Credit crunch: Govt forms informal group to deal with sectoral issues;

Rahul Gandhi's assets go up to Rs 2.33 Cr from Rs 62 lakh, declared during last LS polls in 2004

BJP manifesto pledges to scrap FBT; to introduce GST with 14% rate and no tax for armed forces;

Uruguay also joins OECD tax information exchange standards;

E-Commerce keeps postal sector afloat during hard times: UN;

Mentally unstable suspected Asian gunman kills 13 and injures 26 at American Civic Center in New York State;

Motorola's Chief Sanjay Jha is USA's top paid CEO;

TIOL COMMENTARY

BJP story.pdf

BJP manifesto pledges to scrap FBT; to introduce GST with 14% rate and no tax for armed forces;

spl down.pdf

Software - A copyrighted article - Hullabaloo on misunderstanding Indo-USA tax treaty!

MIXED BUZZZ

mbuzz0357.pdf

Uruguay also joins OECD tax information exchange standards;

mbuzz0358.pdf

Credit crunch: Govt forms informal group to deal with sectoral issues;

mbuzz0359.pdf

E-Commerce keeps postal sector afloat during hard times: UN;

2009-TIOL-210-ITAT-BANG.pdf

DCIT, Bangalore Vs M/s Gopalan Enterprise India Pvt Ltd (Dated : October 24, 2008)

Income Tax Act – Section 80IB(10) – Held, that the department has not brought on record any controverting material to establish that the assessee had exceeded the limit of 1500 sq. ft. each for 183 flats built up area as constructed by the assessee to claim deduction under the provision of section 80IB(10). The AO proceeded to physically measure only five terrace apartments and also taken statements from the buyers of those flats which does not form any mention in the assessment order. There is no material on record to establish that the other flats also exceeded the permissible limits in view of the AO accepting the sale of those flats in the preceding two assessment years. No material has been brought on record to establish that the assessee had been denied deduction under section 80IB(10) in accordance with the provisions of law on similar basis in earlier years on this project. It was established that only five flats in the apartment complex were bigger than 1500 sq. ft. for denying the assessee benefit of claiming of deduction under section 80IB(10) for the entire income. :BANGALORE ITAT;

2009-TIOL-209-ITAT-DEL.pdf

ACIT, New Delhi Vs M/s United Hotels Limited (Dated : November 28, 2008)

Income Tax - Assessee, engaged in hotel business, carried out substantive repairs, renovations and renewals to the property and charged the sum in P&L a/c - AO disallowed deduction and held it as capital expenditure and allowed depreciation on such expenditure - CIT(A) deleted disallowance since the premises were not owned but tenanted to the assessee - Held, the expenditure was incurred on renovation of already existing building on dismantling of plaster, bricks, plastering, civil work, modification charges of gas, sanitary work, landscaping work charges, purchase of woolen/nylon carpets for furnishing renovating 3rd floor, paining of coffee shop, picture frame or decoration items, etc., in the rented premises, none of which was a benefit of enduring nature and, therefore, revenue in nature - Revenue's appeal partly allowed.:DELHI ITAT;

SERVICE TAX SECTION

2009-TIOL-542-CESTAT-DEL.pdf

M/s Bharti Airtel Ltd Vs CCE, Panchkula (Dated: February 25, 2009)

ST - telecom service - Revenue raises demand on activation charges of SIM cards, denies Cenvat Credit availed after merger of Bharti Televentiures with the assessee and the tax on roaming charges - held, once ROC has issued registration certificate after merger, credit cannot be denied; As per Board clarification no tax is to be levied on roaming charges prior to 14.1.2007 but prima facie the assessee has not made a very good case on activation charges - pre-deposit of Rs 10 lakh ordered:DELHI CESTAT;

CENTRAL EXCISE SECTION

2009-TIOL-545-CESTAT-AHM.pdf + ssi story.pdf

M/s LEO Engineering Vs CCE, Ahmedabad (Dated: February 3, 2009)

Central Excise – SSI Exemption – Using a name which is not the brand name of another person, not a bar to exemption:AHMEDABAD CESTAT;

2009-TIOL-544-CESTAT-KOL.pdf

CCE, Jorhat Vs M/s Kothari Products Ltd (Dated: December 17, 2008)

Central Excise – Appellate Commissioner not followed principles of natural justice while allowing assessees appeal and rejecting Revenues plea – Impugned order set aside and matter remanded to original authority for deciding case on merits – Original authority to communicate allegations to appellants for enabling them to respond effectively :KOLKATA CESTAT;

CUSTOMS SECTION

2009-TIOL-543-CESTAT-MAD.pdf

M/s Faiveley Transport India Limitd Vs CC, Chennai (Dated: February 11, 2009)

Customs – Valuation – technical know how and royalty charges – as long as the payments made towards the technical know-how / Royalty are not a condition pre-requisite for the supply of imported goods, the same are not includable in the value of the imported goods.:CHENNAI CESTAT;