|
 |
 |
 |
 |
 |
Pre-Budget meeting: FM to meet industrialists and PM's Economic Council members tomorrow; Delhi L-G beats a hasty retreat; now says carrying ID Card not mandatory in Delhi; ICWAI hosting three-day global summit on management accounting on Thursday; Nepalese Central Bank official says Fake Indian Currency Notes worth Rs 300 Crore are in circulation in Nepal; CBDT Chairman says 60,000 high volument transactions are under scrutiny' Govt working on Integrated Border Check Posts to promote trade with neighbrours; Govt may amend Domestic Violence Act to lend voice to men and to neutralise abuse of provisions by women; |
 |
|
 |
 |
 |
|
| Dear Member, Also sending you the following files: |
||
| |
 |
 |
|
|
|
Two CITs transfers; CASE LAWS 2008-TIOL-18-HC-DEL-IT.doc + settlement story.doc Income Tax – Settlement Commission: The problem with undergoing a regular assessment, in so far as an applicant is concerned, is that the Revenue, in terms of Section 245HA (3) of the Act, is entitled to use all the material and information produced by the applicant before the Commission, as indeed all other material available with the Commission. An applicant faced with such a situation, cannot withdraw his settlement application, nor is he entitled to any refund of the additional income tax and interest thereon, if the settlement application abates due to its non-disposal by the Commission. The consequence of non-disposal of the pending settlement applications by the Commission is that a large number of them will abate and the applicants will have to face regular assessment on the basis of material that they have disclosed in confidence along with their settlement applications. This will, no doubt, seriously prejudice the applicants but the Respondents do not seem to be concerned about it. The noble intention of Parliament is sought to be defeated by the Respondents by frustrating the implementation of the law, without actually saying so . Is this what speedy justice is all about? It is in this context that we say that the rights of citizens cannot be trampled over by the Respondents, under the banner of speedy justice. Where we really find difficulty in proceeding to decide on the merits of the writ petition is the complete absence of any effective assistance rendered by the Respondents by way of facts or figures which could suggest that the amendments to the Act are not only necessary, but do not fall foul of constitutional imperatives. In view of this handicap, we are not inclined to dispose of the writ petitions finally at this stage because of the theoretical possibility that all these petitions may become infructuous if in fact the settlement applications of the Petitioners before us are decided by the Commission on or before 31st March, 2008.: DELHI HIGH COURT; Income Tax - Sec 80IB(10) benefits are availed by the assessee - Notice u/s 148 - Assessment reopened on ground that the assessee had not correctly disclosed the actual assets of the plot used for construction - Writ filed - Assessee argues Revenue did not have enough 'reason to believe' that some income has escaped assessment - Going by the replies to Revenue's questions related to the size of the plot, it appears that full and true disclosure was not made by the assessee which provided annexures to buttress its cause - It is a fit case for application of Explanation 2(C)(iv) of Sec 147 - Assessee's appeal dismissed: BOMBAY HIGH COURT; Income Tax - Assessee runs a finance business - accepts cash deposits of more than Rs 20,000 from nine depositors - AO levies penalty u/s 271D for violation of Sec 269SS - CIT (A) does find a speaking order and proper examination of facts submitted by the assessee for accepting cash payments and deletes the penalty - Tribunal agrees with the CIT (A) - Since the Revenue has no evidence to suspect or reject the explanation offered by the assessee that all the depositors were agriculturists and they had no bank accounts, there is no infirmity in the Tribunal order giving relief u/s 273 B of the Act - Revenue's appeal dismissed: MADRAS HIGH COURT; Income Tax - Sec 80HHC - Assessee claims deduction for service income, lease income and packing & forwarding collection income - AO allows but CIT(A) invokes Sec 263 and directs the AO to recompute the benefits by disallowing these incomes which are not related to exports business - Tribunal allows it as these incomes are incidental to the main business and form a part of business income - Since the Tribunal has found that all these incomes excluded by the CIT(A) are a part of business income and unless the Revenue has facts to otherwise show the character of these incomes, it is not possible to accept the Revenue's contention that they do not carry the character of business income - Revenue's appeal dismissed: MADRAS HIGH COURT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
2008-TIOL-20-HC-MUM-CX.doc + excise hc story.doc Central Excise – provisional assessment – when dispute is pending provisiaonal assessment can be ordered: Even if the contention of the appellant that the B-13 Bond was executed at the instance of the excise authorities, is accepted, in view of the fact that a dispute was pending before the Delhi High Court, it was open to the proper officer to insist on clearing the yarn for captive consumption on provisional assessment basis. The fact that the appellant claims to have executed the B-13 Bond at the instance of the revenue clearly shows that as per the directions given by the proper officer, the clearances have been effected on provisional assessment basis by executing B-13 Bond.It is not the case of the appellant that B-13 bond was executed inadvertently or by mistake. Once agreed – no going back: Therefore, having consciously cleared the yarn for captive consumption on provisional assessment basis by executing B-13 Bond as directed by the excise authorities, it is not open to the appellant to contend that there was no order/directions to clear the yarn on provisional assessment basis. Provisional assessment – no need of written order: The argument that the assessment can be said to be provisional only if there is a specific order in writing passed before clearance of the goods is devoid of any substance, because Rule 9B of the 1944 Rules relating to provisional assessment of duty does not envisage passing of an order in writing before clearance of the goods. What Rule 9B provides is that, where the proper officer, pending further inquiry considers it proper to allow clearance on provisional assessment basis, then he may direct that the goods be assessed provisionally by executing a Bond in the proper form. Thus, Rule 9B contemplates giving direction for provisional assessment by executing Bond in the proper form.: BOMBAY HIGH COURT; Cell site/BTS site/BSC site are not excisable - issue stands settled in favour of the applicant by the Tribunal's order which has been upheld by the Bombay High Court vide its order dated 9.8.2007 in Appeal 87 of 2007 – Early hearing allowed.: MUMBAI CESTAT; Central Excise – charges of under-valuation and non-reversal of credit on the inputs removed – Commissioner (Appeals) proceeded on the basis that the assessee had accepted the duty liability, but as per the records, the assessee has been contesting the duty liability – the appellants have also referred to the terms and conditions of the contracts entered into between them and their buyers which were not looked into by the appellate authority -matter remanded. : CHENNAI CESTAT; Electric storage batteries destroyed during the process of quality control test not liable to Central Excise duty in view of SC decision in ITC Ltd. (2003-TIOL-39-SC-CX) respondents having maintained accounts of all the destruction of the batteries during the process of quality control testing – Revenue appeal rejected.: MUMBAI CESTAT;
ST - Business Auxiliary Service - Assessee is an authorised service station - also markets car loan schemes of banks and financial institutions - Revenue raises demand under BAS and penalty imposed - Tax deposited before issue of SCN - Commissioner(A) refers to Punjab & Haryanan HC order in the case of Machino Montell and hikes penalty with reference to Sec 11AC of Central Excise Act - Sec 80 of Finance Act, 1994 has no parallel in Sec 11AC and Commissioner(A) should have noticed that the penaly under Sec 78 which is more stringent section is much less than the Sec 76 - Matter remanded for fresh consideration:DELHI CESTAT; ST - Cargo Handling Service - Demanded raised on gross receipts which also included transporation of goods by trucks - Assessee argues tax cannot be levied on the receipts attributable to the transportation - Definition of Cargo handling service makes it clear that the loading and uploading of goods on truck not to be covered under cargo handling service and mere transporation is also outside the purview of this service - Demand also fails on the ground of limitation:DELHI CESTAT;
CUSTOMS SECTION NOTIFICATION DGFT notifies list of quality certification agencies; CASE LAWS 2008-TIOL-19-HC-MUM-EXIM.doc + exim story.doc FTP - 'Denied Entities List' – including the name in the list has civil consequences and cannot be done without notice and hearing : BOMBAY HIGH COURT; Law provides for filing of a ROM against final orders passed by the Tribunal - present ROM application is against an independent miscellaneous order on an independent miscellaneous application filed for implementation of the final order already passed – Rom not maintainable hence dismissed as infructuous.: MUMBAI CESTAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
Justice SN Jha takes over as President of CESTAT; GSM and CDMA players taking 'Spectrum War' to other end of spectrum! But where does an ordinary subscriber stand in this battle? Taxing Indian cricketers in Australia: CBDT may help BCCI find long-term remedy! DRI seizes 23 kg heroin; South African national arrested; total tally this year surpasses 260 kg; L&T bags Rs 1,300 Cr from Cairn India; Parsvnath Developers awarded 90 Cr contract to build SAI ASHRAM at SHIRDI; What is Public Sector Mutual Fund? Govt clarifies; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
