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Misuse of Coal India contribution made to PM Relief Fund - CIC asks PMO to look into it; Former UP Minister given life-term in Madhumita Murder Case; Raja says IT exports may cross USD 80 bn by 2011; Govt may go for short 'winter session' before Gujarat polls; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-607-HC-DEL-IT.doc + Adv tax story.doc Assessee not liable to pay advance tax and so did not file return - no interest under Section 217 for the income assessed:DELHI HIGH COURT; Income Tax - Return filed and AO treats a part of income as unexplained cash credit u/s 68 - CIT(A) and Tribunal allow the appeal - Since the sale of gold and silver to relatives was declared under the VDIS Scheme and the same was cerified by the Revenue and no additional evidence collected to the effect that it was a sham transaction, the Revenue's contention is not sustainable:MADRAS HIGH COURT; Income Tax - Assessee claims deduction u/s 80HH and Sec 80I - AO allows deduction u/s 80I on gross total income as reduced by deduction u/s 80HH - CIT(A) reverses the order of deduction - Tribunal upholds it - Since the Revenue's SLP agaisnt the MP High Court order was dismissed and no SLP has been filed by the Revenue agaisnt other HCs' orders, and having taken a view on the issue cannot be allowed to take a different view - Revenue's appeal dismissed:MADRAS HIGH COURT; Income Tax - Sec 80HHC benefits - AO completes assessment order after deducting 90% interest income for the purpose of Sec 80HHC benefits - CIT(A) treats it as business income which cannot be reduced for Sec 80HHC benefits - Tribunal holds that since there is bound to be some expenditure, only net interest should be taken into account - Given that Clause (baa) has already been interpreted to mean gross interest and since the interest income earned is not even held as business income for the exporter, no benefits can be allowed - Revenue's appeal allowed:MADRAS HIGH COURT; Income Tax - Limitation - Assessee argues that u/s 153(10(a)(iii) no order of assessment can be made u/s 143 or u/s 144 after two years from the end of the AY - A period of 185 days to be excluded for the purpose of sending the draft order to the assessee and the IAC to give direction to the ITO after receiving the same - Assessee alleges the Revenue took 186 days and thus the assessment order got time-barred - Sec 9 of General Clauses Act - First day for calculating the limitation to be excluded if words like 'from' is used - Since the language of Explanation 1 (iv) which uses the expression "commencing from the date", it makes it clear that the Revenue took 185 days and not 186 days as alleged - Assessee's appeal disallowed Assessee takes over the movable and immovable properties of the parent company - Parent company had an agreement with one real estate company for a large piece of land - Dispute - Part of land acquired by the State Govt - Dispute settled and compensation paid - AO treats the sum as business income whereas assessee insists on treating the same as capital gains - Since the assessee was not in the business for several years and the ITO also accepted the same and treated the assessee as an investment company for many AYs and the fact that the Revenue failed to prove that the assessee was into the trade, the sum to be treated as capital gains - Reference goes in favour of the Revenue: MUMBAI HIGH COURT; |
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2007-TIOL-608-HC-P&H-CX.doc + penalty hc story.doc Central Excise - Penalty when duty is paid before Show cause Notice - On remand by High Court in view of the Machino Montell case , Tribunal holds no penalty was imposable as no mens rea was proved - Revenue again in appeal before High Court - Tribunal is the last fact finding authority - no further appeal - Revenue appeal dismissed with costs: P&H HIGH COURT; Jai Udyog Trading Corporation - Commissioner(A) reducing equivalent penalty imposed under rule 25 r/w section 11AC citing SC decision in State of M.P vs BHEL would strictly apply only to the interpretation of Section 7(5) of the Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam, 1976 and cannot be extended to the interpretation of the provisions of Section 11AC of the Central Excise Act, 1944 - Ratio of the decision of the Larger Bench in the case of CCE, Delhi-IV vs Ilpea Paramount Pvt Ltd. , is in no way affected by the ratio of the decision of the Supreme Court - Penalty imposed by adjudicating authority restored: DELHI CESTAT; Facility of fortnightly payment of duty would be equally applicable to removal of inputs 'as such', thus not inviting penal action or confirmation of interest against the assessee - Tribunal decision in KLRF Textiles 2005-TIOL-937-CESTAT-MAD followed: MUMBAI CESTAT; Central Excise - classification - Top Charging Equipment is classifiable under Ch 84.28 as other lifting, handling, loading machinery - revenue appeal to classify as part of industrial furnace dismissed.: DELHI CESTAT; Shortage in stock - Stocks ascertained on assumption - Goods not actually weighed -Benefit of doubt extended to assessee: DELHI CESTAT;
SERVICE TAX SECTION 2007-TIOL-1636-CESTAT-KOL.doc + st story.doc Unitisation, strapping, packeting or packing, the customers' goods at their premises or sites - taxable under "Cargo Handling Service": KOLKATA CESTAT; ST
- Penalty - Commissioner (A) upholds it but Commissioner of Central
Excise enhances the penalty - The assessee argued as per Sec 85
of the Finance Act the Commissioner has no power to do it - Prima
facie the assessee has a strong case - Pre-deposit waiver granted:
DELHI CESTAT;
CUSTOMS SECTION Issuance of End Use (No Objection) Certificate for import of Boric Acid- Clarification regarding; Special Pay for difficult regions - Board invites suggestions from field; CASE LAWS 2007-TIOL-609-HC-DEL-CUS.doc + demurrage story.doc Customs not liable to pay demurrage, even if detention was wrong: DELHI HIGH COURT; Import of truck mounted crane - benefit of exemption in terms of serial No.22 of the table to Notification 61/94 dated 1.3.1994 not available as goods correctly classifiable under 8426.41 of Customs Tariff: MUMBAI CESTAT; |
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FBT on shares to employees- CBDT issues Rules; Special Pay for difficult regions - CBEC invites suggestions from field;Treat the DRs a little better - give them also a special pay; Adultery - IRS vs IAS - spouses included; Cenvat Credit on inputs and input services which are partially used in non-excisable commodities or in non-service activities; Goa Customs seizes UK 68,000 Pounds from British national; Sahar Airport Customs seizes 44 kg kitamine; Ranbaxy launches Osonase nasal spray in India; Wockhardt acquires USA-based Morton Grove Pharma;
Siemens bags Rs 330 Cr order from Tata Steel; |
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