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MoC finds too many irritants in FTA with ASEAN; may opt for bilateral option with Thailand; Goa Governor S C Jamir narrowly escapes gunfires in Kohima; PM congratulates Kamalesh Sharma on his selection as Commonwealth Secretary General; |
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| Dear Member, Also sending you the following files: |
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Income Tax - Assessee claims deduction for stamp duty and registration charge from income from property - AO disallows and CIT(A) agrees - Tribunal allows the deduction - Although the registration and stamp duty goes into the coffer of the govt but Sec 23(1)(b) does not allow any deduction except for the taxes paid for the property - Revenue's appeal allowed: RAJASTHAN HIGH COURT; Income Tax - Assessee, a partnership firm engaged in job work, offers a certain sum in the year under consideration which is shown in earlier year on accrual basis after changing the method of accounting - A.O. treats the same as undisclosed income and imposes penalty u/s 271(1)(c) - There is no provision that requires prior permission of A.O. for change in method of accounting and what is to be really seen is whether the receipts were shown or not which have been clearly shown by the assessee in earlier year on accrual basis and accepted by the department - Offer of assessee for adjustment of the amount in the year under consideration is bonafide and not concealment or furnishing of inaccurate particulars of income u/s 271(1)(c) - References answered against the revenue.: P&H HIGH COURT; |
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RLT Case Laws Headnotes; Matter settled under KVSS, 1998 for an earlier period & this cannot be a basis for contending that the issue is also closed for the subsequent period: MUMBAI CESTAT; Stock taking of finished goods such as MS Bars, Angles, Patty - Held - Evident from Panchanama that the stock taking was done by the authorities in an unscientific manner- Totally unacceptable that stock of 459.00 MT of the finished goods was arrived at just eye estimation without recording the actual weight of representative bundles and the number of respective bundles, which was mandatory on the part of the stock taking officers - - Eye estimation of such a huge stock held to be erroneous - demand fails: MUMBAI CESTAT; 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 - Classification - parts of interface isolator terminal blocks are classifiable under Chapter sub-heading 8538.10 - the classification of the item has to be determined not with reference to the nature of the appellants' business but with reference to how the item functions - order of the Commissioner (Appeals) upheld: CHENNAI CESTAT;
ST - Cenvat Credit - Assessee avails credit on lease circuit service as input service - Revenue denies the same on the ground that the input service prior to 14 th May, 2003 was allowed only if the same fell in the category output service - Penalty under various Sections imposed - Assessee argues that it took credit only because BSNL, the service provider, categorised the lease circuit service as telephone service - Stay granted but Pre-deposit ordered: DELHI CESTAT:
CUSTOMS SECTION 2007-TIOL-696-HC-MUM-cofeposa.doc + cofeposa story.doc COFEPOSA - The Detaining Authority has considered and dissected all documents - The Order details the modus operandi of the Petitioner and allied firms and companies - COFEPOSA detention upheld: MUMBAI HIGH COURT; 2007-TIOL-696-HC-MUM-cofeposa.doc COFEPOSA - The Detaining Authority has considered and dissected all documents - The Order details the modus operandi of the Petitioner and allied firms and companies - COFEPOSA detention upheld: PUNJAB & HARYANA HIGH COURT; Customs - goods imported and transshipped as ships stores for use on a foreign going vessel which was found to be a not a vessel on foreign run - the Commissioner held the appellants to be under the bonafide belief that the impugned goods were not liable to discharge customs duty on their import to Chennai/transshipment to Kandla - penalties set aside and the appeals allowed: CHENNAI CESTAT; |
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2007-TIOL-694-HC-MAD-MTP.doc + mtp story.doc Duty under M&TP Act - 4% ad valorem duty, as prescribed vide amended clause 2( i ) of Schedule, cannot be held to be arbitrary or excessive. So far as taxing provisions are concerned, it is settled law that distinction has to be made by Court while interpreting provision of taxing statutes. There cannot be implied exemption in absence of a specific provision under the statute. Mere non-charging of duty will not render the State powerless to impose such duty, as it deems proper, at any appropriate stage. Merely because 'Nil' duty was shown for medicinal preparations containing self-generated alcohol not capable of being consumed as ordinary alcoholic beverage, will not invalidate the law, if certain percentage of ad valorem duty is levied in respect of such preparation. : MADRAS HIGH COURT; Three-day Film Bazaar takes off in grandiose fashion in Goa; India needs USD 28 bn investment to take food processing sector growth to 10%: Govt; Railways to introduce two new luxury tourist trains; Simplified Exit Scheme: 45500 names of companies struck off from RoC list; SAIL to set up three new greenfield pellet plants; Munshi says TRP rating system is faulty and Govt to address this issue soon; |
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