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FM says fall in Asian stock markets adversely affecting Indian markets; Nasscom says rupee-gain hurting IT industry; CJI asks judges to speed up wheels of justice; |
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| Dear Member, You will certainly agree that taxation is as complex a subject as the space science is! And, to understand its terminologies, rationale and implications in a democratic, socialistic, pluralistic and progressive society like ours, what we all require is a reliable de-mystifier. Fortunately, TIOL has found one - the most lovable, accessible and able policy-maker who has agreed to share his treasure-trove of experience with our netizens. We at TIOL have purposely kept his identity a secret only to be revealed as the days pass by. For the time being, he will interact with us under the pseudonym 'G-bee' for he is a humble tax-bee! wish you all a very nice and fruitful interaction with our Special Columnist. Let your query dart be directed to him - immediately! Is Govt like Oliver Twist, always asking for more! Also sending you the following files: |
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NOTIFICATION CBDT notifies cost inflation index for fiscal 2007-08; CASELAWS 2007-TIOL-230-ITAT-DEL.doc + rental story.doc Income realized from sub lessee in occupation of the premises is to be assessed under the head "other sources" as he is not owner of the premises - Not as rental income under the head "house property" :ITAT; 2007-TIOL-229-ITAT-JODHPUR.doc Income Tax - Benefits u/s 80HHC - A.O. disallows in rectification proceedings on the ground that assessee claimed nil deduction u/s 80HHC for computation of profits under the head 'profits and gains of business and profession' and thus the same claim is to be considered for computation of book profits - Sec. 115JB is a distinct and complete code by itself for taxing 'Zero Tax' companies on the basis of book profit which is to be calculated after making certain adjustments, one such is deduction of export profit u/s 80HHC if any, and the profit computed under normal provisions of Act have no application in computation of book profits which is net profit as per P&L A/c - Assessee's appeal allowed :ITAT; Income Tax - Assessee files application for recalling of order of Tribunal for rectification of mistake - Power of application of Sec. 254(2) is limited to rectification of mistakes apparent from record and not recalling the order in its entirety - Passing a fresh order - power under 254(2) can only be exercised with respect to order passed under Sec.254(1) and even after such rectification, original order under 254(1) stays though amended - Application of assessee in the instant case amounts to reviewing the earlier order of Tribunal and passing a fresh order which is not permitted u/s 254(2) - Assessee's application rejected:ITAT; Income Tax - Assessee, a partner in a firm, claims depreciation on vehicles owned by him and used in the business of the firm - A.O. disallows on the ground that though the vehicles have been used by the firm for business, it has not been proved that assessee used it to earn income from the firm - Depreciation u/s 32 is allowable on assets used for the purpose of business and once department has accepted the same claim can't be disallowed - Disallowance upto 1/5th of the claim u/s 38(2) to be made for personal use of vehicle - Assessee's appeal partly allowed :ITAT; |
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NOTIFICATION New NE exemption Notification 20/2007 incorporated in Cenvat Credit rules; CASELAWS 2007-TIOL-1082-CESTAT-AHM.doc + horse story.doc Central Excise/ Custom duty - Assessee subjects unmutilated worn clothing to process of manufacture and gets yarn & rags out of it - Revenue declines to give exemption from custom duty on inputs in case of rags on the ground that its not excisable good since it's mentioned under a head in Central Excise Tariff but no rate is mentioned against it - Goods once mentioned under a head in Central Excise Tariff Act are excisable goods and it's not necessary that duty is actually leviable to make them excisable - Assessee's appeal allowed:Cestat; Central Excise - CENVAT credit - The appellants were not entitled for the credit of duty paid on components purchased from vendors and directly received at KDP plant and exported since KDP Plant is not a factory - impugned order is modified reducing the penalty imposed for the offence :Cestat; 2007-TIOL-1080-CESTAT-BANG.doc Central Excise - Valuation - The Commr (A) has not followed the remand directions issued by Tribunal- Matter remanded to original authority for fresh decision :Cestat;
SERVICE TAX SECTION Service Tax - Waiver of pre-deposit - SCN does not specify the nature of service provided - Waiver granted :Cestat; ST - Penalty - Commissioner (A) does not sustain penalty for the lack of ascertained liability under Sec 68 - Matter remanded to Commissioner (A) to bring on record the reasons attributable for invocation of Sec 80 . :Cestat;
CUSTOMS SECTION NOTIFICATION Definitive Anti Dumping Duty imposed on POY from China; CASELAWS Customs - Imports - Valuation - Matter remanded to Commissioner to examine as to what should be amounts of 'daughter vessel freight' to be included in the assessable value of subject goods :Cestat; Customs - Imports - Stay - Additional Commissioner's order to the effect that all future imports from the US company shall be assessed provisionally for the purpose of addition of royalty operation - such order has recurring effect, to the assessee's detriment and is stayed :Cestat; |
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Crude palm oil and not so crude notification- Government's not so clear - damage control; The flutter over cenvat credit on outward freight; 2007-TIOL-137-SC-MISC.doc + corruption story.doc Among generally corrupt people, liberty cannot last long - Corruption connotes allowing decisions and actions of a person to be influenced not by rights or wrongs of a cause, but by the prospects of monetary gains or other selfish considerations:SC; Applications invited for DC-post for Dahej SEZ; Autoline Industries goes for global launch of Morpher 4.0 software; Punj Lloyd bags Rs 590 Cr contract from Bharat Oman Refineries; GMR Infrastructure signs MoU with TIDCO for SEZ in TN; Subex Azure launches Concilia V9.2; |
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