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CBEC full Board okays CCs' order; Surprises on cards for both 'giants' as well as 'ants'! WITH the Chief Commissioners' annual conference slated for next week, the CBEC is bang on job to issue the CCs' transfer-cum-promotion order. It is learnt that the full Board met yesterday and put its stamp on the final shape of the order. From the clues 'swimming' in the air, the 'Insider' gathers that the final order may throw many 'positive' surprises! A lot of giants who were expecting prime postings may feel elbowed out to a smaller place. Those who were not only pulling strings but also 'thick ropes' may be in for long-lasting tremors unless they try hard at RS and Ministerial-levels. But very little time is left if something is to be done! Besides the panel of 12 which has come back from the ACC, the Board is learnt to have disfavoured the move to shuffle many of the existing CCs. However, the metros are in for a surprise as new faces are going to dominate the 'speedy landscapes'! |
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FM exudes confidence to wipe off revenue deficit and collect Rs 2,67,490 Cr direct tax targets this fiscal; Ask CCITs & DGITs to closely monitor mop-up efforts; Consultative Committee of Home Ministry discusses Draft National Policy on Criminal Justice System; Service Tax exemption to exports : Kamal Nath again takes up issue with PMO + calls for expanding international market for agro products; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-210-ITAT-BANG-SB.doc + Aztec story.doc Tax evasion is not a necessary pre-condition for AO to refer the case to Transfer Pricing Officer; Provisos to the two Sections 92CA(1) and Sec.92C(3) are independent to each other - under Sec 92C(3) A.O. himself determines the ALP on satisfaction of conditions of the clauses, and on the other hand u/s 92CA(1) TPO determines the same on reference;++ Reference to TPO - Assessee need not be involved at every stage of material collections for determining ALP - AO may give an opportunity of hearing only at the time of finalising ALP; CBDT Circular No 3 upheld to be legal and constitutional :ITAT; Income Tax - Assessee claims deduction u/s 80IA on account of annual maintainance contract with respect to business of its undertaking in Pondicherry - Revenue disallows on the ground that charges on account of AMC have no nexus with the income of the undertaking - Deduction u/s 80IA is given for upliftment of backward areas and thus only income from business of undertaking is allowed deduction and not any income of assessee - Charges on account of AMC has no connection with the income of assessee as neither its machinery nor staff was used for the said purpose - Assessee's appeal rejected :ITAT; Income Tax - Loss return filed - A.O. disallows part loss and makes additions accordingly - CIT(A) deletes addition on the ground that such disallowance can't be made u/s 143(1) as it requires detailed discussion and directs A.O. to verify the same for its allowability - Assessee claims that since addition is deleted, the same should be allowed - Allowability of a claim of expenditure depends on the provisions of relevant statute and assessee can't claim deletion of addition as ground for allowability unless allowabilty of expenditure is examined on merits - Assessee's appeal dismissed on this ground : ITAT; Income Tax - Assessee, manufacturer of beverages, pays lease compensation charges and hiring charges for addition of new plant and machinery and claims deduction - A.O. disallows treating it as capital expenditure on the ground that compensation is paid for acquiring new plant and machinery and also revenue expenditure is allowed only if incurred in the previous year - If addition of new plant & machinery is by way of expansion of business then expenditure is to be treated as revenue, moreover lease compensation is in the nature of interest - Assessee is not always required to claim the entire revenue expenditure in one year in which it's incurred - Assessee's appeal allowed : ITAT; |
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Zinc waste is not excisable - SC decision in Indian Aluminium [ 2006-TIOL-129-SC-CX ] followed. Appellant classifying Zinc Waste under heading 26.02 of CETA & paying duty during the period 1998 to 2000 - Department raising differential duty demand by seeking classification under heading 79.02 - non challenge of the classification under Heading 26 adopted by the appellants themselves cannot operate against the right of the assesses to challenge the classification under Heading 79 - SC decision in Indian Aluminium applicable on all fours - Zinc Waste is not excisable - Demand set aside & appeal allowed :Cestat;Central Excise - Issue of show cause notice is a necessary requirement in the adjudication proceedings - In the absence of Show Cause Notice any instructions issued by way of a letter are administrative orders :Cestat; Second ROM application for rectification of alleged mistake in an order rejecting an application for rectification not maintainable - LB decision in Berger Paints followed. :Cestat;
SERVICE TAX SECTION Service Tax - Recipient of Goods Transport operator services during the period 16.11.97 to 1.6.98 - Refund - settled decision rejecting the plea for refund of the same assessee is in favour of the Revenue - Impugned order sustained and appeal rejected :Cestat; ST - Petition dismissed by Commissioner (A) on ground of non-compliance with pre-deposit order - Assessee's appeal restored as pre-deposit belatedly deposited :Cestat;
CUSTOMS SECTION NOTIFICATION Import of iron scrap : DGFT replaces ICD Tughlakabad by ICD, Loni, Ghaziabad + new system of import to come into force from April 1, 2008; CASELAWS 2007-TIOL-375-HC-MAD-CUS.doc + rail story.doc CBEC cannot interfere with adjudication - used rails - CBEC Circular No 8/2006-Cus quashed : HC Customs - Appeal - Restoration of appeal - The application filed by a person other than one who filed the appeal and the subsequent application for permission to withdraw appeal - abuse of process of Tribunal. :Cestat; |
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Drawback rates notified; If there can be education cess, what's harm in re-imposing licence fee or cess on TV or Radio! chako case.doc + chako story.doc Adverse remarks against Cestat Member - They proceeded to hang him by closest lamp post simply for reason that his neck nicely fitted the noose - remarks expunged:CAT; L&T bags Rs 980 Cr blast furnace order from Tata Steel; World Bank debars two Indian pharma companies for collusive practices; L&T bags USD 177.75 mn contracts for hydrocarbon sector from the Gulf Region; |
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