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Import of sensitive items declines by 8% between April-May, 2007; CBEC Chairman + Revenue Secretary to be in Kolkata to review revenue & meet trade; CCs' transfer order may get stuck till Friday; Govt not meddling in selection of IIMs' Director; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-379-HC-DEL-IT.doc + notice story.doc Notice under Section 143(2) not received back unserved by the Department within 30 days of its issuance -Delhi High Court holds the Notice has been duly served upon the Assessee. :HC; Income Tax - Assessee makes a gain in foreign exchange due to exchange rate fluctuations and treats the same as capital receipt - Revenue treats it as revenue receipt liable to tax - Any gains in foreign exchange due to exchange rate fluctuation made in course of business are to be treated as revenue receipt as in the instant case - Assessee's appeal rejected :HC; Deduction u/s 80HHC - A.O. makes prima facie adjustments of business loss u/s 143(1)(a) - Its a trite law that relief u/s 80HHC is a debateable issue which does not fall within the purview of prima facie adjustment u/s 143(1)(a) and can be taken up only in regular adjustment u/s 143(3) - Revenue's appeal dismissed : HC; Income Tax - Assessee takes a property on lease and sublets it - A.O. treats the same as income from house property - Income from house property u/s 22 is chargeable to tax in respect of person who owns the property and as per Sec.27(iiib) a person who acquires any rights with respect to a property is deemed to be the owner of that property excluding right by way of lease from month to month or a period not exceeding one year - Assessee entered into a lease for less then one year, thus not covered by the definition of owner of house property within Sec.27(iiib) - Revenue's appeal dismissed : HC; |
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Central Excise - Appellant removes certain inputs on which duty credit is taken as such after processing and reverses the credit taken later - Revenue raises demand u/r 11A contending that appellant should have reversed credit taking the value of input after processing - Demand u/r 11A can be made only in case of manufacture of new product and mere processing does not amount to manufacture - Rule 3(3)(b) of cenvat credit rules lays down that credit is to be paid/reversed only in case of input on which credit is taken and appellant has taken duty credit only for the sheet metal parts which is reversed and not processing material - Appellant's application allowed :Cestat; Central Excise - Exemption for a life saving drug - Revenue denies on the ground that it contains calcium carbonate which is not therapeutically inert and thus not covered by the notification - As per the evidence addduced by the asessee calcium carbonate becomes therapeutically active only beyond a certain level of dosage which couldn't be rebutted by revenue - Assessee's appeal allowed :Cestat; Central Excise - Assessee a manufacturer of dutiable as well as exempted goods and maintains separate accounts of inputs for availing duty credit - Revenue seeks to impose duty on exempted goods for violation of Rule 6(2) of Cenvat Credit Rules on the ground that assessee didn't maintain accounts of crates being used for exempted goods - Rule 6(2) is applicable in case of virgin inputs and not those credit availed inputs which have been already accounted once but find repeated use in manufacturing of final product - Assessee's appeal allowed :Cestat;
SERVICE TAX SECTION 2007-TIOL-971-CESTAT-MUM.doc + st story.doc Highly aggrieved Tata Technologies Ltd. finds solace in Tribunal - Rs.1.77 crores Service Tax demand set aside Appellant acting only as agent for SAP India & enabling the group companies to procure the SAP software and its maintenance - Annual Maintenance payable to SAP India routed through the appellant - only SAP India or its parent company had the right to modify/upgrade SAP software & the appellant neither had the right nor access to the source code and hence the appellant was incapable of providing SAP maintenance service - appellant cannot be said to have provided Management Consultancy service to the affiliates - Service Tax demand set aside with consequential relief. :Cestat; ST - Assessee a new entrant in business - Avails amnesty scheme and seeks registration - Since tax and interest were paid voluntarily, no penalty is called for :Cestat;
CUSTOMS SECTION NOTIFICATION No change in tariff value of palm oil but revised for brass scraps; dgft07pn021.doc + dgft07pn022.doc DGFT amends handbook to lay down procedure for EPCG Scheme and adds Indore as 'Port Registration'; Sugar quota to EU amended; CASELAWS 2007-TIOL-380-HC-MUM-CUS.doc + bombay hc story.doc Customs Assistant Commissioner flouts the law laid down by HC - hauled up for contempt - let off on unconditional apology : HC Customs - Unjust enrichment - Appellant claims refund of excess duty paid on capital goods - Revenue denies on the ground that sufficient evidence not produced to show that the excess duty not palmed off to consumers - Since the assessee not included the excess duty in the cost of machinery, no unjust enrichment - Assessee's appeal allowed :Cestat; |
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Valuation of goods sold through depot - is rule 7 redundant? Inconsistent commitment in unshackling controls and simplifying procedure; ONGC LOOKING FOR DIR (Finance); Lupin gets official nod to conduct clinical trials for herbal Psoriasis NCE; DLF bags Rs 6000 Cr contract from DDA to develop convention centre; RIL finds oil & gas in very first well in Cauvery Basin; Dollex Industries emerges as highest bidder for Kalamber SSK; Growth in G7 merchandise trade remains sluggish in first quarter of 2007; |
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