|
 |
 |
 |
 |
 |
Excise duty exemption to HP & Uttranchal : Printers & computer monitors also included in schedule of items; 11th Plan: 7 IIMs, 8 IITs and 30 Central Univs to be set up; ICICI Bank lost USD 264 mn due to sub-prime crisis (See 'Mixed Buzz') Associated Enterprises, beware: Account transactions even without cash flow now attract service tax (See 'Common Basket'); Govt gives nod for fiberglass LPG Cylinders; |
 |
|
 |
 |
 |
|
| Dear Member, The files mentioned below in the mail can be opened by clicking the links to view them on the web as they are published. To download all the files at one go as a consolidated zip file click the DOWNLOAD LINK below. You don't have to go to the website but click the link below which takes you automatically to the 'mail download login page' on Taxindiaonline.com. Thanking you for your support and cooperation. |
||
| |
 |
 |
|
| |
Income Tax - Assessee, engaged in pawning business, advances loan against pawned articles and charges interest - A.O. calculates interest on debtors without taking into account the acknowledged rate - There must be documents alongwith the pawned articles showing the amount for which the articles were pawned which should have been taken into account for calculating interest at the rate acknowledged by assessee, and thus deletion of entire amount of interest cannot be sustained - Matter remanded to A.O. to calculate interest accordingly - Revenue's appeal allowed.: RAJASTHAN HIGH COURT; Income Tax - A.O. declines to accept assessee's gross profit rate and instead applies a higher rate - CIT(A) and Tribunal delete the additions made - CIT(A) and Tribunal have given cogent reasons for deletion and moreover previous year's GPR couldn't have been applied as in that year entire sale was export sale whereas in the year under consideration a part of sale is domestic sale and it is export sale which yields a higher GPR - Revenue's appeal dismissed. : RAJASTHAN HIGH COURT; |
|
|
| |
|
|
|
| |
 |
 |
|
| |
Central Excise - Modvat credit on captive consumption of inputs can be availed by the assessee when it has fulfilled the conditions of payment of Excise Duty under S. 3A of the Central Excise Act when the goods were removed from the re-rolling Mill manufacturing inputs to forging factory under an invoice by making payment of the invoice price by a cheque in separate account though both the factories are owned by the same person : RAJASTHAN HIGH COURT; 2008-TIOL-331-CESTAT-MUM.pdf + prakash story.pdf When ground for rejecting the appeal of the appellant is totally non-existent on the date of the order, the order is required to be set aside with consequential relief: MUMBAI CESTAT; No interest payable u/s 11AB of the CEA'44 in respect of the supplementary invoices raised by the respondent assesses on the enhancement of the purchase order value – Bombay HC decision in appeal no. 42/2007 in Rucha Engineering relied upon – Revenue appeals dismissed.: MUMBAI CESTAT;
SERVICE TAX SECTION Film theatres now come under Central Excise control - through Service Tax; ST - whether bottling of liquor amounts to manufacture or only packaging so as to attract service tax - Since issue is pending with larger bench of high court, penalty set aside and pre-deposit waived off : DELHI CESTAT;
CUSTOMS SECTION NOTIFICATION Not No 105/2007 rescinded; Govt imposes definitive anti-dumping duty on phenol; Tariff value of poppy seeds and brass scrap revised; DGFT amends para 4.28 for recovery of customs on unutilised imported goods; SION rates for engineering products amended; dgft07not081.pdf + dgft07pn121.pdf Prohibition on export of non-basmati rice – exemption for export to Bangladesh; Clarification regarding requirement for return of original TR – 6 Chalan evidencing payment of Customs Duty for the excess raw material imported against Advance Authorisation Scheme; CASE LAWS Customs - Restriction on import of Second hand Capital Goods – hard disks imported are not second hand even though the sticker mentions “factory repaired”: BANGALORE CESTAT; |
|
|
| |
|
|
|
| |
 |
 |
|
| |
Service Tax – Publication of names; Politically correct budget lacks long-term vision! 2008-TIOL-33-SC-CT.pdf + sc ct story.pdf UP Trade Tax - levy of tax is not on use of goods but on the transfer of the right to use goods: SUPREME COURT; BUDGET ANALYSIS 2008-09 The 'And' & 'OR' story continues – Notification 11/2008-CE(NT); Associated Enterprises, beware: Account transactions even without cash flow now attract service tax; Budget: The train in front of engine budget! Budget proposals & potential controversies; Mixed Buzz ICICI Bank lost USD 264 mn due to sub-prime crisis;TRAI keen for 'Restructuring of Cable TV Services'; TRAI favours hike in FDI limit for broadcasting sector; Essar Oil bags E&P block in Vietnam; to invest USD 60 mn; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
