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CBDT asks income tax offices to remain open on Saturday + Sunday and set up new counters for accepting individual returns; FM advises CBDT to set up dedicated Directorates of Legal and HRD; Ms Pratibha Patil sworn in as first woman President of India; Cabinet Committes on Security + Political Affairs approve Indo-USA N-deal; Pranab says 'all concerns of India addressed in draft agreement' - Govt to brief Parliament on first day of Monsoon session on Aug 10; Mint products account for 30% of total exports of spices worth Rs 3600 Cr last fiscal; Lobbying for prime slots may delay CBEC Chief Commissioners' transfer order; FM asks CCs to undertake high impact audit to prevent evasion; Cenvat Credit goes past PLA - Govt to take a re-look at Cenvat system; RBI moots model legislation for regulating money lending and proposing mandatory registration of all sorts of money lenders with state govts; India, South Korea exploring opening of markets through FTA route; |
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| Dear Member, Sending you the following files: |
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Individual return-filing : CBDT asks income tax offices to work on Saturday and Sunday for accepting returns; CASELAWS Income Tax - AO includes excise duty and sales tax with total turnover for allowing Sec 80HHC (3)(b) benefits - CIT(A) disagrees with AO - Tribunal dismisses Revenue's appeal - HC also does rules against the Revenue - Sales tax and excise duty have no element of 'turnover' like the rent, commission and interest related to exports - if they are made relatable to exports, the formula under Sec 80HHC to become unworkable - Revenue's appeal dismissed:SC; 2007-TIOL-397-HC-ALL-IT.doc + Allahabad story.doc Income Tax - Search u/s 132 is conducted against the petitioner's brothers - Petitioner living in the same premises is also searched and notice u/s 158BC is sent for block assessment - Provisions of Ch.XIV-B, including 158BC, can be invoked only in consequence of a valid search u/s 132 or requisition u/s 132A which in turn can be authorised only on the basis of information with the concerned authority to form a reasonable belief that there is undisclosed income - The authorities had no information against the petitioner to form a belief nor did the warrant of authorisation mentioned him, thus the search as well as notice u/s 158BC is illegal and in violation of the statutory provisions - Petition succeeds:HC; Income Tax - Assessee is engaged in manufacture and export of shoe uppers - A.O. reopens the assessment on the ground that assessee's claim for deduction u/s 80HHC wrongly includes job work charges as these have no nexus with export activities of assessee - Where income from an activity is earned by using entire business appararatus of the Co., it will form a part of one of the components of business profits - Job work is linked to manufacturing activity and is done by utilisation of entire apparatus, thus not to be excluded from business profits - Revenue's Appeal dismissed:HC; Income Tax - Search u/s 132 - Additions made on account of undisclosed income on the basis of a document found during search - Any addition made on account of undisclosed income has to be proved beyond doubt, and by placing relevant material on record to show that evidence found as a result of search proves undisclosed income - There is no material on record to show the basis on which A.O. reached a finding that there is undisclosed income - Revenue's appeal dismissed :HC; |
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NOTIFICATION Govt exempts recorded smart cards and recorded proximity cards from excise duty; CASELAWS 2007-TIOL-1009-CESTAT-MUM.doc + gold story.doc Marketability is essentially a question of fact - Gold Chloride solution that emerges as an intermediate product is not marketable, hence not excisable :Cestat; 2007-TIOL-1008-CESTAT-BANG.doc Central Excise - Classification - Micronutrient Fertilizers which contains Nitrogen are classifiable as 'other fertilizers' under Chapter Heading 31.05 of CET:Cestat;
SERVICE TAX SECTION Is the National Stock Exchange liable to pay service tax? CASELAWS 2007-TIOL-1011-CESTAT-DEL.doc + idea story.doc ST - Cellular service - Cenvat credit availed on input service - Revenue denies it on the ground that the input service does not fall in the category of outpust service - Pre-deposit of Rs 50 lakhs ordered :Cestat; 2007-TIOL-1010-CESTAT-BANG.doc Service Tax - Hire purchase Services Vis-a-Vis Banking and other Financial Services - Financing the purchase of automobiles is not covered under any of the above activities - Stay granted :Cestat;
CUSTOMS SECTION CBEC corrigendum for Not 87/2007-Cus : Import duty on crude palm oil + Crude palmolein hiked to 45% from 40% notified; CASELAWS CHA - Revocation of licence - The procedure prescribed under Regulation 23 which elaborately lays down the procedure to be followed for revocation of licence under Regulation 21 has not followed by the commissioner - The impugned order set aside :Cestat; Customs - Refund - The Chartered Accountant's certificates are certificates issued by professionals interested in their client (the refund-claimant) and such documents per se cannot be accepted singularly and conclusively as evidence against the latter's unjust enrichment, though they could be corroborative evidence in a given case :Cestat; |
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Recorded smartcards exempted; How good is Revenue in defending cases before Tribunal and HCs? Applications invited for Dir (Finance) in Rashtriya Chemicals & Fertilisers Ltd; ONGC Q1 net up by 11.9 % to Rs 4600 Cr; GAIL, ONGC sign MoU for formation of JV; IDFC partners FTSE in creation of New India Infrastructure Index Series; |
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