|
 |
 |
 |
 |
 |
Govt finally includes many more like Chiefs of defence services, AG, Dy Chairman of Plan Panel, Bharat Ratna holders in list of VVIPs exempt from pre-embarkation security checks at airports; CBI raids leading contractor in Noida and Lucknow and unearths more assets belonging to a former Chief Secretary of UP; Govt may launch e-passport for diplomat and officials on pilot basis from Mid-2008' Chennai Airport Customs seizes FC + IC worth Rs 15.3 lakh; Bank of India & Dai Ichi Mutual Life Insurance Co form Insurance JV; FM to be present at agreement signing ceremony; Standard & Poor's says energy constraint may slow down India's growth rate next fiscal; |
 |
|
 |
 |
 |
|
| Dear Member, Also sending you the following files: |
||
| |
 |
 |
|
|
|
NOTIFICATION it07not285.doc + it07not284.doc + it07not283.doc CBDT notifies officers for Chennai LTU; CASE LAWS 2007-TIOL-720-HC-UTTRANCHAL-IT.doc Income Tax - AO adds 10% of freight and transportation charges collected for transporting equipment to ONGC - CIT(A) and Tribunal allow the appeal of the assessee - Section 44BB is a complete code in itself and it provides by a legal fiction to be the profits and gains of the non-resident assessee engaged in the business of oil exploration @ 10 per cent of the aggregate amount specified in sub-section (2) - Revenue's appeal upheld: NAINITAL HIGH COURT; 2007-TIOL-719-HC-UTTRANCHAL-IT.doc Income Tax - Non-resident company contracted to inspect ONGC's control system of three units of RR Avon Gas Generator driven process gas compressor at oil platform - AO treats it as technical service and levies tax @ 15% as per India-Singapore DTAT - Tribunal sets aside the AO's order and calls for assessment u/s 44BB - Going by the facts the services rendered by the non-resident company were purely technical and the same is squarely covered under Explanation 2 appended to clause (vii) to sub-section (1) of Section 9 which has been adopted by reference under Section 44D and Section 115A of the Act - Revenue's appeal allowed: NAINITAL HIGH COURT; 2007-TIOL-416-ITAT-DEL.doc + sahara story.doc Commissioner's review order set aside by the Tribunal. The Tribunal's order is final if not reversed by a higher authority. When Revenue auditor finds that there was a short provision for interest on deposits mobilised, the charge that there was excess provision does not stand AO should have verified the documents before assessment It was incumbent on the Assessing Officer to show in the reasons recorded by him that any income escaped assessment due to error or omission on the part of the assessee in not disclosing all material facts relevant for assessment of this year:DELHI ITAT; Income Tax - Assessee is a bank and has investments in securities - earns interests on securities which accure to the assessee twice in a year - 1st January and 30th June every year - AO makes additions on the ground that the interests income earned upto March 31st should be offered to tax in the current AY - Issue is no long res integra as it can be brought to tax only when it accures to the assessee following the mercantile system and not before it is due - Besides, the Revenue has been accepting such a practice in the past, the norms of consistency need not be violated - Addition deleted Assessee also earns huge dividend income which is exempt u/s 10(33) - AO makes addition by working out a sum on the presumption that if not any other, at least certain management expenses must have been incurred to this income which is to be disallowed u/s 14A - AO has no powers to artificially allocate certain expenditure as having been incurred in relation to earning the income which does not form part of the total income and in absence of any finding that some expenditure were definitely incurred in relation to earning dividend income no artificial allocation can be made so as to disallow the same - Addition deleted:DELHI ITAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Central Excise – Appeal to High Court under Section 35 G lies only if the case involves substantial question of law – The findings recorded in the instant case would not constitute any question of law – Pure findings of facts have been recorded by the Tribunal which would not constitute any substantial question of law – Appeal dismissed: P&H HIGH COURT; 2007-TIOL-1872-CESTAT-MUM.doc +garware story.doc Notification 30/2004CE – Nylon twine manufactured out of exempted Nylon mono-filament yarn - When the language of the notification does not lend itself to the interpretation of the Revenue, the benefit cannot be denied:MUMBAI CESTAT; Plastic crates used for storing/transportation of the goods in stores/factory of production - once a particular item is covered by the definition of input, one need not proceed further and examine the question as to whether the goods are used in or in relation to manufacture of final product - Prima facie case in favour of appellants creates doubts about the sustainability of the demand - Revenue interests not jeopardized - Pre-deposit waived and Stay granted:MUMBAI CESTAT; Central Excise – valuation – goods manufactured by the respondents as per the specifications of M/s Glaxo (I) Ltd and exclusively marketed by M/s Glaxo – Commissioner (Appeals) order setting aside the demand of duty based on the sale price of M/s Glaxo is in order – revenue appeal dismissed:MUMBAI CESTAT;
ST - Penalty - Invocation of Sec 80 - Given that the High Court has accepted that the reduction in penalty is purely an exercise in discretion, and the assessee claiming that they were being taken over by a Japanese company, it led to dealy in submission of return and payment of tax - Penalty reduced:MUMBAI CESTAT; 2007-TIOL-1867-CESTAT-BANG.doc Service Tax - Commission agent not C&F Agent: A Commission Agent engaged to procure orders and not entrusted with the work of clearing and forwarding of the goods would not be covered under C & F Agents: BANGALORE CESTAT;
CUSTOMS SECTION 2007-TIOL-721-HC-DEL-AD.doc + dumping story.doc Anti dumping duty on seamless grade alloy and non-alloy steel billets, bars and rounds originating in or exported from Russia, China and Ukraine. Admittedly, there was no valid reason for the Central Government to have prematurely withdrawn the anti-dumping duty by issuing the Notification dated 19th July, 2005. It was necessary to continue the anti-dumping duty at least upto 25th December, 2005. Whether it should be continued even beyond that date is really for the Central Government to decide. It was incumbent on the Designated Authority or the Central Government to have applied its mind to the representations made by the domestic industry and taken a view thereon, one way or the other. This was not done by the Central Government leading to the filing of the writ petition. Since almost two years have gone by in the litigation initiated by the Petitioner before the Tribunal as well as before this Court, we cannot really turn the clock back to December, 2005. We, therefore, direct that all imports of the subject goods made from Russia and China with effect from 1st February, 2008 should be provisionally cleared by the Central Government and its nominees such as the Customs Officers. In the meanwhile, the Central Government should carry out a review to determine whether the anti-dumping duty imposed by the Notification dated 25th June, 2001 should continue beyond the period of five years from 26th December, 2005 onwards.: DELHI HIGH COURT; Once fresh DFRC licence is produced to cover the excess quantity of imported goods the contravention of Sec. 111(d) no longer exists - Goods cannot be held liable to confiscation - Confiscation and penalty set aside:MUMBAI CESTAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Amitabh Bachchan's smuggled goods - If plagiarism is the best form of flattery – we can be proud! How much Governance can we really afford? AIIMS sordid saga: Dr Ramadoss & Parliament 'win' but people of India lose both heads & tails! Applications invited for post of Dir (Fin) in BEML; Taxpayers filing returns of income up from 234 lakh to 275 lakh: FM; Airlines asked to furnish taxes being charged and also amount deposited so far; Maharashtra Seamless buying Seamless Plant in Romania; WB, Merck join hands to banish River Blindness in Africa; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
