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Corporate Affairs Minister says corporate identity number mandatory for all registered companies; CCEA gives nod to Rs 818 Cr Krishna Drinking Water Supply Project; Nath says transport subsidy to sugar exports is WTO-compatible; Kandla and Mundra Customs inaugurate Risk Management System today; India, Malaysia economic pact talks to begin from Jan 2008: Nath; |
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| Dear Member, Also sending you the following files: |
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ORDER CBDT posts four AC/DCITs as OSD in Board; CASE LAWS 2007-TIOL-208-SC-IT.doc + sc it story.doc Income Tax - Assessee is into exports of trading goods - earns exports income and also Other Incomes from Exports Incentives, Rent, Brokerage etc - claims 10% deduction from Indirect Costs towards other incomes - Revenue disallows and CIT(A) agrees - Tribunal allows but HC disallows apportionment of indirect costs - Since Principle of Attribution not omitted from Sec 80HHC(3)(b), the Legislature intended allocation of costs between export turnover and total turnover - 10% deduction on estimate basis from indirect expenses is allowable towards earning Other Income - Assessee's appeal allowed: SUPREME COURT; Income Tax - Sec 80HHC benefits - Assessee claims deduction before adjusting unabsorbed business loss and unabsorbed depreciation - Revenue disallows but Tribunal allows - As per Sec 80B (5) of the Act, first the gross total income has to be computed and thereafter deductions, if any, under Chapter VI-A of the Act, may be made, and as Sec 80HHC benefits are under Chapter VI-A, Tribunal order is not sustainable - Revenue's appeal upheld: DELHI HIGH COURT; It is only when the entire project has been completed then the question of Profit or Loss could be ascertained and this fact has also been notified by the Assessee to the Assessing Officer by way of a note in the Profit and Loss A/c for the year ending 30th June, 1981. The Profit and Loss A/c has been filed along with the return of income filed for that year in March, 1985 and the objection of the Assessing Authority that the claim is an after thought, cannot be accepted because of the same note given in the Profit and Loss A/c. Further, it is nobody's case that Assessee did not borrow any money from its members. Thus, the Assessing Officer in our opinion was not justified in disallowing the Assessee claims for deduction of the interest and we do not find any reason to disagree with the finding given by the Tribunal on this issue.: DELHI HIGH COURT; Income Tax - Assessee buys a piece of agricultural land and makes profits by selling the same after 14 years - AO treats the same as 'capital assets' and levies capital gains tax - CIT(A) agrees - Going by the facts that the land in question always remained in the revenue records as agricultural land; fell 8 km outside the town area; no attempt was ever made to convert it into non-agricultural land and the assessee had a valid reason not to carry on with cultivation, such a piece of land cannot be treated as capital assets for levying capital gains tax - Assessee's appeal allowed: DELHI ITAT; The Assessing Officer has not made any serious attempt to ascertain the correct facts. He has simply made certain observations which bear no relevant in so far as the assessment year 2002-03 is concerned. There is no justification on the part of the Assessing Officer to draw adverse inferences against the assessee society merely on the basis of vague observations while applying the so-called observations made in the block assessment proceedings. He has completely overlooked the fact that each assessment year has to be considered independently. So far as the violation and infringement of provisions contained in section 13(2 )( a) or (b) are concerned, definite and specific evidence has to be collected and shown for proving such infringement. In the instant case, it is not brought on record as to how and in what manner, which part of income or which part of property was lent to any person covered under section 13(3) or what assets were made available to such person without charging adequate rate or compensation. It is not brought on record that the society provided any of assets to any of the persons referred in section 13(3) without adequate compensation. A conjoint reading of sections 11 & 13 shows that for rejecting claim of the assessee for exemption of income in relation to a particular amount of such income, the Assessing Officer has to prove the case by correlating the particular amount to such infringement: DELHI ITAT; |
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2007-TIOL-1823-CESTAT-MUM.doc + price story.doc Central Excise - Depot price cannot be taken when factory gate price is available - No cum duty benefit when cash recovered above invoice price:MUMBAI CESTAT; Central Excise – valuation - finalization of provisional assessment - grounds raised by the department before the lower appellate authority have been well addressed by the Commissioner(Appeals) in remand order and nothing survives to be considered – revenue appeals dismissed: CHENNAI CESTAT; Central Excise – interest on refund consequent to finalization of provisional assessment – since the assessments pertain to the period prior to 26.05.99, no interest is payable on delayed refunds – appeal dismissed Refund of the duty paid though cheque instead of in Modvat account – such cash refund is allowed only if the assessee is not is position to utilize the credit due to export of final products – revenue appeal against the Commissioner(Appeals) order allowing cash refund allowed: CHENNAI CESTAT;
ST - Cenvat Credit - Assessee pays service tax on GTA Services from Cenvat Credit A/c - It is a settled issue in favour of the assessee: MUMBAI CESTAT;
CUSTOMS SECTION 2007-TIOL-700-HC-MAD-CUS.doc + settlement story.docCustoms - Settlement Commission: Confiscation cases also involve assessment: as per second limb of Section 125 of the Customs Act, if the goods confiscated are not prohibited goods, an option has to be given to the importer to pay, in lieu of confiscation, such fine i.e., the redemption fine. In such case, the importer has to pay duty and charges payable in respect of such goods. In order to arrive at the duty and charges payable under Section 125, an assessment has to be made, the duty has to be levied and collection has to be made for the purpose of giving effect to the second limb of Section 125. Even fraud cases can be settled: On a reading of the entire provisions contained in Chapter XIV-A, Settlement of Cases, and taking note of the objects of the Chapter to settle all the cases in which several crores of rupees of duty locked up in dispute so as to enable the Department to recover such duty in dispute in all possible ways at an early time to the coffer of the revenue, we are of the view that even the cases in which fraud or smuggling or deliberate mis -declaration has been alleged against the importer can very well come within the purview of Section 127-B for the purpose of settlement of cases, if the conditions stated are satisfied: MADRAS HIGH COURT; Customs - classification of steel skull scrap - revenue classified under 26.19 in which case the import requires a specific licence - In case of M/s SAIL, the Revenue wanted to levy duty of excise on the iron scrap cleared from the assessee's factory by classifying the item under Heading 72.04 - In the present case, the department has taken the opposite stand but the Tribunal cannot change its stand - appeal allowed as the subject goods are classifiable under SH 7204 49 00 of the CTA: CHENNAI CESTAT; |
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Do Not Call – UCC – RBI instructions; MOUs with foreign countries – give PM breathing time - Cabinet Secretary; RTI story.doc + rti_letter.doc CBEC passes buck in RTI matters; tones down rank of CPIO; Do Not Call – UCC – RBI instructions; Deputation of Central Government.doc. Deputation to Central Autonomous Bodies by Govt employees: DoP&T reviews policy and makes it tougher; TRAI uploads 380 mn telephone nos for scrubbing by telemarketers; CCEA gives 'in principle' nod to Easter and Western rail corridors; Deputation to Central Autonomous Bodies by Govt employees: DoP&T reviews policy and makes it tougher; WB seeks unique ideas to fight HIV stigma in South Asia; |
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