|
 |
 |
 |
 |
 |
Income Tax raid on Gurgaon-based real estate Group: CBDT says about Rs 105 Crore unaccounted income admitted; Rs 2 Crore cash seized from Director's premises; Union Cabinet gives nod to DTAA with Zambia + more powers to Nuclear Power Corporation of India Ltd; CCEA okays package for revival of Bharat Wagon & Engg Co Ltd; PM says Govt mulling dedicated fund to promote green technologies; US petition against India levying state excise duty on imported wine dismissed; Justice A R Lakshamanan submits report on Hindu Succession Act to Govt; Govt appoints M Chandrasekharan as Addl SG for two years; Justice Vipin Sanghi and Justice Aruna Suresh appointed as Judges of Delhi High Court; |
 |
|
 |
 |
 |
|
| Dear Member, Sending you following files. |
||
| |
 |
 |
|
| |
CBDT issues transfer order for 7 Add. CIT; CASE LAWS Income Tax - Assessment for block period under Ch.XIV-B - Allegatiion of an illegal search being without a valid authorisation - Tribunal upholds the contention of the assessee as authorisastion was given without relevant material as required under Sec.132(1) and thus consequent assessment is also declared invalid - Revenue objects on the ground that Tribunal has no jurisdiction to look into validity of authorisation - A valid search based on valid authorisation is a sine qua non of assessment for block period under Ch.XIV-B and such authorisation should be on the basis of information in possession of authorising officer on the basis of which he has reasons to believe that eventualities as listed in clause (a), (b) and (c) of Sec.132(1) exist, and moreover though Court/Tribunal cannot go into the sufficiency of reasons but can definitely look into existence of reasons at all - In the instant case there was no valid authorisation in terms of Sec. 132(1) as the revenue failed to produce the record which could prove that there was information in possession of authorising officer to form a belief that essential conditions of Sec.132(1) existed for authorising search and thus Tribunal was justified in invalidating the order passed in consequence of an invalid search as it went to the root of the matter - References answered against the revenue and appeal is dismissed: RAJASTHAN HIGH COURT; Income Tax - AO allows adjustment of brought forward unabsorbed depreciation against the current year income and allows the remaining unabsorbed depreciation to be set off against the income of the subsequent AYs - Sec 115J - CIT invokes powers u/s 263 as he was of the opinion that the unabsorbed loss or unabsorbed depreciation, whichever is less, was to be deducted from the net profits - Tribunal allows the CIT order - Since the Revenue has been unable to controvert the factual and legal position, the reference is answered in favour of the assessee: P & H HIGH COURT; 2008-TIOL-66-ITAT-MAD.pdf + delay story.pdf Income Tax - Condonation of delay – 1530 days - assessee pursuing ROM with Commissioner (Appeals) – Delay not condoned – penalty confirmed: CHENNAI ITAT; The increase in the revenue liability on account of fluctuation in rate of foreign exchange is admissible deduction in view of the decision of Hon'ble Delhi High Court in the case of Woodward Governor India Pvt. Ltd. Customs duty deposited with Department: only actual tax liability is deductible. Deduction from export turnover: It is the admitted position that the convertible foreign exchange was not received or brought into India within the aforesaid time limit and no extension of time was sought or allowed by the competent authority. Therefore, the lower authorities were right in reducing the export turnover by the amount which was not received or brought into India in convertible foreign exchange.: DELHI ITAT; |
|
|
| |
|
|
|
| |
 |
 |
|
| |
2008-TIOL-205-CESTAT-MUM.pdf + IOCL Story.pdf Aircraft on foreign run although making some halts within Indian territory entitled to concessional rate of duty: MUMBAI CESTAT; Cenvat Credit - Welding electrodes can neither be considered as capital goods nor as inputs - Contrary view taken by the Division Bench in India Sugar & Refineries Ltd. 2006-TIOL-540-CESTAT-BANG in not following the decision of Larger Bench of the Tribunal in Jaypee Rewa 2003-TIOL-246-CESTAT-DEL-LB & Triveni Engg 2005-TIOL-595-CESTAT-DEL-LB cannot be followed. Penalty – As the issue of Modvat credit on welding electrodes was in dispute and had to be settled by the Larger Bench of the Tribunal, the appellant cannot be faulted with for availing credit on welding electrodes, to visit him with penalty.: MUMBAI CESTAT; Erroneous Refund - Section 35E & 11A are not independent of each other – Issue no longer res integra - Tribunal decision in Voltas Ltd 2006-TIOL-1303-CESTAT-BANG . Refund allowed consequent to finalization of provisional assessment, however Revenue issued SCN for recovery of allegedly erroneously granted refund – Demand confirmed & upheld by lower authorities – when the fact remains that the order sanctioning refund was not challenged by the Revenue in terms of s.35E of CEA'44, demand not sustainable – Appeal allowed.: MUMBAI CESTAT;
SERVICE TAX SECTION ST - Refund - Claim filed on April 28, 2006 for period Feb, 2005 to Nov, 2005 - Revenue invokes limitation - Refund for Feb, 2005 to April, 2005 is time-barred as not filed within one year period u/s 11B: DELHI CESTAT; ST - Penalty u/s 76 - Tax with interest deposited before issue of SCN - Revenue argues Sec 76 was amended w.e.f 14.5.2003 and Tribunal order in Sieger Spintech Equipments ( 2006-TIOL-1258-CESTAT-MAD ) not to apply to this case as it covers the post-amendment period - Since the period involved is prior to the amendment, the ratio of the Tribuanl order to apply - Penalty set aside: DELHI CESTAT;
CUSTOMS SECTION NOTIFICATION SION rates amended for a few leather items; DGFT amends Handbook for brand rate fixation; Clarification regarding Clubbing of Advance Authorisations under paragraph 4.20; Export of Stone Aggregate and River Sand to Maldives for the year 2008-2009; DGFT amends policy related to import of sandal wood; Rescinds 120/2002; Govt levies anti-dumping duty on import of FSP; CASE LAWS Notification 24/2005-Cus – Denial thereof – Import of raw materials – Prima facie case made as there is no proposal for change of classification of Optical fibre cables manufactured, from heading 85.44 to 90.01, which is the requirement before raising a demand - Stay granted: MUMBAI CESTAT; |
|
|
| |
|
|
|
| |
 |
 |
|
| |
Exemption to Missile Programme – yet another resurrection? CESS Algebra! Mr PC, have you not ignored reforms of Customs and Excise Tariffs and also number of duty rates for too long? Dear FM, please tax 'law' and 'lottery'! 2008-TIOL-76-HC-DEL-FEMA.pdf + fera story.pdf No prosecution on same set of facts if departmental adjudication drops proceedings on strong reasons - After exonerating the party on merits, the same authority cannot be a prosecutor for the same offence: DELHI HIGH COURT; RBI amends norms for opening of rupee / FC Vostro Accounts of non-resident exchange houses; Private Equity firm Kohlberg Kravis Roberts & Co to invest USD 250 mn in Bharti Infratel ; VSNL partners with iPass for international Wi-Fi roaming in India ; CSO's Advance Estimates project 8.7% growth rate for current fiscal; Chennai Airport Customs seizes ketamine worth Rs one Crore;; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
