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Fire breaks out in Income Tax office at Mayur Bhawan; Damage to appeal files feared ; FM launches National Investment Fund today; Laloo asks Left whether he should start work on Rail Budget 2008, and Left asks him to focus on N-crisis; UPA heading for split; Chief Justice of India + Finance Minister participate at CESTAT Silver Jubilee function today; Govt plans to amend Press Act to include news portals; Core sector records 9% growth in August as compared to 6.6% last August; India-Lanka sign MoU to operationalise Tariff Rate Quota for import of 3 mn pieces of apparel articles; Railways planning to install ATMs in select trains; |
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| Dear Member, Also sending you the following files: |
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Income Tax - Provisions for bonus to employees - Assessee makes adjustment u/s 143(1)(a) - Revenue disallows and demands additional tax - CIT(A) holds Sec 43B overrides provisions of Sec 36(1) and upholds AO's order - Since the bonus was actually not paid, the AO has rightly added back the bonus sum and the Tribunal upholds the CIT(A) order - No need to interfere - Assessee's appeal dismissed : MADRAS HIGH COURT; Income Tax - Search u/s 132 is followed by block assessment u/s 158-BC - Assessee alleges lack of proper notice u/s 158-BC(a) - Revenue contends the notice is validly served and even if there was any defect it was covered by provisions of Sec. 292B - Sec. 292B lays down that a notice, summon etc. will not be invalid merely on account of a mistake or omission if it is in substance and effect in conformity with the intent of the Act, and moreover any person challenging the validity of a notice has to show prejudice caused to him - In the instant case, though the notice was defective in certain respect but it was protected by the provisions of Sec. 292B as it contained only technical defects and no prejudice was caused to him, and moreover subsequent to the said notice a valid notice was served on assessee in pursuance of which returns for block period were filed by him and assessment framed - Assessee's appeal dismissed - (Para 46,47,48,49). : BOMBAY HIGH COURT; |
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RLT Case laws Headnotes; Central Excise - clandestine clearances - it is an admitted case of collusion between the processing unit and the merchant manufacturers which resulted in unaccounted production and clandestine removal of the excisable goods without payment of duty and the intention to evade excise is very clear - There is full justification for imposition of penalty equal to the duty under Section 11AC : CESTAT; 2007-TIOL-1508-CESTAT-SRINAGAR.doc Central Excise - valuation - deduction of machine user charges allowed in view of the earlier CESTAT orders - in respect of transportation charges, matter remanded to the Commissioner (Appeals) as the order was passed without going into the relevant records : CESTAT;
SERVICE TAX SECTION NOTIFICATION Export of services : CBEC further grants refund for payment of service tax on insurance service; CASE LAWS 2007-TIOL-1511-CESTAT-DEL.doc + gta story.doc Service tax - Goods Transport operators - show cause notice issued on 29.11.2002 as per the pre-amended provisions alleging that the returns were not filed and tax not paid - No effort was made by the Revenue to issue a revised show cause notice in the context of extended date for filing the returns and payment of service tax as provided under the Finance Act 2003 -the revenue ought to have been more vigilant by revising the notices which were earlier issued to bring them in tune with the new provisions - Revenue appeal dismissed: CESTAT;
CUSTOMS SECTION NOTIFICATION CBEC amends Not 39/2005-Cus (NT) for review cases; DGFT replaces para 4.22 in HP and alters export obligations fulfilment period; CASE LAWS Refund of duty, if any, can be claimed only by the importing company who paid the duty - The appellant cannot have a claim for refund of the amount on the ground that he had advanced the amount to the importer : CESTAT; |
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RBI makes EEFC account an interesting-bearing account; Banks to fix rate of interest; Justice Kapadia, FM call for elevation of CESTAT Members to High Court - CJI supports it; FM says move afoot to appoint two Addl SGs for direct and indirect taxes to improve quality of revenue representation; ACC commissions wind energy farm in TN; Jet Airways signs purchase agreement with Boeing for 20 aircraft;
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