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Morgan Stanley gets relief; SC settles many tricky technical issues in this landmark order (Look out for detailed analysis + full text of order tomorrow); Core Sector logs 8.7% growth rate in May; China executes former Chief of State Food & Drug Administration for corruption; Delhi HC upholds TRAI's role as broadcast regulator; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-196-ITAT-DEL.doc + goodwill story.doc Income Tax - Assessee Co. is engaged in the business of production and telecasting of serials and claims expenditure incurred on production of serials u/s 37(1) - It acquires a firm engaged in similar business with all rights and liabilities which includes copyright and related business and commercial rights of its stock of serials and claims depreciation being intangible assets u/s 32 - Revenue disallows both on the ground that expenses on making serials is a capital expenditure and thus not allowable u/s 37(1) and that assessee acquired goodwill from the other firm which is not depreciable : ITAT; Search u/s 132 - Income surrendered - Assessment completed - Tax paid with interest and no appeal filed - Penalty u/s 158BFA(2) imposed - CIT invokes powers u/s 263 as penalty not correcctly levied - Since sub-section (2) of Sec 158BFA does not prescribe under what circumstances the penalty shoud be levied, it is entirely the discretion of the AO to form an opinion and the same cannot be substituted by the opinion of the CIT under a given circumstances - Assessee's appeal upheld: ITAT; Income Tax - Assessee fails to deposit advance tax - Interst u/s 234B levied - Once the tax liability exceeds the threshold limit, assessee is liable to pay advance tax and failure to do so will attract levy of interest which is mandatory in nature - Assessee's appeal dismissed : ITAT; Income Tax - Liquidation of company - Assessee treats shares held as investment - Revenue treats it as stock-in-trade and levies tax in block proceedings - Jurisdiction of AO in block proceedings is limited compared to regular assessment and, therefore, for block assessment there has to be prima facie undisclosed income and not undisclosed income - Revenue's appeal dismissed : ITAT; |
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NOTIFICATION EOUs required to achieve norms as per SION and definition of "status holder changed; CASELAWS 2007-TIOL-926-CESTAT-MAD.doc + valuation story.doc Central Excise - Valuation - goods manufactured by an EOU out of indigenous inputs would be deemed to have been manufactured in a DTA unit - Clearances to sister unit - Rule 8 of Valuation Rules applies :Cestat; Central Excise - CENVAT Credit - Dutiable and exempted Final products - Manufacturer availing CENVAT Scheme and manufacturing dutiable and exempted goods need not maintain account of issue of the inputs which find repeated use in the manufacture of final products once their consumption when new is accounted for No reason to interfere with the impugned order demanding 10% of sale price of the final produce is r/o furnace oil used :Cestat;
SERVICE TAX SECTION ST - Broadcasting service - Assessee pleads certain reimbursable expenses incurred on behalf of the client not to be included in the gross taxable value - Case remanded for fresh examination, including the limitation: Cestat; Service Tax - Annual Maintenance Contract - valuation - Stay/Dispensation of pre-deposit - Benefit of abatement of certain components/parts of elevators - The issue arising is extremely arguable - Stay granted :Cestat;
CUSTOMS SECTION 2007-TIOL-924-CESTAT-KOL.doc + container story.doc No label on the container showing date of manufacture, quantity, batch number, expiry date - assumed to be smuggled - liable to confiscation?:Cestat; Customs - Imports - Serviceable diesel engines cannot be categorized as waste and scrap of metal - Impugned order is sustainable :Cestat; |
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Exemption from Anti-dumping duty to goods imported by EOUs; President of India speaking! List of services for exemption / remission from Service Tax; L&T wins Rs 542 Crore order from IOCL; Tulip IT Services gets ILD license; Patni partners with iTKO for SOA Testing; HPCL makes maiden discovery of Oil in Exploration Block in Cambay; ONGC Vessel Samudrika sinks; four feared dead; |
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