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Promotion to CCIT + CIT-levels for vacancies in 2008-09 : CBDT calls for speeding up ACRs of 66 CITs + 116 Addl CITs; Chennai DRI books adhesive tap importer for Rs 63 lakh duty evasion; Two arrested and goods worth Rs 2.3 Cr seized; Sahar Airport Customs seizes 3.78 kg morphine; Nigerian pax arrested; SC notice to AP Govt on 4% quota for Muslims in professional colleges; Five coaches of Awadh Express catch fire; no injuries reported so far; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-12-ARA-IT .doc + transfer story.doc Income Tax - Assessee and co-owners of agricultural land enter into a contract with a developer for building up the area against specified considerations to be paid in phased manner - Revenue for capital gains tax in the year in which contract is signed - Assessee insists on full and final payment to be received before tax is paid - To attract clause (v) of Sec 2(47), it is not necessary that the entire sale consideration upto the last instalment is received by the owner - The year in which the irrevocable GPA was executed and a major component of the sale consideration exchanged hands is the effective year of transfer of the property for levying capital gains u/s 45 : High Court; Income Tax - Assessee seeks permission for accumulation of unspent income for the objects of trust u/s 11(2) - A.O. disallows on the ground that objects for which accumulation has been sought has not been particularized and covered entire range of objects - Accumulation of trust's income u/s 11(2) requires specification of certain purposes but plurarility of purposes is not precluded as long as they are not beyond the objects of the trust - Assessee's appeal allowed to this extent : High Court; Income Tax - Assessee claims expenditure on account of interest paid to a Co. on deposits received from the said co. - Revenue disallows a portion of it in light of Sec.40A(8) - Under Sec. 40A(8), 15% of expenditure incurred by a Co., not being a banking or financial Co., on interest on any deposit received by it is to be disallowed - Reference in favour of department. Assessee collects sales tax from customers but does not deposit it with government pending a dispute with regard to liability and rate of tax payable - A.O. makes addition of the said amount collected - Assessee objects on the ground that it is following mercantile system of accounting - Sales tax collected by a dealer but not deposited with government is to be added to the income of the dealer and it will not make a difference that assessee was following mercantile system of accounting - Reference in favour of department : High Court; Income Tax - Assessee, a consultant in Manpower Mgt., claims deduction u/s 80-O - A.O. disallows in view of amendment to said section by Finance Act, 1997 w.e.f. 1.4.98 - As per the said amendment, a deduction is allowed only in respect of income received from foreign state or enterprise in consideration for use outside India of any patent, design, invention or regd. trade mark and as acknowledged by assessee he is not entitled - Matter remanded to Tribunal to look into the alternative claim of assessee u/s 80-RR - Revenue's appeal allowed : High Court; |
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2007-TIOL-06-ARA-CX.doc + excise aar story.doc Applicant averts the risk of availing the benefit on the strength of decisions rendered in a different context and then facing a backlash at a later stage - High Purity Burnt Lime is correctly classifiable under Tariff Item 2825 90 90 @16% adv : Advance Ruling; 2007-TIOL-1422-CESTAT-BANG.doc NCCD - exemption available under Notification 108/95 :Cestat; 2007-TIOL-1421-CESTAT-BANG.doc CE - Destruction of goods - goods removed under bond from job workers premises to principal manufacturer - eligible for remission of duty :Cestat; Central Excise - Cenvat Credit on explosives used in mines - in view of the settled legal position, credit is admissible and the refund of credit reversed is correct :Cestat; 2007-TIOL-1419-CESTAT-BANG.doc Central Excise - classification - once the product is manufactured under a drug licence, then the same cannot be considered as toilet preparation - The impugned products are rightly classifiable as veterinarian medicaments under Ch. Heading 3003.20 of CET 1985 :Cestat;
SERVICE TAX SECTION ST - SCN for demand of tax - Assessee argues neither any notice for demand of interest nor any mention of interest in the SCN - Commissioner(A) agrees with the assessee - Revenue insists no need for written or separate notice for interest which is mandatory - Since it is a settled issue vide Apex Court order in Commissioner of Trade Tax Vs Kanhai Ram Thekedar ( 2005-TIOL-76-SC-CT ) , Revenue's appeal allowed :Cestat; 2007-TIOL-1416-CESTAT-BANG.doc Selling SIM cards is not Business Auxiliary Service :Cestat;
CUSTOMS SECTION 2007-TIOL-521-HC-DEL-CUS.doc + cottage story.doc Hair is very much an animal part - ' Shahtoosh ' derived from the fallen hair of Chiru woven into a shawl - covered under the ban - seizure upheld - It is impossible even for the most imaginative legislature to forestall exhaustively situations and circumstances that may emerge after enacting a statute where its application may be called for : High Court; EOUs - Clearance of raw material imported - Since the appellants have accepted their liability and discharged the entire duty liability before the issuance of the show cause notice, there cannot be any penalty under Section 114(a) of the Customs Act, 1962 - penalty on the individuals set aside :Cestat; |
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Adjudication of Show Cause Notices - What is an issue? The immortal straight line of right and justice! Service Tax refund to software exporters - 'Goods' better than 'services'! Revised Scheme for grant of cash award to meritorious children - CBEC guidelines; UK network opts for VSNL for high bandwidth Internet; Tricom to acquire US serevice provider; Micro Technologies launches 'MICRO OBB' for security of Office Premises; Moser Baer profits rise by 100%; GMDC decides to split stocks; RIL discovers oil in Krishna Deep Water Basin; |
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