|
 |
 |
 |
 |
 |
Unveil integrated petro pricing and tax reforms ; Time to take a fresh look at Settlement Commission provisions; Govt grants custom exemption to import of aircraft for calibrations purposes; Antony offers partnership to foreign Cos and private cos in defence technologies; FIEO wants Govt to extend stimulus package to another 18 months; Australia does better than most OECD economies: Report; Pune bomb blast:Maharashtra Govt issues Alert in entire State; PM announces Rs 1 lakh relief to each victim; |
 |
|
 |
 |
 |
|
| Dear Member, Sending the following files: |
||
|
 |
 |
|
|
TIOL COMMENTARY Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 - Centralised Bond - Board proposes on-line, system driven, centralized bond management module; Time to take a fresh look at Settlement Commission provisions; Unveil integrated petro pricing and tax reforms; MIXED BUZZ Antony offers partnership to foreign Cos and private cos in defence technologies; FIEO wants Govt to extend stimulus package to another 18 months; Australia does better than most OECD economies: Report; |
|
|
|
|
|
|
| |
 |
 |
|
| |
2010-TIOL-78-ITAT-MUM.pdf + depreciation story.pdf M/s Swati Synthetics Ltd Vs ITO, Mumbai (Dated: December 17, 2009) Income Tax – depreciation is allowable on entire block even if some of the assets of block have not been used – that use of individual asset for the purpose of business can be examined only in the first year when the asset is purchased. In subsequent years use of block of assets is to be examined. Existence of individual asset in block of asset itself amounts to use for the purpose of business. This view is fully supported by various provisions of the Act which were amended consequence to the scheme of depreciation on block of asset including to proviso to section 32 of the Act:MUMBAI ITAT; M/s Pneumech Engineers Vs ITO, Mumbai (Dated: January 28, 2010) Income tax - Sec 44AB - Assessee files return without audit report - AO levies penalty - Assessee pleads all records were destroyed in floods and it took time to get duplicate copies of the bills and that is why there was delay - held, merely because assessee fails to furnish audit report, quasi-criminal proceedings cannot be initiated unless AO establishes that it was a deliberate act to avoid it obligation - Assessee's appeal allowed:MUMBAI ITAT; CIT, Trichy Vs M/s Premier Poly Sacks P Limited (Dated : January 6, 2010) Income tax - Sec 40A(2)(a), 143 - Assessee is a HDPE pipes manufacturer - claims deduction for unabsorbed losses and investment allowances and files NIL return - AO disallows sales commission paid to its Directors - Tribunal allows the appeal - held, since the Directors had given personal guarantee for securing orders for the company and a Board Resolution was passed to this effect, it is revenue expenditure - Revenue's appeal dismissed:MADRAS HIGH COURT; Smt Rekha Saha Vs CIT (Dated : December 18, 2009) Income tax - Writ - Sec 194C, 264, 147 - Assessee is in the business of mechanical fabrication - sub-lets its contract and deducts TDS u/s 194C on payments made to sub-contractors - assessee's advocate files annual TDS return - AO initiates proceedings u/s 147 - assessee finds her advocate had made error in filing TDS return - files revised return - application u/s 264 - verification ordered - verification report indicates revised annual TDS return was bogus - held, since a copy of the verification report was not provided to the assessee and the fact that there is no evidence to controvert that the revised annual return was bogus, the assessee's petition is allowed:CALCUTTA HIGH COURT; CIT Vs Aimil Ltd (Dated : December 23, 2009) Income tax - Sec 36(1)(va), 43B - Assessee deposits employer's contribution as well as employees' contribution to PF and ESI after due date - AO disallows and CIT(A) agrees with him - Assessee files application u/s 154 for rectification of mistake and CIT(A) deletes the addition as assessee had made payments before the due date - Tribunal dismisses Revenue's appeal - held, if the employer deposits its contribution late it pays interest and penalty under the PF Act - as long as it is deposited before filing the return it is allowable - Assessee's appeal allowed:DELHI HIGH COURT; |
|
|
| |
|
|
|
| |
 |
 |
|
| |
M/s Modinagar Paper Mills Ltd Vs CCE, Ghaziabad (Dated: December 29, 2009) Central Excise - CENVAT Credit - demand of CENVAT credit on the capital goods sold - revenue has adduced no evidence contrary to the contention of the appellant that the capital goods were purchased in the year 1980-81 and no CENVAT Credit had been availed - demand under Rule 3(4) of the CENVAT Credit Rules is not sustainable:DELHI CESTAT; M/s Chandan Electricals Vs CCE, Ludhiana (Dated: December 15, 2009) ST - Maintenance and Repair Service - While conducting audit of a third party the Revenue comes across service provided by the assessee - demand raised and penalty imposed - Commissioner(A) partly upholds demand but sets aside penalty - held, since no malafide is established and appellant's attitude to comply with law is appreciated, there is no ground for penalty - invocation of Sec 80 upheld - Assessee's appeal allowed:DELHI CESTAT;
CENTRAL EXCISE SECTION 2010-TIOL-265-CESTAT-MUM.pdf + hindustan story.pdf Hindustan Organic Chemicals Ltd Vs CCE & CC, Mumbai (Dated: October 28, 2009) Any fact necessary to support the legal plea should be raised at the time of filing reply to the show cause notice - Without this support of fact, the legal plea has no leg to stand on - Plea of limitation raised before the Tribunal for the first time which involves mixed questions of fact and law, cannot be entertained:MUMBAI CESTAT; M/s Vishwanath Sugars Ltd Vs CCE, Belgaum (Dated: July 16, 2009) Central Excise – Manufacture and clearance of rectified spirit and denatured spirit which exempted and dutiable goods respectively – Eligibility of CENVAT Credit on common inputs – CENVAT credit not deniable if assessee manufactures exempted goods only for a part of the year when there is intention to manufacture both exempted and dutiable goods – It is not necessary for a manufacturer of dutiable and exempted goods to manufacture both the goods on a day-to day basis – Impugned order set aside:BANGALORE CESTAT; M/s National Conduit Pipes Vs CCE, Chandigarh (Dated: September 4, 2009) Central Excise – Clandestine removal of ERW pipes – Information on invoices obtained from State Govt Agency and data pertaining to invoices from seized computer records similar – Ample proof that appellants have followed unusual, circuitous and suspicious procedure of receiving money as sale proceeds – Affidavits of drivers indicating that they transported goods from other manufacturers on pilfered invoices of assessee appear solicited, not reliable – Commissioners' finding on clandestine removal satisfies preponderance of probability – Impugned order confirming demand of duty and imposition of penalties upheld:DELHI CESTAT; CCE, Pondicherry Vs HCL Infosystems (Dated: November 11, 2009) Central Excise – Valuation – appeal by revenue against sanction of refund on higher duty paid on clearances made to Depots – the respondents have not furnished the details of duty payable and duty paid – revenue appeal is allowed by way of remand for verification of the details and the refund claim including unjust enrichment:CHENNAI CESTAT;
CUSTOMS SECTION NOTIFICATION Govt grants custom exemption to import of aircraft for calibrations purposes; DGFT PUBLIC NOTICE DGFT allow export of sugar to European Union (EU); CASE LAWS 2010-TIOL-261-CESTAT-MUM.pdf + pillai story.pdf Mr Rajendran Pillai Vs CC, Nhava Sheva (Dated: November 26, 2009) Appellant is an employee of CHA firm and was merely doing documentation work as per instructions received – since CHA has not been imposed any penalty, no cause for imposition of penalty on employee:MUMBAI CESTAT; |
|
|
| |
|
|
|
| Regards Taxindiaonline.com Pvt. Ltd. |
