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President appoints Vishwa Diwakar Chaturvedi, Ravindra Nath Misra and Ran Vijai Singh as judges of Allahabad High Court; 1000 Crores annual plan finalised for Mizoram; Major fire in Kolkata's biggest wholesale market; Focus Market Scheme - list of Documents prescribed for proof of landing in specified focus market; |
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| Dear Member, Also sending you the following files: |
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NOTIFICATION DTAA between India and Finland – interest paid to FINNERA or Finnish Credit on or after 28 th August 2007 exempted; CIRCULAR TDS – cooling charges paid to cold storage owners – 194 I not applicable as it is not rent; 194 S applicable as it is contractual; INSTRUCTION Income Tax - Compulsory scrutiny of returns involving refund of Rs.5 lakhs or above; CASE LAWS Entire list of ITAT Case Laws carried by TIOL In year 2007; Income Tax - Assessee is a charitable trust - runs many educational institutions - receives 'capitation fee' for offering admission into the college - Although the assessee shows the capitation fee as receipt for corpus donation but AO holds assessee not entitled to exemption u/s 10(22) - CIT(A) allows the exemption but Tribunal upholds the AO's order, observing each year to be treated as separate assessment year and since the fee collected was for offering admission it cannot be called as donation - No fault can be faulted with the Tribunal's order as the assessee merely treated the fee as contribution to corpus donation but the actual character of a receipt is to be decided at the time of the deposit and not the accounting treatment by the assessee - Appeal dismissed : MADRAS HIGH COURT; |
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2008-TIOL-28-HC-MUM-CX.doc + cestat story.doc Tribunal order not clear on whether it has considered the case law and facts – remanded : BOMBAY HIGH COURT; Central Excise – penalty under Section 11AC – duty paid before issue of Show Cause Notice – it is obvious that the appellant had deliberately evaded paying the legitimate duty due to the exchequer – Commissioner (Appeals) order of affirming the demand and penalty sustained. - Interest under Section 11 AB – the appellant is liable to pay interest as per the ratio of High Court of Mumbai in Padmashri V.V. Patil Sahakari Sakhar Karkhana case : CHENNAI CESTAT; Job worker was not required to pay service tax as he was exempted vide notification no. 8/2005- ST dated 1.3.2005 yet he paid service tax and credit was availed by respondent – No irregularity in availment of credit in view of Tribunal decision in Trinetra Texturisers – Revenue appeal rejected : MUMBAI CESTAT;
SERVICE TAX SECTION ST - C & F Service - Assessee sells apparels transferred by the manufacturer without the transfer of ownership of the stock - Revenue raises demand - Commissioner (A) sets aside the case - Going by the law points settled by the Larger Bench in the L & T case ( 2006-TIOL-814-CESTAT-DEL-LB ) and the facts that C & F agent normally receives the dispatch order from the principal and arranges dispatch of the goods as per the direction of the principal and prepares invoices on behalf of the principal but all these elements have been missing in this case, no service tax can be levied on a shopkeeper : AHMEDABAD CESTAT;
CUSTOMS SECTION Customs – MS Scrap confiscated on the ground that the pre-shipment inspection certificate is not genuine - The requirement of pre-shipment inspection certificate is to ensure that the goods do not pose any security hazards - there is no mention as to whether the goods were subject to examination and if so what was the outcome of the examination of the goods mentioned in the order – matter remanded. : AHMEDABAD CESTAT; |
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World Bank DIR finds indications of systemic deficiencies and probable fraud and corruption in procurement and implementation in bank funded Health Sector projects in India – GOI sensitive; M & B gets extended Govt nod for Lee Cooper branding ; The Payment And Settlement Systems Act, 2007 No. 51 OF 2007 ; SEBI to launch long term options on Sensex and Nifty with tenures of upto 3 years; |
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