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Govt to implement DTC from April 1, 2011 + GST: FM urges Empowered Committee to time it with DTC; Govt to set up National Clean Energy Fund; Govt to set up Coal Regulatory Authority; Power sector + Road Sector allocation substantially hiked; FM provides more funds for railways infrastructure; Govt pegs disinvestment target at Rs 25000 Crore; Govt to extend interest subvention for exports for one more year; Govt to issue additional banking lenceces; NBFCs may be considered; Fertilisrer Subsidy: Govt to move towards direct transfer to farmers; CBEC notifies Customs exchange rates for March; Budget 2010 - What is in store today? Priority areas requiring adequate attention and plan allocation in budget; Trade Based Money Laundering - A Perspective; CBEC full Board finalises Commissioners' promotion-cum-transfer order with some adjustment cases of existing Commissioners + decides not to issue posting order of deputationists ; Cabinet gives nod to women reservation bill; CCEA approves strengthening 'National Food Security Mission' for 'Accelerated Pulses Production Programme; |
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| Dear Member, Sending the following files: |
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TIOL COMMENTARY Service Tax - Some more abatement please; Before parting ………….. Trade Based Money Laundering – A Perspective; IT Sector expectations from FM today; Budget 2010 - What is in store today? |
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CIT Vs Dharam Pal Chand Ltd (Dated: February 22, 2010) Income tax - Claim of deduction u/s 80IB on Excise Duty Refund - Against Delhi High Court order reported in 2008-TIOL-664-HC-DEL-IT revenue filed an appeal before Supreme Court – Vide interim order dated 11th January 2010 Supreme Court directed the assessee to file an additional affidavit indicating therein the accounting treatment which has been given by the assessee to the expenses incurred towards payment of excise duty – Special Leave Petition dismissed by Supreme Court.: SUPREME COURT; 2010-TIOL-102-ITAT-MUM.pdf + siemens story.pdf M/s Siemens Aktiengesellschaft Vs DDIT, Mumbai (Dated: December 7, 2009) Income tax - Sec 9 - Circular No 23 of 1969, 786 dt 7.2.2000, Circular No 7 of 2009 dt 22.10.2009 Assessee is a German Company - enters into two contracts with an Indian client - one for supply of equipment and the other is relating to design and engineering of erection equipment - receives certain sum for offshore supply of equipment contract - whether such payments received / receivable by the assessee are taxable in India - Whether the payments received are taxable only when there is a PE in India :MUMBAI ITAT; M/s Fortune Secfin Pvt Ltd Vs ACIT, New Delhi (Dated: January 29, 2010) Income Tax - Section 68 - AO takes the view that the Assessee has failed to discharge its onus of proving the identity and creditworthiness of persons who have invested in the company and makes addition u/s 68 as unexplained credits in the books of accounts - also initiates Penalty proceedings u/s 271(1)(c) for concealing particulars of income - CIT(A) confirms the action of the AO - Held, matter needs to be ascertained as to whose coffers the investments have actually come from - extensive enquiry is called for to find out the source of money - AO directed to examine and then take appropriate action :DELHI ITAT; |
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M/s Idea Cellular Ltd Vs CCE & CC, Hyderabad (Dated: October 29, 2009) Service Tax – W hether appellant is eligible to utilize 20% of credit for the entire year as a whole or should the same be restricted to monthly availment and utilization in terms of Rule 6(3)(c) – Decision in 2009-TIOL-387-CESTAT-DEL in appellant's own case followed – Pre-deposit waived and stay granted :BANGALORE CESTAT; M/s Orange Logisys (P) Ltd Vs CST, Hyderabad (Dated: November 9, 2009) Service Tax – Purchase and sale of space on liners to customers not liable to service tax – Taxability of brokerage received from liners, whether to be treated as reimbursement – Pre-deposit of Rs. 36,324/- ordered:BANGALORE CESTAT;
CENTRAL EXCISE SECTION 2010-TIOL-148-HC-P&H-CX.pdf + eou story.pdf CCE, Ludhiana Vs M/s Malwa Cotton Spinning Mills, Ltd (PB) (Dated : February 8, 2010) EOU – DTA clearances - maintained separate accounts regarding the goods manufactured out of imported raw material and the goods produced from the indigenous raw material. – Duty paid correctly: The Commissioner (Appeals) as well the Appellate Tribunal have both returned categorical findings of fact that the respondent had maintained separate accounts regarding the goods manufactured out of imported raw material and the goods produced from the indigenous raw material. There was also no evidence on record to show that the respondent had utilized any part of the imported raw material and had got them cleared in the DTA . Thus, in the absence of any proof on part of the Revenue that goods for sale in DTA were manufactured out of the imported raw material, the respondent cannot be held liable to pay duty in terms of Notification No.2 /95 :PUNJAB AND HARYANA HIGH COURT; Numeric Power Systems Ltd Vs CCE, Pondicherry (Dated: October 29, 2009) Central Excise – Exemption under Notification 10/97 CE dated 1.3.97 for supply of UPSs to research institutes - UPSs are covered under clause (a) of Sl No 1 of the Table appended to the Notification – benefit of exemption allowed.:CHENNAI CESTAT; M/s Reshmi Industries (India) Pvt Ltd Vs CCE, Coimbatore (Dated: November 20, 2009) Central Excise – Refund – unjust enrichment – issue of credit notes does not wipe out the passing on of the incidence of duty – apex Court has set its seal of approval on Tribunal's decision in case of Rajasthan Spinning and Weaving Ltd:CHENNAI CESTAT;
CUSTOMS SECTION CBEC notifies Customs exchange rates for March; CASE LAWS Hindustan Photo Films MFG Co Ltd Vs CC, Chennai (Dated: November 5, 2009) Customs - duty payable on warehoused goods after expiry of the warehousing period – duty should be paid as applicable on the date of expiry of the warehousing period, not as on the date of clearance from the warehouse. Board Circulars - Circulars contrary to the statutory provisions have no existence in law - law laid down by the Supreme Court is the law of the land, the law so laid down is binding on all courts, tribunals and bodies . :CHENNAI CESTAT; |
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