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Central Board of Trustees recommends 8.5% interest rate for 2006-07; FM to inaugurate annual conference of CCs of Central Excise and Customs tomorrow; DRI Delhi Zonal Unit seizes another consignment of heroin - this time 5 kg in Gurdaspur; 18 kg in total last week; Quake measuring 4.9 on Richter scale hits Uttarakhand; FM once again reiterates no question of legislation to cap salary in pvt sector; Najma Heptulla is BJP's candidate for Vice-President's post; |
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| Dear Member, Sending you the following files: |
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Revision of monetary limits for filing appeals by the department before various appellate bodies or appellate authorities; 2007-TIOL-217-ITAT-MAD.doc + search story.doc There can be regular assessment in addition to block assessment but seized materials cannot be used by Revenue for regular assessment:ITAT; Income Tax - Assessee claims certain deduction u/s 35D which is allowed by A.O. and assessment framed - CIT sets aside the order u/s 263 for non application of mind by A.O. with directions for making fresh assessment - Sec.263 can be invoked by CIT on recording of satisfaction that the order of A.O. is erroneous and prejudicial to the interest of revenue on account of non application of mind - A.O. simply accepted the claim of assessee without making an enquiry - Assessee's appeal dismissed :ITAT; Income Tax - Assessee offers income under a wrong section and is assessed accordingly but raises the issue at appellate stage - Revenue contends that the same can't be contended at this stage as the assessee itself offered the income under the impugned section - Neither assessee nor Revenue can apply a section of their own choice for taxation without keeping in mind applicability of the same to the facts of the case - Case remanded to be decided as per law applicable to facts of the case :ITAT; Income Tax - Delay in filing of appeal by the assessee - CIT(A) refuses to condone the delay - While dealing with condonation of delay, a liberal approach is to be taken as refusal could lead to throwing out a meritorious case resulting in injustice whereas on the other hand maximum that will happen is that the case will be decided on merits - Also there is no presumption of delay and when substantial justice and technical considerations are pitted against each other, the cause of justice should prevail - Assessee has shown sufficient cause - Assessee's appeal allowed :ITAT; |
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2007-TIOL-996-CESTAT-MUM.doc + merger story.doc Doctrine of Merger - Tribunal shows sympathy to Revenue appeal - matter remanded to Commissioner(A) for hearing afresh:Cestat; Appellant using the name "Paras" which is registered in the individual name of the Director as well as the partner of another firm - Benefit of small scale exemption available as it cannot be said that the appellant used the Brand name belonging to another person - Tribunal decision in Anil Pumps P. Ltd. followed:Cestat;
SERVICE TAX SECTION ST - Taxable service provided by one part of the assessee company to another part - Revenue demands tax - Tax cannot be provided in such a situation - Assessee's appeal allowed:Cestat; Service Tax - C&F Service - Penalty for delay in depositing tax with interest - Immunity from penalty claimed under Extraordinary Taxpayer Friendly Scheme, 2004 - Revenue disallows on the ground that instant case relates to a period prior to introduction of scheme and the amount was also paid prior to its introduction - Show cause notice for penalty was issued by the department when the scheme was in force giving rise to cause of action for assessee to claim benefit of the scheme - Revenue's appeal rejected :Cestat;
CUSTOMS SECTION Customs duty - Bill of Entry filed - Declaration of value rejected - Revenue goes by declared value of similar goods imported earlier - While assessing the value of import, Customs Authorities are not bound by the value of goods shown in invoice and can instead rely on contemporaneous evidence to show that invoice value is not correct - Appellants have not disputed the contemporaneous nature of imports relied on - Assessee's appeal rejected :Cestat; |
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Revision of monetary limits for filing appeals by the department before various appellate bodies or appellate authorities - CBDT clarifie; Treaty-making powers of Executive : Need for legislation and enforcement of constitutional limitations; Vehicle loan EMI : Awaited tryst with tax exemption! Gail India signs MoU with Transparency International for integrity pact with contractors; Atlas Copco acquires Mafi-Trench, expands in oil and gas markets; Rain Calcining serves termination notice on Oxbow Carbon & Minerals LLC; UTI Bank successfully raises USD 1050 mn; |
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