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SC rules no compensation for illegal passengers travelling by goods carrier; Power Grid intends to 'power' its business by grabbing 10% stake in Filipino transmission company; BJP-led coalition stakes claim to form Govt in Karnataka; Sonia is latest to heap praise on Chinese economic reforms path; Forex kitty goes beyond USD 261 bn; India becomes 5 th largest; Civil Aviation topbrass reviews security issues at IGI Airport; |
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| Dear Member, Also sending you the following files: |
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CIRCULAR Procedure for refund of tax deducted at source under section 195 to the person deducting the tax; CASELAWS Is a loan given by a company to its director without any interest taxable under the provisions of the Income-tax Act, 1961? No, reopening of assessment quashed; KOLKATA HIGH COURT; Income Tax - Assessee, engaged in the business of works contract, pays compensation in the form of forfeiture of security deposit for failure to complete the contract works in time and claims deduction on the same as commercial loss - A.O. disallows on the ground that penalty of any kind suffered for failure to complete the contract in time is not an allowable deduction - There is a difference betweeen penalty for breach of a statutory law and compensation for breach of a contractual obligation and while the former is not allowable, the latter is a business loss thus allowable deduction - Reference against revenue: P&H HIGH COURT; |
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2007-TIOL-1654-CESTAT-AHM.doc + clandestine story.doc Clandestine clearance - no invoice - assessable value claimed by assessee not acceptable: AHMEDABAD CESTAT; Central Excise – re-rolling mill – payment of duty on annual capacity – penalty under Rule 96ZP(3) - Commissioner (Appeals) order reducing the penalty to Rs 10,000/- is not correct – penalty enhanced to an amount equal to the duty payable: DELHI CESTAT; 2007-TIOL-1656-CESTAT-BANG.doc Central Excise - International Competitive bidding Sub contractor eligible for exemption: BANGALORE CESTAT; 2007-TIOL-1653-CESTAT-BANG.doc Cenvat - Excess Credit reversed - can be recredited - no need of refund claim: BANGALORE CESTAT;
SERVICE TAX SECTION 2007-TIOL-1655-CESTAT-BANG.doc ST - C & F Agents - Collecting Commission is not part of C & F Agent Service:BANGALORE CESTAT; Security Services - Inflated figures in IT returns and exemption not claimed due to ignorance - remanded: MADRAS CESTAT;
CUSTOMS SECTION NOTIFICATION DGFT amends General Note for Textile products to disallows Advance Authorisation Scheme benefits under generic entries of made-ups; CASE LAWS Customs - non declaration and misdeclaration - goods liable to confiscation: MADRAS CESTAT; |
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Climate change: 'Woefully inadequate' global response, says UNEP Report; 2007-TIOL-181-SC-MISC.doc + loan story.doc Forceful recovery of vehicle loans - Apex Court pained that Police did not even register an FIR - proposes to give directions on the manner of recovery:SUPREME COURT; Remittance to non-resident - TDS u/s 195 - if contract cancelled, refund to be granted: CBDT; 2007-TIOL-180-SC-ET.doc + entertainment story.doc Non levy of entertainment tax - genuine mistake should be allowed to be rectified: SUPREME COURT; Deposit schemes with lock-in period; RBI asks banks to discontinue deposit schemes with lock-in period; Chennai Airport Customs seizes 555 live star tortoises, heading for Malaysia;
Infosys reorganizes to leverage growing business in a 'Flat World'; |
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| Regards Taxindiaonline.com Pvt. Ltd. |
