by Sec.43 wherein there is no requirement to record the reasons - Respondent was searched in transit and thus Sec.42 is not applicable - Appeal allowed: SC 2007-TIOL-353-HC-MAD-CUS.doc + drawback story.doc Denial of Drawback – demand notice issued on 26th December and order passed on 29th December without even waiting for reply – Order set aside- opportunity to be given for reply and personal hearing: HC; Customs – refund of Special Additional Duty (SAD) on the re-imported goods is allowed in view of the earlier decision of the CESTAT in their own case.:Cestat; Customs - Imports - The real importer is M/s.Wipro GE - Once there is mis-declaration of contents then the Transaction value cannot be accepted - The imported goods are liable for confiscation penalties modified :Cestat; |
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Imported CDs to cost more – anti dumping duty; Applications invited for CMD post of HUDCO; |
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