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Pre-emptive measure to curb price rise : Govt reduces customs duty on edible oil (See Notification in Customs); CBN, MP Unit, seizes 189 kg acetic anhydride, a precursor chemical for heroin-making; SC defers BSNL-BPL case by two weeks; |
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| Dear Member, Sending you the following files: |
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Income limits for assigning case to DC/ACs; 2007-TIOL-393-HC-ORISSA-IT.doc + tata story.doc Transit house - expenses for repair, depreciation and staff salary, not deductible; Interest payment should be set off against interest income - inter-corporate deposits do not qualify for relief under section 80HH :HC; AO makes additions for share application money deposited in fictitious names - Tribunal deletes it - Even if the subscribers to the share capital money were not genuine, the sum of share capital cannot be treated as undisclosed income of the assessee co :HC; Income Tax - Assessee incurs expenses in medical treatment which is reimbursed by his employer by way of cash payment to him directly - Revenue treats it as benefit derived by the assessee and thus income within the meaning of Sec.2(24)(iv) which is taxable - Sec. 2(24)(iv) uses the word 'whether convertible into money or not' which is understood to mean benefit other then cash payment made to assessee directly - Assessee' s appeal upheld :HC; Income Tax - Assessee writes off sums given on loan - A.O. makes additions of interest on the said loans on the ground that assessee follows mercantile system of accounting and thus income on account of interest is to be included on accrual basis - Even where mercantile system of accounting is followed what is to be seen is whether the income is actually accrued to the assessee or not as income tax is essentially a levy on income, so where there is no income, there can be no tax - Revenue's appeal dismissed :HC; |
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Authority for Advance Rulings (Central Excise, Customs and Service Tax) Procedure (Amendment) Regulations, 2007; 2007-TIOL-394-HC-MUM-CX.doc + indorama story.doc No Cenvat Credit on FO used in generation of electricity supplied to residential quarters within the factory:HC: 2007-TIOL-130-SC-CX.doc + sc story.doc Remand by Tribunal to consider specific issues - other issues need not be considered :SC; Central Excise - refund consequent to finalization of provisional assessment - Commissioner (Appeals) remand order allowed the refund and it was limited to only verifying the fact of provisional assessment - It is not open to the lower authorities to go beyond the remand order and reject refund on the ground of unjust enrichment :Cestat; Even if the appeal is decided against the appellant the department having failed to issue notice for recovery of any alleged erroneous refund within the period specified in Section 11B, the recovery of any erroneous refund is not feasible . Appeal allowed in favour of appellant to bring two decades old dispute to an end :Cestat;
SERVICE TAX SECTION 2007-TIOL-1001-CESTAT-BANG.doc Service tax - Penalty - Appellant discharged the Service Tax along with interest immediately after the order has been issued- Considering financial hardship and client having paid service tax amount- Penalty reduced :Cestat; ST - Free servicing by automobile service dealers - Revenue demands tax in view of commission paid to dealers in lieu of free services during warranty period by automobile manufacturers - Since the service rendered is not free as being compensated by the auto manufacturers, pre-deposit waiver declined :Cestat;
CUSTOMS SECTION NOTIFICATION Import tariff on edible oil reduced; CASELAWS 2007-TIOL-1005-CESTAT-DEL-LB.doc + LB story.doc Mid-term review and withdrawal of Anti-Dumping Duty on Borax Decahydrate from Turkey upheld :Cestat; 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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Income Tax - Who is your assessing officer? Battle of tax incentives between SEZs and Tax Holiday Zones; NTPC signs MoU with ADB for setting up JV for renewable power generation; Patni Computer acquires Taratec for USD 27 mn; Nicholas Piramal's new cancer drug gets FDA nod; |
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