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India-China trade all set to cross USD 30 bn this fiscal ; Chinese Ambassador; UPA Govt promises fresh package for farmers; MoF official says no hike in FDI in Insurance Sector for now; BJP demands President's rule in West Bengal; Left gives nod to Govt to hold talks with IAEA; EU passes resolution against emergency in Pakistan; |
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| Dear Member, Also sending you the following files: |
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NOTIFICATION CBDT amends jurisdiction of CIT(TDS) in many cities; CASE LAWS Carry forward unabsorbed losses - Section 115J allows only the unabsorbed losses, depreciation, investment allowance, etc., which could otherwise have been carried forward, to be carried forward. The allowances need not have been quantified under sub-section (1) of Section 115J to be carried forward under sub-section. Tribunal was not right in holding that depreciation and other allowances to be carried forward in a case where book profits had been subject to tax is to be separately determined taking into account the profit assessed under Section 115J of the Act. Excise duty cannot form part of turnover - Section 80HHC of the Income-tax Act, 1961 is a beneficial section. It was intended to provide incentive profits relatable to exports. Just as commission received by the assessee is relatable to exports and yet it cannot form part of "turnover" for the purposes of Section 80HHC, excise duty and sales tax also cannot form part of "turnover". Just as interest, commission, etc., do not emanate from the "turnover" so also excise duty and sales tax do not emanate from such "turnover". Since excise duty and sales tax did not involve any such turnover, such taxes had to be excluded. Commission, interest, rent, etc., do yield profits, but they do not partake of the character of turnover and therefore they are not includible in the "total turnover". If so, excise duty and sales tax also cannot form part of the "total turnover" under Section 80HHC(3).: MADRAS HIGH COURT; Income Tax - Assessee is entitled to exemption u/s 10(22) - Also claims benefits of deemed income chargeable to tax u/s 68 - AO says undisclosed income cannot be exempted u/s 10(22) - Tribunal holds the use of the word 'income' in sub-section (22) of Sec 10 is wide enough to include deemed income - It is settled law that exemption provision must be strictly construed but once it is found to be available then it must be given full play - Tribunal order upheld - Revenue's appeal dismissed : DELHI HIGH COURT ; |
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2007-TIOL-1776-CESTAT-DEL.doc + excise story.doc Capital goods received when finished goods subject to nil rate of duty, later duty imposed and manufacturer opted for SSI exemption - cenvat credit availed during this period deniable: DELHI CESTAT: 2007-TIOL-1772-CESTAT-BANG.doc + illegal story.doc Central Excise Refund SSI benefit denied and duty collected even before SCN Tribunal allows SSI benefit Duty paid in 1994, refund granted in 2002 Amount held illegally by revenue interest payable: BANGALORE CESTAT; Central Excise – liability of duty under Central Excise / State excise - product called Co-proxamol containing less than 135 mg of Dextropropoxyphene – HCI, is liable to Central Excise duty and eligible for Cenvat Credit.: MUMBAI CESTAT; Central Excise - ROM - there is a manifest error in the earlier CESTAT order - final order recalled and impugned order of the lower authority is set aside and appeal allowed.: CHENNAI CESTAT; Central Excise - Modvat credit - credit was availed by the appellants on capital goods and can not be denied for contravention of Notification 16/94 CE(NT) as the same is applicable for inputs - no infirmity in the order of the Commissioner (Appeals). :KOLKATA CESTAT; Central Excise - Small Scale units - clubbing of clearances - it is not the case of the Revenue that the respondents and their sister unit were manufacturing their products by using common machinery, common labour or the like - it is on record that the two units were working separately with separate plant & machinery, separate labour force, separate energy source and even under separate registration with the department - revenue appeals seeking clubbing of the two units are dismissed :CHENNAI CESTAT;
SERVICE TAX SECTION ST - Penalty - Commissioner (A) sets aside penalty in view of Tribunal's LB decision in Machino Montell Ltd (2004-TIOL-423-CESTAT-DEL-LB) - Revenue refers to P & H High Court decision [2006-TIOL-276-HC-P&H-CX] reversing the Tribunal's LB decision - Since there was a huge delay in depositing service tax, no returns filed and suppression was involved in the case, penal provisions do not entail any waiver - Revenue's appeal allowed: DELHI CESTAT;
CUSTOMS SECTION Customs - attempt to export - In absence of credence and credible evidence nothing can be spelt out whether there was even any preparation to make an attempt for export when no evidence points out to the offence alleged - appeal allowed :KOLKATA CESTAT; |
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Ruling Elite finds Aam Adami in every voter; TRAI issues guidelines for dues recovery policy and appointment of outsourced agencies; PM to attend East Asian Trade Summit on Tuesday; Nath trying hard to wrap up FTA with ASEAN before Dr Singh's arrival; ISRO successfully tests indigenously developed Cryogenic technology; Essar Oil decides to up Vadinar refinery capacity to 34 mn tonnes by 2010; ITDC to spend Rs 146 Cr on renovation of Hotel Ashok in Delhi; |
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