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MPs ask Govt to recall Indian Ambassador to USA Ronen Sen; CBI overworked! 1300 posts vacant as against 6000 sanctioned strengt; Chennai Airport Customs seizes high-tech cameras worth 15 lakh in open market; Pax arrested; Promotion to CCITs : CBDT + UPSC holding two-day DPC from today; India keen on wrapping up Comprehensive Economic Partnership Agreement with Japan before year-end : Nath; CBDT ready with CITs' transfer order; CBEC struggling to finalise Commissioners + Addl / JC orders; ICRIER Study says SEZ can be a catalyst for overall economic development; 68000 companies formed online under MCA21 programme since February; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-147-SC-IT.doc + sc textile story.doc Deduction for current repairs - To decide the applicability, the test is not whether the expenditure is revenue or capital in nature, which test has been wrongly applied by the High Court, but whether the expenditure is "current repairs" - Concurrent finding of CIT( A), tribunal and High Court over ruled: SC; Income Tax - A.O. adds back the amount earmarked for gratuity and leave encashment by the assessee without giving any reasons - A.O. is required to give reasoned orders in adherence to principles of natural justice - In the absence of the same, appellate authorities will not have the benefit of reasoning adopted by the authorities - Matter remanded to A.O. with a direction to pass a reasoned order :HC; Income Tax - Appellant assessee makes an application for disclosure of income and is accordingly assessed and liability distributed amongst all partners including a retired partner who was present during the period for which income was disclosed - Retired partner objects which is accepted by revenue since he was indemnified of all liabilities at the time of retirement by retirement deed - Revenue raises demand against the existing partners which is not complied with due to which attachment u/s 182(4) is made - The writ court is a court of equity and since the appellants did not come with clean hands as they adopted unfair approach to avoid a statutory liability, the court is not inclined to accept the contention of appellants as any rigid construction of statutory provisions referred by appellants would lead to their unjust enrichment - Assessee's appeal dismissed:HC; Wealth Tax - Assessee, a private limited co. engaged in purchase and sale of land, does not file return for the assessment year in question on the ground that it is not subject to wealth tax - A.O. includes the value of land in the net wealth of the assessee - CIT holds in favour of the assessee - Tribunal rules in favour of Revenue and directs the A.O. to value the property in terms of rules 3,4 and 5 of Schedule III of Act - Revenue appeals on the ground that Tribunal restricted valuation in terms of rules 3,4 and 5 without leaving it to A.O. to apply rules 8 and 20 even if applicable - Schedule III stipulates that in valuation of property rules 3,4 and 5 are to be applied first and if they are inapplicable to the facts of the case then A.O. can rely on rules 8 and 20 which is applicable to the instant case also and the apprehension of revenue is imaginary - A.O. is at liberty to invoke rules 8 and 20 if required :HC; |
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Central Excise - Short payment of duty - Penalty imposed u/r 25 - If the duty is deposited after detection but before issuance of SCN, imposition of penalty is not justified - In the instant case there is no malafide involved as short payment was on account of mistake in accounts and the same was paid immediately on detection - Revenue's appeal dismissed : HC; 2007-TIOL-1192-CESTAT-MUM-LB.doc + lb story.doc In the case of goods cleared by 100% EOU and sold in India whether with or without permission of the Development Commissioner, the assessment shall be made under proviso to Section 3(1) of the Central Excise Act, 1944 and the exemption under Notification 125/84-CE shall not be applicable :Cestat;. Interest payable even if credit reversed before issuance of show cause notice as Rule 12 of CCR 2002 does not indicate otherwise. Assessee himself informing department about incorrect availment of Cenvat credit and reversing the same - contention that payment made before issue of show cause notice hence interest not imposable cannot survive since rule 12 of CCR 2002 clearly indicates that if an assessee takes credit wrongly, he is liable to pay interest:Cestat; Central Excise - Cement - The benefit of Notification. 24/91-CE cannot be denied merely because the factory has used clinker purchased from outside along with the clinker produced in their unit for the manufacture of cement in their unit using vertical shaft Kiln :Cestat;
SERVICE TAX SECTION 2007-TIOL-1189-CESTAT-MAD.doc + st story.doc Service Tax - User fee collected by Cochin International Airport from international passengers not liable to tax under airport services - in fact no service at all provided to passenger :Cestat; 2007-TIOL-1188-CESTAT-BANG.doc Service Tax - Consulting Services - Stay/Dispensation of pre-deposit - In view of settled decision that penalty imposed on foreign based company was set aside in similar circumstances, stay granted :Cestat; ST - Appellant a service receiver - Argues there was no tax on service recipient during the relevant time - Only service tax provider was liable to tax - Refund claimed - Revisionary Authority alleges unjust enrichment - Since there was no evidence nor the Revisionary Authority made any inquiry about unjust enrichment, order not sustainable :Cestat;
CUSTOMS SECTION NOTIFICATION DGFT clarifies on exports documentation and entitlement under DFCE and Target Plus Schemes; Compounding of offences under Customs : Guidelines clarified; Import of metal scrap - ICD, TKD, Delhi substituted by ICD, Loni; India-Chile PTA goes operational; CBEC notifies rules of origin of goods; CASE LAWS 2007-TIOL-1186-CESTAT-BANG.doc Customs - Imports - When an importer is given facility of green channel clearance, he is allowed to clean the goods without customs examination - This itself indicate that the Government has reposed certain trust on the category of green channel importers :Cestat; Customs - Provisional assessment - Refund claimed on finality of assessment - Revenue denies on the ground that refund requires scrutiny of unjust enrichment - Doctrine of unjust enrichment is not applicable to cases of provisional assessment even after finalisation thereof - Appellant's appeal allowed :Cestat; |
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Multiple Criminal Codes; Lingual dexterity fails Indian Ambassador to USA; Recall imminent; Valuation of Physician Samples - Kal, Aaj aur Kal; Sterlite Optical's new unit at Haridwar goes operational; Carborundum Universal goes for Business Purchase Agreement with IVP; |
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