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FTP - As CBEC sees it + Issue of BG on behalf of service importers - RBI instructions ; CBEC grants permission to bring duty-paid packing materials into export warehouse under Rule 20 of CE Rules (See 'Indirect Taxes' Basket); PM asks States to work for speedy implementation of GST; FEMA - Advance Remittance for import of Services ; Refund outgo of Rs 28280 Cr slows down CBDT collections in first half of the fiscal; PM calls for simplification of tax structure for food processing industry; Govt setting up Speical Land Acquisition Units in each State for NHAI projects; Flood-ravaged States: Centre allows States to draw funds from CRF and NCCF; Gujarat HC Registrar General fails to furnish all papers relating to Narco case: HC issues contempt notice; |
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| Dear Member, Sending the following files: |
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TIOL COMMENTARY FTP – As CBEC sees it; Export of service: Can Tribunal decision override legal provisions? Issue of Bank Guarantee on behalf of service importers; Foreign Exchange Management Act, 1999 – Advance Remittance for import of Services; MIXED BUZZ PM calls for simplification of tax structure for food processing industry ; Govt setting up Speical Land Acquisition Units in each State for NHAI projects; Refund outgo of Rs 28280 Cr slows down CBDT collections in first half; Flood-ravaged States: Centre allows States to draw funds from CRF and NCCF; |
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2009-TIOL-529-HC-MAD-IT.pdf + tds story.pdf Tube Investments Of India Ltd Vs ACIT, Chennai (Dated: September 29, 2009) Income tax - TDS - constitutional validity of Sec 40(a)(ia) challenged - held, Section 40(a)(ia) is constitutionally valid, and there is no arbitrariness, unreasonableness or discrimination in the said provision:MADRAS HIGH COURT; CIT Vs M/s Punjab Tractors Ltd (Dated: September 14, 2009) Income tax - Sec 36 (1)(vii) - Assessee claims bad debts for supply of tractors - AO disallows on the ground that sincere efforts not made for recovery - Tribunal disagrees with the AO - held, mere fact that assessee continued efforts by obtaining decree which could not be executed in subsequent year is not enough to reject the opinion of the assessee that the amount had already become bad debt - it is to be allowed in the year in which a debt becomes bad - Revenue's appeal dismissed:PUNJAB AND HARYANA HIGH COURT; M/s Kamdhenu Sweets Vs ACIT, Allahabad (Dated: September 18, 2009) Income tax - Sec 158BD - Assessee is a partnership firm, engaged in manufacture and sale of sweets - Revenue conducts survey of its business premises and search of residential premises of the partners - seizes books of accounts, cash and goods and loose papers - notice u/s 158BD issued - writ filed for release of seized books of account - held, on the facts of the case, no search was conducted on the business premises of the assessee, and there is no illegality in the issue of notice u/s 158 which provides that for taking action the AO merely needs to satisfy himself with the books or other documents found during the search, indicating undisclosed income of a person other than the one searched. Since the AO has taken permission from the CIT for keeping the books of account beyond the period of 180 days, as it is essential for completing the assessment, writ petition is not sustainable:ALLAHABAD HIGH COURT; M/s Ema India Ltd Vs ACIT (Dated: September 16, 2009) Income tax - Sec 147 - Writ - Assessee is a manufacturer of hi-tech engineering equipments - Assessment order passed - Notice u/s 148 on two counts - prior period expenditure and non-offering of interest income - assessee files objections against reasons for initiating Sec 147 proceedings - held, Revenue can initiate reassessment where AO has failed to apply his mind. If the assessment order does not reveal any application of mind on a particular point, the AO's action to reopen an assessment is legally sustainable - Assessee's petition dismissed:ALLAHABAD HIGH COURT; 2009-TIOL-603-ITAT-DEL.pdfFrance Air Pvt Ltd Vs ITO, New Delhi (Dated: July 15, 2009) Income tax - TDS u/s 194H - Assessee is an airlines - fails to deduct TDS on supplementary commission paid to agents - Revenue raises demand and interest u/s 201(1A) - held, in view of Delhi HC decision settling the issue in favour of Revenue, assessee is liable to TDS on supplementary commission - Assessee's appeal dismissed:DELHI ITAT ; |
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SERVICE TAX SECTION CIRCULAR Leviability of service tax on construction of canals by Government agencies – reg (Sending you fresh Circular corrected by the Board); CASE LAWS 2009-TIOL-1572-CESTAT-BANG.pdf M/s HPCL Vs CCE, Mangalore (Dated: May 27, 2009) Service tax – Service tax paid by joint venture company for transportation of oil through pipelines available as credit for discharging of service tax on storage & warehousing services provided to Oil Marketing Companies – Prima facie case for full waiver of Pre-deposit: BANGALORE CESTAT; 2009-TIOL-1571-CESTAT-BANG.pdf CCE, Tirupathi Vs M/s Shariff Motors (Dated: March 12, 2009) Service
tax – Service tax paid on GTA service availed for transport of
vehicles from factory to show room available as credit for authorized
service station attached to show room – No merit in revenue appeal: BANGALORE
CESTAT; 2009-TIOL-1570-CESTAT-BANG.pdf M/s Thames Water Asia Pvt Ltd Vs CST, Bangalore (Dated: May 6, 2009) Service tax – No reasons adduced by Commissioner for service tax demand of Rs. 48 lakhs – Matter remanded for de novo adjudication: BANGALORE CESTAT;
CENTRAL EXCISE SECTION CIRCULAR Permission to bring duty-paid packing materials into export warehouse under Rule 20 of Central Excise Rules – reg. CASE LAWS 2009-TIOL-1575-CESTAT-MUM.pdf + hp story.pdf M/s Hindustan Petroleum Corporation Ltd Vs CCE, Mumbai II (Dated: August 28, 2009) HSD cleared to M/s IOCL and who in turn supplied the same to Indian Navy for consumption on board the naval vessels – Exemption under notf. 64/95-CE cannot be allowed to indirect supplies – Amending Notf. 37/2007-CE is prospective in nature – CESTAT orders M/s HPCL to make pre-deposit of One crore.:MUMBAI CESTAT; 2009-TIOL-1574-CESTAT-BANG.pdf M/s Indian Hume Pipe Co Ltd Vs CCE, Hyderabad-II (Dated: June 29, 2009) Central Excise – Clearance of pipes for usage in multi-storage points for supply of water to villages - No evidence adduced in the adjudication order as regards pipes being not used for delivery of water to storage points – Prima facie case for waiver of pre-deposit:BANGALORE CESTAT; 2009-TIOL-1573-CESTAT-BANG.pdf M/s Madras Cements Ltd Vs CCE, Guntur (Dated: June 17, 2009) Central Excise – Eligibility of CENVAT Credit on steel plates, bars etc used in capital goods, captive power plant – Pre-deposit of Rs. 1 crore ordered:BANGALORE CESTAT;
CUSTOMS SECTION CIRCULAR Foreign Trade Policy (FTP), 2009-14 – regarding; CASE LAWS 2009-TIOL-1576-CESTAT-MUM.pdf + cadbury story.pdf Cadbury India Ltd Vs CC, Pune (Dated: August 31, 2009) Imported Chocolate confectionery contaminated with Melamine and containing living larvae – unfit for human consumption - goods confiscated absolutely and penalty imposed equal to value of goods – CESTAT finds prima facie case and orders pre-deposit.:MUMBAI CESTAT; |
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