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Pakistan SC allows Sharif to return back; Mayawati Govt to enforce closure of large-scale organised retail shops; Ministy of Steel proposes SPV for acquisition of coal mines oversareas; Pune Income Tax (Investigation) seizes Rs 4.9 Cr cash from persons engaged in investment and auto finance company located at Thane; Sanjay Dutt is out on interim bail; SEBI all set to abolish 'entry load' fee if investors directly buy MFs from fund houses; Cheap tyres from China : Govt to allow only certified quality tyres to minimise accidents; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-148-SC-IT.doc + tax recovery.doc Tax can be recovered from an assessee only when it becomes a debt due from him and it becomes a debt due when a notice of demand calling for payment of the tax has been served on the assessee - tax Recovery officer cannot file claim against property attached by court: Supreme Court; Income Tax - A.O. disallows a gift on the basis of circumstantial evidence - When broad features and basic ingredients constituting a gift are satisfied, they cannot be replaced by circumstantial evidence - All necessary ingredients of gift are satisfied in the instant case - Reference answered against the revenue : HC; Income Tax - Assessee sells a property mortgaged to the bank against a loan but offers only that amount to capital gains which is left after discharge of loan - A.O. disallows and calculates capital gains on the entire amount - Assessee appeals to the Tribunal which allows it on the ground that the bank had an overriding charge over the property thus there is no capital gain chargeable on the amount discharged - There is a difference between diversion of income and application of income and it's only the income which is diverted which is allowed deduction and not amount which is applied - In the instant case the income is applied for discharging of an obligation by the assessee after receiving of income and not a case of diversion of income before reaching the hands of the assessee - Reference in favour of revenue : HC; Income Tax - Deduction u/s 80-O claimed - Revenue disallows but Tribunal allows - In view of the amendment in Sec 80-0 by the Finance Act 1997, a benefit is available to the income earned outside India against the use of patent, invention, design and registered trade mark - Since the assessee is into manpower management consultancy, benefits are not available - Revenue's appeal dismissed: HC; |
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Central Excise - Valuation - The relation between the assessee and their buyer was exclusively in terms of sub-clause (i) of clause (b) of Sub-Section 3 of Section 4 - Rule 9 is applicable where the assessee has sold the goods to, or through a person related in the matter specified under Section 4(3)(b)(ii), (iii) or (iv) - The related person mentioned is proviso to the rule must also be a person related in the same manner :Cestat; Central Excise - denial of credit on finished goods not received back from the buyer, M/s TELCO - Member (Tech) holds the charges sustainable but Member (Judicial) differs - matter placed before the third member in view of the difference of opinion :Cestat; Contention that penalty is not imposable in absence of mens rea is not tenable in view of LB decision in Modison Ltd. [ 2006-TIOL-1351-CESTAT-MUM-LB ] holding that rule 173Q warrants imposition of penalty in case of contraventions of rule too. Rubberized Tyre Cord Warp Sheet captively consumed in the manufacture of ADV tyres which were cleared at nil rate of duty, fell for classification under chapter 59.06 & duty is payable thereon as held by the SC in the appellants own case - Contention that they were under bonafide belief & had no intention of evading duty not a ground for non-imposition of penalty as held by LB in Modison case - However, Penalty reduced:Cestat;
SERVICE TAX SECTION NOTIFICATION Master Circular on procedural issues; Master Circular on technical issues; Press Note on the master ciruclars; CBEC hikes abatement to 75% for package tour operators; CASE LAWS 2007-TIOL-149-SC-ST.doc + sc st story.doc Parliament has legislative competence to levy service tax on chartered accountants, cost accountants and architects - professional tax and Service Tax operate in different spheres: Supreme Court; 2007-TIOL-1195-CESTAT-BANG.doc Service tax - Photography Services - Valuation - The settled decisions are in favour of the appellant - The order is not legal and proper and hence set aside :Cestat; 2007-TIOL-1194-CESTAT-BANG.doc Service Tax - C & F Agent - Matter remanded for re-computation of the duty liability taking the gross receipt as inclusive of Service Tax - Penalty not imposable in view of voluntary payment of tax of Rs. 1 lakh before issue of Show Cause Notice :Cestat; ST - Real estate agent - Since assessee has as per agreement with the builder provided assistance in procuring housing orders and clearance of payment from the Govt department, such services are covered under the taxable service :Cestat;
CUSTOMS SECTION NOTIFICATION Adjudicating authorities appointed for customs cases; Anti-dumping duty on POY withdrawn; Anti-dumping duty on nonyl-phenol imposed; DGFT to allow import of rough marble to hotels + places of worship against licence; DEPB rate for sugar fixed at 4%; Export of sugar - export obgligation against advance authorisations extended; CASE LAWS 2007-TIOL-1200-CESTAT-BANG.doc + appraiser story.doc Customs - Imports - There is conclusive evidence that the appellant appraiser abetted importer and the CHA representatives in their attempt to evade customs duty - Penalty retained - Penalty on employees of CHA reduced :Cestat; Revenue did not supply the contemporaneous import details to the appellant - enhancement of value quashed :Cestat; |
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Compounding of offences - CBEC clarifies; Has India indeed graduated to levy 'Graduate Tax'! ARC calls for a new legislation on Public Order; |
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