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PM decides to extend rural job scheme to all districts; 100 days employment guaranteed; Lok Sabha Speaker suggests method of 'recall' to make MPs more accountable; Contempt of Court : SC stays sentence against four 'Mid Day' journalists; Petition admitted; Railways commissioning 139 as universal train inquiry no; Delhi is best place in India to live in : E & Y Study; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-167-SC-IT.doc + sc it story.doc Deduction under Section 80 HHC can be allowed only if there is a positive profit : SC; 2007-TIOL-537-HC-MUM-IT.doc + mumbai hc story.doc Income Tax - Search u/s 132 - Notice for block return issued - Assessee claims non-service - Another notice issued, return filed and assessment order passed - Jurisdiction and validity of order challenged - CIT(A) agrees with the AO - Deduction u/s 37 - Tribunal partly upholds additions by the Revenue - Appeal to High Court - Notice u/s 158BC(a) cannot be equated with that of notice u/s 148; Defects in notice protected under umbrella of Sec 292B : High Court; Income Tax - Deduction claimed for bonus payment - AO finds although cash was withdrawn from bank on the due date for filing return but not disbursed on the same day - Deduction disallowed - Tribunal deletes the addition - Before High Court assessee pleads the case be dismissed as the tax effect is less than the limit prescribed by the CBDT - Since allowing deduction in a particular AY or another year cannot be a question of law, and the tax effect of the issue is less than the limit prescribed, the Revenue's appeal dismissed : High Court; Income tax - Valuation of closing stock - Assessee followed market value method and filed return - Return revised and method of valuation changed to cost price - A significant increase in the magnitude of losses declared - AO makes additions - There are two conditions u/s 139(5) under which a revised return can be filed but the assessee's case does not fall in both and there was no valid and legal ground to change the method of valuation - Assessee's appeal dismissed : High Court; Income Tax - Assessee writes back a sum kept for meeting contractual liabilities to the credit of P & L account - AO treats the same as income u/s 41(1) - Issue is no longer res integra as it was settled by the Apex Court in T.V. Sundaram Iyengar case ( 2002-TIOL-239-SC-IT ) - Assessee's appeal dismissed : High Court; |
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CIRCULAR Corrigendum to circular Nos. 829/06/2006-CX dated 01.05.2006, 830/07/2006-CX dated 03.07.2006 and 850/08/2007-CX dated 27.04.2007; CASE LAWS Central Excise – Classification of Cellulosic Spun Yarn - A classification dispute has to find its solution based on the facts ascertained and the relevant entry in the tariff - A fibrous mass can not be of fibres of uniform length- Fibres are understood in textile parlance as of specific length as settled by the decision of the Tribunal in the case of Vardhan Syntex- Cellulosic Spun Yarn classifiable under under Tariff Heading 18III(i) A classification dispute has to find its solution based on the facts ascertained and the relevant entry in the tariff:Cestat; Excise Duty - Refund of deposits made during investigation for duty evasion after getting a favourable order from Tribunal - Revenue objects on the ground that it is hit by limitation - Amounts deposited during investigation are deemed to be made under protest and not hit by limitation - Revenue's appeal rejected :Cestat; Central Excise - denial of SSI exemption - brand name of another person - an assessee would also be entitled to the benefit of the exemption if the brand name belongs to the assessee himself although someone else may be equally entitled to such name and such use is entirely fortuitous - exemption allowed - extended period can not be invoked as the judicial fora itself is divided on the issue :Cestat; Central Excie - Commissioner (A) - Power to remand back issue to adjudicating authority - Since such power has been taken away by the Fiannce Act, 2001 the Commissioner (A) is divested of such power - Matter remanded to Commissioner(A) for fresh consideration :Cestat;
SERVICE TAX SECTION 2007-TIOL-1466-CESTAT-MUM.doc + st story.doc Boilers supplied on lease contract - Interest collected from buyers on unpaid amount of credit not chargeable to Service Tax under the head "Banking & other Financial Services" - clause (viii) of Explanation I to Section 67 clarificatory in nature :Cestat;
CUSTOMS SECTION EPCG- Export Obligation Conditions deleted; CASE LAWS 2007-TIOL-166-SC-CUS.doc + sc decoder story.doc Signal decoder used by Cable operators is classifiable under tariff heading 8528 : SC; Customs smuggling of fake currency - stay /dispensation of pre-deposit- what tons of smuggled explosives cannot achieve by way of material destruction, can be easily achieved by boxes of fake currencies with which the appellants have been tainted with - appellant pleads poverty - the appellant gave a statement that he owns a car. In India today, even now poor people who are under genuine exemption from payment of income tax cannot afford even a cycle, leave alone a car - pre-deposit ordered :Cestat; |
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ddt 28 sept.doc + 2007-HRIOL-11-CIC.pdf Doing Business in India - World bank report -Trading Across Borders parameter helps India's overall position; RTI Act not to apply to Tribunals and Courts - CIC; What's Service? - Is it 'other than supply of goods'! Infotech Enterprises' first on-site photogrammetry facility inaugurated; Foreign currency raining at Chennai Airport; Three passengers arrested with FC worth Rs 37 lakh; |
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