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President appoints two Additional Judges for Madhya Pradesh High Court; Finished steel production up by 6.6% in first half of fiscal; New Telecom Policy causes serious heartburns; COAI moves TDSAT; Railways initiates steps to revamp Mumbai Suburban Train Services; SEBI asks foreign investors to register; gets warm response to PN guidelines; |
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| Dear Member, Also sending you the following files: |
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NOTIFICATION CBDT beats its own deadline; notifies detailed guidelines for FBT on ESOP; to be effective from April 1, 2008; CASELAWS 2007-TIOL-355-ITAT-MAD.doc + non-compete story.doc Income Tax - Non competing fee received in sale transactions is a revenue receipt - If there is a doubt, the department has the power to find out the real intention of the parties ignoring the apparent: MADRAS ITAT; Income Tax - Assessee claims deduction of income derived from generation of electricity by Wind Electric Generators (WEG) u/s 80IA - A.O. reduces the eligible income by the amount of depreciation and expenses incurred for repair and maintainance of WEG - Assessee objects on the ground that electricity generation is only incidental to demonstration activity for promotion of sale of WEG and not main activity and that there is no expenditure incurred for the same - A deduction u/s 80IA is allowed only to profit or gain from a business mentioned in sub section (4) which includes electricity generation and if assessee seeks to claim deduction u/s 80IA then it cannot claim that electricity generation was only incidental to demonstration activity and in computing the quantum of deduction, expenses and permissible deductions thereon have to be deducted - Assessee's appeal dismissed: DELHI ITAT; Income Tax - Re-assessment u/s 147/148 - Assessee challenges the legality of re-opening of assessment - CIT(A) dismisses the assessee's plea - Since the AO had received information about cash deposits in two new bank accounts and, on the same date, the money being diverted to the assessee's account and the depositors not being available at the given address, the issue of notice u/s 148 was justified under such circumstances, particularly when the AO failed to rebut many of the charges - Assessee's appeal dismissed: DELHI ITAT; Income Tax - Block assessment - AO issues notice u/s 143(2) after one year fro the end of the month in which block return was filed - CIT(A) disagree with the assessee - Following the Guwahati HC order in the absence of any contrary view taken by any other High Court, when the AO does not issue u/s 143(2) within one year from the month-end in which block return was filed, then it is not open to him to initiate scrutiny after the end of the period - Assessee's appeal allowed: PUNE ITAT; Income Tax - CIT(A) sustains demands raised u/s 201(1) and 201(1A) - TDS liability is a proxy or vicarious liability and when the primary liability does not exist, the vicarious liability also cannot survive - Assessee's appeal allowed: PUNE ITAT; |
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2007-TIOL-601-HC-P&H-CX.doc + frivolous story.doc Excess interest paid by the assessee - refundable; Excise Department to pay Rs. 10,000/- for frivolous appeal: P&H HIGH COURT; 2007-TIOL-1629-CESTAT-DEL.doc + scn story.doc Duty paid before Show cause Notice - penalty and interest liable: DELHI CESTAT; Loose paper chit found - Partner admitting having received 38340 kgs of Nitric acid & which in turn was used in manufacture of 21000 kgs of H-acid removed clandestinely - supplier in his statement submitting that 49425 kgs was sold, a fact denied by the partner - evidence on record is only of 38340 kgs - duty payable on the finished goods is in respect of this quantity of 21000 kgs only: AHMEDABAD CESTAT; 2007-TIOL-1627-CESTAT-BANG.doc Amount deposited during investigation - No unjust enrichment: BANAGALORE CESTAT; 2007-TIOL-1626-CESTAT-BANG.doc CBEC Circular takes effect only from the day it is communicated: BANAGALORE CESTAT;
SERVICE TAX SECTION 2007-TIOL-602-HC-P&H-ST.doc + BAS story.doc Service Tax - BAS - Collection of blood samples on behalf of principal lab is not Business Auxiliary Service: P&H HIGH COURT; 2007-TIOL-1624-CESTAT-BANG.doc Service Tax - testing of electricity meters - Statutory, not a taxable service: BANAGALORE CESTAT; ST - Commission agent is not C&F agent: MADRAS CESTAT;
CUSTOMS SECTION NOTIFICATION Ban on export of rice - Overactive Customs - DGFT clarifies; CASE LAWS Customs – refund of excess duty paid on brass scarp due to incorrect adoption of the tariff value notified - the refund claim is to be allowed by treating the same as error committed by the customs officer and the same can be corrected under Sec. 154 of the Customs Act, 1962 – revenue's contention to reject the refund on the ground that the importer had not challenged the assessment is rejected – appeal allowed.: MUMBAI CESTAT; |
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Ban on export of rice - Overactive Customs - DGFT clarifies; Pravin Gordhan, Commissioner of the South African Revenue Services (SARS) - a highly successful Customs officer of Indian Origin; CBEC, duty evasion by gutkha sector and the 'Spiderman'! Unsolicited Commercial Communications - National Do Not Call Registry - RBI directions; Govt issues draft guidelines for greenfield airports; TCS gets investment grade, BBB rating from Standard & Poor's; Suven Life Sciences secures 3 Indian Product Patents for NCEs; Satyam signs deal with Fujitsu for providing global outsourcing services to Reuters; Rohtak Central Excise books Talab & Dilbagh brands manufacturer for duty evasion Rs 15 Cr; |
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