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BoA gives nod to six more SEZs, including two of Infosys; In-principle approval to Maha Mumbai extended; FM in favour of a single unified telecom levy; asks DoT to get it examined; Govt decides to transfer all matters relating to 'Enemy Property' from Ministry of Commerce to Ministry of Home; Dada Saheb Phalke Award for 2005 goes to Shyam Benegal; SC says no to Govt plea for vacation of interim stay on quota implementation; Tabling of new Income Tax code may be delayed; CBI raids premises of senior postal official in Delhi; finds huge assets and cash; N B Singh joins as new CBDT Member; |
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| Dear Member, Also sending you the following files: |
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CCITs' Transfer CBDT issues transfer order of 38 CCITs at All India level; CITs' order is in pipeline; CASE LAWS 2007-TIOL-427-HC-MAD-IT.doc + tds story.doc Penalty for non deduction of TDS - assessee acted in a bonafide manner under opinion from counsel - no interference against concurrent findings of lower authorities : Madras HC; Deduction u/s 80HHD claimed - AO levies penalty for wrong deduction - Tribunal upholds it - Assessee argues that it was granted the benefits by the Ministry of Tourism from the date of commencement of foreig exchange earnings and the Tribunal could have considered it as an additional evidence under Rule 29 - Certified copy of certificate produced - Matter remanded for fresh consideration :Delhi HC; Income Tax - Advance and bad debts write-offs - AO disallows and makes additions - Treating of winding up notice as suit of recovery is incorrect as assessee had given notice because the amount was irrecoverable which was also written off as irrecoverable in its accounts - Even if mercantile system of accounting is followed the substance of the matter is income and if there is no income there can't be any tax, and what is to be seen is whether income has infact accrued - Revenue's appeal dismissed :Delhi HC; Income Tax - Assessee, engaged in imparting of computer training - Debits certain sum in P&L a/c under the head 'technical know-how' given to NIIT for providing technical assistance - Revenue disallows on the ground that fee paid for techncal know-how is covered by expl. to Sec.35AB and thus capital in nature, therefore only 1/6th of the sum should have been debited - Explaination to Sec.35AB does not cover any technical know-how but only in relation to manufacturing or processing of goods or working of mines, oil wells, other mineral deposits etc. - Assessee is not engaged in any of the above activities - Revenue's appeal dismissed :HC; |
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2007-TIOL-139-SC-CX.doc + sc cx story.doc Amendment to Notification is prospective - If intention was to give retrospective effect, it would have been stated to be so specially :SC; 2007-TIOL-1097-CESTAT-MUM-LB.doc + LB STORY.doc During the period of forfeiture, an assessee can discharge duty liability either out of PLA or by utilizing cenvat credit and failure on his part to do so would not attract interest and penalty :Cestat Larger Bench; 2007-TIOL-1096-CESTAT-BANG.doc + ruchi story.doc Central Excise - Cenvat Credit - 10% demand on the exempted goods is not sustainable in view of the reversal of the credit on the inputs - Issue is no longer res integra :Cestat; Cenvat credit - Common inputs used in exempted and dutiable finished goods - Payment of 10% amount - Stay granted :Cestat; Cenvat credit - Common inputs used in manufacture of exempted as well as dutiable final goods - Demand of 10% amount - Pre-deposit ordered :Cestat;
SERVICE TAX SECTION 2007-TIOL-1091-CESTAT-BHUW.doc ST - Consulting Engineer Service - Works contract - Revenue demands tax for executing independent service contract - Assessee is a sub-contractor of main contractor from China - Since the contract was to set up a plant and only a part of contract was given to the assessee sub-contractor which also included providing a part of service, not tax is payable as it was a turnkey project and Daelim Industrial order is very much applicable to this case :Cestat; ST - Consulting engineer service - Assessee engaged in services of erection, installation and commissioning - As per Board Circular no 79/2004, consulting engineer service does not cover the services provided by the assessee - Assessee's appeal allowed :Cestat;
CUSTOMS SECTION Only a licensee shall act as Customs House Agent- To operate without a CHA licence, appellant should show that he falls under Regulation 3 of Custom House Agents Licensing Regulations, 1984 - Appellant has also not passed the examination under Regulation 9 thereof - application for issuance of regular Customs House Agent (CHA) licence rejected.:Cestat; Customs - Imports - warehoused goods - It is settled law that the classification and the valuation of warehoused goods should not be altered when the goods are cleared ex-bond - Reassessment is called for when there is change in tariff entry or tariff value or change in rate of duty :Cestat; |
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Performance budget - How the Revenue spends its money; A stitch in time saves nine - but not an SCN! Setback for high-profile hotelier Avinash Bhosale; Bombay HC quashes night magistrate's bail order; Bhosale asked to report to DRI by Aug 17; ECB policy.doc + rbi07cir004.doc MoF amends ECB policy - Fund of more than USD 20 mn to be permitted only for foreign currency expenditure for sanctioned end-uses; Companies Act : Govt makes new rules to amend Form 18 + 21 + 23; Suryachakra Power to tie up with Orissa Govt for proposed 1200 MW thermal power project; Micro Technologies gets listed on Singapore exchange for FCCB; Opium and Alkaloid factories official website goes online; |
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