|
 |
 |
 |
 |
 |
INSIDER Vigilance charge helps CBEC Chairman to ease out 'decent souls'! |
 |
|
 |
 |
 |
|
|
 |
 |
|
|
Polls for Vice-President post to be held on Aug 10; Punj Lloyd bags Rs 500 Cr Reliance Gas pipeline project; Govt to speed up certification of more cement companies to meet demand scenario; Cabinet lifts curbs on investment of surplus funds of PSEs into mutual funds upto 30% of surplus; Cabinet approves amendment in the Gratuity Act; |
|
|
|
|
|
|
| Dear Member, Sending you the following files: |
||
| |
 |
 |
|
|
|
CIRCULAR New ITR Forms : CBDT clears many doubts in the mind of taxpayers; CASELAWS Income Tax - Assessee associated with a firm which was raided - Cash seized - Summons issued and souce of cash not established - Books of accounts found to be incomplete - Additions made for undisclosed income u/s 69 - Tribunal for linking up the sum with the books of the firm and not to be treated as undisclosed income - Since the investigation established that the firm was fictitious and its partners were also bogus and there was no bank account found in the name of the firm, Tribunal was wrong in directing the AO to link the sum to the account of a non-existent firm - The onus of proving the source of deposit primarily rested on the persons in whose names the deposit appeared in various banks - Revenue was right in making individual assessments in the hands of respondent-assessees :Supreme Court; 2007-TIOL-405-HC-RAJ-WT.doc + stone story.doc Firm engaged in processing of rough stones is an 'industrial undertaking' and eligible for exemption under s. 5(1)(xxxii) of the WT Act. 1957 : Rajasthan HC; Income Tax - Assessee, a share broker, shows only net brokerage as profits in P&L a/c and shows sub-brokerage payable as liability in balance sheet - Revenue imposes penalty u/s 271(1)(c) on the ground that entire gross brokerage has not been shown in P&L a/c - Sec.271(1)(c) can be invoked only in case of concealment of income or wrong furnishing of particulars of income whereas in the instant case there is just a bonafide mistake of not showing sub-brokerage explicitly in P&L a/c - Revenue's case dismissed:HC; Income Tax - Assessee fails to get accounts audited within the prescribed time limit - Revenue imposes penalty u/s 271B after completion of assessment proceedings - Assessee objects on the ground that penalty is barred by limitation provided under Sec.275 - Sec.275 does not talk of initiation of penalty proceedings but simply prescribes limitation once the penalty proceedings are initiated and there is no requirement of initiation of penalty proceedings during the course of assessment proceedings but the time limit starts from the proceedings in course of which penalty proceedings are initiated - Reference goes against the assessee:HC; Income Tax - Notice u/s 148 - Petitioner questions validity as it was issued by an officer below the rank of Asst.Comm. without the approval by the Jt. Comm. and thus violative of statutory provision - Revenue contends that even if sanction is not taken it's protected by Sec.292-B - Sec.151(1) of the Act specifically requires that no notice u/s 148 can be issued by an officer below the rank of Asst.Comm./Dy.Comm. where an assessment u/s 143(3) or 147 has been made without satisfaction of Jt. Comm. on reasons recorded by the issuing officer - Notice in the instant case was issued by an officer below the rank of Asst.Comm. without prior sanction of Jt. Comm. thus without authority of law and the same can't be protected by Sec. 292-B which has limited application as it protects only mistakes, ommissions etc. and not non-compliance of statutory requirements - Writ allowed. : HC; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
CBEC finally issues promotion order of 12 Chief Commissioners + transfer order of 19; CASELAWS 2007-TIOL-134-SC-CX.doc + kvss story.doc KVSS - pending appeal - appeal filed after time limit expired - KVSS rejected on the ground that the appeal was time barred - CESTAT holds appeal was within time - KVSS has to be revived:SC; Central Excise - Modvat - Credit of duty on inputs used in the exempted final products. The inputs used in the manufacture of exempted products were not eligible for credit and credit should not be disallowed on inputs used as fuel when both dutiable and exempted products were manufactured :Cestat; Central Excise - Classification - Manufacture of 'Chocos' - Revenue classifies it under Chapter Heading 19.04 whereas the assessee puts it under heading 18.04 - Since the Revenue successfully discharges the onus to prove the correct classification, its stand allowed by the Commissioner (A) upheld :Cestat;
SERVICE TAX SECTION 2007-TIOL-1023-CESTAT-DEL.doc + hutch story.doc Service Tax on International in-bound Roamers - whether exempted & hit by provisions of Rule 6(3)(c) of Cenvat Credit Rules - Tribunal directs Hutchinson Essar to pre-deposit Rs.40 lakhs in cash for obtaining Stay:Cestat; Service Tax - Telephone Services - In view of the settled decisions, Telecom department of the Central Government had no liability to pay any interest on account of crediting of service tax into the relevant head:Cestat; ST - Business Auxiliary Service - Assessee, a manufacturer of TMT bars, franchises brand name - takes cenvat credit for service tax paid - Since franchise business of the brand name has nothing to do with the manufacturing activity - manufacture and sale of CT/TMT bars cannot be treated as a service - credit allowed:Cestat; (We are sending this again as there was some mismatch of words in the headnotes sent to you earlier - we regret it)
CUSTOMS SECTION DGFT CIRCULAR Guidelines for import of rough marble blocks/ slabs; DGFT PUBLIC NOTICES Conversion of DFRC shipping bills into DFIA bills by Customs for lack of software package - Benefits to be allowed; Transferability of DFIA - Relevant para amended; RCMC Application Form : Requirement of financial soundness document from bank deleted + Para related to part import of capital goods at two Customs stations deleted;Corporate Guarantee - Relevant para amended; DTA sales - PTH allowed DTA sales even on monthly basis; DGFT NOTIFICATIONS Import of marble - Import Licensing Note inserted in Chapter 25; Policy amended for iron ore pallets manufactured by Kudermukh Iron Ore Co Ltd; EoUs / STPs / BTPS - Export of spares upto 5% of FoB value allowed to the same buyer but it is not to be counted for NFE and direct tax benefits; CUSTOMS NOTIFICATION Customs Exchange rate for export goods for August; Customs Exchange rate for imports for August; Govt exempts many items from Chapter 82, 84 & 90 from additional duty of Customs; Govt imposes definitive anti-dumping duty on hexamine imports; Definitive anti-dumping duty imposed on import of bias tyres, tubes and flaps; CASELAWS 2007-TIOL-1021-CESTAT-DEL.doc + scrap import story.doc Import of explosive material in Heavy Melting Scrap (HMS) - Confiscation of HMS and imposition of penalty on importer not justified :Cestat; 2007-TIOL-1020-CESTAT-BANG.doc Recall of ex parte order - the appellants did not inform the CESTAT the change of address - Notices were sent by the Registry to the address given in the CA 3 form by registered post - The applicants have simply not bothered to prosecute their appeal diligently before the CESTAT - application rejected :Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Reduction Of Customs Duty On Palm Oils - Govt explains goof-up; Direct tax revenue to exceed and overshadow indirect one next fiscal; Topbrass of Authority for Advance Rulings to interact with industry in Bangalore; Blue Star Q1 net profit up three-fold to Rs 22 Cr; Jet Airways goes for three additional B777 & 13 ATR aircraft; Spentex Industries completes acquisition of Schoeller Litvinov k.s.; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
