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Chennai Airport Customs catches incoming pax with 146 live ornamental fishes; CBI arrests Indian Airlines Traffic Suptd (Cargo) for accepting bribe; Industrial production logs 10.7% growth rate in August; PM says failure of N-deal is not going to be end of life!; rules out polls; SEZ developers want more sops to meet cost escalation; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-337-ITAT-DEL.doc + huf story.doc Income Tax - HUF - interest paid to coparceners - deduction allowed: DELHI ITAT; 2007-TIOL-336-ITAT-MUM.doc + debenture story.doc Income Tax - Scrutiny - Notice u/s 143(2) - Deduction of expenses incurred on issuing convertible debentures claimed - AO treats it as capital expenditure - Such expenses are eligible for deduction till conversion - Assessee's appeal partly allowed: MUMBAI ITAT; Income Tax - Assessee claims expenditure made on account of software package, replacement of UPS and printer and construction of new compound wall in place of existing barbed wire as revenue expenditure - A.O. disallows and treats it as capital expenditure - Whether an expenditure falls in revenue account or capital account depends on the facts of each case and there is no fixed formula including enduring test method which can determine the issue in every case and what is to be seen is the nature of advantage in commercial sense and only where advantage is in capital field, that the expenditure is to be disallowed - In the instant case expenditure incurred is on revenue account as these have merely resulted in more efficient running of business without any advantage in capital field: MADRAS HIGH COURT; Income Tax - AO disallows depreciation claimed on leasing of a part of building - CIT(A) agrees with the AO - Since it is a settled issue, the income from the leased out premises to be treated as rental income from 'house property', no depreciation to be allowed AO disallows expenditure incurred on issuance of zero bond - CIT (A) upholds order - Assessee claims zero bonds are akin to debentures and any expenditure incurred on their issuance is admissible deduction - Since appellant itself treated the expenditure on the capital account and claimed deduction under Section 35-D and the same was granted by the AO, it cannot claim further deduction as revenue expenditure - Assessee's appeal rejected: MADRAS HIGH COURT; Income Tax - Assessee, maintaining mercantile system of accounting, does not deposit certain amount of service tax collected but neither claims any deduction on such amount nor debits it in P&L a/c - Revenue however disallows and adds the amount to the income of assessee - In terms of Sec. 43B and considering that assessee is following mercantile system of accounting, there is no question of disallowing a deduction not claimed - Revenue's appeal dismissed: DELHI HIGH COURT; |
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2007-TIOL-573-HC-MAD-CX.doc + LB story.doc Compounded Levy -Does Rule 96ZO/ZP survive even after omission of section 3A? - CESTAT LB order stayed: MADRAS HIGH COURT; 2007-TIOL-1556-CESTAT-BANG:doc CE - Samples cleared for mandatory testing - Not liable to duty: BANGALORE CESTAT; 2007-TIOL-1555-CESTAT-BANG.doc Central Excise - Fact of theft informed to the department immediately - No suppression & No extended period of Limitation: BANGALORE CESTAT; EOUs can clear goods to the DTA under exemption and CT-2 Certificates: MADRAS CESTAT;
SERVICE TAX SECTION 2007-TIOL-1558-CESTAT-BANG.doc ST- AMC is not Consulting Engineer: BANGALORE CESTAT; ST - Maintainance and repair service - Assessees furnish two-year-old income tax return to plead financial hardship - Pre-deposit ordered: DELHI CESTAT;
CUSTOMS SECTION 2007-TIOL-1560-CESTAT-MUM.doc + mettalic story.doc Prohibited goods under the Trade and Merchandise Marks Act - Once the complaint filed with the Customs authorities was withdrawn by the owner & the parties settled the matter, the matter ends and the Commissioner should not have proceeded to pass the order of confiscation - Tribunal. As the parties settled the matter, the Commissioner, like Shakespeare said, should have said "let me not, to the marriage of true minds, admit impediment - Order of confiscation legally impermissible hence set aside: MUMBAI CESTAT; Importer filed Bill of Entry for clearance of import consignment, which was found to be adulterated and rejected by the buyer for poor quality - The imported goods become prohibited goods and are liable for confiscation: DELHI CESTAT; |
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ddt 12 oct.doc + suggestion.doc Mumbai Customs wants a name - best name dropper to get Rs. 1000/-; Ethanol reforms should lead to comprehensive bio-fuels policy; Post of Dir (Finance) in Mumbai Railway Vikas Copn Ltd; CBI arrests IA Traffic Suptd for accepting bribe; Wipro, Nokia Siemens sign R&D partnership contract in Germany; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
