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Poll for Vice-President to be held on July 10; Parliament Session only in August; Cabinet grants 7-month extension to Second Administrative Reforms Commission for submitting report + okays setting up of Rajiv Gandhi Institute of Petroleum Technology at Rai Barelli + Pan-African e-Network project for Rs 543 Cr + payment of outstanding salary and wages in 13 sick CPSEs; National Commission on Bamboo Applications to continue till Nov 2009; Union Govt puts Greater Noida Airport on fast track; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-357-HC-DEL-IT.doc + perfetti story.doc Rectification of Mistake - an oversight of a fact cannot constitute an apparent mistake rectifiable – in the garb of application for rectification, assessee cannot be allowed to reopen and reargue the whole matter :HC; Income Tax - Assessee is a proprietor of a corporation whose sales turnover is over Rs.4 Cr. - Revenue imposes penalty u/s 271B for not filing of tax audit report in time - U/s 273B penalty is not to be imposed if assessee shows sufficient cause for the failure which has been shown in the present case - Revenue's appeal dismissed :HC; Income Tax - Assessee claims depreciation on account of plant and machinery - A.O. disallows on the ground that machinery is not used in relevant assessment year - Depriciation is allowed even when machinery is kept ready for use and not actually used as everything ages with passage of time and there is depreciation in value - Revenue's appeal rejected. Assessee claims interest to be computed under income from business and profession and 90% of it reduced thereof as per clause (baa) of explaination of Sec.80 HHC for purpose of computation of deduction under Sec.80HHC - Income which is once included under one head at the time of assessment cannot be treated differently for other purpose - Assessee's interest income was assessed as income from other sources at the time of assessment which has not been disputed, thus cannot be included in income from business just for purpose of Sec.80HHC - Revenue 's appeal accepted :HC; Income Tax - Circular No. 103 - Assessee claims to be an industrial Co. - Revenue disallows on the ground that revenue of assessee from manufacturing is less then 51% of the total income - As per the interpretation of the term 'Industrial Co.' by Board's circular, income attributable to manufacturing activities is not the sole determining factor and where Co. is predominantly engaged in the business of manufacturing or processing of goods, then even if income attributable is less then 51%, assessee is an industrial Co. - Revenue's appeal dismissed : HC; |
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2007-TIOL-896-CESTAT-MUM.doc + indorama story.doc Notification 29/2004CE - Since the primary issue is whether separate registration of DTY unit is proper or not, prayer of appellant for waiver of pre-deposit of duty is to be granted - Stay ordered from recovery of duty, penalties etc. by Tribunal. As for Revenue's stay applications, the effect of granting stay would be to restore the order of the Deputy Commissioner revoking the separate registration granted to DTY unit, which order stands cancelled by the Commissioner(A) and this would amount to granting the Revenue's prayer in the appeal at the interim stage, which is not permissible.:Cestat; Assessable value of unprinted glass bottles should be in accordance with the established principles of accounting and should be arrived at as per CAS-4 and not by adopting the backward calculation method starting from the cost/sale price of printed bottles of Unit No.II - Matter remanded Commissioner's decision to demand duty based on the sale value of the printed bottles on the main ground that the sale of unprinted bottles claimed is of 'cooked up' or 'manipulated' sale cannot be accepted as the printed bottles are not excisable and the sale price of printed bottles includes expenses like packing charges, etc, which will not be relevant in determining the assessable value of unprinted bottles at earlier stage. Price lists filed approved provisionally & differential duty demands raised were dropped by Asstt. Commr - Commissioner's order confirming demand during the period when the above price lists were in vogue cannot be sustained. :Cestat;
SERVICE TAX SECTION 2007-TIOL-899-CESTAT-DEL.doc + consignment story.doc Consignment agent performing some functions of clearing and forwarding is a C & F agent - The loud thud of a drum cannot erase the soft whispers of a flute which also forms a part of orchestra :Cestat; Service Tax – Port Services – Stay/Dispensation of pre-deposit – No waiver of pre-deposit and stay of recovery in respect of port services rendered by the appellants. Service Tax – Business Auxiliary Services – Stay/Dispensation on of pre-deposit – Supporting documents to be produced for examing the issue :Cestat; ST - Consulting Engineer Service - Assessee pleads it was composite contract and the same cannot be split to levy service tax - Since the adjudicating authority has persused the contracts in details and found them divisible, pre-deposit ordered :Cestat;
CUSTOMS SECTION NOTIFICATION No change in tariff value of edible oils; Only brass scrap tariff value revised; CBEC amends 69/2004 to insert new Sr No related to upholstery fabrics; DGFT amends Import Licensing Notes for enforcing emission norms of Power Tillers; CASELAWS Export - Refund - Limitations - Even in respect of illegal levy, the refund claim should be filed within the time limit prescribed :Cestat; Customs - Refund - When there is clear indication that the goods have been sold much below the landed cost it is very clear that the duty burden has not been passed on to the buyer :Cestat; |
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Import of power tillers - emission norms - DGFT amends ITC(HS) - refers to a notification, not the rules; An International Tax Conference with 'generalist' faces of 'Revenue'! Applications for DDG of NIRD at Hyderabad; Mastek Ranked among the Top 50 Global Outsourcing Providers; Patels Airtemp bags orders of Rs 109 Cr from Dresser Rand; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
