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Income Tax refund crosses Rs 6100 Cr-mark as compared to Rs 4100 Cr last fiscal between April to October 2007; Jodhpur Court asks police to register case against former FM Jaswant Singh under NDPS Act for allegedly serving opium during a function; Delhi HC grants relief to UP former Chief Secretary Akhand Pratap Singh; vacates stay on Lower Court granting bail; PM says removal of inter-regional disparities important for success of federalism in India; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-375-ITAT-DEL.doc + property story.doc Income Tax - If there are two decisions of two different High Courts, one in favour of the assessee and the other against, the decision favourable to the assessee is to be adopted; Income from house property - notional interest on advance cannot be added to determine ALV; No deduction of expenditure to collect rent when there was no expenditure - Assessee's appeal partly allowed: DELHI ITAT; Income Tax - Assessee is into export as well as domestic sales - maintains two separate accounts for both the activities - claims Sec 80HHC benefits - AO insists on clubbing of turnover for allowing exports benefits - CIT(A) allows the benefits - Since the assessee maintains two different accounts, the profits from export business shown in the P & L Account is to be allowed - Revenue's appeal dismissed: DELHI ITAT; Income Tax - A.O. processes the return u/s 143(1) and subsequently initiates reassessment proceedings u/s 147 in course of which another item of income is considered for reassessment which did not form a ground for reopening of assessment - Assessee questions proceedings on the ground that reassessment cannot be made on mere change of opinion and also that assessment can be made of only that escaped income which forms a ground for reopening and no other item of income can be considered - Where reassessment u/s 147 is initiated after merely processing of return u/s 143(1) and not subsequent to assessment framed u/s 143(3), there is no question of change of opinion as no opinion is given in the first instance as regular assessment has not been framed and A.O. has no power to express an opinion at the time of processing of return - As per Sec.147 assessment can be framed of not only that escaped income which formed a ground for reopening but also any other item of income which comes to the knowledge of A.O. in the course of reassessment proceedings to have escaped income and only restriction is that A.O. should not make fishing enquiries to probe if any other income has escaped assessment which has not been done in the instant case - Revenue's apeal allowed: CHANDIGARH ITAT; Income Tax - Assessee, engaged in the business of buying and selling of durries, claims deduction u/s 80-IA - A.O. disallows on the ground that no manufacturing or production activity is undertaken by assessee - Condition precedent for allowing deduction u/s 80-IA is that assessee should be engaged in manufacturing/production of an article or thing whereas in the instant case assessee had just done some finishing work in the nature of clipping and polishing which does not amount to manufacture - Assesee's appeal dismissed: DELHI ITAT; Income Tax - Assessee receives share applicatin money from 15 persons - AO treats the same as unexplained cash credit u/s 68 - CIT(A) and and Tribunal uphold the order - AO initiates penalty proceedings u/s 271(1)(c) for furnishing fictitious particulars - CIT(A) allows it - Assessee argues AO failed to record satisfaction before initiating penalty proceedings - Going by the satisfaction recorded which began with the statement of 'fictitious' details the AO ended with words like 'doubtful' and 'not proved' which clearly indicate that the AO was not sure of, and penalty cannot be levied under such circumstances - Assessee's appeal allowed: DELHI ITAT; |
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Latest Headnotes from RLT caselaws; INSTRUCTION Simplified procedure for sanction of refund of unutilized credit/rebate claims in cases of export; Export of goods manufactured under area based exemption and exported to countries other than Nepal and Bhutan; Rebate of Automobile Cess paid on goods exported and payment of Cess on export under Bond; CIRCULAR Procedure relating to sanction and pre-audit of refund/ rebate claims; CASE LAWS 2007-TIOL-191-SC-CX-LB..doc + sc story.doc Central Excise - Valuation - Refrigerators are packaged goods - MRP valuation applicable and printing of MRP mandatory - Assessee's appeal dismissed with costs: SUPREME COURT; Central Excise - duty demanded on machining of rough castings - the respondents are eligible for Small Scale exemption, Cenvat Credit on the raw material and also cum-duty benefit - matter remanded CHENNAI CESTAT; Central Excise - long delay in filing the appeal - appellants have not been able to establish that there was sufficient cause for such long delay - COD application and the appeal are rejected:CHENNAI CESTAT; 2007-TIOL-1701-CESTAT-BANG.doc Manufacture completed in factory - installation charges at site not includible in value: BANGALORE CESTAT;
SERVICE TAX SECTION ST - Advertising Agency - Tax with interest confirmed and penalty u/s 80 imposed - Reviewing authority enhances penalty equivalent to tax amount and also levies it under various other Sections - Since tax with interest was deposited during the operation of Amnesty Scheme valid upto 30.11.2004, the enhancement of penalty is not sustainable - Assessee's appeal allowed: DELHI CESTAT; 2007-TIOL-1699-CESTAT-BANG.doc ST - Sale of Sim Cards - Not a service - Assessee's appeal allowed: BANGALORE CESTAT;
CUSTOMS SECTION 2007-TIOL-636-HC-MUM-CUS.doc + cus hc story.doc Customs - Import of Vanaspati found to be not conforming to the standards prescribed under the Prevention of Food Adulteration Act, 1954 - the imported goods were allowed to be reprocessed and cleared for home consumption by the Tribunal - Tribunal ought to have upheld the confiscation and allowed redemption of the confiscated goods for reprocessing subject to payment of fine and penalty - revenue appeal partly allowed: BOMBAY HIGH COURT; Customs - Re-import of export goods - Refund eligible:CHENNAI CESTAT; |
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Exemption to fuel supplied for consumption on board a vessel of the Indian Navy; Tribunal is almost on par with High Court; Rule 6 of Cenvat Credit: The phoenix rising from ashes of Rule 57CC; Applications invited for Controller General (Patents & Trade Marks); The Payment of Bonus Ordinance.doc The Payment Of Bonus (Amendment) Ordinance, 2007; Punj Lloyd's subsidiary bags Rs 1770 Cr contract in Jurong Island; L&T & Mitsubishi ink JV to manufacture steam turbine and generator; Jet Airways hikes fuel surcharge on domestic flights from today; |
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