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Chinese Customs puts 54 trading companies on watch list for involvement in smuggling; Cabinet gives nod for opening of Embassy in Iceland, Guatemala, Niger, Mali and Guangzhou (China) + contract with M/s Arianespace for launch of GSAT-8/INSAT-4G; More banks to be allowed to open ATMs at Railway stations; Infosys going for BPO unit in Mexico; FM asks exporters to get used to stronger rupee; |
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| Dear Member, Also sending you the following files: |
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NOTIFICATION it07not216.doc + formDA.pdf + formDAA.pdf Wealth-tax (First Amendment) Rules, 2007 - Form 34B & 34BA amended + First amendment rules related to Wealth Tax - New Form DAA inserted; it07not215.doc + form34B.pdf + form34BA.pdf Income Tax (Ninth Amendment) - Amends Rule 44C related to settlement of cases amended; CASE LAWS 2007-TIOL-236-ITAT-BANG.doc + singapore story.doc Entire work done in Singapore- no part of the service is rendered in India and thus, it cannot be held to be an assessee in default for non-deduction of tax at source :ITAT; Income Tax - Assessee is an incorporated Co. which creates interest of shareholders in its property in order to evade tax - It is a settled law that a company is a distinct entity separate from its shareholders capable of possessing its own property in which the shareholders cannot have any right - The arrangement in the instant case cannot be legal as property of Co. cannot be treated as a collective property of its shareholders - Revenue's appeal allowed :ITAT; Income tax - Assessee claims deduction of leave encashment - Revenue and Tribunal disallow on ground that as per Sec 43B(f) any sum payable by the employer to its employees as leave encashment to be available for deduction only when the sum is actually paid to the employees - Assessee challenges insertion of sub-section (f) as inconsistent with the objective of Sec 43B - Single Judge dismisses the writ - Division Bench finds the amendment in direct conflict with the SC decision in Bharat Earth Movers case and strikes it down :HC; Taxability of income from paying clinic - Assessee claims the same as profits or gains of business or profession - Deduction of expenses claimed - Such income to be assessed under the head 'salary' - Revenue's appeal sustained :HC; |
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2007-TIOL-1105-CESTAT-MUM.doc + audit story.doc Recovery of Audit fees under section 11 of CEA'44 can be made by adjustment of refund payable to the particular person and not from another unit of the same company :Cestat; Central Excise - Valuation - Clearance of goods under both Sections 4 & 4A - Revenue insists on application of only Sec 4A - Demand raised for differential duty - Sec.4 is resorted to when clearances are in bulk and in such clearances there is no requirement to declare retail prices on packages u/r 34 of Standards of Weights & Measures (Packages Commodity) Rules, 1977 - In the instant case valuation u/s 4 was done when clearances were made in bulk for industrial use wherein Sec.4A has no applicability -Revenue's appeal rejected - (Para 6,7) :Cestat; Annual Capacity Determination – when the order remained unchallenged, it cannot be agitated at a belated stage :Cestat;
SERVICE TAX SECTION 2007-TIOL-1100-CESTAT-BANG.doc Service Tax - Stay - Security Services - No ground for seeking waiver of penalty - Pre-deposit of Rs.25,000/- to be paid within specified period ordered :Cestat; 2007-TIOL-1099-CESTAT-BANG.doc Service Tax - Stay/Dispensation of pre-deposit - Property Management Services -- Security agency service is a part of services done by the appellant under property management service and can not be bifurcated for taxing separately - prima facie, the appellants have strong case on merits - Stay granted :Cestat; 2007-TIOL-1098-CESTAT-BANG.doc Service Tax - Consulting Engineer Services - In view of the settled decisions, the activities undertaken by the appellant are not taxable as consulting engineering services - appeal allowed with consequential relief :Cestat;
CUSTOMS SECTION NOTIFICATION CBEC exempts a few IT products like electronic integrated circuits from Customs duty; CASE LAWS 2007-TIOL-430-HC-MUM-CUS.doc + appraiser hc story.doc Customs appraiser's prosecution quashed - When departmental adjudication fails, on the same facts, no prosecution - It would be an abuse of process of the Court to allow any action which would result in injustice and prevent promotion of justice: HC; Party's counter to the Department's appeal is not cross objection contemplated under Section 129A(4) of the Customs Act - certified copies of the order be circulated for future guidance of the personnel concerned including the Assistant Registrar of CESTAT:Cestat; Customs - Penalty - Section 114 (i) of the Customs Act does not contemplate penalty for negligence - In view of the settled decisions the appeals are allowed :Cestat; |
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FM working on the New Income Tax Act; Wisdom finally dawns! CBDT can now differentiate between 'Herd Management' and 'HR Management'! 2007-TIOL-140-SC-CT.doc + sc ct story.doc Toughened safety glass, including wind screen, constitutes "glass" or "glassware' - While interpreting a provision the Court only interprets the law and cannot legislate it: SC; SEBI notifies guidelines for overseas investments by venture capital funds; Motherson Sumi enters into JV with Calsonic Kansei; Compact Disc to set up integrated animation studio at Kerala SEZ; Reliance Communications completes private placement of 5% equity in RTIL; |
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