Taxindiaonline.com - Daily Mail Update
 
 
2010-TIOL-NEWS-212
Sunday, September 12, 2010
 
     
 

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News Flash

FM says global crisis is not yet over; urges Industry to stay alert;

Law Minister to inaugurate two-day annual RTI Convention hosted by CIC in Delhi on September 12;

Bio-safety and Role of Indian Customs Guardian of a Safe Revolution!

India among top five for FDI inflows, says UNCTAD Survey;

India in favour of 'Totalisation Pact' with USA; Expats in either country to be exempt from contributing to Social Security Schemes: Commerce Minister;Arjun Munda takes charge of Jharkhand; to seek confidence vote on Tuesday;

CAG to inaugurate International Training Programme on Performance Audit;

Elligibility of Special Pay to officers in the CBDT, attached Directorates & Field formations;

Minister launches business plan tool kit for person with developmental disabilities;

Sharma flags off Coffee Debt Relief Package;

Govt favours CSR policy for every corporate with Rs 500 Cr and above turnover;

 

 
Common Basket

TIOL COMMENTARY

spl down.pdf

Bio-safety and Role of Indian Customs Guardian of a Safe Revolution!

saturday story.pdf

India among top five for FDI inflows, says UNCTAD Survey;

office_memorandum.pdf

Elligibility of Special Pay to officers in the CBDT, attached Directorates & Field formations;

MIXED BUZZ

mbuzz1837.pdf

CAG to inaugurate International Training Programme on Performance Audit;

mbuzz1836.pdf

Minister launches business plan tool kit for person with developmental disabilities;

mbuzz1835.pdf

Sharma flags off Coffee Debt Relief Package;

mbuzz1834.pdf

Govt favours CSR policy for every corporate with Rs 500 Cr and above turnover;

 

 

 
Direct Tax Basket
2010-TIOL-68-SC-IT.pdf + ajanta story.pdf

Ajanta Pharma Ltd Vs CIT, Mumbai (Dated: September 9, 2010)

Income Tax Act, 1961 - Sections 80HHC, 115JB - Whether provisions of MAT u/s 115JB are a self-contained code and will apply notwithstanding any provisions in the Act - Whether Sec 80HHC(1A) comes into play only when exports profits are to be computed under normal provisions - Whether assessee is required to reduce the 100% eligible exports profits u/s 80HHC before making downwards adjustment provided under Sec 115JB and not 80% as envisaged u/s 80HHC (1A). : SUPREME COURT;

2010-TIOL-67-SC-IT.pdf + techno story.pdf

M/s Techno Shares & Stocks Ltd Vs CIT (Dated: September 9, 2010)

Income Tax Act, 1961 - Sections 32(1)(ii), 147 - Whether the right of nomination in the non-defaulting continuing member of the Bombay Stock Exchange falls within the expression "business or commercial right of similar nature" in Section 32(1)(ii) - Whether the membership right could be said to be owned by the assessee and used for the business purpose in terms of Section 32(1)(ii). : SUPREME COURT;

   
Indirect Tax Basket

SERVICE TAX SECTION

2010-TIOL-1174-CESTAT-AHM.pdf

M/s Usha International Ltd Vs CST, Ahmedabad (Dated: June 18, 2010)

Service Tax Refund Unjust enrichment - Distress sale per se would not mean that incidence of duty has not been passed on - Appeal is remanded to the Original Adjudicating Authority and the appellants are directed to provide a proper Chartered Accountant certificate which would specifically say how the Chartered Accountant has come to the conclusion that duty liability has not been passed on and on what basis. : AHMEDABAD CESTAT;

2010-TIOL-1173-CESTAT-AHM.pdf

M/s P Jani & Co Vs CST, Ahmedabad (Dated: July 23, 2010)

Service was introduced for the first time in September 2004 and appellant being a partnership firm may not be aware of the changes in the law - fact that as soon as the department advised they took the registration and paid the service tax with interest shows their bonafide - penalty under Section 78 could not have been imposed section 73(3) also comes into play and, therefore, show cause notice should not have been issued to the appellants lenient view available u/s 80 of Finance Act, 1994 can be extended Amount received from clients to be considered as inclusive of tax SC decision in Amrit Agro Industries Ltd, Vs. CCE Ghaziabad ( 2007-TIOL-244-SC-CX ) and Tribunal decision in Advantage Media Consultant ( 2008-TIOL-548-CESTAT-KOL )  relied upon Penalties u/s 76 & 78 set aside and matter remanded for limited purpose of calculation of correct amount of service tax : AHMEDABAD CESTAT;

 

CENTRAL EXCISE SECTION

2010-TIOL-1176-CESTAT-MUM.pdf + steel story.pdf

CCE, Mumbai Vs Special Steel Ltd (Dated: August 4, 2010)

Valuation - Clearance to sister concerns at lower rates when compared to price charged to independent buyers - Neither the questions of facts nor any anticipated question of law would have any bearing on Revenue inasmuch as any outcome of this case will not detract from the revenue neutral situation Appeal disposed of without expressing any opinion on questions of fact/law : MUMBAI CESTAT;

2010-TIOL-1172-CESTAT-MAD.pdf

CCE, Pondicherry Vs M/s Jeevan Diesels & Electricals Ltd (Dated: April 9, 2010)

Central Excise DG sets brought from another unit and mounted on trailers Duty paid on higher value than the DG Sets' value No case for any further duty demand or payment of interest : CHENNAI CESTAT;

 

CUSTOMS SECTION

2010-TIOL-1175-CESTAT-MAD.pdf

M/s Deco Textil Vs CC, Chennai (Dated: April 30, 2010)

Customs Confiscation Prior to the amendment of Section 113 (i), with effect from 14.5.2003, only dutiable goods could be confiscated. Since the impugned goods are not dutiable confiscation Under Section 113(i) set aside : CHENNAI CESTAT;

     
 

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