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Kolkata Income Tax raids 42 premises of leading Cement and steel manufacturer; detects tax evasion of Rs 101 Crore Battle between India & China fires up stadium of currency BRIC countries Ministers agree to enhance agri technology cooperation and innovation ; Core Sector growth dips to 4.5 per cent in February ; |
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| Dear Member, Sending the following files: |
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TIOL COMMENTARY Battle between India & China fires up stadium of currency; MIXED BUZZ Core Sector growth dips to 4.5 per cent in February; BRIC countries Ministers agree to enhance agri technology cooperation and innovation; |
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Mrs Amrita Chadha Vs CIT, Ludhiana (Dated : March 2, 2010) Income tax - Sec 260A - condonation of delay - Sec 5 of Limitation Act - Can HC condone delay under Sec 5 of Limitation Act? - held, wherever the legislature desires to provide for condonation of delay, a specific provision has been made in the Act and, therefore, if no such provision has been made, then no application under Section 5 of the Limitation Act could be filed as the Act itself is a complete code like Excise Act, which has been considered by the Supreme Court in Hongo India Private Limited (supra). The reasoning adopted by the Supreme Court in the case of Hongo India Private Limited 2009-TIOL-48-SC-CX-LB is fully applicable to the question raised in the present appeals. Therefore, the applications seeking condonation of delay filed under Section 5 of the Limitation Act cannot be accepted: PUNJAB AND HARYANA HIGH COURT;
2010-TIOL-150-ITAT-DEL.pdf + nokia story.pdf Nokia Corporation Vs ACIT, New Delhi (Dated: March 19, 2010) Income tax - Stay of demand - Sec 9(1)(vi) - India-Finland DTAA - Article 13 - Whether demand raised in respect of attribution of profit to the activity of supply of hardware and software taken at 50 percent ,profit attributed to the PE on account of R & D activities,income assessed on account of vendor financing and interest charged u/s. 234B should be stayed pending disposal of appeal: DELHI ITAT; |
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SERVICE TAX SECTION Tilaknagar Industries Ltd Vs CCE, Aurangabad (Dated: January 15, 2010) Demand of Service Tax on manufacture of denatured ethylene alcohol by treating it as business auxiliary services issue already decided in favour by Tribunal in case of Rubicon Formulations 2009-TIOL-1990-CESTAT-MUM Early hearing allowed: MUMBAI CESTAT; Aurangabad Auto Engg Pvt Ltd Vs CCE, Aurangabad (Dated: January 14, 2010) Cenvat Credit - Service Tax paid on cost of loading of excisable goods in the factory for outward transportation and the cost of it's unloading at customer's site Revenue has acknowledged that GTA service is an input service obviously GTA service was availed after loading of the goods at factory and before unloading at customers premises activities of loading and unloading would also qualify as input service'- Pre-deposit waived and stay ordered: MUMBAI CESTAT;
CENTRAL EXCISE SECTION M/s Eddy Cranes Engineers Pvt Ltd Vs CCE, Pune (Dated: January 22, 2010) Electrically operated Cranes and spares cleared under claim for exemption under notification 3/2004-CE Cranes used for setting up Power plant and for this purpose water carrier system was to be made from IGNP Canal to Thermal Power plant Notification provides for exemption for machinery used for water supply plant, which according to definition includes a plant for desalination, demineralization or purification of water or for carrying out any similar process or processes intended to make water fit for agricultural or industrial use prima facie in this case, water is only being carried from IGNP canal to Thermal power plant and there is no processing of water involved appellant not able to make out a prima facie case goods cleared on certificate issued by District Collector - matter involves interpretation of law and notification sick company strong case for non-imposition of penalty pre-deposit ordered: MUMBAI CESTAT;
Ultra Plus Lubes Pvt Ltd Vs CCE, Raigad (Dated: January 29, 2010) Whether short payment arising during provisional assessment can be adjusted against the excess payment made on clearances during the same period since there are two lines of decision by Tribunal on the dispute, issue to be decided after hearing detailed arguments pre-deposit ordered: MUMBAI CESTAT;
CUSTOMS SECTION M/s Bharat Earth Movers Ltd Vs CC, Chennai (Dated: November 26, 2009) Customs Import Advance license Scheme Non-fulfillment of export obligation Domestic clearance - Exemption Notification - The goods imported under advance License Scheme, have been used within the factory for manufacture of final product satisfying the condition of actual use. However, for genuine reasons the appellants could not fulfill the export obligations under circumstances beyond their control. The goods have been sold domestically. While demanding duty for failure of a post import condition, duty rate as applicable on the date of import has to be charged. However, the applicable duty rate has to be determined taking into account any other exemption notification in force on the date of clearance. The appellants can be extended the benefit of the exemption under Notification No. 72/93-Cus as they satisfy the conditions mentioned therein. (Para 3) Interest The fact that the interest rates have been subsequently reduced to 15% under the EXIM Policy and the same is applicable to the pending cases, calculation of interest @15% in this case is ordered. (Para 3): CHENNAI CESTAT; |
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