|
 |
 |
 |
 |
 |
CJI says India needs 77600 judges to clear 3.8 Cr backlog cases; FM releases exhaustive FAQ on Service Tax in Mumbai; hints at moderate tax rates in Budget 2008 (See details given below); Manufacturing sector needs to grow more to generate large-scale employment; VAT Panel given task of proposing GST rates in a month's time; RBI asks banks to issue instructions not to deduct income tax from disabled pensioners of Armed Forces; India not to support Doha Pact if USA pushes its way on anti-dumping: Nath; Delhi HC receives Al Qaida threat by email; Security beefed up; |
 |
|
 |
 |
 |
|
| Dear Member, Also sending you the following files: |
||
| |
 |
 |
|
|
|
CIRCULAR FAQ on FBT applicable to ESOPs; CASE LAWS 2007-TIOL-448-ITAT-DEL.doc + benami story.doc Income Tax - A person doing benami business in the name of his second wife - Search & Seizure u/s 132 - Various documents seized and additions maded by the AO - CIT (A) holds the assessee was only dancing to the tune of her master - late husband and the additions be made in the income of his heir and additions deleted on merits - Since the Revenue does not challenge the CIT(A) order, the decision that the additions be made in the hands of the assessee's late husband becomes final: DELHI ITAT; Income Tax - Assessee accused of doing business through a benami concern - Additions made - CIT(A) deletes - Tribunal finds additions were made on the basis of presumptions - Whether a transaction is benami is a question of fact and does not call for interference by the High Court - Revenue's appeal dismissed: P&H HIGH COURT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Notification 30/2004CE - Assessee opting out of notification - there is no merit in the Revenue's plea that since the assessee had not reversed the credit there is a technical fault in being eligible for the notification - once the assessee surrenders the Central Excise registration, the question of utilization of the credit which is in balance does not arise - No cause for reversal of cenvat credit, imposition of interest & penalty - Revenue appeal rejected: MUMBAI CESTAT; SC decision on length of galleries in the case of M/s. Sangam Processors has to be taken into consideration even if the ACP fixed under Hot Air Stenter Independent Textile Processor Annual Capacity Determination Rules, 1998 was not challenged - Bombay HC in M/s. Om Textile Pvt. Ltd. (2006-TIOL-1524-CESTAT-MUM) relied upon - Matter remanded: MUMBAI CESTAT; 2007-TIOL-1953-CESTAT-MUM.doc + rule 8 story.doc Directions of the Dy.Commr. to pay duty consignment wise not heeded to & the appellant continued to enjoy fortnightly facility of duty payment - Attitude of the appellant to flagrantly violate the law cannot be encouraged - Tribunal. LB decision in Noble Drugs 2007-TIOL-1097-CESTAT-Mum-LB distinguishable as in that case the appellant had paid duty on consignment wise basis during the period of forfeiture but by debiting duty through the Cenvat account.: MUMBAI CESTAT; Central Excise - Cenvat Credit - capital goods removed as scrap after their use in the factory - no duty liability could be imposed as the capital goods were not removed as such: DELHI CESTAT;
FAQ on Service Tax; CASE LAWS ST - C & F Agent Serice - Revenue raises demand - Since the assessee only provides coordination service for execution of orders and have no control over the goods, it cannot fall in the taxable service category - Larger Bench order in L & T case = ( 2006-TIOL-814-CESTAT-DEL-LB ) followed:KOLKATA CESTAT; Service Tax - penalties under Section 75A,76 and 77 of the Finance Act - the thrust of the appellant is on challenging the demand of service tax - memorandum of appeal does not disclose any challenge to these penalties - appeal dismissed:CHENNAI CESTAT; ST - Cenvat Credit - Assessee sets up windmills far away from the factory of excisable goods and supplies power to the State Power Grid which in turn supplies power to the factory and in case of deficit, charges for the same - Assessee pays service tax on repair and maintenance of windmills and uses the tax paid as credit for paying excise duty - Contentions need to be examined in details and since tax is already paid, pre-deposit waived off:CHENNAI CESTAT;
CUSTOMS SECTION ROM application - Limitation - Tribunal has no power to condone delay in filing the ROM application - Revenue's appeal dismissed as time-barred:MUMBAI CESTAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
FAQ on FBT applicable to ESOPs scores over FAQ on Service Tax, a poor compilation of pedestrian information in public domain; Centre - State tussle over gas pipelines can harm growth and environment; India agrees to Singapore plea for further reduction in tariff on 539 products; Short selling & securities lending; Foreign Direct Investment by citizen / entity incorporated in Bangladesh; Exim Bank's Line of Credit of USD 45 million to the Government of the Republic of Mali for Electricity Transmission and Distribution Project; Akash Missile successfully destroys UAV at test range; ready for production; Importer of waste papers come under scanner for not meeting specified norms; World Bank lends USD 225 mn to Bihar for structural reforms; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
