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Promotion to CCIT: DPC concluded; last name is Y K Guha of 1975 batch; Govt not in favour of bringing changes in Uniform Civil Code; says it has no intention to interfere in Personal Laws; Govt finds no evidence of siphoning of funds by pharma companies in collusion with their subsidiaries or associates; Govt to revive NEPA through JV route; Govt may do away with immigration requirement for Indian going overseas; CCEA okays proposal to set up uranium processing plant in AP; Cabinet to approve inclusion of bhijpuri in 8th schedule of constitution soon; Govt to set up new university at Amarkantak in MP; Cabinet decides to set up four National Pharmaceutical Institutes at Hyderabad, Ahmedabad, Hajipur and Kolkata; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-258-ITAT-DEL.doc + uop story.doc DTAA with USA : Evidence indicating PE found subsequent to hearing - No bar on Revenue to plead admission of additional evidence under Rule 29- Issue remanded to AO : ITAT; Income Tax - Assessees pays additional service charges to a Developer Co. which is also a sister concern - A.O. invokes Sec.40A(2) and disallows the expenditure and makes addition accordingly - Sec.40A(2) can be invoked where the expenditure for goods, services etc. are excessive or unreasonable having regard to fair market value - A.O. in the instant case has not disputed that the payments were actually made nor has given any evidence to substantiate his finding that charges were in excess of the fair market value for the services rendered - Revenue's appeal dismissed - (Para 8) : ITAT; Income Tax - Assessee sells agricultural land and thus does not put capital gain to tax - Revenue seeks to reopen assessment on the ground that claim of assessee needs deeper scrutiny - Reassessment u/s 147 can be made only on satisfaction of conditions laid out therein that there is 'reason to believe' that income has escaped assessment and not merely for change of opinion or in absence of specific material or information to form a belief - A.O. had no information to form a belief and merely wanted to verify the claim of the assessee - Revenue's appeal dismissed - (Para 7,8,11): ITAT; Income Tax - Assessee seeks to treat interest income under the head 'business income' - Revenue treats it as income from other sources on the ground that interest earned has no direct nexus with business income - Indirect connection of an income with one head does not entitle it to be treated under that head - Interest earned by the assessee has only indirect connection with the business income - Assessee's appeal dismissed on this count - (Para 2.2): ITAT; |
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cbecorder220_2007.doc + cbecorder219_2007.doc CBEC finally issues transfer order of 25 Addl JC + 42 AC/DC at all India level; Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 - instructions for implementation; INSTRUCTION Assessment of intermediate goods in manufacture of chaddars; CASE LAWS 2007-TIOL-150-SC-CX.doc + sc story.doc SC delivers landmark decision on Section 4A of the CEA'44 - Assessees rejoice and the department mourns: Supreme Court ; Central Excise - Assessee claims cenvat credit on manufacturing of wire - Revenue declines on the ground that drawing of wire from wire rods does not amount to manufacture - If revenue charges central excise duty on the final product then it cannot deny cenvat credit on the ground that it does not involve manufacturing - Assessee's appeal allowed - (para 3):Cestat; Common director, use of plant and machinery are not enough for clubbing of clearance value of other units and to deny the SSI exemption - stay and total waiver of pre deposit :Cestat;
SERVICE TAX SECTION Service Tax - Consulting Engineer Services - Stay/Dispensation of Pre-deposit Appellants had received amounts towards service rendered and collected tax from the clients but not credited to exchequer - ST paid on detection - Pre-deposit of Rs.1 lakh with in period specified ordered :Cestat; 2007-TIOL-1201-CESTAT-BANG.doc Service Tax - C & F Agent - Stay/Dispensation of pre-deposit - Stay orders already passed in similar cases since Service Tax was already paid by the port authority on the activity of Stevedoring - Stay granted :Cestat;
CUSTOMS SECTION 2007-TIOL-1206-CESTAT-MUM.doc + dgft story.doc Customs - Imports - Thai Fish Meal - In view of the settled decision, the imported product is a finished aquatic feed and it is even covered under the heading additives of Notification No. 20/2006-Cus and entitled for benefits of notification :Cestat; Customs - Imports - Thai Fish Meal - In view of the settled decision, the imported product is a finished aquatic feed and it is even covered under the heading additives of Notification No. 20/2006-Cus and entitled for benefits of notification :Cestat; |
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Sub contractor liable to pay Service Tax - Board clarifies - issues master circulars for Service Tax ; Can Govt detect mega revenue scam in telecom services? Sical Logistics ties up with MADC for MIHAN Road Terminal; Areva T&D bags complete Turnkey Orders worth 969 MINR; |
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