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Narinder Nath Vohra appointed as Governor of J & K; Area-based exemption - Value addition refunds - raw materials specified - 75% value addition for iron & steel products (See 'Excise Notifications); ACC approves many appointments (See 'Common Basket'); UN to give Red Ribbon Awards to three Indian organisations for outstanding action in fight against AIDS; WTO talks: Nath to meet EU + US to break deadlock; Govt appoints retired IAS officer of AP cadre J Harinarayan as new IRDA Chief; Govt prohibits transmission of Lux-Cosy undergarment advertisement on TV; |
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| Dear Member, Sending you the following files: |
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Petro smuggling – the new business opportunity + India 'wines'; Goods or Service? VAT a Question! Computerisation Vs Transfer; CBEC chooses Transfer over former! ACC approves many appointments; PM asks IFS probationers to develop Indian perspective of diplomacy ; Govt declares 2008-09 as 'Food Safety and Quality Year' ; Plan Panel Member B K Chaturvedi to head high-powered panel set up to examine financial health of oil Cos; Bulgarian delegation visits CBI, Expertise in handling cyber crime offered ; |
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Four CCITs transferred CASE LAWS 2008-TIOL-312-HC-RAJ-IT.pdf + palace story.pdf Sec.45 & 48, unlike the provisions of Wealth Tax, do not make provision, providing for any deemed profit, or gain, to be taxable, as a capital gain To charge capital gains under Sec.45 & 48, four conditions are required to be fulfilled ,: 1. There should be a capital asset, 2. Capital asset should be transferred, 3. Consideration has been received in lieu of transfer, and 4. There was cost of acquisition and cost of improvement. Thus, since Sec.45 & 48, unlike the provisions of Wealth Tax, do not make provision, providing for any deemed profit, or gain, to be taxable, as a capital gain, the mere fact that the assessing officer was of the view, that prevalent market interest rate was 18%, or was at any amount above 9%, could not render the assessee liable for being taxed, on the difference amount, as capital gain. : RAJASTHAN HIGH COURT; Harikrishna Family Trust Vs CIT ( Dated : February 25, 2008 ) Income Tax - Assessee is a trust - executes a lease-deed to take over a partly constructed building - completes the construction at its own cost and lets out for rental - AO treats the rental as 'business income' - CIT(A) treats it as 'income from other sources' - Tribunal goes with the AO - In view of the fact that the Trust has except letting out one property has not done any other development of property or provided any ancillary activity, the rental earned from just one tenant is to be treated as 'income from other sources' - Assessee's appeal partly upheld : GUJARAT HIGH COURT; Frito Lay India Vs DCIT ( Dated : February 21, 2008) Income Tax - Expenditure on foreign travel – AO makes an adhoc disallowance of 50% - Held, that complete detail of persons going abroad, places visited, expenditure incurred and purpose of the visit were submitted before the AO and there was no doubt that vouchers in support of the expenditure were available and were filed - The disallowance made by Revenue held as unjustified : DELHI ITAT ; ADIT Vs M/s Anz Grindlays Bank Ltd ( Dated : March 11, 2008) Interest tax - AO for charging tax on interest earned on items other than loans and advances - As per the provisions of law no tax can be levied on interest on securities, bonds and debentures - Revenue's appeal dismissed
: DELHI ITAT ; |
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NOTIFICATION etariff08_31.pdf + etariff08_32.pdf + etariff08_33.pdf + etariff08_34.pdf + etariff08_35.pdf + etariff08_36.pdf + etariff08_37.pdf + etariff08_38.pdf Area-based exemption - Value addition refunds - raw materials specified - 75% value addition for iron & steel products; CASE LAWS 2008-TIOL-913-CESTAT-MAD.pdf + berger story.pdf M/s Berger Paints India Ltd Vs CCE, Pondicherry (Dated: May 9, 2008) Central Excise – valuation – base paint cleared from the factory and mixed with colorants at the dealers' premises as per the requirement of the customers – demand of duty under Section 4 of the Central Excise Act – the appellants made a prima facie case for waiver of pre-deposit. :CHENNAI CESTAT; M/s International Knitting Ltd Vs CCE & C, Nashik (Dated: April 3, 2008) Delay of 215 days in filing appeal – Director Shri Singhania looking after the affairs of the company and other Directors are family members who do not play any role in running the company – since he was under psychiatric treatment and which fact is borne out by a certificate from the Consultant Psychiatrist of Bombay Hospital and Medical Research Centre, sufficient cause for condonation of delay. Closure of EOU since 1999 – non fulfillment of export obligation - benefit of depreciation at the prescribed rate should be granted until the date of payment of duty on capital goods – Pre-deposit ordered. :MUMBAI CESTAT; CCE, Chennai II Vs M/s TTG Industries (Dated: March 26, 2008) Central Excise – benefit on Notification 205/08 CE is admissible to the Wind Mill parts irrespective of their classification :CHENNAI CESTAT; Mr Lupin Ltd Vs CCE, Bhopal (Dated: April 3, 2008) DTA unit availed credit in respect of capital goods and removed the same to 100% EOU without payment of duty – Revenue's case that credit of duty availed to be reversed - Board's Circular No.77/99-Cus dt.18.11.99 clarifies that in case the DTA unit has converted into EOU, the same is not required to reverse the credit in respect of the plant and machinery – Prima facie appellant has a strong case, pre-deposit of duty and penalty waived. :DELHI CESTAT;
SERVICE TAX SECTION CASE LAWS 2008-TIOL-909-CESTAT-KOL.pdf + oil st story.pdf M/s Oil India Ltd Vs CCE, Dibrugarh (Dated: March 4, 2008) Transport of crude oil through pipeline having been brought to tax specifically w.e.f. 16.6.05, taxation thereof prior to enactment of law is inconceivable – Tribunal sets aside Service Tax demand : DELHI CESTAT; Balco Vs CCE, Raipur (Dated : May 22, 2008) ST - Consulting Engineer Service - Assessee enters into an agreement for transfer of technology and technical assistance - pays service tax on technical assistance and not on transfer of technology on various grounds, including limitation - Revenue insists it was not a mere transfer of technology as the technology was specifically designed to suit their requirement and then the recipient of service is liable to tax since 2002 - Prima facie, the assessee has a strong case and full waiver of pre-deposit granted : DELHI CESTAT;
CUSTOMS SECTION NOTIFICATION DGFT amends Sl No 23 of Aayaat Niryaat Form related to excise attested invoices; CBEC imposes anti-dumping duty on acetone import from Korea CBEC appoints adjudicating authorities for Gold Star Industries cases ; CBEC appoints adjudicating authorities for Shemaroo Entertainment private limited cases ; CBEC appoints adjudicating authorities for Classic City Investment private limited cases ; CBEC appoints adjudicating authorities for Saimehar Industries case; CASE LAWS M/s Handtex Vs CC, Raigad (Dated: March 26, 2008) Every change made by the assessing officer during the course of assessment whether relating to rate of duty or value need not lead to an inference of mis-declaration by the importer – no justification for confiscation and imposition of penalty. Commissioner taking note of the fact that the value of identical product and variety imported around the same period from the same supplier ranged from U.S. $ 1.97 to 2.15 rejected the price declared by the importer and adopted U.S. $ 1.97 per meter as assessable value in terms of Rule 5 of the Valuation Rules – no cause for assessing officer to adopt a value of $2.15- enhancement of value which happens to be the least of the other contemporaneous imports from the same supplier in China cannot be held to be unreasonable. Except the fact that there were contemporaneous imports at higher price, no evidence has been relied upon to show that the details furnished in the B/E in relation to the imports are incorrect. : DELHI CESTAT; |
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