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Chennai Airport Customs seizes 240 Live Ornamental Green & Red Parrot Fishes coming from Malaysia; 7.9 million new telephone connections added in October; India's tele-density crosses 22%; Rakesh Mohan says RBI not to shy away from taking monetary measures to ensure price stability in economy; Labour Minister rules out setting up a dedicated BPO Regulator; Tax arrears against late Harshad Mehta: Income Tax seeks priority over banks; SC postpones hearing to Dec 3; Army called out in Central Kolkata; Nandigram snowballing into communal issue; India-ASEAN free trade agreement: Commerce Secretary says irritants to be removed by May, 2008; |
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| Dear Member, Also sending you the following files: |
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2007-TIOL-686-HC-MUM-IT.doc + settlement story.doc Income Tax - The order of the Settlement Commission is an order of a quasi judicial authority. Once there be an order of a quasi judicial authority, remedy of a person aggrieved is to challenge that order before the competent forum. It would be open to a party to present a second application without the first order being set aside only in a case where an order can be said to be a nullity at law. Once an application was pending and the Settlement Commission had recorded a finding that there was no true disclosure it would then be a finding of fact and in a subsequent proceeding it would not be open to the Settlement Commission to review the said finding in the absence of any power to consider any fresh materials or cause of action. There is no right in the assessee to invoke the Commission's jurisdiction even while he continues with his dishonest conduct: BOMBAY HIGH COURT; Income Tax - Survey - Huge cash found - Assessee explained the cash belonged to one HUF - Search on premises of HUF - Examination of cash book accounts shows balance of the cash found during the survey - Application u/s 132B for release of the cash - No response given by Revenue - HC directs Revenue to dispose off application - Revenue rejects the application - Another writ filed - Once it is established that the cash found belonged to an HUF who had such cash in its books, then Revenue cannot retain the seized cash and there is a flow in the Revenue's argument that it may be required to meet the liabilities on completion of assessment u/s 153A - Assessee's appeal allowed: BOMBAY HIGH COURT; Income Tax - Assessee dissolves partnership firm and constitutes a new firm with three partners - Two partners in the new firm are wives of two partners of the dissolved firm - Building let out to the firm at concessional rent by husbands - AO clubs the income from building as income from house property in the hands of husbands u/s 64(1)(iv) - Tribunal allows it - It is essentially a matter of facts which Tribunal has examined and the Tribunal order deserves to be upheld - Assessee's appeal dismissed: ALLAHABAD HIGH COURT; The assessee was found to be in possession of loose slips and not of any valuable articles or things. Neither the possession nor the ownership of any jewellery mentioned- in the slips could be proved. The provisions of section 69A of the Act had rightly not been applied by the Tribunal to the facts of the case in hand. Revenue itself is not clear about the inference to be drawn from the five slips as the Assessing Officer making/calculating addition under section 132(5) of the Act had held these very slips to represent sales outside the books of account at Rs. 9,11,100 against which addition of Rs. 3,00,000 was proposed towards the profit and investment in these assets, whereas the Assessing Officer while making the assessment under section 143(3) of the Act has drawn different inference without pointing out why the inference drawn by his predecessor was wrong: GUWAHATI HIGH COURT; |
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Mandatory penalty-duty paid before issue of Show cause Notice - Board communicates our orders; CASE LAWS 2007-TIOL-687-HC-P-H-CX.doc + carrier aircon story.doc Central Excise - settlement - waiver of interest - The Settlement Commission is fully clothed with the power to grant immunity from payment of interest apart from other immunities as per the provisions of Section 32J of the Act. Orders of Settlement Commission - "The order passed by the Settlement Commission can no doubt be challenged before High Court or before Supreme Court under Article 32 of the Constitution yet the enquiry envisaged is limited as to whether the order is contrary to any provisions of the Act or suffers from bias, fraud or malice.": P&H HIGH COURT; 2007-TIOL-1800-CESTAT-MUM.doc + Modernova Story.doc Removal of capital goods - whether reversal of credit availed is warranted only when they are removed "as such" or on all occasions viz. after use - Tribunal refers matter to Larger Bench in view of conflicting and contradicting decisions of Division Bench in Madura Coats & Bilt Industrial Packaging Co:MUMBAI CESTAT; Central Excise - penalty under Section 11AC - appellant successfully contested the show cause notice demanding duty on Aluminium dross and skimmings for the period upto 28.2.2005 and for the period from 1.3.2005, accepted the liability - penalty under Section 11 AC can be invoked only if there is fraud, collusion or willful mis -statement or suppression of facts with intend to evade payment of duty which can not be applied in the instant case - penalty under Section 11AC set aside:MUMBAI CESTAT; Goods manufactured by BEML and supplied to Defence exempted - goods supplied to BEML for ultimate supply to defence also exempted:MUMBAI CESTAT;
SERVICE TAX SECTION ST - Tour Operator - Assessee claims they are only booking agents - Revenue collects information from Regional Transport Office and finds many All India Tourist permits issued against their name - Matter remanded:DELHI CESTAT; ST - Stock broker - Demand raised for not depositing tax and also for that portion of the sub-broker charges for which no tax was deposited - Since the Commissioner dropped the major portion of the demand on the ground that the services of sub-broker as per Not no 25/2005 was exempt, the demand does not survive for the stock broker - Appeal allowed:DELHI CESTAT;
CUSTOMS SECTION NOTIFECATION DGFT amends policy to allow duty-free DTA clearance of LPG for PDS Scheme; DGFT amends Para 6.9(h) to expand basket of items to be supplied to DTA unit for export; Govt amends FTP to prescribe BIS standards for import of 68 items, incouding medical and mil-products; Import Licensing norms amended for import of air pistols by shooters' club; DGFT amends Appendix 4C to insert M/s Indian Society of Agribusiness Professionals; CASE LAWS 2007-TIOL-688-HC-DEL-CUS.doc + demurrage story.doc Customs - Demurrage charges for the period of the dispute with Customs - -IAAI has waived demurrage charges to the extent of 80% under Section 45 of the Customs Act - What was directed to be paid was 20% of the demurrage charges which according to the appellant was also exorbitant - there was no malafide on the part of the Customs Department in detaining the goods - Regulations framed also cast a duty upon the IAAI to charge demurrage for the period of detention of the goods - therefore demurrage charges shall be payable.:DELHI HIGH COURT; Customs - Seizure of foreign currency being smuggled out through airport route - Commissioner (Adj) directs handing over the currency to Enforcement Directorate - Revenue should have confiscated the seized foreign currency instead of handing over to ED; Commissioner's order set aside and Revenue given freedom to pursue penalty proceedings separately:MUMBAI CESTAT; |
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Mandatory penalty - duty paid before issue of Show cause Notice - Board communicates our orders; Globalisation throwing new challenges for Tribunal! Rise of Indian Rupee and a tale of phony Currency - not a phony problem at all! Housing shortage to be 24.7 mn by end of 10 th Plan Period; Rs 25 Cr earmarked for developing Sky Bus System: Govt; OECD Secretary General for much more commitment to fight bribery; |
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