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Sonia Gandhi's condition is stable but likely to remain hospitalised for some more time; NPPA asks pharma industry to submit data to revise norms for CC, PC, PL and PM for 2008; FM to kickstart pre-budget meet with industry from Monday; |
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| Dear Member, Also sending you the following files: |
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IRS officer debarred from Central Deputation for five years; CASE LAWS 2008-TIOL-12-ITAT-DEL.doc + search story.doc Income Tax - Proceedings in search cases cannot be used as an opportunity to either reopen concluded assessment or to reassess returned income: DELHI ITAT; Income Tax - Assessee claims no CoD clearance required as it is not a PSU but a Trust - Deduction of tax u/s 194A on credits made to the account of Members of the Trust who ceased to be employees of the assessee - AO passes order u/s 201(1) and 201(1A) - CIT(A) goes with the AO - Going by the settled law, since the status of the assessee Trust is taken as that of an individual under the I-T Act, and the provisions of Sec 194A do not apply to individuals, they are not applicable to the assessee Trust too - Assessee's appeal allowed: DELHI ITAT; Validity of surcharge levied - Held - Since the search was conducted on 29.08.1996, in the absence of amendment to section 113 surcharge held not leviable in view of decision of Punjab & Haryana High Court in the case Roshan Singh Makker and the Special Bench of Tribunal in the case of Merit Enterprises. Seized material is to be considered in its entirety and no part thereof can be ignored for the purpose of computing undisclosed income - While computing undisclosed income no part there of can be ignored or no entry stated in such material can be ignored because it did not suit the convenience of the Assessing Officer- The material is to be considered as a whole and not selectively - Held - Expenses as recorded in such seized material should be reduced while computing the undisclosed income by way of unaccounted sales.: DELHI ITAT; Income Tax - Indo-USA Tax Treaty - Assessee, a resident taxpayer, has a branch office in the USA - Excludes branch office profits from total profits before offering its income to tax in India - Revenue is for taxing tota profits as per Sec 5(1)(c) of the Act - As per Article 25.2 of the DTAA with the USA, if the assessee has a PE in the USA and the same is assessed there, it is entitled to avail tax credit for the tax paid there and the AO has rightly allowed it also but there is nothing in the DTAA which states that such profits to be exempt in India - Revenue's appeal allowed: CHENNAI ITAT; |
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Headnotes of latest RLT Case Laws;
Central Excise – Cenvat Credit - Inputs received from SSI units at concessional rate, cleared as such - CENVAT Credit taken Reversed – Department wants reversal of 16% instead of concessional rate - reversal by assessee is good compliance.: CHENNAI CESTAT; Central Excise - EOUs - Demand of duty on the excisable goods obtained under exemption notification - the department is bound by the instructions issued by the CBEC which requires that the departmental authorities should arrive at a consensus with the development commissioner as to the liability of the EOU in relation to any goods procured by it before a show cause notice is issued to it for demanding the duty foregone. The demand of duty could be confirmed only after a definite conclusion is arrived at by the Development Commissioner - matter remanded: CHENNAI CESTAT; Central Excise - Valuation - Brokerage paid to the agents and transit insurance are permissible deductions from the assessable value of goods manufactured : MUMBAI CESTAT;
CIRCULAR Amendment to Circular No. 96/7/2007-ST dated the 23rd August, 2007 – Clarification in respect of renting of immovable property service and works contract service - regarding. CASE LAWS ST - Consulting Engineer Service - Tax demanded and penalty imposed - Waiver of pre-deposit granted in view of Tribunal's decision in Indian Farmers Fertiliser Co-Op Ltd (2007-TIOL-37-CESTAT-DEL) : MUMBAI CESTAT; ST - Cable Operator Service - Tax confirmed and penalty imposed - Since the Revenue has gone by the procedure laid down by the TRAI for calculating the subscribers base which the operator is disputing now, pre-deposit of Rs 75 lakh ordered: MUMBAI CESTAT;
CUSTOMS SECTION NOTIFICATION ctariff08_003.doc + ctariff08_002.doc Govt extends anti-dumping duty on D(-) Para Hydroxy Phenyl Glycine Methyl Potassium Dane Salt imports fro China & Singapore upto Nov 2008; Service not originating from India and Served From India Scheme (SFIS) for service providers, clarification thereof; Merger(s) and Acquisition(s) of companies and / or firms during 1.4.2002 to 31.3.2006 and consequential grant of benefits under DFCE for Status Holders’ Scheme of the then EXIM policy and under Target Plus Scheme of Foreign Trade Policy, clarification thereof; Corrigendum to Public Notice No. 61, dated 08.10.2007; Corrigendum to Public Notice No. 62, dated 08.10.2007; Export to SEZ – no restriction on currency; CASE LAWS 2008-TIOL-12-HC-DEL-CUS.doc + delhi hc strory.doc Customs – warehousing - Whether the petitioner was entitled to invoke the powers under Section 63 (2) of the Act to recover the warehousing charges or whether the customs authorities were justified, in terms of Section 72 of the Act, in demanding the entire customs duty and appropriating the entire sale proceeds in the auction sale towards customs duty payable. Warehouse keeper has superior rights in recovering his charges: Section 150 (2 )( d) of the Act which talks of payment of the charges in respect of the goods sold due to the person having custody of the goods is referable to payment of warehousing charges and it takes precedence over recovery of customs duty which is relatable to Section 150 (2) (e) of the Act. The right of the petitioner here to recover the warehousing charges from the sale proceeds appears superior to the right of the Revenue to recover customs duty. Warehoused goods – duty to be recovered from importer not ware house keeper: Goods which are not removed from a warehouse within the permissible period are treated as goods improperly removed from the warehouse. Such improper removal takes place when the goods remain in the warehouse beyond the permitted period or its permitted extension. The importer of the goods may be called upon to pay customs duty on them and, necessarily, it would be payable at the rate applicable on the date of their deemed removal from the warehouse, that is, the date on which the permitted period or its permitted extension came to an end.: DELHI HIGH COURT; 2008-TIOL-11-HC-DEL-EXIM.doc + writ story.doc Writ petition – jurisdiction: The question is not whether this Court under Article 226 has the jurisdiction to entertain this petition but given the facts of a particular case, and considering where the substantial cause of action has arisen, whether this Court should exercise its jurisdiction. The law is fairly well settled that where a Petitioner is not without an equally efficacious remedy in another Court, that would certainly be a reason for declining to exercise jurisdiction.: DELHI HIGH COURT; Customs - substitution of name in the Bill of Entry as the appellant had financial difficulty in clearing the goods - As per the CBEC Circulars, the same is to be allowed: CHENNAI CESTAT; |
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Income tax – HRD Directorate notified; Export to SEZ – no restriction on currency; CBDT notifies HRD Directorate; Service Tax on renting of immovable property : Mean, By all means!; HSL looking for Director (Fin); FM asks bankers to trim deposit and lending rates by 0.5%; IPTV Service: TRAI for no change in FDI cap; Proposes 6% licence fee for ISPs; House Panel seeks suggestions on Land Acquisition Bill, 2007; |
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