Jurisprudentiol – Tuesday's cases

By Vijay Kumar

Legal Corner Icon — the image was hosted by the publisher and was not captured.Central Excise

OIO not vitiated by absence of notice - same issue cannot be agitated again before Tribunal and Court: HC

RETROSPECTIVE withdrawal of exemption Notification - High Court holds that OIO not vitiated by absence of notice – same issue cannot be agitated again before Tribunal and Court

Income Tax

Whether even if assessee invests in tax-free bonds in two parts of Rs 50 lakhs each in two consecutive financial years, Sec 54EC exemption is available - YES, rules ITAT

ASSESSEE sold a house property on 22/10/2007 and made investment of Rs 50 Lacs, on 31/12/2007 in REC Bonds and Rs. 50 Lacs on 26/5/2008 in NHAI Bonds and claimed exemption of Rs. 100 lacs u/s 54EC. The investment in REC Bonds was within time limit of 6 months prescribed in Section 54EC while investment in NHAI had been made only on 26/5/2008 as the subscription of neither of the scheme opened during 1/4/2008 to 26/5/2008 and assessee made very same day the subscription of first scheme got opened.

Service Tax

Prima facie, no Service Tax payable on postage charges - Pre-dep[osit waived - CESTAT

THE applicants are share transfer agent and registry to issue. They are acting as an agent of the Company in processing application for shares and dispatch letters, refund orders certificate and other related documents in respect of the issue. As they are processing the share transfer and dispatch the transfer certificate to the transferee therefore, they are paying postage on those dispatch which they recovered from principal on actual basis.

See our columns Tomorrow for the judgements