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SC rules an accused cannot be bailed out just because co-accused given acquittal; 123 Agreement : PM dares Left to withdraw support to Govt; Pak to release 100 Indian fishermen + 35 civilians
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| Dear Member, Also sending you the following files: |
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CBDT issues additional charge order for CCITs/DGITs; Income Tax - Assessee, engaged in the business of stock broking and sale and purchase of shares, shows a loss of Rs.53 lakhs in P&L a/c under the head 'Trading in Securities' - A.O. disallows the same treating it as speculative loss as per deeming provisions of explanation to Sec.73 - Assessee contends that its case falls under the first exception to Explaination of Sec.73 - Explaination of Sec.73 by deeming fiction considers trading in shares as speculative business and any loss arising as speculative loss unless the case of assessee falls within the exceptions provided therein - Assessee's case does not fall under the first exception as its income comes to nil after deduction of business loss from income under other heads thereby not leaving any positive income and thus deeming provision of explaination of Sec.73 is attracted and consequently loss arising from trading in shares will be deemed to be speculative loss - Assessee's appeal disallowed :ITAT; Income Tax - Failure to take benefits of Sec 80HHC - Claim made before first appellate authority - CIT disallows for lack of reasons for not claiming the same before the AO - A.O. is a quasi-judicial authority who should determine the correct tax after allowing available exemptions and disallowing illegitimate ones, and not making a claim is no reason to disallow an otherwise allowable claim - A.O. was aware that assesse is an exporter and should have made him aware of claims u/s 80HHC and CIT on his part should have admitted the claim when the matter came before him - Case restored to the file of A.O. to be decided in accordance with law - Assessee's appeal allowed :ITAT; |
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RLT Case Laws Headnotes;
Central Excise - Duty - The impugned clearances without payment of duty had been made owing to computer system failure and not with conscious intention to evade payment of duty - Demand beyond normal period is barred :Cestat; Prima facie, the adjudicating authority has taken all necessary steps to comply with the direction of the Tribunal but the appellants appear to have failed to co-operate with the adjudicating authority and defaulted in putting forth the case before the Commissioner - No prima facie case has been made for the total waiver of dues:Cestat; 2007-TIOL-1121-CESTAT-BANG.doc Central Excise - Manufacturer - appellant manufactured the goods from the plant and machinery provided by the buyer of the goods under the buyer's trade mark - processor of the raw materials is the manufacturer - duty can not be demanded on the price at which the goods are further sold by the supplier of plant and machinery :Cestat; 2007-TIOL-1118-CESTAT-MUM.doc + related person story.doc Central Excose - When the same price is adopted for independent buyers and (alleged) related persons, price to related person cannot be rejected - limited companies clearances cannot be clubbed for denying SSI benefit unless they are in the same premises; SCN to all the companies indicate that the department is also treating them as independent entities :Cestat; Central Excise - shortage of input and finished goods - duty paid before issue of the notice - matter remanded to the Commissioner (Appeals) to determine the amount of penalty after considering the third proviso to Section 11 AC :Cestat; Central Excise - Duty paid before issue of SCN - Penalty still to be imposed, and payment of duty evaded before issue of SCN no ground for non imposition of penalty - Revenue's appeal allowed :Cestat;
SERVICE TAX SECTION ST - Photographic service - Demand raised for not including the value of consumables in the taxable value - Assessee claims the value of sale of goods not to be included in the total value for service tax purpose - Pre-deposit of total demand ordered :Cestat; 2007-TIOL-1114-CESTAT-BANG.doc Service Tax - Consulting Engineer Services - No substantial ground has been taken by the Revenue to Consider the activity of the appellants in certifying their clients as ISO 9001 unit would come with in the definition of consulting Engineer services - Commissioner (Appeals) Order is correct - No merit in Revenue appeal :Cestat;
CUSTOMS SECTION Customs - Imports - Misc application for restoration of appeal allowed since and use certificates for major quantity produced and the department has realised major portion of the demand - Matter remanded for de movo decision :Cestat; Customs - valuation - rejection of transaction value has been done without indicating any reason whatsoever -Section 14 of the Customs Act and Customs Valuation Rules do not permit of valuation in this manner -the impugned assessments, therefore, cannot be sustained - appeal allowed :Cestat; |
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Effective handling of cases by Department before Commissioner (Appeals); Income Tax finally gets its own staff Welfare Fund with a corpus of Rs 100 Cr; vehicase.doc + vehicle story.doc Vehicle loans - employing musclemen to recover cannot be permitted in a civilised society where there is effective rule of law - procedure of law may be slow, but that is no excuse for use of force : National Consumer Commission; Global filing of patent up by 4.7%; Korea and China record highest growth rates; ONGC mulls a new deal for turnkey contractors; BHEL gets contract for Jhajjar Power; Project to add 36 mn units every day to Delhi & Haryana grids BOC India signs contract for gas supply schemes; BEL gets award ; |
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