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Rupee appreciating; Govt to give cheaper loans to exporters; Commerce Secretary says no change in exports targets at least till September; Reimbursement claims against deemed exports benefits : MoF relaxes restrictions on monthly & quarterly ceilings on expenditure by MoC; CBDT extends 'Refund Banker Scheme' to Chennai, Kolkata, Mumbai and Bangalore from September 30, 2007; Customs & Excise mop-up registers 12.7% growth upto June; Service tax kitty collects Rs 5900 Cr upto June; UP Govt asks Centre to defer decision on 10 out of proposed 27 SEZs; BoA gives nod to 28 more SEZs, including Navi Mumbai; Total tally crosses 500-mark; Govt says no question of putting cess on TV and Radio; Tyre dealers seek customs duty cut on radial tyres of buses and trucks; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-200-ITAT-MAD.doc + web story.doc Creation of website is designing within definition of word 'design' - eligible for deduction u/s 80-O :ITAT; Income Tax - Assessee, a registered educational society, exempted under Sec.10(22) - A.O. re-opens assessment and levies tax by denying exemption on the ground that assessee exists for purposes of profit - Merely because there is surplus, it does not imply that an institution exists for profit as long as profit is not applied for the benefit of an individual and is ploughed back for achieving the main objects - Assessee's main object is education and it's specified in its constitution that the profits shall be applied for achieving the same - Revenue's appeal dismissed :ITAT; Income Tax - Assessee, engaged in the business of producing hybrid rice seeds, claims depreciation on germplasm seeds used as plant material and takes actual cost of acquisition of germplasm for computing depreciation - A.O. refuses to accept actual cost of acquisition and instead insists on computing depreciation on Written Down Value after taking into account notional depreciation for earlier years also when there was no depreciation availed - Written down value is actual cost to assessee less depreciation actually allowed and not notional depreciation - Assessee's appeal allowed :ITAT; Income Tax - Assessee is assessed for block period - He subsequently objects to assessment on the ground that the officer wasn't competent as he passed assessment orders after being transferred - Since the assessee did not raise an objection at the time of assessment proceedings nor any prejudice caused to him, assessment cannot be quashed on this ground - Assessee's appeal fails on this count :ITAT; |
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2007-TIOL-936-CESTAT-MUM.doc + 37b story.doc Notwithstanding the retrospective amendment of Section 11A and its validation being upheld by SC, demand raised after issue of 37B order for earlier period is not sustainable - Tribunal - SC decision in H.M.Bags Manufacturers & Suchitra Components Ltd. relied upon.:Cestat; Central Excise - Duty on mobile telecom service and base transreceiver station - Issue stands settled in favour of the assessee - Tribunal's order in BPL Mobile Communication Ltd 2005-TIOL-923-CESTAT-MUM followed:Cestat;
SERVICE TAX SECTION 2007-TIOL-938-CESTAT-DEL.doc + st story.doc Services from foreign service provider - legality of tax by Indian receiver prior to 1.1.2005 - matter likely to go to Larger Bench - partial stay granted : Cestat; ST - brokerage charge - Liability on main broker - Just because the sub-broker has also taken independent registration, it does not mean that he is also liable to discharge tax which may not otherwise be payable - Pre-deposit waived and stay application allowed :Cestat;
CUSTOMS SECTION NOTIFICATION Import of GM rice restricted; Import policy amended for import of betel nuts; to be allowed only through Mangalore port + Jogbani; CASE LAWS 2007-TIOL-934-CESTAT-MUM.doc + loading story.doc It is unimaginable that the exporter loading the goods on the ship in a far away country would be aware of the Public Notice issued by the DGFT - Confiscation and imposition of penalty set aside by Tribunal. :Cestat; Customs - exemption to Fodder Producing Units (FPUs) under Notification 103/87 - FPUs manufactured in India from the spares imported under the said exemption and sold in violation of the conditions of the Notification - redemption fine can be imposed with reference to the value of the spare parts used in the machines - the appellant, was a bonafide purchaser of the machines - a case where only a token redemption fine should be imposed - Redemption fine reduced to Rs. 1/-for each machine. :Cestat; |
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Exemption to machinery, equipment supplied to LRSAM; Oph.. what a taxing week! - First, SC's Morgan Stanley order, then admission of PIL against WTO Treaty and now, demand for Advance Pricing Mechanism! Govt hikes duty drawback rates across the board; makes bank loans cheaper for exporters; Cheaper bank loan for exporters; FIEO says Customs has become a facilitator of international trade; IQMS Software secures USD 1.5 M Order; UAE Airline's revamped website receives accolades; |
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