|
 |
 |
 |
 |
 |
Dr D Subbarao, 1972 batch topper of IAS, redesignated as Finance Secretary; Vietnam for greater economic cooperation with India; Chennai Airport Cutoms arrests two Lankans with gold and electronic goods worth Rs 31 lakhs; Govt hikes basic Customs Duty on wines to 150 %; Liquor / spirits to continue to attract 150%; Additional duty of customs in lieu of State Excise Duty on liquor withdrawn; Study shows expenditure on services in rural household has doubled; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
2007-TIOL-192-ITAT-MAD.doc + tds story.doc TDS - payment made to foreign supplier of plant and machinery for oil drilling - the foreign supplier is liable to pay tax only on 10% of the receipts, but TDS cannot be determined based on this 10% - TDS is to be on the whole payment. Assessee cannot decide the tax liability of its customer:ITAT; Income Tax - Assessee provides concessional education to children of its employees - Revenue finds that concession in cost of education is not taken into account for computation of perquisites as per Rule 3(5) and raises tax demand and interest - Assesee claims deduction as per proviso of rule 3(5) is disallowed - Proviso to rule 3(5) can be invoked only in case of free education provided by the employer and not in case of concessional education facilities - Revenue's appeal allowed :ITAT; Income Tax - Assessee, engaged in the business of development of estate, claims deduction u/s 37(1) for expenditure incurred on a candidate on education abroad - Revenue disallows on the ground that it's not for business purposes - Deduction u/s 37(1) is allowable only if expenditure is incurred wholly and exclusively for business purposes - Assessee's expenditure is for sponsoring BBA education which is a general degree and has no nexus to its business - Assessee's appeal rejected :ITAT; Income Tax - Assessee is engaged in manufacture of lamination blades and claims deduction u/s 80IB - A.O. disallows relying on the statement of a manager of the firm and other evidence - Assessee aggrieved for not being heard - If A.O. relies on some material to come to a finding, the same has to be confronted to the assessee and failure to do so is a violation of principles of natural justice - Case remanded - Assessee's appeal allowed : ITAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Central Excise - Yarn - In view of the settled decisions, twisting/doubling of yarns does not amount to manufacture under Section 2(f) of the CE Act :Cestat; Central Excise - Provisional Assessments - The provisions of Sub-rules (1) & (2) of Rule 7 of the Central Excise Rules, 2001/02 are materially similar to those of sub-rule (1) of Rule 9B of Central Excise Rules, 1944 - self-assessment for the period 2001-02 and 2002-03 were provisional for the purpose of Rule 7 of Central Excise Rules, 2001/02 - Impugned order set aside :Cestat;
SERVICE TAX SECTION 2007-TIOL-892-CESTAT-MAD.doc + power st story.doc Service Tax - operating and maintaining a power plant does not involve taxable services of Management Consultancy/Engineering consultancy / cleaning and Forwarding/ Business Auxiliary Service / Maintenance of repair services - Held that the appellants did not render any taxable services - Generation of electricity is within the meaning of manufacture under Central Excise :Cestat; Service Tax - Credit - Utilization of - For payment of Service Tax on output services, credit of Service Tax paid on any input service and/or credit of duty paid on any input or capital goods could be validly used - Nahar order in 2007-TIOL-555-CESTAT-DEL referred :Cestat; Service Tax - Tour operator - The call taxi service is not taxable under the Act since the service is out of the ambit of Tour as defined in the Act. Since tax liability was not challenged before appellate authority, plea not entertained - penalties imposed set aside :Cestat;
CUSTOMS SECTION NOTIFICATION Additional duty on imported liquor withdrawn; Rate of Customs duty on wine increased to 150%- Can the Government increase the Tariff rate by a notification; CASELAWS 2007-TIOL-889-CESTAT-DEL.doc + menthol story.doc Section 110 of Customs Act, 1962 envisages both sides of the coin - Commissioner's order that the appellants may pursue the provisional release with the investigating agency and on the other hand order extension of the period for issue show cause notice are totally contradictory, inconsistent and extraneous:Cestat; Customs - Imports - Classification - Proposing a classification in the Bill of Entry though erroneous is not an offence to penalize importer - It was upto the assessing authority to correctly classify the goods as per records enclosed - order of confiscation and penalty unwarranted :Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Rate of Customs duty on wine increased to 150%- Can the Government increase the Tariff rate by a notification? Interest under rule 6 of Cenvat Credit Rules, 2004 - An 'interesting' issue; Keeping in view the above aspects, RBI has advised banks to implement the following instructions; LTC - babus can fly; FM okays many FDI Proposals; Phillips Carbon to set up carbon black plant at Vietnam; Gail India & China Gas to form Joint Venture Company; Patel Engineering secures first Algerian order worth USD 153 million; Pyramid Saimira goes for bonds worth USD 90 mn; Dollex Industries bags Rs 200 mn IMFL Contract; Airtel, Nokia Siemens Networks sign MoU for network expansion; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
