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India to be Global Aviation Hub; Direct Tax mop-up registers 44% growth upto Aug 15. 2007; Nhava Sheva Customs gives appraising job to Suptd (Preventive); Appraisers protest!; MPs cutting across party lines demand quick recall of Indian Ambassador to US Ronen Sen for his alleged uncharitable comments about MPs; Mr Sen apologises; Oil Officers' Associations call off strike; Govt to pay interim relief; Advani says Govt not to complete its full term; Polls likely in 2007-08; French MNC SNF to pump in Rs 150 Cr investment in Vizag SEZ; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-146-SC-IT.doc + sc tds story.doc Income Tax - Directors use the assessee-company as a conduit to raise loans and repay the same with interests - TDS - Assessee-company claims not liable to TDS u/s 194A as the loans were raised by the Directors in their personal capacity - Sec 201(1) and Sec 201(1A) invoked - Tribunal sets aside AO's order - AO was right in its view as there was no resolution by the assessee company to act as a conduit for the Directors and the interests wer paid by their company cheque which makes them liable to TDS on interest payments - Revenue's appeal upheld: SC; Income Tax - Assessee, engaged in manufacture & export of handloom products, claims deduction of expenses on account of horticulture, export incentives and insurance received in respect of car - A.O. disallows on the ground that expenses are not related to business - CIT (A) allows - Expenditure on account of horticulture relates to maintainance of garden within business premises which is allowable as it's incurred to maintain congenial atmosphere within the premises and thus for purposes of business - Export incentive and insurance claim on car have no direct nexus with the business undetaking and thus doesn't constitute gains derived from the same, therefore not allowable u/s 80IB and 80HHC respectively - Revenue's appeal partly allowed : ITAT; Income Tax - Validity of block assessment order challenged as it did not follow the mandatory requirement of issuing of notice u/s143(2) - Where block assessment under Ch.XIV-B is carried out by A.O. in repudiation of the returns filed by assessee in response to notice u/s 158BC then he mandatorily has to issue a notice u/s143(2) and in absence of the said notice, the assessment order will be invalid - In the instant case no notice u/s 143(2) is served on the assessee thus rendering the block assessment under Sec.158-BC invalid - Assessee's appeal allowed : ITAT; Income Tax - Assessee, a director of a Co., receives an amount from a foreign Co. in lieu of a composite agreement for sale of his shareholding and signing of non-competing clause and treats it as capital receipt - Revenue reopens the assessment on the ground that it's a revenue receipt and thus income has escaped assessment - Receipt is to be treated as capital where there is a dent in profit making apparatus and not merely for loss of a trading avenue - Assessee in this case was not the owner of business so there is no question of loss of profit apparatus and moreover the agreement was for a short period - Assessee's appeal dismisssed : ITAT; |
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Customs Classification of Textiles and Textile Articles under HSN-Explanatory Notes; 2007-TIOL-145-SC-CX.doc + sc story.doc Electric Power fencing system - whether excisable - matter remanded to Tribunal: SC; 2007-TIOL-1179-CESTAT-BANG.doc Central Excise - Refund arising on account of provisional assessments - bar of unjust enrichment is not applicable for the assessments pertaining to the period prior to the amendment to Rule 9B(5) though the assessments were finalized after the amendment : Cestat; Central Excise - Valuation - RSP-based levy - Sec 4A - Institutional sale on basis of printed MRP minus abatement - Revenue contends that valuation of consignments cleared to institutional buyers was to be done u/s 4 as it was a bulk sale and not retail sale - Applicability of Sec 4A requires that goods should be covered by Weights and Measures Act, should have MRP marked on it and should not be covered by Rule 34 of Weights and Measures (Package Commodities) Rules - All the requirements are satisfied in the instant case - Revenue's appeal rejected : Cestat; Central Excise - valuation - transportation charges - the basic concept of central excise levy has remained unchanged even after the measure of levy has shifted from a deemed normal price to the transaction value - transportation charges not includible - sales promotion expenses - such expenses benefited both the manufacturer and the dealers and not includible:Cestat;
SERVICE TAX SECTION 2007-TIOL-1182-CESTAT-MAD.doc + st expt story.doc Service Tax - Commission received from foreign airlines in Indian rupees - not export of service; failure to file return was enough to invoke extended period under old Section 73 :Cestat; 2007-TIOL-1181-CESTAT-BANG.doc Service Tax - Cargo handling services Vis-a-Vis Manpower Recruitment agency - Supplying labourer for helping in mechanized loading of cement will not come under the category of cargo Handling services in view of the settled decisions :Cestat; Service Tax - Port Services - Stevedoring activities undertaken were covered under port services as ancillary to main activities - Pre deposit of Rs. 19 lakhs ordered :Cestat;
CUSTOMS SECTION NOTIFICATION CBEC notifies Gangavaram in AP for loading/unloading of exports / imports goods; CASE LAWS 2007-TIOL-1184-CESTAT-MUM-LB.doc + LB story.doc A refund claim is not maintainable unless the assessment order in pursuance of which the duty paid is challenged and modified/set aside :Cestat; 2007-TIOL-1183-CESTAT-BANG.doc Customs - Imports - In terms of the provision of Section 23 (2) of Customs Act, 1962 duty is not leviable on the goods when the assessee avails the provision of abandoning the goods - Penalty under Section 112 of Customs Act, 1962 is also not imposable :Cestat; |
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Prohibited exports - backdated contracts? Who discovered the concept of Service Tax? CBEC prominently figures in CVC report on prosecution sanctions and major penalty; Infosys, ACM institute award to recognise IT innovations ; BHEL gets mega contracts for two power projects of 1,000 MW each for DVC; Blackstone all set to take over Gokaldas Exports ; Goldstone Technologies to source content from Echelon Studio ; |
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