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Union Cabinet okays proposal to issue Ordinance for making depiction of skull and cross bones in packaging of all tobacco products as optional + restructuring of NHAI + acquisition of new building vessels by Shipping Corporation; SBI, UTI Asset Management Co PVt Ltd and LIC found to be best bidders to manage pension fund of Govt; PM sets up inter-ministerial group on major steel investments; Kamal Nath bags 'FDI Personality of the Year 2007' award from Financial Times Group in London; Nath launches e-filing of Patent & Trademark applications today; FM approves 17 FDI proposals worth Rs 590 Cr; Commerce Ministry for separate exports norms for port SEZs; CIC orders Intelligence Bureau to probe and submit report on delay in filing documents in a RTI case; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-386-HC-DEL-IT.doc + penalty story.doc Income Tax – No prosecution if Tribunal set aside penalty on merits Once the penalties are cancelled on the ground that there is no concealment, the quashing of prosecution under s. 276C is automatic:HC; Income Tax - Representative of assessee, a minor, conceals income by furnishing inaccurate particulars of income - A.O. levies penalty - Tribunal quashes penalty on the ground that there is no concealment as department failed to prove the case to hilt and penalty u/s 271(1)(c) is not leviable on representative assessee - It's a clear case of concealment and department is not to prove the case to hilt for levying penalty and thus penalty is leviable - A minor is not covered by the definition of person as per sec.2(31) for the purposes of Sec.271(1)(c), thus cannot be saddled with penalty under it but the same can't be said of a representative assessee whose liability is to be fixed with regard to penalty in light of Ch.XV of the Act, thus matter remitted for the purpose - Revenue's appeal allowed:HC; Income Tax - Assessee pays service charges to sister concern on account of packaging and forwarding and claims deduction - Revenue disallows on the ground that its not business expenditure - Payment by assessee co. to its sister concern is allowable deduction and, moreover, in the case of assessee similar expenditure has been allowed by the revenue in subsequent year - Revenue's appeal dismissed:HC; Income Tax - Revenue reopens assessmant u/s 147 after 4 years on the basis of a Supreme Court decision - Reopening of assessment u/s 147 beyond 4 years from the end of relevant assessment year is allowed only in case of non-disclosure of facts by the assessee truly and fully which is not the case here - Revenue's appeal dismissed:HC; |
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2007-TIOL-983-CESTAT-AHM.doc + duty story.doc When rate of duty was 10%, duty paid at 12% and credit taken accordingly is not correct:Cestat; 2007-TIOL-982-CESTAT-MUM.doc + vague story.doc In the absence of proper investigation and correct show cause notice, the order suffers from vice of vagueness - Order set aside and appeal allowed with consequential relief:Cestat;
SERVICE TAX SECTION Service tax – Transfer of technology will not come under the definition of “Consulting Engineers” service– Not adhering to the earlier rulings on the issue by the Commissioner is bad in law- the impugned order is set aside and appeal allowed:Cestat; Service Tax – Event Management Service – Since the appellant paid pre-deposit, the matter remanded to lower appellate authority for disposal on merit:Cestat;
CUSTOMS SECTION Cofeposa - Representation against detention u/s 22(5) - Such representation has to be considered as expeditiously as possible and any unexplained delay will render continued detention illegal being violative of detenue's right under Article 22(5) - The representation has been held in casual manner, and thus detention set aside - Petition allowed:HC Suspension of CHA licence – revenue's application for extension of time to conclude the proceedings is not justified in view of the Larger Bench decision in the case of Freight Wings and Travels Ltd – application rejected:Cestat; Customs - Import of clothing accessories - Classification - Assessee claims goods are classified under heading 8308.10 at 30% ad valorem whereas Revenue puts the same under Heading 6212 at Rs 30/- per piece - Duty cannot be a basis of classification which is done on the basis of heading, section and chapter note - Assessee's appeal fails (Para 6):Cestat; |
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Acronyms That You Should Know; kpsingh case.doc + kpsingh story.doc CBEC Member is not a promotion post - Selection Committee is free to devise own ways - Seniority alone cannot be criterion - reputation about honesty and integrity is one of relevant consideration :CAT; Assocham to hold seminar on treaty-making power of Govt; United Phosphorus acquires ICONA through Share Purchase Agreement; Subex Azure wins fraud management contract in Malta; Jindal Steel signs contact with Govt of Bolivia for EI Mutun Mine; Reliance to sell 5% of equity stake in Reliance Infrastructure; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
