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Exports registers 18% growth in July this fiscal; INSAT-4CR is in good health; elated ISRO plans more launches ; B'desh detains one of key accused in Hyderabad blast; GMR to foray into N-power; SC says no caste-based reservation for women and handicapped; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-482-HC-ALL-IT.doc + depreciation story.doc Purchase of capital assets (machinery) - damages received for breach of contract, on capital account; price of machinery stands reduced and so does depreciation. A fifty year old dispute :HC; 2007-TIOL-481-HC-KAR-IT.doc + M N Enterprise story.doc Income Tax - Assessee acquires leasehold rights in a premises where he runs a hotel which is further sub-leased alongwith the interest in business to another party and shows the consideration received as capital receipt on account of transfer of goodwill - A.O. disallows and treats it as business income - CIT(A) as well as Tribunal treat it as capital receipt but hold that since cost of acquisition is undeterminable there can't be any capital gains tax u/s 45 - In the instant case gain made by the assessee was on account of transfer of leasehold rights and not goodwill as assessee had acquired no goodwill - Transfer of leasehold rights is capital gain and it is the duty of A.O. to determine the cost of acquisition on the basis of settled principles for charging of tax u/s 45 - Case remanded to A.O. for determination of cost of acquisition :HC; Income Tax - AO makes additions for various loan transactions - Assessee produces letters from creditors but CIT(A) declines to admit fresh evidence under Rule 46A(4) - Tribunal sets aside additions with the observartion that the CIT(A) could have admitted evidence for disposing off the case on merits - No merit in Revenue's appeal as Rule 46A(4) provides that notwithstanding Rule 46A(1), the appellate authority can permit production of documents which enable him to dispose of the appeal:HC; |
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2007-TIOL-152-SC-CX.doc + sc story.doc Mere omission to give correct information is not suppression of facts unless it was deliberate to stop the payment of duty; Suppression means failure to disclose full information with the intent to evade payment of duty; When the facts are known to both the parties, omission by one party to do what he might have done would not render it suppression : SC; Central Excise - Shortage of 500 MT scrap detected on physical verification - Assessee acknowledges the shortage but tries to explain it - Duty, interest and penalty demanded - Such shortages ascertained on eye estimation basis can't be held to be real as 3-4 hrs. is not enough to weigh such a huge quantity of M.S. scrap, and moreover the statutory records were duly maintained - Revenue's appeal rejected :Cestat; Differential duty paid along with interest by assessee in respect of supplementary invoices raised subsequent to clearance - no cause for imposition of penalty under section 11AC in view of LB decision in Godrej Soaps Ltd :Cestat; Issue as to whether prior to the amendment to Section 35B(2) of Central Excise Act, 1944, the Commissioner could himself file appeals against the Order of the Comm. (A) or not goes to Larger Bench :Cestat;
SERVICE TAX SECTION 2007-TIOL-1272-CESTAT-BANG.doc ROM - Correction in Final Order 1775/2006 dt 18.10.06 order :Cestat; 2007-TIOL-1271-CESTAT-BANG.doc Service Tax - Photography Services - Valuation - In view of the settled decisions, the cost of material need not be included in calculating Service Tax - Appeals allowed :Cestat; 2007-TIOL-1270-CESTAT-BANG.doc Service Tax - Telephone Services - In view of the pronounced decision in favour of the appellant that demands cannot be raised for delay in transfer of accounts from principal chief controller of Accounts to Central Board of Excise & Customs - Commissioner (Appeals) is not justified in dismissing the appeal for non compliance of provisions of Section 35F - Matter remanded :Cestat;
CUSTOMS SECTION NOTIFICATION Govt levies final anti-dumping duty on phenol import; CASE LAWS Customs- personal penalty imposed on the chairman of the company - penalty on the company set aside by the Tribunal in the appeal filed by the company against the same impugned orders - personal penalty also is required to be set aside :Cestat; 2007-TIOL-1268-CESTAT-BANG.doc Customs - refund consequent to provisional assessment is not hit by the bar of unjust enrichment prior to prior to 25.06.1999 when Rule 9B(5) was amended :Cestat; |
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Advance authorisation - bank guarantee - limit of Rs. 1 crore - CBEC clarification; The irony of plain-reading : Junagarh's wisdom upheld; Condonation of delay - At toss to meet end of justice! Satyam continues to be top-ranked Global ITO vendor; Moser Baer launches Hi-Speed recordable discs for EU market; Parsvnath Gurgaon SEZ notified; more in pipeline; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
