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BoA gives nod to 20 SEZs and in-principle approval to 7; HC asks Govt to immediately sort out AIIMS crisis; A few States deliberating levy of stamp duty on non-processing area of SEZs; Govt to oursource management of monuments to pvt sector; |
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| Dear Member, Also sending you the following files: |
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ORDER CBDT issues additional charge order for 13 CCITs; CASE LAWS 2007-TIOL-476-HC-MUM-IT.doc + reward story.doc Reward to informers - information furnished from 1973 to 1981 - no reward given - Department says no additional tax generated - Income Tax practitioner's claim for Rs 5 Lakhs reward rejected : HC; Income Tax - Assessee, engaged in the business of purchase and sale of IMFL products, purchases packing material i.e. bottles and claims deduction for same - A.O. disallows on the ground that the material is purchased at inflated rates and through an intermediary without necessity - Deduction u/s 37 is allowable where expenditure is incurred wholly and exclusively for business and is not capital in nature - Both the conditions are satisfied in the instant case and the transactions have not been proved to be sham- Revenue's appeal dismissed : HC; Income Tax - Assessee transfers rights issue to partially convertible debentures and claims capital loss arising thereof in computation of capital gain - A.O. disallows - Issue no more res integra - assessee is entitled to claim capital loss arising out of transfer of rights issue to partially convertible debentures as while computation of capital gain or loss, the principles applied should be those which are part of commercial practice - Revenue's appeal dismissed : HC; Income Tax - A.O. includes excise duty in total turnover of the assessee for computing of deduction u/s 80HHC - Issue no more res integra and its settled that excise duty is not to be included in the total turnover for calculation of deduction u/s 80HHC - Revenue's appeal dismissed : HC; |
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Central Excise - paper manufactured from unconventional pulp - paper broke recycled is an unconventional pulp and the assessee is eligible for exemption - offence - Evidence - Convincing and irrebuttable evidence must be available to dislodge the presumption that a public Sector undertaking is not used to manipulation of records - Matter remanded to original authority :Cestat; Central Excise - Credit on capital goods - Split air-conditioners are entitled for credit as capital goods :Cestat; Application for condonation of delay of 817 days in filing the appeal against the order of Commissioner (Appeal) - No sufficient cause for granting condonation of such a long period of delay :Cestat;
SERVICE TAX SECTION CORRIGENDUM CBEC makes amendment in Service Tax Circular 93/2007; CASE LAWS 2007-TIOL-1248-CESTAT-BANG.doc + st story.doc Credit on input service - Outward freight - Gujarat Ambuja disagreed with - referred to Larger Bench :Cestat; ST - Service rendered overseas - Assessee claims no tax payable before April 18, 2006 - Since there is a difference of opinion between the Tribunal benches, stay granted :Cestat; 2007-TIOL-1246-CESTAT-BANG.doc Service Tax - Stay/Dispensation of pre-deposit - Appellant contended that once Commissioner (Appeals) has set aside the imposition of penalty by the A.C. by rectification order, the question of Review order does not arise imposing penalty - Since question of law involved, stay granted :Cestat;
CUSTOMS SECTION NOTIFICATION DGFT lays down procedure for deciding eligibility and also reduction in entitlement for filing applications filed after due date; DGFT again amends import policy for betel nuts; Govt levies definitive anti-dumping duty on import of petroxosulphates with effect from March 19, 2007; Govt levies definitive anti-dumping duty on import of petroxosulphates with effect from March 19, 2007; CASE LAWS Customs - Re-export of imported goods - The Commissioner's decision to treat the impugned goods as legal shortages is consistent with instructions contained in the appraising manual in relation to the goods confiscated and required to be re-exported. The law does not compel a man to do that which he cannot possibly perform:Cestat; 2007-TIOL-1244-CESTAT-DEL.docImport of paper - stock lot from bankrupt supplier - no misdeclaration :Cestat; |
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Import & export through courier mode-CBEC clarifies; Twin blasts in Hyderabad : Terror is fine! but why are we so ill-prepared to handle post-blast fall-out? 2007-TIOL-477-HC-DEL-SERVICE.doc + cit corrupt story.doc Corruption case against Income Tax Commissioner - Departmental proceedings can continue simultaneously with prosecution proceedings - one need not wait for another to conclude: HC; ACC approves a few key appointments; DLF Hotels to bring Four Seasons to Gurgaon; TCS wins Rs 574 Cr transformational deal with BSNL; HDFC announces closing of sponsored International Real Estate Fund; Sun TV subsidiary enters into strategic alliance with Red FM; |
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