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Nath says India can sustain 10% growth rate in a decade; Govt extends Mid-day Meal scheme to Class VI and VII in educationally backward districts; Urban Devt Minister asks Delhi Govt to implement intelligence transport system before Commonwealth Games; India all set to cross 25-crore mark for no of telephone connections installed; MoF holding talks with SEBI; may go for softening of PN norms; Adani plans to raise Rs 1500 Cr through IPO route for Mundra Port; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-350-ITAT-LKW-TM.doc + sahara story.doc Provisions of section 2(22)(e) of Income-tax Act cannot be applied on presumptions. The burden is on the Revenue to prove that all the conditions of the deeming provision are fully satisfied: (Third Member) LUCKNOW ITAT; Income Tax - Assessee gets into a contract for development of a large piece of area and construct flats and factory complexes - After the work gets underway, the contract is terminated and the assessee is paid compensation which is claimed as capital receipt - AO treats the same as revenue receipt - Since the compensation was paid for the loss of future profits of the assessee which could have earned by fully developing the project and no amount was apportioned towards the restrictive clause of not developing 'similar projects' in its vicinity for three years, the compensation amount was very much trading reciepts, taxable in the AY - Assessee's appeal disallowed: DELHI ITAT; Income Tax - Assessee, engaged in the business of software development and IT enabled services, claims deduction of expenditure incurred on travelling of 3 persons of another co. which is its marketing agent and entitled to commission on sales effected through it - A.O. disallows on the ground that assessee did not have an agreement for incurring such expenses - Assessee contends that it is for purpose of his business and a normal pratice prevailing in trade - Assessee's contention is self serving and unless the same is confirmed by the other co. that the expenditure incurred on travelling was for business of assessee, the same can't be assumed - Matter remanded to A.O. to determine if the expenditure incurred by assessee was for business purposes in light of confirmation by the other co. - Revenue's appeal allowed for statistical purposes: DELHI ITAT; Income Tax - Show cause notice against Directors who had resigned from the company and the same was intimated to the Revenue - Unless Revenue comes to the finding that despite its efforts it failed to recover the tax arrears from the company it cannt assume jurisdiction u/s 179 to recover the same from the Directors personally - Assessee's appeal allowed: MADRAS HIGH COURT; Income Tax - Survey u/s 133A - Expenditure without supporting vouchers and documents detected - Assessee revises return - AO levies penalty u/s 271(1)(c) - CIT and Tribunal delete - Merely because the assessee failed to provide proper vouchers for the expenditure entered into the books of accounts, penalty cannot be imposed, and moreover, the onus shifts on the revenue to substantiate if charges of inaccurate particulars are levelled - Revenue's appeal dismissed: MADRAS HIGH COURT; |
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2007-TIOL-1615-CESTAT-MUM.doc + mahindra story.doc Error apparent on record - Rectification of Mistake application allowed -Ordered that the word 'not' in the third line from the bottom in respect of Appeal no. E/471/06 is deleted: MUMBAI CESTAT; Duty debited in DEPB - If duty paid - eligible for credit: MADRAS CESTAT;
SERVICE TAX SECTION Delay in issuing Service Tax registration - Board is angry; CASE LAWS 2007-TIOL-1611-CESTAT-BANG.doc Service Tax - Del Credere Agent is not C & F agent: BANAGALORE CESTAT; ST - GTA Service - Assessee claims refund of service tax paid on GTA service - Since the issue is no longer res integra as it stands decided against the assessee in J K Industries case ( 2006-TIOL-260-CESTAT-DEL ), assessee's appeal rejected MUMBAI CESTAT;
CUSTOMS SECTION 2007-TIOL-1616-CESTAT-BANG.doc + Alfa Trader Story.doc If somebody claims that the mangoes brought by him are produced in Iceland or New Zealand, it would be very difficult to swallow it. Cloves are not grown in Pakistan No concession to Cloves imported from Pakistan Customs: Import under SAPTA Cloves not grown in Pakistan Concessional rate cannot be allowed even if the certificate of origin shows Pakistan as the country of origin if the Certificate produced by the appellant is accepted, then truth becomes casualty: BANAGALORE CESTAT; Customs - penalty - duty demanded from a public limited company and penalty equal to the duty under Section 114A imposed on the Managing Director of the company - penalty under Section 114A can be imposed only on the person liable to pay the duty - not on the Managing Director.: MADRAS CESTAT; Customs - refund claim is rejected correctly by the Commissioner (Appeals) as the importer had not challenged the assessment under Section 128 of the Customs Act - appeal dismissed: AHMEDABAD CESTAT; |
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Delay in issuing Service Tax registration - Board is angry; Poor Rich Countries: The Challenges of Development; Are loss-making companies liable for FBT - a fresh view! Ranbaxy Lab receives approval to Market RAN - Lisinopril in Canada; |
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