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Industrial production registers 11% growth in June; Petro price hike : Govt to decide only after monsoon session of Parliament; Govt sets up PPP Appraisal Committee to fast track approval and implementation of infrastructure projects; K L Dhingra is appointed new CMD of HUDCO; Revenue insists on withdrawal of BoA approval to Essar SEZ in Hazira; Broadcasting industry calls for content code for internet TV; Service Tax Master Circulars finalised; to be issued soon; GST Panel meeting today to lay down the roadmap for implementation by 2010; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-434-HC-MAD-IT.doc + Saroj story.doc Income Tax - Assessee's premises, on which a housing project promoted by builders related to her executed, raided - Block assessment - Revenue treats premises as transferred by assessee to the builders within the meaning of Sec.2(47)(v) and accordingly makes additions in the relevant year on account of profit on transfer in nature of short term capital gain - Sec. 2(47)(v) cannot be invoked unless ingredients of Sec.53A of Transfer of Property Act are satisfied - Assessee does not have a written agreement with the builders nor has received any consideration on account of alleged transfer, thus conditions of Sec.53A of TPA not satisfied - Revenue's appeal dismissed :HC; Income Tax - Assessee, a charitable society, engaged in promotion of Hindi, receives a donation of Rs 10 lakh from a State Govt - Revenue treats the sum as financial aid rather than contribution to corpus - CIT(A) and Tribunal disagree as the assessee treated the sum as corpus by putting it in FD - A donation cannot be treated as corpus fund unless the same is indicated by the donor - In the instant case the donor has instead asked for furnishing utilisation certificate - Revenue's appeal upheld :HC; Income Tax - Assessee declares a loss in its return - Scrutiny proceedings initiated - AO finds assessee's claim of loss speculative and assessed the income at a loss - Loss shown in return not adjusted - Penalty u/s 271(1)(c) imposed for wrong furnishing of income particulars - CIT and Tribunal delete the penalty - Just because the assessee treated the share brokerage loss as speculative, it does not warrant an inference about wrong furnishing of income particulars and calls for levying penalty - Revenue's appeal dismissed :HC; Income Tax - Assessee, a senior manager in a bank, is searched and various benami accounts operated by him and through which FDRs were encashed are found - Revenue assesses him for undisclosed income - CIT and Tribunal uphold the order - Assessee objects on the ground that the money in bank accounts can at best be confiscated but not be linked to him and added to his income - Findings of CIT as well as Tribunal are of facts based on sufficient evidence - Exercise of jurisdiction u/s 260A does not permit reversing the findings by reappreciating evidence to reach a different conclusion than the one recorded by lower authorities merely because another view is possible - Assessee's appeal dismissed :HC; |
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RLT Case Laws Headnotes; 2007-TIOL-1113-CESTAT-MUM.doc + committee story.doc One Commissioner wearing two hats cannot constitute a Committee - Tribunal decision in Remi Fans Pvt. Ltd. [ 2007-TIOL-573-CESTAT-MUM ] is seemingly per-incuriam :Cestat; 2007-TIOL-1112-CESTAT-DEL.doc + removal story.doc Removal of inputs for job work - recorded in books - non following of prescribed procedure - no duty can be demanded - no intent to evade and so no penalty :Cestat; Rubberised textile fabric is classifiable under Chapter Heading No.59.06 and Rainwear manufactured out of such material is classifiable under heading No.62.01 :Cestat;
SERVICE TAX SECTION Service Tax - valuation - sale of SIM cards - taxable value is the gross amount charged to the dealers / distributors, but not the MRP of the SIM card - demand set aside :Cestat; 2007-TIOL-1107-CESTAT-BANG.doc Service Tax - Tour operator - Appellant pleaded that they had loaned /leased the vehicles to other Tour operators who have paid service tax - Supporting documents produced - Matter remanded to the original Authority :Cestat; 2007-TIOL-1106-CESTAT-BANG.doc Service Tax - Consulting Engineer Services - Delay in filing appeal condoned - Transfer of technical know-how/transfer of technology for setting up of a plant does not come with in the ambit of Consulting Engineer during the relevant period :Cestat;
CUSTOMS SECTION 2007-TIOL-1110-CESTAT-DEL.doc + revenue 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; Customs - Imports - Exemption from payment of CVD - A provision such as Sl. No. 18 of the Table annexed to Notification: 205/88-CE apparently suffering from the vice of having been III-drafted needs to be consumed with reference to the legislative intent :Cestat; |
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Income Tax Rules amended; RIL's gas pricing is small issue, focus on integrated energy policy; Applications invited for CMD post in Eastern Coal Fields; TCS enters into MOU with TRIL; Tata Power ties up with Toshiba for generators for 4000 mw power project; OECD data indicates continued positive outlook for major global economies; Motherson Sumi enters into JV with Calsonic Kansei; |
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