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EGoM on ultra mega power project asks Sasan Power to offer LoI to Reliance Power, lowest bidder; Regulating CEOs' salary : Prem Gupta says PM's statement was distorted; Heroin is raining from across the border; DRI Delhi Zonal Unit makes yet another seizure of 10 kg worth Rs 10 Cr near Ludhiana; Two arrested; CII forewarns further tightening of interest rates may hurt growth; India decides to go for dedicated military satellites; Hyderabad Airport Customs seizes FC worth Rs 15.4 lakh; Also seized USD 10,000 + 1.9 lakh Dirhams in a separate case recently; |
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| Dear Member, Sending you the following files: |
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NOTIFICATION CBDT notifies electronic filing of returns; CASELAWS 2007-TIOL-410-HC-MUM-IT.doc + siemens story.doc Notice issued without application of mind - AO was not aware that amendment to the Act was not retrospective - Profits from EOUs were eligible for deduction at the relevant time - Show Cause Notice quashed : Bombay HC; Income Tax - Assessee is into the business of finance, investments and leasing - Floats public issue - Promoters make private contribution to share capital - Additions made for unexplained contribution as undisclosed income - Tribunal deletes the additions - Since it is a pure question of facts which have been decided by the Tribunal, Revenue's petition dismissed :HC; Income Tax - Assessee, engaged in hotel business, claims deduction u/s 80HHD - A.O. allows - Later, on learning that claim includes interest taxable rectification undertaken - Claim of assessee, being debatable, can't be disallowed u/s 154 - Revenue's appeal dismissed : HC; 2007-TIOL-218-ITAT-MAD.doc + income tax story.doc Wrong claim of depreciation - When the assessee has indulged in bogus transactions in connivance with other parties, statutory penal consequences must follow - penalty however reduced as the assessee ultimately agreed for the higher tax :ITAT |
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2007-TIOL-1036-CESTAT-AHM.doc + 11d story.doc Clearances as such - Excess cenvat passed on - Section 11D is not applicable :Cestat; Central Excise - Remission of duty - Reversal of credit on duty paid input used in manufacture of goods destroyed - Refund claimed - Revenue disallows - Remission of duty cannot be equated with exemption, and thus there is no requirement of reversal of credit on inputs which have gone into the goods destroyed - Assessee's appeal allowed - (Para 6,7).:Cestat; 2007-TIOL-1032-CESTAT-MUM.doc + excise story.doc Revenue Appeal involving a whopping interest amount of Rs.380/- dismissed by Tribunal :Cestat; Compounded levy scheme - delay in payment of duty - penalty equal to duty imposed under Rule 97ZQ5(ii) is not warranted in view of the marginal delay - penalty reduced :Cestat;
SERVICE TAX SECTION 2007-TIOL-1038-CESTAT-BANG.doc + TNT story.doc Service Tax - Courier Services - No requirement of payment in foreign currency before 16.6.2005 - No tax leviable for export of services - Penalty of Rs. 4.5 Crores is a savage one - Adjudicating Authority cannot go simply by the clarification of the Ministry, which is contrary to law :Cestat; 2007-TIOL-1037-CESTAT-BANG.doc Service tax - Consulting Engineer Services - payment of royalty for technical transfer/information received from a foreign company under contract is not a consulting engineer service- this is a settled issue in view of various judgments:Cestat; Service Tax - Appeal - In view of the precedent of non insisting of pre-deposit in similar cases - the matter remanded to Commissioner (Appeals) to decide the issue on merits without insisting for Pre-deposit :Cestat;
CUSTOMS SECTION Imported goods are required to be assessed at the transaction value unless the transaction value is required to be rejected for the above reasons mentioned in Rule 4 - No valid reason for making enhancement of value in the present cases- If the consignments are rejects, their price would be below the price of fresh products-The law specifically warrants assessment at transacted prices- Contrary to this, assessing authorities have made all assessments at a standard price - This discipline (price) is accepted neither by the market, nor by the law :Cestat; Customs - Once the main accused stands absolved of penal consequences by settlement commssion, then co-accused can't be penalised - Appellant's appeal allowed :Cestat; Customs - Import of choker (chaff) of Nepalese origin - Seizure of consignment - After Revenue has discharged the initial onus of proof, further onus of proof in defence has to be discharged by the appellant :Cestat; |
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Income Tax Returns for Assessment Year 2006-07 - CBDT Clarifications; Tax me your Honour but spare me Income Tax Form! Corporate Social Responsibility : Will social audits help? Infrastructure development and certain issues related to CST, VAT and Service Tax; Punj Lloyd ventures into integrated drilling services; Ranbaxy Lab commercialises first authorized generic Isoptin SR in US; NTPC signs MOU with Anna University, i-flex Solutions net leapfrogs by 64%; Hindustan Unilever to buyback own shares at Rs 230 per share; |
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