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See 'Common Basket' for PPP on recent changes in Customs Valuation by DG, DRI and noted Valuation Expert, Mr S Dutt Majumder; Pension Fund Regulator D Swarup to throw light on new pension system tomorrow; Two Addl Judges Justice N R Rao + Justice C V N Reddy in AP High Court promoted as full-fledged Judges + R K Rao appointed as Addl Judge; SC Constitution Bench upholds 27% reservation for OBCs minus creamy layers in IITs, IIMs and other Union Govt institutions; CST rate cut expected only after second round of meeting on April 16; States + MoF agree for amendment to levy VAT on imported goods; Govt working on special package for steel sector; Duty cut + incentives on the cards; |
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| Dear Member, Sending the following files: |
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2008-TIOL-207-HC-P&H-IT.pdf + tds hc story.pdf M/s Kurukshetra Darpans Pvt Ltd Vs CIT, Karnal (Dated : March 3, 2008) Income Tax TDS cable TV operator liable to deduct TDS on payments made to TV channels: The assessee is a cable network operator through which it provides telecasting of programmes to the ultimate consumers/subscribers. The assessee in turn enters into a contract with the licensor of various TV Channels. On the payment so made, Section 194C of the Act is attracted. This is for the reason that the licenser, is a person who is performing the work which is covered within the meaning of Clause- 'b ' of Explanation III to Section 194C (2) of Act. : P & H HIGH COURT; CIT, Madurai Vs M Chelladurai (Dated : February 25, 2008) Voluntary retirement Scheme: any amount received by an employee on his voluntary retirement or termination of his service in accordance with the scheme or schemes of voluntary retirement or in the case of public sector company referred to in sub clause (1) of the scheme, voluntary separation to the extent such an amount does not exceed Rs.5.00 lakhs. The proviso to section 10( 10C ) requires the scheme governing the payment of such amount to be framed in accordance with the guidelines including, inter alia, criteria of economic viability as may be prescribed. The statutory rules provide that the voluntary retirement or voluntary separation benefit shall be extended under section 10( 10C ) only if the scheme of voluntary retirement or voluntary separation framed is in accordance with the requirements stated therein. In order to entitle the person the benefit under section 10( 10C ) of the Act the provisions of section 10( 10C ) and Rule 2BA should be complied with cumulatively and compliance of some of them would not entitle the employee the benefit as claimed for. CBDT Circular No.640 has also clarified that if all the conditions specified in section 10(10) and Rule 2BA of the Rules are satisfied, then only the assessee would be entitled to the benefit and in those cases, the employer need not deduct at source. : MADRAS HIGH COURT; Kishore Jagjivandas Tanna Vs DDI (Investigation) (Dated : March 25, 2008) Income Tax – Rs 5 lakhs seized from hotel room in 1987 –adjudication without giving copies of statements – High Court remands the case after 20 years. : BOMBAY HIGH COURT; CIT, Delhi IV Vs M/s Hewlett Packard India (P) Ltd (Dated : March 31, 2008) Income Tax - Revenue raises five issues but contends only three - First relates to whether the Income Tax Appellate Tribunal was correct in law in permitting the Assessee to lead additional evidence in accordance with Rule 46A of the Income Tax Rules, 1962 - Nothing shown to suggest that Tribunal had acted on a wrong principle - no substantial question of law arises for consideration - The second issue relates to a provision of warranties which was allowed by the Tribunal - Since the assessee follows the mercantile system of accounting, the liability would accrue in present but it may be quantified and discharged at a future date and the assessee would be entitled to claim a deduction thereon - The matter conclusively settled by judicial decisions - Third relates to deduction in respect of provision made by the Assessee for doubtful debts, customs duty, warranty, gratuity and loss due to foreign exchange rate fluctuations while computing the book profit for the purposes of Section 115-JB - provision for doubtful debts is an ascertained liability in view of Explanation (c) to Section 115- JB(2) of the Act and as regards the provision for gratuity, it's a revenue expenditure in the light of settled decisions - No substantial question of law arises for consideration, the appeal dismissed. : DELHI HIGH COURT; |
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Fresh charge distribution among CBEC Members + zonal charges;
2008-TIOL-552-CESTAT-MUM.pdf + scrable story.pdf Vivek Jhangiani Vs CCE, Mumbai I (Dated : March 27, 2008) “Scrabble” is a parlour game falling for classification under CET 9504.90 & not an “Educational Toy or Puzzle, CTH 95.03”, says Tribunal while confirming a duty demand of Rs.22.72 lakhs along with penalties. Sale in a toy shop does not automatically make the sold item a toy, as both toys and games are sold in a toy shop, and games sold in a toy shop are different and distinct from sports goods which are sold in a sports goods shop – therefore the fact that a game is sold in a toy shop will not by itself make it a toy. In the present case, there is no dispute that Scrabble is played in parlours in homes/houses and in clubs, holiday resorts etc. especially when inclement weather hampers or prevents outdoor activities; “Scrabble” is a parlour game falling for classification under CET sub-heading 9504.90 : MUMBAI CESTAT; Prakash M Patel Vs CCE, Nashik (Dated : January 18, 2008) Since the main appeal filed by the company has been admitted, pre-deposit of penalty waived. : MUMBAI CESTAT; Vishwadeep Pressparts Pvt Ltd Vs CCE, Pune I (Dated : January 29, 2008) Once the duty demand stands confirmed by the Commissioner (Appeals) and his order has not been challenged, the question of entertaining a claim for refund does not arise. : MUMBAI CESTAT;
SERVICE TAX SECTION CCE & C, Patna Vs M/s Advantage Media Consultant (Dated : March 19, 2008) ST - Advertising Service - Assessees provide service to Govt undertaking which does not pay service tax - Commissioner(A) orders to treat the gross amount inclusive of service tax but Revenue for collecting tax on gross amount - It is a time-tested principle which has been legislated vide Sec 67(2) in 2006 and the total compensation received should be treated as inclusive of service tax - Revenue's appeal dismissed : KOLKATA CESTAT; Mokha Builders & Promoters Vs CCE, Bhopal (Dated : January 21, 2008) ST - Construction of residential complex service - Tax paid and refund application filed - Revenue rejects - Since the findings of the adjudicating authority is not under challenge and the sale deed entered into before the construction of multi-storied complex does talk about service tax, assessee's appeal rejected : DELHI CESTAT;
CUSTOMS SECTION NOTIFICATION Amends 63/94 for trade entry point with B'desh; CASE LAWS 2008-TIOL-70-SC-CUS.pdf + reimport story.pdf Super Cassettes Industries Ltd Vs CC, New Delhi (Dated : March 10, 2008) Customs – re-import: A reading of Section 20 makes it abundantly clear that the goods re-imported after exportation would be liable to duty and be subject to all the conditions and restrictions to which goods of the like kind and value are liable or subject on the importation thereof. : SUPREME COURT; CC (Import), Mumbai II Vs M/s S Kumar Nationwide Ltd (Dated : January 18, 2008) Route of filing the refund application for the amount of excess duty paid without challenging the assessment of bills of entries is not permissible in view of SC decision in Priya Blue Industries [ 2004-TIOL-78-SC-CUS ] – Order sanctioning refund set aside & Revenue appeal allowed. : MUMBAI CESTAT; |
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Singapore exemption – more exemption; Taxing software income : Nothing sacrosanct about OECD Commentary; India's own HPC findings equally good but get short shrift! Budget Customs.pdf + Presentation on Valuation.ppt Stability in Customs Tariff - key feature of Budget 2008 + Power Point Presentation on recent changes in Customs Valuation by noted Valuation Expert Mr S Dutt Majumder; 2008-TIOL-69-SC-CT.pdf + sc ct story.pdf Purchase tax - Sugarcane – Minimum Statutory price fixed by Central Govt; higher price as State Advised Price paid – Purchase tax on higher price – The definition of "Sale" (in Section 2(t) of the Act) is relevant. It refers to transfer of the property in goods by one person to another in the course of trade or business "for cash or for deferred payment or other valuable consideration". "Purchase price" is well-known expression in commercial transactions. Every purchase involves a corresponding sale. The purchase money or purchase price for property is the price to be paid for it. Speaking technically, acquires by "words of purchase" and is a "purchaser" when he obtains title in any other mode than by descent or devolution of law. Normal meaning of the word 'purchase' is acquisition for money or for any consideration. : SUPREME COURT; RBI For Guidelines on Asset Liability.pdf RBI direction on guidelines for Asset-Liability Management System; Utilization of Cenvat credit on specified 17 input services, when they are used for exempted as well as taxable services – Board clarifies.; Holidaying in the Himalayas – Meerut II Commissionerate welcomes you.; ARA looking for Member (CST); RBI hammers on financial literacy to broad-base financial inclusion; IIFM changes outlook for US economy; expects sharp turn ; |
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