|
 |
 |
 |
 |
 |
Indo-Swiss panel signs MoU on IPRs; World Bank to provide USD 220 mn for HP State Road Project; Import of sensitive items registers 11.6% growth in Q1 of current fiscal; BoA to take up fewer SEZ applications for approval tomorrow; SC to settle SEZ land issues on priority basi; |
 |
|
 |
 |
 |
|
| Dear Member, Also sending you the following files: |
||
| |
 |
 |
|
|
|
NOTIFICATION PFC 15-yr bond notified u/s 2, Clause 48; CASELAWS 2007-TIOL-234-ITAT-MUM.doc + nri story.doc Rate of tax on long term capital gain for NRIs computed under the first proviso to Section 48 (indexing the cost of acquisition) would be 20%, not 10% :ITAT; Income Tax - Assessee makes certain expenditure on repairs and maintainance of office premises and claims deduction - A.O. disallows on the ground that expenditure incurred is for acquiring benefits of enduring nature, thus capital in nature - Deduction u/s 37(1) is allowable provided expenditure is incurred wholly and exclusively for business but is not capital in nature - Assessee's expenditure with respect to flooring and painting of walls of showroom has not led to benefit of enduring nature and thus allowable but expenditure on wooden cabins, false ceiling and panelling, though for purposes of business, is an advantage of capital nature as these are durable assets - Assessee's appeal partly allowed :ITAT; Income Tax - Assessee sells one of its units manufacturing lamps and treats it as long term capital gain being a slump sale - A.O. disallows and in turn invokes Sec.50 treating a part of consideration as short term capital gain on depreciable assets and also on the ground that it is not a case of slump sale since not entire business but only one unit of assessee is sold - Sec.50 is a special provision for computation of capital gains in case of depreciable assets and not applicable to cases where there is sale of entire unit for lump sum without any part of consideration attributable to depreciable asset - Slump sale is not a case where entire business consisting of all undertakings of assessee are sold but any one or more units are sold on lump sum consideration without any part attributable to any particular asset - Agreement between the assessee and buyer clearly shows an intention of sale of entire unit for lump sum and no part of consideration is attributable to any particular asset and thus a slump sale to be treated as long term capital gain - Assessee's appeal allowed :ITAT; Income Tax - Assessee, a non resident Co., files nil return of income on the ground that payment received by one NRI Co. from another cannot be subjected to tax under IT Act - A.O. rejects the contention and makes assessment and levies interest u/s 234A and 234B - CIT(A) deletes the interest on the ground that income received by non resident assessee is liable to deduction of tax at source thus provisions of Sec.234A/234B not applicable - Sc.234A and 234B are distinct provisions applicable in different situations - Whereas interest u/s 234A is levied on late filing of return unless entire tax is paid before the last date of filing of return, interest u/s234B is applicable only where assessee is liable to pay advance tax - In the instant case Sec.234A is applicable as return is delayed and tax has also not been paid before last date of filing of return but not Sec.234B as assessee is not liable to pay advance tax - Revenue's appeal partly allowed :ITAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
2007-TIOL-1089-CESTAT-MUM.doc + lb story.doc Cenvat Credit eligibility is to be determined with reference to the dutiability of the final product on the date of receipt of capital goods :Cestat Larger Bench; 2007-TIOL-1088-CESTAT-KOL.doc + tyranny story.doc Central Excise - refund - when Commissioner (Appeals) ordered that the interest is to be refunded to the assessee, the Assistant Commissioner can not sit over the judgement of appellate authority -the order passed on by the Assistant Commissioner was misconceived and was in fragrant violation of law - such high headedness should be brought to an end :Cestat; Central Excise - Cenvat credit availed on compressors, including defective ones - Credit disallowed on defective pieces as they were not used in manufacture of refrigerators - Credit allowed on inputs used in or in relation to manufacture of finished goods and where even an attempt is made to use inputs in manufacture, it will qualify to be a use 'in or in relation to manufacture of finished goods' even if its not eventually used on account of some defect etc. - Assessee's appeal allowed :Cestat;
SERVICE TAX SECTION ST - Security service - Failure to pay service tax - Demand and penalty confirmed by Commissioner(A) but penalty u/s 78 set aside - It's settled law that penalty under Sec 76 and Sec 78 are mutually exclusive, and given that the Commissioner(A) has not given reasons for setting aside the penalty u/s 78, the case is remanded for fresh consideration :Cestat; ST - Penalty of Rs 17,127/- imposed - Admission of case - Second proviso to section 35B of the Central Excise not applicable to Servise Tax metter - Case admitted :Cestat;
CUSTOMS SECTION 2007-TIOL-138-SC-CUS.doc + ongc story.doc Deposit during pendency of appeal - Customs ordered to pay Rs. 9.5 Crores interest : Supreme Court; Import of lovage - No licence required under SAPTA - Customs says it is 'Ajwain seeds', requiring licence even for import from SAARC countries - Lovage and Ajwain are the same, and since it is grown in Pakistan a concessional treatment has been provided under the treaty - Revenue's decision to load value and change its classification are not justifiable :Cestat; DEPB - DEPB credit is not a duty and the same cannot be realized under Section 28 of Cus. Act - Power to recover DEPB wrongly availed by an exporter is vested in DGFT :Cestat; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
New North-East Notification – Now recognized in CENVAT Credit Rules; A 'patented' relief for cancer fighters! Applications invited for CMD-post in NALCO; Dissemination of Information on Debentures; Zensar Technologies bags USD 7 mn insurance business in South Africa; Marshall Islands moves out of OECD list of uncooperative tax havens; Wipro all set to to acquire Infocrossing; Strides Arcolab completes acquisition of Italian fermentation business; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
