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MoC seriously pushing for exports sops to sector-specific and labour-intensive sectors; Indo-Asean FTA on slippery surface; Palm oil duty plays spoil sport; Plan Panel moots cess for rural road programmes; |
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| Dear Member, Also sending you the following files: |
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ORDER Mr R Prasad of 1970 Batch is new Chairman of CBDT; Order issued; CASE LAWS 2007-TIOL-380-ITAT-MAD.doc + leyland story.doc Income Tax - Assessee calculates disallowance under Rule 6D with total no of travels undertaken by each employee during the fiscal - AO insists on working out disallowance for each travel and makes additions - CIT(A) confirms the order - Issue is already settled and it has to be computed separately for each travel - Issue decided against the assessee Scrap sales would be included in the total turnover for the purpose of calculating deduction under Section 80HHC - Revenue's appeal partly allowed:CHENNAI ITAT; Income Tax - Assessee is into floppy disc drive manufacturing - Because of rapid advancement in technology the product becoms obsolete and the assessee decides to scrap the inventories of raw materials and sundries - Deduction claimed in the year of Board Resolution whereas the actual sale took place in the next AY - AO disallows - CIT agrees - Since the sale was done only after getting the final permission of the Customs in the next year of the Board Resolution, the deduction cannot be taken in the current AY - Assessee's appeal dismissed: MUMBAI ITAT; Income Tax - Assessee is a legal practitioner - Invests a small sum in the share capital of a company and also loans a sum to the same which is owned by his family members - AO treats the investments from undisclosed source and makes additions - CIT(A) although finds the withdrawal of the sum from bank account and the same being entered into cash book register but agrees with the AO - Addition u/s 69 cannot be made for a sum which is explained and accounted for in audited books of account - Assessee's appeal allowed Assessee contributes a minor sum to the Clerk Association and also Bar Association Welfare Fund - AO disallows - Such contributions are wholly and exclusively incurred for the purpose of carrying on of the profession as the assessee is an advocate and the goodwill earned by making such contributions will help him in his profession: DELHI ITAT; The Policy framed by the Department is required to be considered in its logical way; and cannot be reduced to a farce - It is unfortunate that the petitioner who is physically handicapped is required to knock the doors of this Court for getting rebate of excise duty on the car purchased by him: BOMBAY HIGH COURT; Income Tax - AO claims deduction for expenditure incurred for issuance of bonus shares - AO disallows and makes addition - CIT(A) and Tribunal delete the disallowance - In view of the Apex Court making a distinction between the bonus shares and new shares for increasing the capital, the expenses on issuance of bonus shares is revenue expenditure - Revenue's appeal dismissed: BOMBAY HIGH COURT; |
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The Policy framed by the Department is required to be considered in its logical way; and cannot be reduced to a farce - It is unfortunate that the petitioner who is physically handicapped is required to knock the doors of this Court for getting rebate of excise duty on the car purchased by him: RAJASTHAN HIGH COURT; 2007-TIOL-1720-CESTAT-DEL-LB.doc + LB story.doc Central Excise - Penalty - A parcel booking clerk of the Indian Railways, in order to have some personal gain, colludes with others to book the goods without any duty paying documents and the goods are seized by the authorities at the destination point, can the Indian Railways be penalized under the Central Excise Rules - NO: DELHI CESTAT LB; 2007-TIOL-1719-CESTAT-MUM.doc + freight story.doc Whether the deduction of equalized freight has to be average equalized freight based on last year's actual or the deduction should be of the actual equalized freight incurred during the particular year, when the assessments are provisional - Difference of opinion - matter referred to Third Member by Tribunal: MUMBAI CESTAT; Central Excise - Revenue files application after the Single Member decides the issue - Since the issue has been decided by the Larger Bench vide (2007-TIOL-135-CESTAT-DEL-LB) , the Single Member cannot sit in judgement - Revenue's appeal dismissed:DELHI CESTAT;
SERVICE TAX SECTION Service Tax paid w.e.f 10.9.2004 under the category "IPR Services" - splitting the service between 'Consulting Engineering Services' and 'Intellectual Property Rights Services' on 50-50% basis for quantifying the service tax liability on best judgment basis without offering the assessee an opportunity of hearing - violation of principles of natural justice - when the fact is that the Technical Collaboration Agreement dated 17/10/1998 has not undergone any change and remains unaltered during this period from 1.11.2000 to 31.12.2005 - Strong Prima facie case - waiver ordered of pre-deposit of duty and penalty & stay granted: MUMBAI CESTAT; ST - Penalty - Commissioner (A) sets aside penalty - Although it is true that the return was delayed but it was because of confusion prevailing at that time and since penalty is not mandatory, no penalty is called for:DELHI CESTAT;
CUSTOMS SECTION 2007-TIOL-193-SC-CUS.doc + sc cus story.doc Customs - Exemption to hospital equipment - no change in category after the exemption is withdrawn and especially because the application is made three years after withdrawal: SUPREME COURT; Appellants have right to relinquish their title to the impugned goods even after expiry of bond period but before passing an order for clearance for home consumptio n - Board Circular 42/2003 dated 20.5.2003 referred - Tribunal decision in RPG Cables vs. CC(Imports) relied upon: MUMBAI CESTAT; |
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ddt 7 nov.doc + modusoperandi.doc Modus operandi circulars- exclusive power of DGCEI? Thank you Mr Chidambaram, for making e-filing a pleasant e-experience! CBI Director asks Interpol member countries to take head-on dragon of counterfeit currency and fake medicines; India seizes fake currency worth Rs 80 mn annually; RBI tightens commodity hedging guidelines; Ashco Ind signs PPP agreement with APAGROS; RIL finds more gas in Krishna Basin; Siemens bags Rs 870 mn order from McNally Bharat for RINL's Vizag Steel plant; |
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