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Russia proposes to set up SEZ in Orissa; President appoints three new Judges to Supreme Court - Justice Ganpat Singh Singhvi, CJ AP High Court + Justice Aftab Alam, J&J HC Judge + Justice Jagdish Madhurlal Panchal, CJ of Rajasthan HC; Industrial growth rate is main driver of economic growth in recent years: FM; April-September Industrial production logs 9.2% growth rate; FM to meet exporters' organisation on Thursday; more sops likely; Telecom spectrum issue: Anil Ambani + Vodafone Sarin shoot off letters to PM; Chennai DRI seizes import consignment of Computer RAMs worth Rs 41 lakh for misdeclaration; Mush says General Elections in Pak to be held on Jan 9; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-652-HC-MUM-IT.doc + gold story.doc Income Tax - Assessee's claim that gold was willed to her by her father in 1928, but was handed over to her in 1980 (promptly seized by Income Tax in 1983) - not accepted - reference application answered in favour of Revenue: BOMBAY HIGH COURT; Income Tax - A.O. makes additions on account of difference in cost of construction of house by assessee and as determined by valuation officer - Assessee objects on the ground that valuation is done on the basis of CPWD rates and not PWD rates - CIT(A) makes a 20% deduction in the value as determined to bring it in conformity with PWD rates which is affirmed by Tribunal as the correct valuation after the said deduction - Assessee appeals - Both CIT and Tribunal have given a finding of valuation to be correct after 20% deduction which is a finding of fact as value of construction is basically a question of fact and such findings of fact cannot be disturbed by this court as only appeals with respect to question of law can be entertained - Assessee's appeal dismissed.: RAJASTHAN HIGH COURT; Income Tax - Levy of surcharge on undisclosed income in consequence of search conducted prior to 1.6.2002 - Issue no more res integra and no surcharge leviable on search conducted prior to 1.6.2002 as provision with regard to imposition of surcharge was made by amendment to Sec.113 by Finance Act 2002 which was incorporated on 1.6.2002 and does not have retrospective application - Revenue's appeal dismissed: P&H HIGH COURT; Gift Tax/Income Tax - Assessee sells a plot of land in previous year to AY-92-93 and pays capital gains tax on it but in subsequent AY i.e 93-94 The Gift Tax officer, on the basis of report of valuation officer, holds that the sale price is greatly depressed thus the difference is liable to tax as deemed gift under Gift Tax - Assessee objects on the ground that once the same transaction relating to same property is subjected to capital gains tax for one AY it can't be subject to Gift Tax in another year as the property can be transferred only once and thus AYs for both have to be the same - There cannot be two AYs for the same transaction concerning same property and once the transaction was charged to capital gains tax in one AY, it couldn't have been treated as deemed gift for another AY - Assessee's appeal aloowed: DELHI HIGH COURT; 2007-TIOL-648-HC-ALL-IT.doc + hotel story.doc Income Tax - Assessee runs a hotel and claims benefits u/s 80J - AO disallows - Tribunal allows the benefits - Since there is no manufacture in a hotel, investment allowance not allowed - Revenue's appeal allowed: ALLAHABAD HIGH COURT; |
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2007-TIOL-1741-CESTAT-BANG.doc + cpu story.doc Central Excise - CPUs - cost of duty paid bought out items not includible in Assessable Value:BANGALORE CESTAT; Appellants claim for Rebate approved by Commissioner(A) on 12.11.2003 & hence refund sought along with interest on 03.02.2004 - Rebate sanctioned but interest not paid citing SC decision in ITC case holding that matter reached finality only on 12.11.2003 - ITC decision distinguishable as it concerns refund of pre-deposit - in view of clear provisions in Section 11BB, Explanation thereto, interest payable for delayed payment of rebate - LB decision in Jayanta Machines 2004-TIOL-355-CESTAT-DEL-LB followed: MUMBAI CESTAT; Central Excise - appeal dismissed by the Commissioner as there was a delay of 455 days in filing the appeal - the postal receipt produced in proof of sending the appeal that the appeal was received for dispatch by the postal authorities- Commissioner (Appeals) did not discuss the explanation furnished for the delay while rejecting the appeal on the ground of limitation - matter remanded: CHENNAI CESTAT; Central Excise - goods received without Central Excise invoices - duty paying documents produced after two days from the date of seizure of the goods cannot be accepted to prove the duty paid nature of the goods under seizure - appeal dismissed: AHMEDABAD CESTAT; Central Excise - Simultaneous availment of full exemption and concessional rate of duty under SSI notifications - appeal to reduce the penalty rejected as the plea of bona fide belief not acceptable - However, Cenvat Credit, being a substantive right, can not be denied to the appellant on procedural grounds - matter remanded on Cenvat question: CHENNAI CESTAT;
SERVICE TAX SECTION Applicability of service tax on activities undertaken at mines prior to enactment of the Finance Bill, 2007; CASE LAWS Service Tax - GAT Service - Assessee pays service tax on GTA service availed for inputs received in the factory - Revenue insists on cash payment under TR-6 challan - Commissioner(A) sets aside order - Revenue insists manufacturer is not covered by Explanation provided to definition of 'output service' - Manufacturer's activities are very much covered by the definition of 'Output Service' - Commissioner (A) order upheld: MUMBAI CESTAT; ST - GTA Service - Tax with interest deposited before issue of SCN - Penalty imposed - Assessee argues as per Board's Instruction no penalty to be imposed in the case of GTA Service unless there was fraud or collusion - Since there is no allegation of deliberate fraud, penalty set aside:DELHI CESTAT;
CUSTOMS SECTION 2007-TIOL-1742-CESTAT-MUM.doc + fc story.doc Customs - Service charges for foreign tourism company - Foreign exchange carried by passenger - liable for confiscation: MUMBAI CESTAT; 2007-TIOL-1736-CESTAT-BANG.doc + officer story.doc Action against Customs Officers - Notice to be issued within three months, Commissioner correct in dropping proceedings against Officers on Limitation:BANGALORE CESTAT; |
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Government intends to tax branded petrol and seeks response from public; Merger & De-merger business: Promoters can hike stake in listed companies without paying any premium; A scrutiny of implications of latest Transfer Pricing decision; Aurionpro Solutions acquires Integro Technologies Pte; RIL awarded Oil & Gas contract in Kurdistan Region; |
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