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All political parties have begun putting 'lubricants' in poll machineries; Post-Budget time framework brings consensus in Congress core group Planning Commission condemns Sarva Shiksha Abhiyan as mega failure PM undergoes minor surgery at AIIMS; to be relieved in two days India hosts second meeting of SAARC Finance Ministers in New Delhi; FM chairs meet and lauds measures taken to promote SAFTA Income Tax raid on MGF Group - Rs 230 Cr 'surrendered' so far; Ram Sethu issue : Two ASI officials face wrath of political faux pas of Govt; LIC announces higher bonus on life time plans; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-292-ITAT-DEL.doc + rent story.doc Enquiry in respect of bank accounts, agreement of employment and computation of income from house property were legitimately made by the AO, as they related to enquiry into escaped income; If the employment comes to an end on the basis of period fixed in the contract, the employee stands retired and it is immaterial whether he gets further employment with the same company or another company; When no rent is received, there is no question of income from House property :ITAT; Income Tax - Assessee claims deduction u/s 80-IB on duty drawback - Issue no more res integra as income earned from duty drawback is not income derived from industrial undertaking - Revenue's appeal allowed : HC; Income Tax - Assessee holding a dollar account takes exchange rate fluctuations on maturity of deposits - A.O. takes into account the exchange fluctuation on yearly accrual basis and adds the difference and imposes penalty u/s 271(1)(c) - Penalty u/s 271(1)(c) can be imposed on concealment of income or furnishing of inaccurate particulars of income and in a case where two views are possible, it cannot be said to be a case of concealment of income - In the instant case, the difference is on account of difference in exchange rate fluctuation which does not amount to concealment of income - Revenue's appeal dismissed - (Para 13,14,15,16): HC; |
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Central Excise - EOU - cotton waste emerging in the combing of ginned cotton - excisability - these processes are merely for cleaning and arranging fibre into spinnable lengths - the soft waste is a reject and residue arising in the processes - not to be treated as a manufactured product :Cestat; Central Excise - Cenvat Credit - credit availed without receiving the inputs - Commissioner (Appeals) disallowed the credit on revenue's appeal against the Order In Original , but did not impose penalty under Section 11 AC - Commissioner (Appeals) order modified to the extent of imposing penalty of equal amount under Section 11 AC:Cestat; 2007-TIOL-1363-CESTAT-SRINAGAR.doc Clandestine removal of goods - Not an iota of evidence brought on record by the Revenue which could remotely suggest that the respondent had indulged in the clandestine manufacture of plywood, under the guise of traded goods - The straggling statements of the employees can hardly come to the rescue of the struggling appellant :Cestat; 2007-TIOL-1361-CESTAT-AHM.doc + suptd story.doc Superintendent does not receive re warehousing certificate - duty cannot be demanded from assessee for Superintendent's mistake :Cestat; Central Excise - withdrawal of compounded levy under Section 3A for Iron and steel products - closing stocks declared as on 31.3.2000 - on physical verification, excess finished goods and shortage of raw material found by the officers - the officers ascertained the stock of the finished goods and inputs on the basis of the declaration made by the authorized signatory, therefore, the appellants cannot change their stand by saying that the Officers conducted the stocks on the basis of eye estimation - appeal rejected :Cestat;
SERVICE TAX SECTION 2007-TIOL-1362-CESTAT-BANG.doc Service Tax - Recipient of Services - Demands are not recoverable if earlier show cause notices have been issued as subsequent show cause notice is required to be treated as time barred :Cestat; ST - Late filing of return - Penalty imposed - Commissioner(A) reduces penalty - Revenue objects - Since tax with interest was deposited before issue of SCN, penalty u/s 77 reduced :Cestat;
CUSTOMS SECTION Customs – Seizure of Indian/Foreign currencies – The statements recorded under Section 108 of Customs Act have evidentiary value – matter remanded for offering option to the appellant to redeem the confiscated goods on payment of fine :Cestat; Evidence specific to the transactions have to prevail over general evidence - Evidence of the Revenue is general and theoretical in character - Finding that the consignments were mis-declared not sustainable :Cestat; |
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Today is International Day for Preservation of Ozone Layer; India earns Rs 1000 Cr for phase-out of ozone substances; Special Incentive package for semiconductor industry but only for serious applicants! HP adjudged best in reducing poverty; CPCB nation-wide scheme to improve ambient air quality; Rolta India gets land for IT Park in Kolkata; Unity Infraprojects bags huge orders; Ipca's anti-malarial product pre-gualified by WHO; |
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