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Sahar Airport Customs seizes FC worth Rs 8.26 lakh in a rectum case; Paucity of skills to hurt nation's growth: FICCI; FM urges Jewellery sector to tap global market in a big way; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-367-HC-MUM-IT.doc + bombay hc story.doc Pre emptive purchase of property by Income tax department – Appropriate Authority's order quashed; bad SCN, improper order Just as comparison of incomparable properties is fallacious, non-comparison of comparable properties is equally fallacious : HC; Sec 80HHC benefits - Assessee excavates, sizes, cuts and polishes granite into a finished product and claims it to be a manufacturing process - Tribunal allows the benefits - Going by the Sec 80HHC(2)(b), cut and polished granite not qualified to claim benefits for period prior to the amendment in 1991 that allowed the same - Revenue's appeal upheld : HC; Income Tax - Assessee claims deduction of unabsorbed depreciation for working out book profits and declares a loss - Revenue disallows deduction on the ground that u/s 115J, the word 'loss' does not take into account unabsorbed depreciation - Provision of Sec.205 has been incorporated into Sec.115J and as the word 'loss' in clause(b) of proviso of Sec.205(1) takes into account unabsorbed depreciation, similarly book profits have to be arrived at after considering unabsorbed depreciation - Assessee's appeal allowed : HC; Income Tax - Reassessment u/s 147 - Additions made for unexplained investment - CIT(A) & Tribunal reduce the quantum of additions after considering the relevant materials - Revenue in appeal against the findings - As per a decision of Apex court, whenever there is a concurrent factual finding by the authorities below, no interference is called for by the High court - Revenue's appeal dismissed : HC; |
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2007-TIOL-920-CESTAT-DEL.doc + lesser credit story.doc An assessee cannot be faulted for taking a lesser amount of credit than is due to him under the law :Cestat; 2007-TIOL-919-CESTAT-MAD.doc + Pricol Ltd Story.doc Central Excise – Refund – Demand for recovery of erroneous refund has to be made under Section 11A of CEA with in the prescribed time limit – No unjust enrichment in refund of pre deposit – Board circulars are binding on the department :Cestat; 2007-TIOL-914-CESTAT-DEL.doc + excise story.doc Goods cleared on CT3 – if duty is payable, concessional rate applicable:Cestat; Central Excise – Offence – One cannot say that there can be two or more manufacturers or assessees for the same goods – liability under Section 3 of Central Excise Act fixed on a person by the statute cannot be affected by any contract :Cestat;
SERVICE TAX SECTION Service Tax - Tour Operator Service - Applicants have made out a strong prima facie case on merits in the light of Tribunal's order in the case of Gandhi Travels 2007-TIOL-430-CESTAT-AHM - Pre-deposit of duty, penalty waived - Stay granted Cestat; Service Tax – BAS – service provided before 9.7.2004, payment received in 2005 – no Service Tax payable :Cestat; Ignorance of law is no excuse – delay of 197 days not condoned :Cestat;
CUSTOMS SECTION NOTIFICATION CBEC makes Customs more accountable for speedy disbursal of refunds; CBEC amends many Tariff Notifications related to export promotion schemes; CASELAWS Customs – Cess – Imported natural rubber – No cess is recoverable on the natural rubber imported in view of the settled decisions :Cestat; Customs – Valuation – No evidentiary material has been offered to support the claim that the discount offered by the overseas supplier was abnormal – Enhancement of value on that basis is incorrect :Cestat; Customs – addendum to the Show cause notice implicating the appellant not received by them – principles of natural justice violated – appeal allowed :Cestat; |
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Service Tax - Does anybody know the accounting codes of the services? Wandering in the wonderland of training! Service tax on renting - Mixed use of property; Rs 854 Cr National e-Courts project to be rolled out tomorrow; Ahluwalia Contracts secures 4 new projects worth Rs 130 crores; Massey's CMCTEC leads 3 NZ tech firms to export deals in India; Dishman Pharma signs MoU with Solvay; Venus Remedies registers research product in Ukraine; |
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