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BoA to take up 41 SEZ proposals tomorrow; India earns USD 3600 mn from inflow of tourists in 2007; BSNL staff are on strike today after talks with Minister fail; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-125-SC-IT.doc + morgan story.doc Back office is not a PE - deputation of staff to India constitutes service PE - once a transfer pricing analysis is undertaken, there is no further need to attribute profits to a PE Transfer pricing - Transactional Net Margin Method was correct - Economic nexus is an important aspect of the principle of Attribution of Profits : SC; 2007-TIOL-124-SC-IT.doc + SC IT story.doc 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: SC; Income Tax - Valuation of closing stock - Excise duty on the closing stock not cleared from the factory not to be included while valuing the closing stock : HC; Income Tax - Assessee claims deduction for interest paid on borrowed funds used for earning interest income - Reopening of assessment u/s 147 - Revenue disallows as the interest expenditure was already debited in P & L Account - Since it is already claimed in the P & L Account, separate deduction cannot be claimed for the same expenditure - Assessee's appeal rejected: HC; |
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NOTIFICATION Exemption granted to goods supplied to Long Range Surface to Air Missile Programme; CASELAWS 2007-TIOL-932-CESTAT-DEL-LB.doc + larger bench.doc Under Central Excise Law, partnership is not a distinct entity - all partners of even a dissolved firm are liable :Cestat; Fruit Juice "Tropicana" is correctly classifiable under heading 2001.10 & not under heading 2202.99 as contended by Commissioner - Charges leveled in notice for invoking extended period are also un-substantiated - demand hit by time bar - Order set aside & Appeals allowed :Cestat; 2007-TIOL-930-CESTAT-BANG.doc +export story.doc Central Excise - Export -goods removed for export destroyed due to unavoidable reasons. Accident cause to the lorry - not deemed to have been removed from the factory gate in terms of section 5 of the Central Sales Tax Act as sale has not been completed - The demands cannot be raised :Cestat;
SERVICE TAX SECTION Service Tax - classification - it cannot be said that the nature of the services rendered by them was 'C & F Agents' at one point of time and 'Business Auxiliary Services' at another point - timely collection of payment for sales from the customers to firms is not taxable under C&F agent's service : Cestat; Service Tax - Application for out of turn disposal of appeal - amount involved only Rs. 25 Lakhs - No valid ground - plea rejected :Cestat;
CUSTOMS SECTION NOTIFICATION Definitive anti-dumping duty on import of POY levied; Exemption granted to goods supplied to Long Range Surface to Air Missile Programme; DEPB rates amended for engineering goods; SION rates amended for engineering + plastic products; CASELAWS Whether Redemption fine can be imposed on a person other than the owner of the goods? Question of law - High Court should have considered - remanded to High Court :Cestat; Customs - SAD - Refund - The legality or correctness of assessments cannot be questioned through a refund claim when the relevant assessments were not challenged - rejection of refund claim upheld. :Cestat; |
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Mumbai blast anniversary - victims still wait for help; An open letter to CBEC Chairman; sebi_protection_guidelines.pdf + sebi_equity_listing agreement.pdf SEBI notifies amendments to Clause 41 of Equity Listing Agreement + SEBI guideliens; Megasoft to acquire Boston Communication Group, Inc.; HCL Technologiesi inks partnership with Konica Minolta; Orange Business Services acquires GTL's IT services Business; WB approves additional sum of USD 65 mn for AP rural poverty reduction project; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
