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MoF stats indicate hardening of interest rates, curtailing demand for consumer durables; Govt issues Draft Procurement Preference Policy; proposes minimum 20% of the value of total purchases by all Govt Depts from SMEs; IAEA says India has not approached it for safeguards pact; BoA to take up 22 more SEZ proposals today; Microsoft loses EU's anti-trust case; fined Euro 447 mn; CBDT happy with advance tax trend - SBI tops bankers' list with Rs 1000 Cr deposit; |
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| Dear Member, Also sending you the following files: |
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CORRIGENDUM Corrigendum to Ninth and eighth amendment to correct the numbers; CASE LAWS 2007-TIOL-299-ITAT-MUM.doc + cipla story.doc The learned DR fairly conceded - No, he cannot!- Departmental Representative's job is to appear, plead and act FOR the Revenue - he cannot concede : ITAT; Income Tax - Assessee claims deduction on account of commission - A.O. disallows on the ground of diversion of income as the parties whom commission is paid are related to the assessee - Parties to whom commission is paid are related to the assessee co. and there is no evidence adduced to prove that any service was actually rendered by them, thus its a case of diversion of income - Revenue's appeal allowed : ITAT; Income Tax - Stay - Emergency petition moved - Revenue attaches bank accounts of the assessee - Interim stay granted - Meanwhile, Revenue recovers Rs 2.8 Cr from the assessee - DR directed to appear before the Bench alongwith the AO - AO and Addl CIT plead recovery was done even before the interim stay came to their knowledge - Refund ordered and stay granted for six months : ITAT; Income Tax - Assessee declares rental income from a building for computing income from house property except for ground floor and basement which is shown as self occupied - A.O. rejects annual letting value declared by the assessee and computes annual letting value on its own including the value of basement and ground floor - Assessee has taken actual rent received as the basis for computing income from house property which is as per terms of Sec. 23(1) and there is nothing brought on record by the A.O. to show that rent shown by the assessee was not the actual rent received by it, and that it was receiving any rent for the basement and ground floor and not self occupied - Revenue's appeal dismissed : HC; Income Tax - Assessee is reassessed u/s 147 for escapement of income - CIT(A) as well as Tribunal give a concurrent finding in favour of assessee on the ground that reassessment is being done after four years from the end of relevant assessment year and thus barred by limitation and revenue failed to prove that assessee failed to furnish material facts truly and fully at the time of original assessment - Proviso to Sec.147 clearly state that no assessment can be reopened beyond a period of 4 years unless assessee fails to disclose all material facts truly and fully whereas in the instant case material fact on which revenue relied for reopening of assessment was furnished by the assessee at the time of original proceedings and moreover where there is a concurrent finding by lower authorities, interference by the High Court is not to be called for - Revenue's appeal dismissed : HC; |
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NOTIFICATION Export to countries other than Nepal and Bhutan : CBEC amends Notification to deny rebate; CASE LAWS 2007-TIOL-159-SC-CX.doc + sc story.doc Is penalty under Section 11AC mandatory and is mens rea an essential requirement? - Issue referred to Larger Bench :SC; Central Excise - Revenue files an application on question of law against the decision of Tribunal - Application being a reference application, the questions cannot be decided without calling for a reference - Since order of the Tribunal raises questions of law, Tribunal is directed to forward a statement of case raising questions of law raised in the application - Revenue's application allowed: HC; 2007-TIOL-1381-CESTAT-DEL.doc + dk story.doc Lex Non cogit ad Impossibilia - payment of duty on Supplementary invoice cannot attract interest under section 11AB of the CEA'44 :Cestat; 2007-TIOL-1380-CESTAT-BANG.doc Central Excise - Modvat - Inputs - There is no prohibition for any operation on the components or spares or accessories received by the assessee in their factory before using the same in machinery - Modvat credit cannot be denied :Cestat; 2007-TIOL-1379-CESTAT-BANG.doc Central Excise - Valuation - The price offered was against Global Tenders and no nexus could be established between the price and the advance received - No proof that the advances taken influenced the price reduction - Hence, notional interest on such advances cannot be included in the assessable value :Cestat; 2007-TIOL-1378-CESTAT-BANG .doc No penalty when duty demanded is set aside :Cestat;
SERVICE TAX SECTION 2007-TIOL-1375-CESTAT-BANG.doc Service Tax - Business Auxiliary Services - Stay/Dispensation of Pre-deposit - The activity is joint business activity but not promoting business and marketing the products - Prima facie the matter is in favour of the appellant - Stay granted :Cestat; 2007-TIOL-1374-CESTAT-BANG.doc Sale of SIM Cards - No Service Tax :Cestat;
CUSTOMS SECTION NOTIFICATION Once again no change in tariff value of edible oil; Only brass scrap value revised; CASE LAWS 2007-TIOL-1377-CESTAT-BANG.doc Customs - Imports - Hazardous Chemicals - In view of the settled decisions the Notification No 35/2003 dt. 16.2.04 had not been issued under Section 3(2) of FTDR Act, 1992 but issued under Section 5 of FTDR Act - Customs authorities cannot proceed against appellants in terms of Section 3 (3)of FTDR Act 1992 read with Section 111(d) of Customs Act, 1962 - Confiscation and imposition of penalty not legal - Impugned order set aside :Cestat; Customs - Import of marble slabs - Public Notice allows free import from SAARC countries - Revenue confiscates the same on the ground that the goods are not freely importable as their value is less than what is prescribed by the relevant notification for free import issued subsequent to public notice - There is no inconsistency between the two as notification deals with imports whereas public notice is restricted to imports from SAARC countries - Revenue's appeal rejected :Cestat; |
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Export of Service Tax? Revenue's complicated refund procedure. Commerce Minister appeased? ECB accounts for 56% of India's total external debt of USD 28.5 bn on March 31, 2007; Patni Computer, Activplant team up for strategic partnership; KLG Systel bags further order worth Rs 32.5 Crore; Maruti Udyog Ltd is now Maruti Suzuki India Limited; Lanco Infratech signs strategic agreement with Gulftainer; |
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