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Govt goes for gubernatorial reshuffle : N D Tiwari goes to AP; Rameshwar Thakur to Karnataka; Murlidhar Chandrakant Bhandare to Orissa; Shailendra Kumar Singh goes to Rajasthan; Sudarshan Agarwal goes to Sikkim and B L Joshi goes to Uttarakhan; Mayawati Cabinet scuttles Anil Ambani's Noida SEZ; asks Centre not to grant approval; Income Tax issued PAN to 37000 non-residents last fiscal; Down from 49000 in 2005-06; Confederation of Textile Industry says rupee appreciation to cost 5.8 lakh new jobs in sector; DRI (Hq) seizes 6 kg heroin + a prized catch of an arms merchant on-the-run; 123 Agreement : Left leaders meeting PM today; Even 'marriage' with UPA faces serious jeopardy; Plan Panel sets up high-powered 12-member committee on financial sector reforms; Raghuram G Rajan to head it; CBDT to popularise e-taxation in North-East; Nath lays foundation stone for National Institute of Intellectual Property at Nagpur; Income Tax return filing date further extended to Sept 15 in Bihar; Railways provides Rs 4 lakh insurance cover to passengers; FDI inflows treble to USD 11.4 bn in first half of 2007; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-446-HC-MAD-IT.doc + hc it story.doc Whenever there is a concurrent finding by the authorities below, no interference by the High Court; Income Tax - AY 1995-96 & 1996-97 - Assessee, M.D. & majority shareholder in a Co., receives certain amount to buy land on behalf of the Co. - Revenue makes addition of the said amount on the ground that it is deemed dividend u/s 2(22)(e) - Assessee has been given the amount in course of business for acquiring land for business purposes and not in the nature of loans and advances falling within the mischief of Sec. 2(22)(e) - Revenue's appeal disallowed - (Para8). AY 1998-99 - Assessee receives loan from the Co.within the meaning of Sec.2(22)(e) but claims exemption u/s 10(33) - Revenue disallows on the ground that deduction under the said section does not cover deemed dividend within the meaning of Sec.2(22)(e) - Sec.10(33) allows exemption to divideds referred in Sec.115-O, explaination of which clearly states that dividend exempted from tax does not include deemed dividend income u/s 2(22)(e) - Assessee's appeal rejected - (Para 20,22). :ITAT; |
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Headnotes of latest RLT Case Laws;
Central Excise – classification decided by the Apex Court is in rem - Apex court decision is binding on all authorities by virtue of Article 141 of the constitution – classification finalized by Apex court would be binding on the Revenue vis-à-vis manufacturers of identical goods; Central Excise - Cenvat Credit - goods received from the job worker on payment of duty are tested, packed and exported - credit can not be denied to the exporter on the ground that there is no manufacture - the processes undertaken are incidental to completion of manufacture before they were exported -Impugned order demanding CENVAT credit availed not sustainable -appeal allowed.; Central Excise - Refund Interest for delayed payment the assessee is eligible for interest for the delay in payment of principal amount with reference to their initial claims for refund since the Department has not challenged OIA; Central Excise -- Credit of duty paid on parts of capital goods i.e. co-generation plant -- Modvat credit on capital goods could not be denied to the assessee under Rule 57Q / 57 AB on the ground of non-fulfillment of any condition set out under sub-rule (2) of Rule 57R :Cestat; 2007-TIOL-1162-CESTAT-KOL.doc + clubbing story.doc In the absence of cogent evidence bringing out commonality in respect of management and control of both factories, clubbing of units unwarranted :Cestat; Shoes don't match – shortages in factory – penalty reduced :Cestat;
SERVICE TAX SECTION ST - Tour Operator - Tax is leviable only on vehicles registered as 'tourist vehicle' complying with the specifications as per the Motor Vehicle Act; 2007-TIOL-1159-CESTAT-BANG.doc Service Tax - Business Auxiliary Services - Mere fact of financial institutions being provided with space by the appellant and the appellant receiving some money for that lease of table space cannot be brought with in the definition of Business Auxiliary Services :Cestat;
CUSTOMS SECTION Customs – Imports – When the condition of the notification is complied with the cause of action does not survive – penalty is not imposable – Confiscation of goods is not correct; Customs - Valuation - Re-melted lead ignots importd and a discount of 15% on price claimed - Revenue rejects the claim and gives discount in proportion to difference in purity in prime quality and purity of the imported goods - In case of remelted ignots standard practice is to give 15% discount and no authority brought to show any deviation from the same - Revenue's appeal rejected - (Para 6). :Cestat; |
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India receives USD 11.4 bn FDI in first half of current calendar year; Less prosecutions launched for violation of Companies Act last fiscal; VSNL launches Trueroots, an international calling service; Maharashtra tops tally with 1.59 lakh companies; |
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