|
 |
 |
 |
 |
 |
CBDT nominates six officers, two each from Mumbai, Delhi & Goa, for US Govt training in Credit Card Investigation and Electronic Crimes; Direct Tax mop-up registers 40% growth rate between April to Oct 15, 2007; Gujarat Assembly polls: EC appoints K R Kaushik as new DGP; FM approves 14 FDI proposals worth Rs 1257 Crore; Full Plan Panel to meet on Nov 11 to finalise 11 th Plan; EC says no to postponement of polls in HP; Chennai DRI raids apple fruit importers in Bangalore, Kochi and Chennai and detects duty evasion of Rs 2 Cr; recovers Rs 85 lakh; |
 |
|
 |
 |
 |
|
| Dear Member, Also sending you the following files: |
||
| |
 |
 |
|
|
|
NOTIFICATION CBDT delegates powers to CCIT / CIT to authorise TRO to act as AOs; CASE LAWS 2007-TIOL-589-HC-DEL-IT.doc + bonus story.doc Bonus shares received by a trust cannot be said to be funds invested by the trust - The device of piercing the veil of the legal entity of a HUF in order to ascertain the person in actual control of its functioning is unknown to this branch of tax law: DELHI HIGH COURT; Income Tax - Assessee for the first time vouches before the Tribunal that no notice u/s 143(2) was served - Revenue refers to Section 27 of the General Clauses Act, 1897 which states there is a presumption of service of the notice if it was properly addressed and duly posted - Assessee files affidavit to rebut the presumption - Tribunal erred in going by the belated filing of affidavit as had the assessee done this before the CIT(A), it might have been remanded to the AO for proper inquiry - Tribunal's order set aside - Revenue's appeal allowed: DELHI HIGH COURT; Wealth Tax - Assessee files a return of wealth - A.O. refers one of the immoveable properties to the valuation officer and adopts the value on the basis of the report and initiates penalty proceedings u/s 18(1)(c) Explaination 4 on the ground that value of property as shown by the assessee was 70% less then determined by the valuation officer - Assessee objects and explains that the value returned is based on the valuation of an approved valuer and moreover department has accepted the value year after year - Where the value of a property returned is 70% less then that determined by the valuation officer, Explaination 4 of Sec. 18(1)(c) raises a presumption of concealment of particulars with regard to value of property or furnishing of inaccurate particulars of property and shifts the burden of proof on the assessee to show that failure to show the correct value was not on account of any fraud or wilful neglect on behalf of him but this presumption is rebuttable - Assessee in the instant case has discharged the burden and rebutted the presumption of concealment with her explanation - Revenue's appeal dismissed.: ALLAHABAD HIGH COURT; Income Tax - Assessee is assessed u/s 147 for the first time for AY-1976-77 and 80-81 and interest is imposed u/s 139(8) - Assesse objects on the ground that interest u/s 139(8) cannot be levied for the relevant AY - Explaination to Sec.139(8) was added w.e.f. 1.4.85 thus interest under it can be charged only for AY-1985-86 and subsequently and can't be applied in the instant case - Reference against revenue: P & H HIGH COURT; Income Tax - Assessee Co. takes over the business of a firm, and the amount lying in the capital accounts of partners are taken as liabilities on which interest is paid - A.O. applies the provisions of Sec.40A(8) - Assessee objects on the ground that the amount is a kind of contractual obligation and not deposit and the same is shown as current liability in the accounts of the Co. - To attract the mischief of Sec.40A(8) which provides for disallowance of 15% of interest paid by a Co. on deposits (not being a banking or financial co.), all that is to be seen is that some amount was received by the Co. and interest was paid on it and it does not make a difference if the amount is lying in current account - Reference in favour of revenue: P & H HIGH COURT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
2007-TIOL-590-HC-MUM-CX.doc + refund hc story.doc Refund, rebate and drawback - too many SCNs and conflicting orders - Bombay HC remands case to Tribunal: MUMBAI HC; Central Excise - Cenvat Credit - 8% credit reversed in terms of Rule 57CC collected from the buyers - revenue appeal seeking demand under Section 11D and interest under Section 11DD is set aside: MADRAS CESTAT; Exempted by product - Is Rule 57CC applicable - Referred to larger bench: MADRAS CESTAT; Central Excise - Advertisement expenses by buyer not includible in value: MADRAS CESTAT;
SERVICE TAX SECTION Service Tax on commercial rent - Interim injunction for two weeks granted: MADRAS HC; 2007-TIOL-1594-CESTAT-BANG.doc + st ad story.doc Service Tax - Advertising Service - Incentive received from media, not taxable: BANGALORE CESTAT; 2007-TIOL-1593-CESTAT-BANG.doc Service Tax - Contract Carriers are not tour operators: BANGALORE CESTAT;
CUSTOMS SECTION NOTIFICATION CBEC notifies Janori in Nashik for export and import of goods; CASE LAWS 2007-TIOL-1592-CESTAT-MAD.doc + cha story.doc Customs-Suspension of CHA license- Commissioner, Customs house, Chennai has no jurisdiction to suspend the license issued by Customs house, Visakhapatnam and such authority to be exercised in accordance with natural justice- Reasons stated by the Commissioner for suspending the operation of the CHA license are not supported by indisputable facts of the case and the commissioner`s order cannot be sustained for a moment-impugned order set aside- Appeal allowed and the say applications stands disposed of: MADRAS CESTAT; Rate of duty is the one when goods are cleared from warehouse: MADRAS CESTAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Migration to SEZ - not all options are closed; The 'kick' of gutkha - CBEC chooses easy-cum-cosy physical control to prevent duty evasion! ABB wins orders worth Rs 512 Cr from JSW Group; TCS to handle Nielsen IT operations worth USD 1.2 bn; GAIL to form JV for Vadodara City Gas; to join hands with RCF; L&T bags Rs 462 Cr orders for projects in Andhra Pradesh; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
