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CBDT notifies First Amendment Rules to substitute TDS-related existing system of return-filing and also Form 16 and Form 16AA; E-payment of service tax; CBEC makes it mandatory for tax paid upto Rs 10 lakh including utilization of CENVAT credit; Steel Coils / plates: DGFT amends SION rate; CBDT Reconstitutes Dispute Resolution Panels + Govt notifies one more industrial park; Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head "Salaries"; Certificate of deduction of tax at source under section 203 of the Income-tax Act, 1961; Certificate for tax deducted at source from income chargeable under the head oeSalariescum Return of income; Certificate of collection of tax at source under sub- section (5) of section 206C of the Income-tax Act, 1961; Export of CXL Concessions Sugar to European Union (EU); Amendment of Para 2.63 (iii) of HBP Vol.I regarding RCMC; UN joins hands with IT giants to prevent terror outfits from making use of internet; CBEC to give Presidential Awards for 2009 on Central Excise Day at Vigyan Bhawan; FM to preside over function; |
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| Dear Member, Sending the following files: |
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TIOL COMMENTARY Definitive Anti-Dumping Duty Imposed on Cold Rolled Flat Products of Stainless Steel - yet another resurrection; Merger - capital gains - Advance Ruling in Star case dispels fear of industry; Amend the Acts to save trees! MIXED BUZZ Govt calls for suggestions for amendments to Press Act; UN joins hands with IT giants to prevent terror outfits from making use of internet; |
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NOTIFICATION CBDT notifies First Amendment Rules to substitute TDS-related existing system of return-filing and also Form 16 and Form 16AA; Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head "Salaries"; Certificate of deduction of tax at source under section 203 of the Income-tax Act, 1961; Certificate for tax deducted at source from income chargeable under the head oeSalariescum Return of income; Certificate of collection of tax at source under sub- section (5) of section 206C of the Income-tax Act, 1961; Form24Q_ AnnexureI.pdf + Form26Q_ Annexure.pdf + Form27EQ_ Annexure.pdf + Form27Q _Annexure.pdf CASE LAWS 2010-TIOL-139-HC-DEL-IT.pdf + idea story.pdf CIT Vs Idea Cellular Ltd (Dated : February 19, 2010) Income tax - TDS - Sec 194H - Assessee is a cellular telephone service provider - provides two types of connections to subscribers - prepaid and post-paid through distributors called 'Prepaid Market Associates' (PMAs) - offers discount for prepaid calling services to its distributors - Survey u/s 133 - Revenue finds no TDS being deducted at source on the 'commission' being paid to PMAs in the form of Discount - Assessee insists it has 'principal to principal' relationship with distributors who buy SIM Cards at certain price from the assessee and has the freedom to sell them at their own price - AO finds from the conditions of the agreement that the distributors were required to display the SIM Cards and Recharge Coupons in such a manner that they appeared to be owned by the assessee and the PMAs were not allowed to sell competitiors' products, to file monthly sales return and the assessee had the right to terminate the agreement - AO concludes that it is a case of 'principal and Agent' relationship and the commission was offered in the form of 'discount' on prepaid SIM Cards and the assessee was liable to TDS u/s 194H - CIT(A) agrees with the AO but the assessee succeeds before the Tribunal:DELHI HIGH COURT; ACIT, Puducherry Vs M/s Vinayagar Silks Pvt Ltd (Dated: August 21, 2009) Income Tax Act, 1961 Production of herbal powder amounting to manufacture Section 80IB Whether the grinding of raw materials to make herbal powder amounts to manufacture' within the meaning of Section 80IB of the Income Tax Act?:CHENNAI ITAT; ITO, Mumbai Vs M/s Vaibhav Gems (Dated: November 30, 2009) Income Tax Act, 1961 Valuation of closing stock of polished diamonds Section 145(3) Whether the AO was correct in applying the average method of valuation in trying to determine the value of closing stock of polished diamonds:MUMBAI ITAT; DCIT, Muzaffarnagar Vs M/s R A Castings Pvt Ltd (Dated: January 8, 2010) Income Tax - Sec 56 - Assessee receives commission and claims it as business income - AO treats it as 'income from other sources' - CIT(A) after considering the reasoning given by his predecessor and the Tribunal in the case of Doaba Rolling Mills Pvt. Ltd. holds that the commission income is to be assessed as business income - Held, the assessee has not provided the copy of Memorandum of Association so as to verify whether the income earned by way of commission was to be assessed under the head Business. In the absence of any such findings recorded by the CIT(A), the matter is remanded to CIT(A) with the direction to examine the objects clause of the Assessee and decide whether the commission income was earned during the course of regular business activities or it was an isolated transaction:DELHI ITAT; DCIT, Bangalore Vs M/s Sobha Renaissance Information Technology P Ltd (Dated: December 11, 2009) Income tax - Sec 10A - AO disallows inclusion of travel and telecommunication expenditure from export turnover - held, the issue is well settled by the Special Bench decision in the case of M/s Sak Soft Ltd 2009-TIOL-187-ITAT-MAD-SB in favour of the assessee - Revenue's appeal dismissed: BANGALORE ITAT; |
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NOTIFICATION E-payment of service tax; CBEC makes it mandatory for tax paid upto Rs 10 lakh including utilization of CENVAT credit; CASE LAWS Information Technology Park Ltd Vs CST, Bangalore (Dated: November 20, 2009) Service Tax - Construction of commercial building by ITPL, an SEZ Developer to SEZ units whether eligible for exemption in terms of Notification No. 4/2004-ST Appellant paid service tax initially and later on claimed refund of service tax by availing Notfn 4/04-ST Refund claim rejected by a non-speaking order and without putting appellant on notice for grounds of rejection Matter remanded for de novo consideration:BANGALORE CESTAT; M/s Jaacsons Enterprises Vs CCE, Mangalore (Dated: October 26, 2009) Service Tax Stitching of bags for fertilizers by sub-contractor If service tax is discharged by original contractor, no tax liability on sub-contractor Issue involved prior to issue of Master Circular dated 23.08.2007 Pre-deposit waived and stay granted:BANGALORE CESTAT;
CENTRAL EXCISE SECTION 2010-TIOL-308-CESTAT-MUM.pdf + crompton story.pdf M/s Crompton Greaves Ltd Vs CCE, Nashik (Dated: January 5, 2010) Appellate authority misunderstood the purport of the order of adjudication and created havoc by modifying it - Imposition of penalty beyond the scope of the show cause notice is not permissible in law Appeal allowed:DELHI CESTAT; CCE, Chandigarh Vs M/s Okaya Industries (Dated: July 14, 2009) Central Excise reversal of credit on inputs damaged during the manufacturing process - the Original Authority had not disputed that the inputs got damaged during the manufacturing process. Thus, the inputs were used in or in relation to manufacture of the final product, within the factory of production. The inputs on which credit has been availed are used for final product destroyed during process of manufacture, would cover in or in relation to manufacture of final product, there is no requirement of reversal of credit on such input.:DELHI CESTAT; CCE, Bangalore Vs M/s Siddaganga Cements (P) Ltd (Dated: August 10, 2009) Central Excise Penal provision of section 11AC would come into play only after an order is passed under section 11A(2) with the finding that duty escaped was as a result of deception by the assessee No infirmity in order of Appellate Commissioner and Adjudicating Authority:BANGALORE CESTAT; CCE, Jaipur Vs M/s Paras Fab International (Dated: October 7, 2009) Central Excise - EOU - Furnace oil is admissible for exemption under Notification 1/95 CE dated 04.01.1995 even prior to the amendment vide Notification 31/98 CE dated 15.9.1998 to include Furnace Oil in the Notification - revenue appeal has no merit:DELHI CESTAT;
CUSTOMS SECTION DGFT PUBLIC NOTICE Export of CXL Concessions Sugar to European Union (EU); Amendment of Para 2.63 (iii) of HBP Vol.I regarding RCMC; Steel Coils / plates: DGFT amends SION rate; CASE LAWS 2010-TIOL-309-CESTAT-MUM.pdf + akash story.pdf Akash Stone Industries Ltd Vs CC, Mumbai (Dated: January 20, 2010) Fine and penalty reduced by appellate authority since higher amounts paid after adjudication, refund claims filed Claim not hit by unjust enrichment as fine and penalty are not duty or tax that can passed on to customers.:MUMBAI CESTAT; |
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