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BoA gives nod to Navi Mumbai SEZ for induction of seven co-developers; COAI is furious; to challenge Govt decision to allow CDMA players to offer GSM services; I&B Ministry pushing for independent broadcast regulator rather than giving powers to TRAI; Power does not rule out possibility of mid-term polls; Govt launches e-portal to impart skills and generate employment; Gujarat Assembly polls: EC appoints K R Kaushik as new DGP; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-596-HC-MAD-IT.doc + bhel story.doc Income Tax - BHEL a representative assessee on behalf of a foreign company - Dispute between government and PSU - Clearance from Committee on Disputes, not required: MADRAS HIGH COURT; Income Tax - AO disallows deduction for contribution made in cash to industry association u/s 40A(3) - Since the assessee has been able to produce the receipt of payment and the same has not been rebutted, deduction is allowable - Revenue's appeal dismissed: P&H HIGH COURT; Income Tax - Sec 80HHC benefits - AO includes excise duty, sales tax and scarp sales receipts in total turnover - Tribunal disallows inclusion of excise duty and sales tax in turnover and remands the issue of scrap sales receipt - It is settled issue that excise duty and sales tax cannot form a part of total turnover and a remand cannot be a question of law - Revenue's appeal dismissed: MADRAS HIGH COURT; Income Tax - Land compensation kept in the form of FDRs and interest earned - AO makes addition and CIT(A) agrees - Tribunal deletes - Since the interest income has already accrued and there is no lien or encumbrance created on this amount of interest, it is taxable - Tribunal's order set aside - Revenue's appeal allowed: P&H HIGH COURT; Income Tax - Assessee fights a legal battle with DDA on ground rent issue - later withdraws it and receives a letter for payment of due with interest - Interest debited to the P& L Account - AO, CIT(A) and Tribunal disallow the same, treating it as past liabilities - As per law laid down by the Apex Court in the Bharat Earth Movers ( 2002-TIOL-123-SC-IT ) , the assessee incurred the liability to pay interest for the first time during the FY when the DDA quantified the amount of interest payable, and merely because the liability was discharged by the Assessee much later after the suit filed by the Assessee was withdrawn by it, will not change the position - Assessee's appeal allowed: DELHI HIGH COURT; |
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Lube oil waste, spent activated carbon and spent activated alumina - not excisable: MADRAS CESTAT; Inputs received from SSI units at concessional rate, cleared as such - CENVAT Credit taken Reversed - Department wants reversal of 16% instead of concessional rate - reversal by assessee is Good Compliance: MADRAS CESTAT; Central Excise - the order of Assistant Commissioner on classification was not challenged by the revenue and thus became final - Consequential refund was rejected by the original authority on the ground of unjust enrichment - the Commissioner (Appeal) can not reject the refund on the ground of classification - matter remanded to examine unjust enrichment: MADRAS CESTAT;
2007-TIOL-1600-CESTAT-MUM.doc + works contract story.doc Whether a contract for construction is a Works Contract on a turnkey basis & not a Consultancy contract - conflicting decisions hence matter referred to Larger Bench of Tribunal. Conflicting decision in L & T Ltd. 2006-TIOL-490-CESTAT-MUM & BSBK P.Ltd. 2006-TIOL-1538-CESTAT-DEL - matter referred to President for constituting a Larger Benc : MUMBAI CESTAT; Service Tax paid before SCN - no attempt to evade tax - Commissioner (A) reduces equal penalty - Revenue appeal for higher penalty dismissed. : MADRAS CESTAT;
CUSTOMS SECTION NOTIFICATION SION corrections - Annexure A amended SION rate for engg product amended SION rates for chemical & allied products amended; CASE LAWS 2007-TIOL-597-HC-DEL-AD.doc + essar story.doc Anti dumping - DGAD's decision to terminate anti-dumping investigation into imports of Hot rolled coils upheld - All reasonable opportunities given and well reasoned order passed - loss to steel manufacturers was due to inefficiency, not dumping: DELHI HIGH COURT; Customs - confiscation of foreign currency - it is reasonable to conclude that the appellant has procured foreign exchange and carried the same which was much beyond the permissible limit - The confiscation of the foreign exchange and imposition of penalty are justified - However, the confiscated currency is ordered to be released on payment of fine of Rs one lakh: MADRAS CESTAT; |
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Tax Recovery Officer to have powers of Assessing Officer; Make value-chain planning the magic mantra of industrial growth; Govt approves new Coal Distribution Policy; to introduce e-auction sale; 2007-TIOL-176-SC-CT.doc + sc story.doc When No limitation is prescribed under the Act, statutory authority must exercise its jurisdiction within a reasonable period. - What is reasonable period? That depends on the scheme of the Act but in any case cannot be more than five years. High Court right in allowing writ at notice stage as the department could not have decided issue of limitation: SUPREME COURT; CBI Court awards 3-yr RI to Joint Commissioner of Central Excise and one year RI to his wife and father in DA case; Himatsingka Seide acquires DWI Holdings Inc., USA; VSNL joins hands with Wi-Fi--NTT, Japan; Thermax signs tech pact with Balcke-Durr GmbH to tap pollution control market; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
