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Tightening gift route: Shouldn't we be looking the gift horse in the mouth? Budget 2010 - SSI Units - boon or bane? 'India' in Export of Service Rules and Import of Service Rules and its 'probable implications' ; Applicant can approach the Settlement Commission 'n' number of times for settling his cases; Service tax on distribution of films - Centre poaching into states' territory; Play safe - Amendment to section 37 of Central Excise Act as regards deterrent action contained in rules 12CC of CER, 2002/rule 12AA of CCR, 2004; Union Budget 2010: Service tax proposals - Less said, widely impacted; New Rule 15 of the CCR, 2004 creates parity in penal provisions for wrong availment of credit in respect of goods and services ; Guidelines for Power Generation, Transmission and Distribution in Special Economic Zone (SEZs).; Processing of returns of A.Y. 2008-09 - steps to clear the backlog - regarding.; Steel Sector receives FDI worth USD 81.6 m between April-Dec, 2009; CBI arrests Guntur DCIT for accepting bribe of Rs 4 lakh; Support to SEZ Scheme will continue: Commerce Minister; India Aviation Air Show 2010: Naval plane crashes on three-storeyed building in Hyderabad; Four persons hurt; Event postponed; External Commercial Borrowings (ECB) Policy Structured Obligations; External Commercial Borrowings (ECB) Policy; External Commercial Borrowings (ECB) Policy - Infrastructure; |
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| Dear Member, Sending the following files: |
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BUDGET ANALYSIS India' in Export of Service Rules and Import of Service Rules and its probable implications'; Applicant can approach the Settlement Commission n' number of times for settling his cases; Shouldn't we be looking the gift horse in the mouth? Service tax on distribution of films centre poaching into states' territory; New Rule 15 of the CCR, 2004 creates parity in penal provisions for wrong availment of credit in respect of goods and services; Budget 2010 - SSI Units boon or bane? Union Budget 2010: Service tax proposals Less said, widely impacted; Play safe Amendment to section 37 of Central Excise Act as regards deterrent action contained in rules 12CC of CER, 2002/rule 12AA of CCR, 2004; TIOL COMMENTARY Retrospective Electric Shock to SEZs - Defies Laws of Physics but well within Laws of Taxation;
RBI CIRCULAR External Commercial Borrowings (ECB) Policy Structured Obligations; External Commercial Borrowings (ECB) Policy; External Commercial Borrowings (ECB) Policy - Infrastructure;
SEZ NOTIFICATIONS sez_notification_77_10.pdf + sez_notification_76_10.pdf + sez_notification_75_10.pdf Development Commissioner notified as enforcement officer for notified offences committed in SEZ. MIXED BUZZ Steel Sector receives FDI worth USD 81.6 m between April-Dec, 2009; CBI arrests Guntur DCIT for accepting bribe of Rs 4 lakh; Support to SEZ Scheme will continue: Commerce Minister; |
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INSTRUCTION Processing of returns of A.Y. 2008-09 - steps to clear the backlog - regarding.; CASE LAWS 2010-TIOL-19-SC-IT .pdf + sc story.pdf ACIT, Vadodara Vs Elecon Engineering Co. Ltd (Dated: February 26, 2010) Income tax - Exchange differences are required to be capitalized if the liabilities are incurred for acquiring the fixed asset, like plant and machinery: It is the purpose for which the loan is raised that is of prime significance. Whether the purpose of the loan is to finance the fixed asset or working capital is the question which one needs to answer and in order to ascertain that purpose, the facts and circumstances of the case, including the relevant loan agreement and the correspondence between the parties concerned are required to be looked into. According to Indian Accounting Standards by Dolphy D'Souza , roll over charges are indicative of the increase or decrease in the liability of the company in the next specified period, generally of six months. Roll over charges represent the difference arising on account of change in foreign exchange rates. Roll over charges paid/ received in respect of liabilities relating to the acquisition of fixed assets should be debited/ credited to the asset in respect of which liability was incurred. However, roll over charges not relating to fixed assets should be charged to the Profit & Loss Account.: SUPREME COURT; CIT Vs ACC Rio Tinto Exploration Ltd (Dated : January 28, 2010) Income tax - Sec 35E - Assessee is engaged in exploration and prospecting of ores and minerals - changes its accounting practice to align the same with the gloabl policy for the Group companies - declares losses - AO disagrees with the assessee and alleges that the change in the accounting policy is a colourable device, aimed at availing the benefits of Sec 35E which allows set-off of losses carried forward to the year of commercial production - CIT(A) and Tribunal disagree with the AO - held, going by FIPB permission and the objects of the assessee company, it cannot undertake commercial production of minerals and thus Sec 35E does not get attracted in this case - Revenue's appeal dismissed: DELHI HIGH COURT; ACIT, New Delhi Vs Harashima Naoki Tashio (Dated: February 8, 2010) Income tax - Assessee is not an ordinary resident in India - works with a Japanese MNC - AO adds contribution made by Employer towards social security scheme - Assessee pleads since such contribution is to be made under statutory provision, it is not a perquisite - it is a contingent benefit - CIT(A) reverses the order - held, the issue is no longer res integra as it has been settled in favour of the assessee by several decisions of the Tribunal - as regards the tax effect, interest not to be taken into account - Revenue's appeal dismissed:DELHI ITAT; |
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M/s SAP India Pvt Ltd Vs CST, Bangalore (Dated: October 28, 2009) Service Tax Maintenance & repair services for software systems When department is aware of activity undertaken by appellant suppression cannot be invoked Tax paid to the extent of Rs. 6.29 crores accepted as pre-deposit and balance of Rs. 35 crores waived Stay granted :BANGALORE CESTAT; M/s MSPL Ltd Vs CCE, Belgaum (Dated: October 20, 2009) Service Tax Eligibility of CENVAT Credit on input services consumed in processing and export of iron ore Matter covered by Mumbai High Court decision in Repro India Ltd = 2007-TIOL-795-HC-MUM-CX Prima facie case for waiver of pre-deposit :BANGALORE CESTAT;
CENTRAL EXCISE SECTION M/s Global Energy Food Industries Vs CCE, Ahmedabad (Dated: October 22, 2009) Central Excise - refund of CENVAT credit under Rule 5 of the CENVAT Credit Rules 2004 limitation under Section 11B - the strict law of limitation provided in Section 11B of the Central Excise Act would not apply to the claim of refund appeal allowed with consequential relief.:AHMEDABAD CESTAT; CRI Pumps (Pvt) Ltd Vs CCE, Coimbatore (Dated: November 11, 2009) Central Excise refund unjust enrichment when the price at which the goods were sold from the depot is less than the price at which the goods were cleared from the factory, the question of unjust enrichment does not arise.:CHENNAI CESTAT;
CUSTOMS SECTION CORRIGENDUM Notification No. 21/2010-Customs, dated the 27 th February, 2010; DGFT PUBLIC NOTICE Toilet linen and kitchen linen, of terry toweling or similar terry fabric, of cotton added as Focus Products; CASE LAWS Prakash Freight Movers Ltd Vs CC, Chennai (Dated: October 8, 2009) Customs smuggling of red-sanders - The notice did not propose penal action against the appellant, PFML - therefore, penalty imposed is not sustainable penalty on the other appellants is also set aside in absence of any findings that they abetted the smuggling :BANGALORE CESTAT; |
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