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Share your password and get dismissed from service - Frauds resulting from failure to maintain password security - CBEC Instructions (See 'DDT') CBEC finally releases Draft Seniority List of Commissioners; MTNL strike called off; Services to be restored soon; Luxembourg, USA join hands for exchange of bank information for tax purposes; HCL to provide digital Platform to MTV Networks; Jain Irrigation bags Rs 6511 mn project in HP; Sonia, Dr Manmohan Singh to meet Prez to form Govt; Mamta to decide after meeting Sonia; UN launches world's first tuition-free online university; UN Chief on peace mission to Sri Lanka PM seeks inputs from all Ministries for 100-day agenda for Govt; |
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| Dear Member, Sending the following files: |
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TIOL COMMENTARY DDT's Dream Cabinet! Investment Companies - Always dealer in shares? CASE LAWS + ANALYSIS 2009-TIOL-254-HC-MUM-FEMA.pdf + fera story.pdf Dipak J Shukla Vs Deputy Director Of Enforcement Directorate (Dated: May 7, 2009) Chartered Accountant charged with FERA violation and Rs. 26 Lakhs penalty imposed. His plea that he was not a person resident in India, not accepted because documents not authenticated Matter remanded:BOMBAY HIGH COURT; MIXED BUZZ Luxembourg, USA join hands for exchange of bank information for tax purposes; HCL to provide digital Platform to MTV Networks; Jain Irrigation bags Rs 6511 mn project in HP; UN launches world's first tuition-free online university; UN Chief on peace mission to Sri Lanka; |
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2009-TIOL-77-SC-IT.pdf + mcdowell story.pdf CIT, Udaipur Rajasthan Vs Mcdowell & Co Ltd (Dated: May 8, 2009) Income tax - Sec 43B - assessee is into liquor manufacture - pays bottling fee under State Excise Act to the State Govt - Revenue takes the view that such a fee is covered under Sec 43B and disallows deduction - Tribunal and HC disagree with the AO - held, the crucial expression in Section 43B is ''by way of''. The bottling fee is neither fee nor tax but the consideration for grant of approval by the Government as terms of contract in exercise of its rights to enter a contract in respect of the exclusive right to deal in bottling liquor in all its manifestations. In the instant case it was the duty of revenue to ascertain whether the deduction which is to be tested on the touchstone of Section 43B(a) is the amount payable is by way of tax or duty or fee or cess. The High Court is right in taking the view that the amount does not fall within the purview of Section 43B - Revenue's appeal dismissed Bank Guarantee - bank guaranted furnished by the assessee is not the same as the tax paid. It is a mere guarantee which cannot tantamount to actual money paid as tax or fee as envisaged in the relevant Sec 43B:SUPREME COURT; CIT, Udaipur Rajasthan Vs Mcdowell & Co Ltd (Dated: May 8, 2009) Income Tax - Depreciation - Assessee claims depreciation on research and development assets - Revenue disallows on the ground that the machinery belonged to the fast food unit which was closed - Held, the matter remitted to AO to factually examine the use of machinery for the liquor unit. If it is established by material that whole or part of the machinery being used for the liquor unit, the deduction to be allowed:SUPREME COURT; CIT, Udaipur Rajasthan Vs Mcdowell & Co Ltd (Dated: May 8, 2009) Income Tax - Assessee enters into contract for technical services - pays charges and claims deduction - Revenue disallows - held, it is not the Revenue's case as the Tribunal and High Court have found that had the assessee not gone for this new contract it would have ended paying more amount under the old contract - it was not a subterfuge or clandestine device to reduce the tax liability but was an expenditure incurred on business expediency and the decision of the parties to enter into an agreement was based on commercial consideration. The finding is essentially a finding of fact based on cogent assessment of the factual scenario - No infirmity in the decision of the Tribunal and the High Court - Revenue's appeal dismissed :SUPREME COURT; CIT, Udaipur Rajasthan Vs Mcdowell & Co Ltd (Dated: May 8, 2009) Income tax - Sec 37 - Assessee purchases transformers - Revenue treats the same as capital expenditure as the old transformers continue to exist in the block of assets - counter-arguing against the Revenue's point that the issue is related to current repairs the assessee pleads that it is a case of Sec 37 - held, it is settled law that the nomenclature of a claim is not really relevant, and what is important, is the nature of relevant transaction and the expenditure made - since the Tribunal and HC fail to deal with this factual aspect of dispute, the case is remanded:SUPREME COURT; |
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CBEC_Senitority.pdf + CBEC Senitority list of Commissioner.pdf CBEC finally releases Draft Seniority List of Commissioners;
SERVICE TAX SECTION 2009-TIOL-785-CESTAT-MUM.pdf + st story.pdf Cummins Generator Technologies India Ltd Vs CCE & CC, Aurangabad (Dated: March 30, 2009) Refund Appellant receiving technical knowhow and licence from a corporation registered in United Kingdom Paid service tax under the category Consulting Engineer' later claiming that they are correctly covered under Intellectual Property Service w.e.f 10.09.2004 and claiming refund for past period appellants are estopped from construing the provisions of the agreement to the contra for a part of the period - Tribunal. Appellants continued to pay Service Tax and remained registered as a Consulting Engineer even after 10.09.2004 - The appellants cannot now plead anything contrary to such understanding inasmuch as the question, whether, under the agreement, the appellant was receiving consulting engineer's service is a mixed question of law and fact. Commissioner(Appeals) order sustained and appeal dismissed:MUMBAI CESTAT; CCE, Ludhiana Vs M/s Nestle India Ltd (Dated: April 17, 2009) ST - Technical testing and analysis service - Revenue alleges assessee providing such services to units other than its own - held, prima facie, there is no evidence that the assessee is providing such a service commercially to units other than its jobworkers - Stay granted:DELHI CESTAT;
M/s Swadesh Khadi Gramudhyog Seva Sangh Vs CCE, Ahmedabad (Dated: January 9, 2009) Central Excise - exemption under Notification 198/87 CE to products of village industry - merely because the certificate is produced late, the appellants do not become ineligible for exemption- Revenue cannot sit in judgment over the certificate and examine eligibility independently - the appellants are eligible for exemption. : AHMEDABAD CESTAT; CCE, Nagpur Vs M/s Shri Siddhabali Ispat Ltd (Dated: April 6, 2009) Cenvat credit is available in respect of Welding Electrodes used for fabrication of supporting structure of plant and machinery Revenue appeal dismissed.:MUMBAI CESTAT; M/s Asiatic Gases Ltd Vs CCE, Mumbai-III (Dated: March 25, 2009) Assistant Accountant of M/s BOC India Ltd. in his statement admitted that they had not supplied the input Calcium Carbide but only issued invoices to help the assessee to avail Modvat/Cenvat credit Appellant factory's General Manager also admitted non-receipt of input in factory and both statements are not retracted Credit not admissible as rule 57A r/w 57G of the CER, 1944 allows credit only if input is received in the factory under cover of valid duty paying document and is used in or in relation to the manufacture of the final product.:MUMBAI CESTAT;
CUSTOMS SECTION CC, Amritsar Vs M/s Ajay Kumar & Co (Dated: May 08, 2009) Customs DEPB licence No notice to transferor transferee not liable:SUPREME COURT; CC, Amritsar Vs M/s Pulso Copiers (Dated: April 20, 2009) Customs - import of unserviceable photocopiers - reduction of fine and penalty - the exercise of discretion by the Commissioner (Appeals) is not without any rationale basis and has been rightly upheld by the Tribunal - The appeals are wholly without merit as no question of law much less a substantive question of law has been raised in these appeals.:PUNJAB AND HARYANA HIGH COURT; |
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