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Misuse of Target Plus Scheme: Chennai DRI books copper importer for duty evasion of Rs one Cr; CBDT extends return-filing date to Aug 16 in floods-ravaged Bihar; Dept of Post and Indian Railways sign MoU; Post Offices to provide railway reservation; TADA Court rejects Sanjay Dutt's apology application; sentences him to six-year imprisonment; Bird flu fall-out : UAE is first to ban import of birds from India; CBDT gearing up for CITs' promotion-cum-transfer order; |
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| Dear Member, Sending you the following files: |
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2007-TIOL-136-SC-IT.doc + sc it story.doc Assessee files returns - Reassessment u/s 147 initiated for three AYs - Three heads of income identified for reassessment - Invocation of powers u/s 263 as regard a new head of income 'Lease Equalisation Fund' - Tribunal and HC set aside Revenue's order - Assessee argues proceedings were time-barred by limitation - Revenue insists on doctrine of merger - Since CIT found only that only part of assessment that related to the lease equalisation fund was prejudicial to revenue and the proceedings of reassessment were not related to that, the doctrine of merger not to apply to such a case - Sub-Sec (2) of Sec 263 - Clock of limitation starts ticking from date of assessment order and not from re-assessment order - Cost imposed on Revenue:SC; Income Tax - Assessee claims to have received two gifts and establishes the identity and creditworthiness of donors - A.O. declares them as bogus on the ground that its merely to route his own money through these persons - Its not enough for the assessee to establish identity and creditworthiness of the donors but also that amount received by him is infact a gift and authorities are entitled to take into account surrounding circumstances to come to the factual position regarding genuineness of gifts - Donors in the instant case are not related to the assssee and the gifts were not given for any particular purpose but only to help him purchase a house which is highly unusual and in such circumstances the authorities were entitled to look into surrounding circumstances which they did - Assessee's appeal dismissed - (Para 4,5):Delhi HC; Income Tax - Search conducted and restraint orders passed u/s 132(3) with respect to fishing vessels - Another search conducted in continuation of earlier search after a gap of one year and 10 months - Block assessment - Assessee objects to assessment on the ground that it's barred by limitation as period of limitation started from the 1st search and restraint orders were to be passed under 132(1) and not 132(3) which was allowed by the Tribunal - There is a general consensus among the High Courts that a search u/s 132 should be continuous and in case there is a break in between, it should be for cogent and valid reasons which are not there in the instant case - Second proviso to Sec.132(1) stipulates that when it's not possible to take possession of an article due to is weight etc. then an order restraining dealing with the article can be issued on the owner whereas Sec.132(3) is invoked for restraining only for reasons other than mentioned in Sec.132(1) - Order of seizure should have been made u/s 132(1) - Revenue's appeal dismissed : Delhi HC (Para 13,18,19); Search & seizure - Hundi receipts found - Photocopy of one of the hundis for a sum of Rs 10 lakh made available to the AO - Addition for the same made despite the Director of the assessee company denying any knowledge about it - Tribunal declines to consider the evidentiary value of a photocopy hundi - Given that there are normally three parties involved in a hundi transaction but there are only two signatures in this case and then it is not clear who are the signatories, additions cannot be made on this basis - Revenue's appeal dismissed : Delhi HC; |
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NOTIFICATION Govt grants excise exemption to internal combustion engines manufactured by Kerala Agro Machinery and cleared to its power tillers manufacturing unit; CBEC vests AC/DC powers under Central Excise in MEA & State Govts Protocol officers for handling refund claims filed by diplomatic missions; CASELAWS 2007-TIOL-135-SC-CX.doc + sc cx story.doc LSHS used for generating electricity captively consumed for the manufacture of the final products - eligible for Cenvat Credit - however no credit eligible to the extend the inputs are used for electricity used for housing colony and schools:SC; 2007-TIOL-1045-CESTAT-MUM.doc + k goods story.doc Capital goods credit vis-à-vis depreciation under IT Act - Single Member Bench holds that Division Bench order in Suprajit Engineering [ 2007-TIOL-180-CESTAT-BANG ] is inconsistent with the provisions of law, refers the matter to the President for reconsideration by a Full Bench:Cestat; Aerated waters - duty demand on the breakages / burst bottles - breakages within the prescribed limits and insignificant - demand set aside - Tribunal order in Pepsico India Holdings Pvt. Ltd followed:Cestat; Central Excise - Valuation - In respect of transactions between sister units, as the outcome being revenue neutral, larger period of limitation cannot be invoked:Cestat;
SERVICE TAX SECTION 2007-TIOL-1042-CESTAT-DEL.doc + st story.doc Service Tax paid on GTA service during 1997-98; No refund:Cestat; ST - Penalty - Short payment of tax due to lack of knowledge about hike in tax rate from 5% to 8% - On being pointed out, balance tax with interest deposited - No penalty leviable in bonafide cases:Cestat;
CUSTOMS SECTION NOTIFICATION DGFT clarifies that DEPB is valid only till 31.3.2008; Import of Rough Marble Blocks/Slabs for the year 2007-08 - DGFT amends circular; CASELAWS "Scorpion 2000 Mobile Cone Crushing Plant" - Entire assembly consisting of the feeder, the crushers, vibrating screens, conveying systems etc. is to be considered a Stone Crusher (Cone Type) Plant - Exemption under notification No. 20/99-Cus dated 28.2.99 available - Entire assembly consisting of the feeder, the crushers, vibrating screens, conveying systems etc. is to be considered a Stone Crusher (Cone Type) Plant & is entitled for exemption under notification No. 20/99-Cus dated 28.2.99 - Opinion of the Ministry of Surface Transport & certificate from Professor of Department of Metallurgical engineering & Material Science, IIT, Bombay deserves consideration by the authorities:Cestat; Customs - Imports - Benefits of exemption notification - Not claiming benefit of exemption at the initial stage - not debarred, prohibited or estopped from claiming at a later stage:Cestat; |
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Income Tax Returns - today is the last day; Lift curtain on games Indian CEOs play with Govt ! Aircraft manufacturing countries agree to end support for export deals; Satyam Signs Two Major IT Contracts with FIFA; Tata Steel Asia to hike contribution in acquisition in Corpus Group; Mcleod Russel plans to invest Rs 50 Cr in D1 Oils and Williamson Magor; |
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