Jurisprudentiol – Tuesday's cases
Legal Corner Icon — the image was hosted by the publisher and was not captured.Central Excise
Scientific and Technical instruments are very wide terms and can also include electrical instruments - CESTAT
TRULY, speaking liberal and strict construction of an exemption provision are to be invoked at different stages of interpreting it. When the question is whether a subject falls in the notification or in the exemption clause then it being in nature of exception is to be construed strictly and against the subject but once ambiguity or doubt about applicability is lifted and the subject falls in the notification then full play should be given to it and it calls for a wider and liberal construction…
Income Tax
Whether interest earned on margin money, deposited in fixed assets for performance guarantee, is income from other sources - Can such income be adjusted against project expenses - YES, rules Delhi High Court
THE issues before the Bench are - Whether interest earned on margin money, deposited in fixed assets for performance guarantee, is 'income from other sources' and whether such income has any nexus with the project, and can also be adjusted against the project expenses. And the verdict goes in favour the assessee.
Service Tax
On-going Works Contract as on 01.06.2007 - Prima facie case alone is not sufficient for granting stay -Tribunal to follow principles for granting stay -Principles laid down in an earlier case of High Court reiterated - Stay Order of Tribunal upheld: High Court
THIS is a Writ Petition filed by the service provider-appellant against the Stay Order of the Tribunal []. Issue relates to switching over to Works Contract Composition Scheme as on 01.06.2007, for on-going works contract. The appellant raised a point as to whether Tribunal committed an error in not examining the case in Nagarjuna Construction Ltd Vs Union of India and whether the Tribunal erred in not granting stay based on prima facie case.
Until Tomorrow with more DDT
Have a Nice Time.
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