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GDP likely to grow at 9% this fiscal, says FM; DRI Delhi Zonal Unit seizes 12 kg heroin from four suitcases; arrests Canadian national at IGI Ariport; Govt clarifies no SEZ being set up at Nandigram, W Bengal; RBI's half-yearly monetary policy change: Exporters looking for interest rate relief; Bureau of Asia Pacific Ministers' Conference on Housing & Urban Development to set up permanent Secretariat in New Delhi; |
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| Dear Member, Also sending you the following files: |
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INSTRUCTIONS Indo-US Double Taxation Avoidance Convention (DTAC) - Suspension of Collection during Mutual Agreement Procedure; CASE LAWS 2007-TIOL-620-HC-MUM-IT.doc + bom hc story.doc Income Tax - Assessee has many units in software technology parks, an 100% EoU and also units located in the DTA - Files loss return and claims benefits under Section 10A and 10B - AO issues queries and after being explained, accepts the methodology of computation and allows the benefits - Succeeding AO who takes his charge differs in his view and opins that the losses of units not eligible for benefits should first be set off against the profits of units eligible for benefits and then balance profits alone be deducted u/s 10A - Notice u/s 148 - Assessee calls it mere change of opinion and challeges it in writ - A fresh interpretation of provisions of laws, based on the same set of facts, without anything more, by the succeeding AO does not constitute 'reason to believe' for re-opening assessment u/s 147 - Assessee's appeal allowed: BOMBAY HIGH COURT; Income Tax - Assessee makes payments of professional fees to doctors available on call to examine in-door and out-door patients - AO treats it as 'salary' and insists for deduction of TDS u/s 192(1) - holds the assessee in-default u/s 201 - CIT(A) and Tribunal find since there was no employer-employee relationships and the doctors were available only on call, no TDS is required to be deducted - Since it is a matter of facts which have been examined by the Tribunal, no interference is called for - Revenue's appeal dismissed: P&H HIGH COURT; Income Tax - Assessee is into contract transporation business - Claims huge deduction on account of labour charges at the rate of Rs 2.5 per bag of 50 kg - Additions made after inquiry that the assessee was paying more than the market rate of labour charges - CIT(A) and Tribunal reduce the additions - HC declines to reappreciate the facts as there are no fixed norms for such payments - Assessee's appeal dismissed: P&H HIGH COURT; Income Tax - Sec 80HHC benefits - Assessee claims benefits on cut and polished granite - AO disallows but Tribunal allows it - In view of SC order in Gem Granite case ( 2004-TIOL-94-SC-IT-LB ) such benefits are not available to the assessee: MADRAS HIGH COURT; Income Tax - Assessee is an exporter - Pays interest to banks for availing credit facilities - Also earns interest on FDRs - AO treats the interest as business income and does not allow netting of interest for Sec 80HHC benefits - CIT(A) allows netting for computation of business income u/s 28 to 44 - Tribunal sets aside CIT(A) order - Since interest earned on FDRs kept for availing credit facilities has no direct nexus with exports it cannot be allowed Sec 80HHC benefits and is also not business income rather 'income from other sources' as decided by this court in Honda Power Equipment case ( 2007-TIOL-38-HC-DEL-IT ): DELHI HIGH COURT; |
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2007-TIOL-1662-CESTAT-MUM.doc + pesticide story.doc First impact of SC decision in Jayanti Food Processing Pvt. Ltd. - Pesticides cleared in pack of 100ml to Mahyco Monsanto for being supplied free to farmers along with B.T.Cotton seeds to be assessed under Section 4 and not S.4A of CEA'44: MUMBAI CESTAT; 2007-TIOL-1661-CESTAT-BANG.doc Goods cleared to EOU without duty - Dept recovers duty from EOU - Supplier eligible to claim refund:BANGALORE CESTAT; Central Excise - classification - polythene tubes are classifiable as parts of Drip Irrigation System under 8424.91 and the benefit of exemption under Notification No. 56/95-CE dated 16.3.95 is allowed in view of the earlier CESTAT order which was also upheld by the Supreme Court - revenue appeal dismissed: MADRAS CESTAT;
SERVICE TAX SECTION 2007-TIOL-1664-CESTAT-DEL.doc + colour st story.doc Service Tax- revision order passed by Commissioner after two years - tribunal cannot review its own order: DELHI CESTAT; ST - Event Management Service - Assessee, a charitable trust, organises yoga camp and hands over the donations collected from the participants to the Trust which conducted the camp - Revenue demands service tax for organising the event - Commissioner(A) sets aside the demand - Since no evidence is produced to prove that it was a commercial activity, the Commissioner(A) order upheld: KOLKATA CESTAT;
CUSTOMS SECTION NOTIFICATION cuscir07_41.doc + cuscir07_41_annex_a.pdf + cuscir07_41_annex_b.pdf + cuscir07_41_annex_c.pdf Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 – instructions for implementation; DGFT liberalises policy for import of metallic scrap subject to certain conditions; Customs Exchange rate for imports goods & export goods for November; 96/2005 - rescinded; Anti-dumping duty on vitrified tiles - certain exporters from China exempted; New procedure for EDI-enabled ports; Multi-product exporter may get RCMC certificate from Shellac & Forest products expt promotion council; DGFT allows Vishesh Krishi Upaj Yojana benefits to exports of cashew, pepper and chilly for period between April-August, 2005; CASE LAWS Customs - Valuation - Revenue alleges undervaluation in import of vatted malted spirit for manufacture of scotch whisky and levels charge of paying extra sum to the exporter - No evidence of undervaluation and then Revenue relies on unsigned xerox copies of the documents in support of the case which are not sustainable - Tribunal order upheld:SUPREME COURT; 2007-TIOL-1659-CESTAT-BANG.doc EOU - Penalising MD without recording even one statement is not correct - No ground for imposing penalty - MNS exports not responsible for the omissions and acts committed by its employees in terms of Section 147(2) of customs Act - No nexus has been established between M/s. MNS exports and M/s. Mayer's Ltd. and as such no duty liability on MD, MNS:BANGALORE CESTAT; Customs - Imposition of huge penalty - Since the Revenue has absolutely confisticated foreign currency of the appellant, waiver from pre-deposit in view of SC order in the case of Bhavya Apparels Ltd ( 2007-TIOL-162-SC-CUS ) sought - Waiver and out-of-turn hearing granted as the appellant is an NRI and his business sufferring losses because of his abasence form the work: MUMBAI CESTAT; |
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Indo-US Double Taxation Avoidance Convention (DTAC) - Suspension of Collection during Mutual Agreement Procedure - CBDT instructions; Section 12 of CEA'44 - Notification 68/63CE - case of missing Section 110A of Customs Act; Revenue and the growing role of 'fakes'; Tsunami refunds - An unfulfilled promise? WCO saga continues; CBEC shows symptoms of 'selective amnesia'! Central Excise Superintendent takes on Hyundai - thru RTI with CIC; Ispat Industries enters into MOU with M P Trade & Investment Facilitation Corporation; Prakash Industries signs MoU with MP Govt; NIIT forges global alliance with Adobe Systems; |
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