|
 |
 |
 |
 |
 |
CEC notifies tariff regulations for green electricity; Cabinet gives nod for extension of term for Finance Commission + 8 more NITs; Trade in human organs: Cabinet permits proposal to amend Act ; 2% Interest subvention for exporters extended upto March 31, 2010 ; Sahar Airport Customs seizes heroin worth Rs 2.85 Cr from Malaysian national + seizes gold worth Rs 11 lakh from pax coming from London; ACES launched in Hyderabad; Former ITAT Members - Practice Before ITAT? Empowered Committee meeting: States now want two GST rates; A few favours even three rates; Inter-Ministerial Committee to redress, resolve problems/issues of exporters ; UN to merge various agencies to create single body to promote women rights ; |
 |
|
 |
 |
 |
|
| Dear Member, Sending the following files: |
||
|
 |
 |
|
|
TIOL COMMENTARY Former ITAT Members – Practice Before ITAT? FM has open mind on Direct Taxes Code Bill; Shouldn't he refer it to Law Commission for flawless drafting? RBI NOTIFICATION RBI For Fraud Risk Management System.pdf Fraud Risk Management System in banks – Role of Chairmen / Chief Executive Officers; RBI Notifi for Rupee Export Credit Interest Rates.pdf Rupee Export Credit Interest Rates; MIXED BUZZ ACES launched in Hyderabad; CEC notifies tariff regulations for green electricity; Trade in human organs: Cabinet permits proposal to amend Act; Cabinet extends term of Finance Commission upto Jan 31, 2010; Cabinet gives nod for setting up 8 more NITs; UN to merge various agencies to create single body to promote women rights; |
|
|
|
|
|
|
| |
 |
 |
|
|
|
ITO And Ors Vs U K Mahapatra & Co And Ors (Dated: July 29, 2009) Income tax - seizure of books and accounts - Survey u/s 133A - HC directs the Revenue to release the books of the assessee which cannot be kept illegally without following the procedure - held, HC officer, the custodian of all documents, directed to release the books and documents but after providing a photocopy and copies of CD-ROM to the Revenue :SUPREME COURT; M/s Concept Creations Vs ACIT, Panipat (Dated: September 15, 2009) ITAT Members who retired prior to 3.6.2009 and Members who resigned before being confirmed can practice in ITAT: Bar on practice before ITAT does not apply to Members who have retired prior to the date of publication of notification; it applies to the Members who retired from the Tribunal on or after the date of the publication of this Notification.; once the Member reties after the date of Notification, it certainly applies. It does not matter when the Members were recruited. Even it applies to the Members who are recruited prior to the date of Notification. Crucial date must be the date of retirement. If it is after 3rd June, 2009, it applies.; the Members who retire on or after 3-6-2009, even if otherwise qualified to practice u/s 288 of the Act, would still be debarred to appear and argue before the Tribunal, in the light of Rule 13E of the ITAT Members (Recruitment and Conditions of Service ) Rules, 1963; Persons who have resigned from service prior to the date of Notification, without any retirement benefits would not be covered by this Notification because it applies to those persons who have retired after the date of Notification; does not apply to members who are appointed on a temporary basis and resign from service without being confirmed during probationary period. :DELHI ITAT (SPECIAL BENCH); DCIT, Mumbai Vs M/s Rolls Royce Marine India Pvt Ltd (Dated: August 12, 2009) Income tax - Sec 40(a)(iii) - Assessee is in the business of servicing of marine equipments and sale of marine spares - pays salary to non-resident Managing Director - return filed - AO notices TDS was not deducted on the salary paid and disallows the same under Sec 40(a)(iii) - CIT(A) deletes additions as he finds only delay in deposit of TDS - held, Sec 40(a)(iii) cannot be invoked for mere delay in deposit of TDS - as long as tax is paid, mere delay in depositing TDS as per Sec 200(1) not to attract rigours of Sec 40(a)(iii) - Revenue's appeal dismissed:MUMBAI ITAT; 2009-TIOL-569-ITAT-MUM.pdf + reuter story.pdf JCIT, Mumbai Vs M/s Reuters Ltd (Dated: July 29, 2009) India-UK DTAA - Assessee is a tax resident of the UK - enters into various agreements with Indian subsidiary for royalty and distribution of its financial products - assessee is a leading global news gatherer and also provides premium financial products - pays tax for royalty earned from the subsidiary but claims that the income from distribution of its financial products is business profits not taxable as per Article 7 of the DTAA - AO holds that since the subsidiary is a dependent agent it can be treated as a PE for the assessee, and its income is taxable in India - CIT(A) disagrees with the AO - held, since the fact that the assessee had seconded some employees to work with the subsidiary, and this information was not available to the CIT(A) at the time of decision, it is a fit case for remand to the AO for fresh consideration with regard to existence of PE of the Assessee in India, within the meaning of Article 5(2)(k) and 5(5) of the India-UK DTAA. :MUMBAI ITAT; Transworks Information Services Ltd Vs ITO, Mumbai (Dated: February 16, 2009) Income Tax - TDS - section 201, 201(1A) - Assessee carrying on the business of IT-enabled services, call centres and BPO industries - assessee pays conveyance allowance of Rs. 800 per month to every employee - also provides bus service facility for pick up and drop to its employees. - AO treats the assessee as an assessee in default and raises demand u/s 201 and charged interest u/s 201(1A) for non deduction of TDS on conveyance allowance and the bus service facility, exceeding the limit of exemption - CIT (A) dismisses Assessee's Appeal - Held, the “transport service for workers and staff” is collectively enjoyed benefit which is neither taxed as salary nor as fringe benefit tax even after introduction of FBT in Chapter XII-H of the Act. - Assessee's appeal allowed.:MUMBAI ITAT; |
|
|
| |
|
|
|
| |
 |
 |
|
|
|
2009-TIOL-1480-CESTAT-MAD.pdf + R K Swamy Story.pdf CCE, Chennai Vs M/s R K Swamy Bbdo Advertising (P) Ltd (Dated: June 15, 2009) Service Tax – Interest – interest is payable for the period during which the operation of the provisions of the statute was stayed by the interim order of the High Court.:CHENNAI CESTAT; M/s Kidstuff Promos And Events Pvt Ltd Vs CST, Delhi (Dated: July 23, 2009) ST - Event Management Service - Assessee is registered with the Revenue under various heads - pays tax under different heads at different points of time - Revenue raises demand and insists on inclusion of reimbursed sum into the gross value - held, since the issue is pending with the Larger Bench, ordering pre-deposit would amount to public mischief - no pre-deposit during pendency of appeal:DELHI CESTAT; M/s Crimpson Electronics Vs CCE, Kanpur (Dated: July 31, 2009) ST - Repair & Maintence service - Revenue alleges in the guise of job work, the assessee is providing repair service - held, since there is no document available on record which indicates any service being provided, assessee's appeal allowed:DELHI CESTAT; Duphar Interfran Ltd Vs CST, Mumbai (Dated: June 25, 2009) ST - Management Consultancy Service - Assessee enters into a service agreement to provide various sorts of services to assist its management - held, the definition of management consultancy service is wide enough to include many types of servcies - prima facie, it is a management consultancy service - pre-deposit ordered:MUMBAI CESTAT;
CENTRAL EXCISE SECTION CCE, Pune-I Vs M/s Mahindra Engg & Chemical Products Ltd (Dated: August 7, 2009) Revenue has no need to worry, says CESTAT while dismissing Stay application against Commissioner(Appeals)'s order setting off demand against refund.:MUMBAI CESTAT; 2009-TIOL-1483-CESTAT-BANG.pdf M/s Kairali Steels & Alloys Pvt Ltd Vs CCE & CC, Calicut (Dated: March 6, 2009) Central Excise – SCN issued beyond one year from the date of investigation – No prima facie case made out by appellants though the issue is referred to LB in Union Quality Plastic 2009-TIOL-326-CESTAT-AHM – Pre-deposit of Rs. 20 lakhs ordered and balance waived till disposal of appeal subject to compliance: BANGALORE CESTAT; M/s Real Times Systems Ltd Vs CCE, Delhi-III (Dated: May 15, 2009) Central Excise – Evidence of proof of export submitted to department to be examined by original authority – Impugned order set aside and original authority directed to examine evidence and pass orders in accordance with law: DELHI CESTAT; M/s Shakumbari Sugar & Allied Inds Ltd Vs CCE, Meerut-I (Dated: May 13, 2009) Central Excise – CENVAT Credit on capital goods - Molasses mixture/Diluter Safety System (heading 73.26) and Aluminium Coils (Sub-heading 7606.20) are eligible for credit as parts and accessories of machines and machinery of Chapter 84.: DELHI CESTAT;
CUSTOMS SECTION NOTIFICATION Para 5.3.1 of HBP Vol.I: Definition of factory / premises corrected; SION rate of coconut oil edible grade revised; SION rate for Coconut oil edible grade amended; CIRCULAR Constitution of an Inter-Ministerial Committee to redress/resolve problems/issues of exporters – Constitution reg. CASE LAWS M/s Sagar Suitings Pvt Ltd Vs CC, Jaipur (Dated: August 4, 2009) Customs -Import - Exemption Notification - Spare part - Whether Central Tucking Units can be considered spare part of shuttleless looms to be eligible for concessional rate of duty under Notification No. 21/2002-CUS. HELD - The Director, Ministry of Textile, Office of the Textile Commissioner has given a specific clarification that Tucking Unit is a spare part of shuttleless weaving machine and that the Tucking Units get worn out after some use and have to be replaced and that both the shuttleless looms and the Tucking Units are covered under Chapter 84 of the Customs Tariff and hence they would be eligible for the concessional rate of duty. Since for different uses, the fabric of different width are required and it is by the Central Tucking Unit by which the width can be regulated, the same has to be treated as a part of the shuttleless loom and, therefore, the same would be eligible for concessional rate of customs duty under Notification No. 21/2002-CUS. (Para 4) Valuation - Evidence - The department adopted the value of 1100 EURO per piece mainly on the basis of the statement dated 27.5.04 of the appellant read with a letter from M/s Sultex (India) Pvt . Ltd. mentioning the price of new Central Tucking Unit as 6612 Swiss Franc per piece. However, the appellant in his subsequent statement dated 27.7.04 retracted his earlier statement and claimed the value to be 350 EURO to 400 EURO per piece. The Department has not produced any contemporaneous bill of entry to justify the price adopted by them. On the other hand, the appellants have produced a bill of entry showing the price of 200 U.S. $ per piece in June 2004. However, since two second hand goods cannot be treated as identical and as per statement of appellant the price of second hand Central Tucking Units should be between Euro 250 to 400 per unit, the price of 400 EURO per piece can adopted. (Para 5) :CHENNAI CESTAT; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
