EXIM Bank assisting Rural Business Hubs to enhance exports of rural products (See Breaking News)

GoM scheduled to meet coming Friday to decide Spectrum Allocation issue;

PM launches India's first indigenous nuclear-powered submarine;

Customs & Excise Museum inaugurated; FM promises Central Fund; New Income Tax Code to be made public soon;

CoS asks Petro Ministry to extend credit limit to National Aviation Co for 3 months ;

TRAI seeks inputs on Port transaction, Dipping and Porting charges for MNP;

TIOL COMMENTARY

village story.pdf

EXIM Bank assisting Rural Business Hubs to enhance exports of rural products;

2009-TIOL-362-HC-MUM-FEMA.pdf + fera story.pdf

Mr Meghraj S Jain Vs Union of India (Dated: July 9, 2009)

FERA - Retraction of Statement - if the confessional statement is retracted, the Court is required to examine whether it was obtained by threat, duress or promise and also whether the confession is truthful. confessional statement can be acted upon in spite of the retraction; The recovery of the currencies and the details given by Narendra Mirani provide sufficient corroboration. In view of all these circumstances, the confessional statement made by the present appellant was voluntary and it was retracted on a second thought and, therefore, the confessional statement can be acted upon in spite of the retraction.: BOMBAYHIGH COURT;

MIXED BUZZ

mbuzz0691.pdf

PM launches India's first indigenous nuclear-powered submarine

mbuzz0690.pdf

Customs & Excise Museum inaugurated; FM promises Central Fund; New Income Tax Code to be made public soon;

mbuzz0689.pdf

CoS asks Petro Ministry to extend credit limit to National Aviation Co for 3 months ;

mbuzz0688.pdf

TRAI seeks inputs on Port transaction, Dipping and Porting charges for MNP;

mbuzz0687.pdf

India, Papua New Guinea join hands in Oil and Gas Sector ;

lease story.pdf

Whether truck lease income, machinery lease income and service charges constitute business income for computing export profits - ITAT mechanically follows inapplicable order - matter remanded to CIT( A): Bombay HC;

2009-TIOL-361-HC-P&H-IT.pdf

M/s Vithal Overseas Vs CIT, Jalandhar (Dated: July 15, 2009)

Income tax - Assessee is a partnership firm - claims deduction for foreign travel of son of one of partners - AO disallows - CIT(A) largely allows the appeal - Tribunal sets aside the CIT(A) order as there was no evidence to the fact that it was a genuine business trip and the son of the partner had special aptitude for this deal - held, no question of law involved - Assessee's appeal dismissed: PUNJAB AND HARYANA HIGH COURT;

2009-TIOL-480-ITAT-MUM.pdf

Godavan Corpn Pvt Ltd Vs ITO, Mumbai (Dated: April 15, 2009)

Income Tax - Assessee claims depreciation on wind mill installed - albeit entitled to 100% depreciation but since it was used for less than 180 days during the year, 50% depreciation claimed - AO disallows and CIT(A) agree disallowance - Held, two requisites for depreciation allowance u/s 32 of the Act are that the depreciable asset is owned wholly or partly, by the assessee and "used for the purpose of the assessee's business" - even trial production of a machinery would fall within the ambit of "used for the purpose of business” - Assessee's appeal partly allowed.: MUMBAI ITAT;

SERVICE TAX SECTION

2009-TIOL-87-SC-ST.pdf

CCE, Jaipur II Vs M/s Hindustan Zinc Ltd (Dated: January 23, 2009)

Service Tax – services received from outside India – not taxable prior to 01.01.2005 – Department's Appeal dismissed: SUPREME COURT;

M/s S V Agencies Vs CST, Mumbai (Dated: June 12, 2009)

Dates of hearing are fixed as per the decision of the Tribunal and not at the sweet will of the parties or their representatives : MUMBAI CESTAT;

2009-TIOL-1123-CESTAT-BANG.pdf

CCE & CC, Guntur Vs M/s/ Kanaka Durga Agro Oil Products Pvt Ltd (Dated: March 12, 2009)

Service Tax – Goods Transport Agency Service – no liability to pay service tax on the receipient of the service in cases of transportation undertaken by the individuals and not by Goods Transport Agencies – revenue appeal dismissed. : BANGALORE CESTAT;

2009-TIOL-1122-CESTAT-BANG.pdf

M/s MNC Corporation Vs CCE, Mangalore (Dated: February 6, 2009)

Service Tax – Services provided to exporters and overseas buyers for export of cashew nuts – Commission received thereof exempt from BAS in terms of Notfn 13/2003-ST dtd 20.06.2003 – Notification covers all agricultural produce including nuts and vegetables – Prima facie strong case on merits – Full waiver of pre-deposit and stay granted : BANGALORE CESTAT;

2009-TIOL-1118-CESTAT-BANG.pdf

M/s M Ramakrishna Reddy, Civil Contractors Andhra Pradesh Vs CCE & CC, Tirupathi (Dated: March 31, 2009)

Service Tax – Tax demand under the category of site formation and clearance, excavation, earth moving and demolition service – Issue covered by appellant's own case in 2008-TIOL-2337-CESTAT-BANGALORE – Complete waiver of pre-deposit ordered and stay granted:BANGALORE CESTAT;

CENTRAL EXCISE SECTION

2009-TIOL-1121-CESTAT-MAD.pdf

M/s Burn Standard Co Ltd Vs CCE, Salem (Dated: April 28, 2009)

Central Excise – Stay / dispensation of pre-deposit - CENVAT Credit – common inputs used in dutiable and exempted goods - the appellants are not required to pay 10% of the sale price of the exempted products if they have not availed, or reversed subsequently, the credit relatable to inputs that have gone into production of exempted final products – complete waiver of pre-deposit granted. :CHENNAI CESTAT;

2009-TIOL-1117-CESTAT-BANG.pdf

M/s C Krishnaiah Chetty & Sons Private Limited Vs CCE, Bangalore (Dated: March 6, 2009)

Central Excise – Supply of raw materials for manufacture of gold jewellery – Raw material supplier cannot be held as manufacturer –Mere embossing of initials of raw material supplier for easy identification cannot be equated with affixing of brand name – Pre-deposit waived and stay granted: BANGALORE CESTAT;

CUSTOMS SECTION

2009-TIOL-1120-CESTAT-BANG.pdf

Rajeshwari Metallurgicals Ltd Vs CC, Bangalore (Dated: February 9, 2009)

Customs – Earlier tribunal order dealt with only valuation without any discussion or findings on classification decided by the lower authority – Appeal restored : BANGALORE CESTAT;

2009-TIOL-1119-CESTAT-DEL.pdf

CC, Delhi-III Vs M/s OM Prakash Rahul Kumar (Dated: March 25, 2009)

Customs – Import of pista kernel from Afghanistan through Dubai – Exemption under Notification No. 76/2003-Cus not deniable as no evidence adduced by Revenue to doubt the authenticity of documents – No merits in revenue appeal: DELHI CESTAT;