BALD HEADED
There was tension in the air as mother stood behind her daughter’s chair in the dinning room. Today’s menu for lunch was jackfruit and curd with Roti. The little girl had her eyes and her plate full. She refused to eat the jackfruit. Mother was equally adamant. She would have to eat it! There was no way that mother was going to let the girl leave the table without eating the much detested vegetable. How else would she learn to eat all kinds of vegetables? The father had promised his wife that he would let her take the forefront when it came to discipline, so he watched in silence. Grandma looked disgusted at the attitude of the mother. The tension was unnerving.The poor child looked at the revolting mass in her plate and felt that if she ate it, she would definitely throw up. Suddenly she said, “Okay, if I eat it, will you grant me a wish?” Father grabbed the opportunity to resolve the situation and said quickly, “Yes honey, whatever you say. Just finish it fast and tell me what you want. I’ll get it for you.” The girl said, “It may not be a ‘thing’. It may be something else.” Father said, “Don’t worry; I’ve given you my promise. Now gobble it up.” The girl put a spoonful of jackfruit into her mouth and made a face as if she was tasting poison. The mother said, “See that you don’t go overboard in asking for a wish. After all, it’s just a bowl of jackfruit. It’s not such a big deal after all!”The girl ate it all up, washed it down with a whole glass of water and then said quickly, “I want to get my head shaved!”Mother’s spoon fell from her hand, with a clatter and grandma almost fainted. “What rubbish! That’s impossible; don’t even dream about it. Silly girl!” said mother. For once Grandma seemed to see eye to eye with her daughter in law but chose to keep silent. Father said, “Look my child, this is quite a ridiculous thing to ask for; be reasonable and I shall surely let you have your way.” But the girl was adamant. “Daddy you promised me. You gave me your word. It was a bargain.” Daddy said, “But darling you shall look obnoxious. Why don’t we buy you a nice Barbie doll instead?” “But I don’t want a doll; I just want to get my head shaved. You have always taught me about the value of honouring your word, what about that now? You are going back on your word. It’s so unfair!” she said in a trembling voice.Looking at the little girl’s tear filled eyes, Daddy’s heart melted, although he could not make out head or tail of why she wanted to do such a weird thing. He said, “She has done her part. If we do not honour our word, she will never learn to honour hers. And how does it matter anyway? Its just hair! It will grow back. What’s the big deal about it?” Mother said, “Who ever heard of a girl getting her head shaved? I will not allow it.” Father stood his ground. “No,” he said. “You had your way; now don’t be unfair to her and stop making a fuss!”Father took the girl to the barber and got the job done. Later in the evening, he took her to the park to play as he did every evening. A short while later a boy came to the park. Father was surprised to note that the boy too had no hair on his head. He did not understand, was this the latest fashion or what? Just then a lady, apparently the bald boy’s mother came up to him and said, “You have quite a daughter. She promised my son that she would get her head shaved, so that the other children at the park would not jeer at him. But I never thought she would actually live up to it.”The man was even more confused now, “But, why did your son have to get his head shaved?” he asked. She tried to smile bravely and said, “Oh no! My son did not have to get his head shaved. You see he has leukaemia. During the chemotherapy he lost all his hair and was refusing to come out of the house. He was afraid that the other children would make fun of him. But your daughter coaxed him on the phone to come today, saying that she too would come with her head shaved to make sure that no body laughed at him!”That is love! Pure and simple! No strings attached! Truly, the most precious things in life can not be made or bought, they are gifted to us by God; we just have to realize how precious they are.
SANJAY TANDON
CONITNUED FROM YESTARDAY......
SUCCESSFUL INVESTORS
To be successful, investors needed to do just a few
things well. One was investing only in companies that were within their
circle of competence.
GOOD ECONOMIST
“to be a good investor,one also needs to be a good economist.”
MEASURING STICK
“In Williams theory we have to decide what Should be the discount rate? Accoring to William his readers could determine for themselves what would be appropriate. But Buffett’s measuring stick is very straightforward: He uses either the interest rate for long term (meaning ten-year) U.S. bonds, or when interest rates are very low he uses the average cumulative rate of return of the overall stock market.”
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RECENT SERVICE TAX CASES
Service Tax - S. B. ENTERPRISES Versus COMMR. OF C. EX., COCHIN = 2008 Date of Decision: February 18, 2008 - CESTAT BANGALORE
No evidence to say that the appellant carried out clearing and forwarding activities on behalf of the Principal - held that mere procuring or booking orders for the Principal by an agent on a payment of commission basis would not amount to providing services as clearing and forwarding agent within the meaning of definition of that expression under Section 65(25)
Service Tax - NATIONAL ENGG. INDUSTRIES LTD. Versus COMMR. OF C. EX., JAIPUR = 2008 Date of Decision: December 13, 2007 - CESTAT, NEW DELHI
Tax wrongly paid on the commission got from foreign Co. through Indian railways under Business Auxiliary service - Rule 3 of Export of Services Rule, exempts export of service - contract reveals that the appellant would be paid USD equipment to non-convertible Indian Rupee at the Rate of Exchange prevailing on the date of supply order - equivalent amount of foreign exchange payable to the appellant was not released to the Indian Railways, so appellant complied with Rule 3(1)(b) -refund allowed
Service Tax - COMMR. OF C. EX., LUDHIANA Versus CITY CABLE = 2008 Date of Decision: April 7, 2008 - CESTAT, NEW DELHI
Application by revenue seeking grant of stay of order of Commissioner (A) setting aside the penalties - Commissioner observed that entire tax with interest was deposited before SCN so penalty is not justified - stay of the Commissioner order would enable Dept. to realise dues, which would not be proper without adjudication on merit by the Tribunal - At this stage, we are not inclined to go into the question of propriety of the imposition of penalty, so application is rejected
Service Tax - NCR CORPORATION INDIA PVT. LTD. Versus CST, BANGALORE = 2008 Date of Decision: May 16, 2008 - CESTAT BANGALORE
Appellants supplied Automatic Teller Machines (ATMs) for the period from July 2003 to March 2005 – Revenue contended that appellants rendered the cash replenishment services & caretaker services for the above period and these would fall under Business Auxiliary Service - automatic teller machine services came under the Tax net only w.e.f. 1.5.2006 and also the cash replenishment has also been included in the said services - hence tax cannot be levied for the period prior to that date
Service Tax - RAJINDER KUMAR Versus COMMR. OF C. EX., CHANDIGARH = 2008 Date of Decision: April 17, 2008 - CESTAT, NEW DELHI
Demand is confirmed on the ground that the applicants were providing business auxiliary service to the petroleum company - Contention of the applicants is that establishment expenses are being reimbursed to them by the company, and therefore, that portion cannot be added for charging service tax on the business auxiliary service - applicants are directed to deposit Rs. 35,000/-each in addition to the amount already deposited by the applicants – stay partly granted
Service Tax - COMMISSIONER OF C. EX., JAIPUR-I Versus TARGET INSTITUTION OF COMPETITION = 2008 Date of Decision: February 25, 2008 - CESTAT, NEW DELHI
Assessee obtained the registration on 27-7-04 and did not pay the tax but they recorded the fees in their records - no material for suppression of facts with intent to evade payment of tax so penalty u/s 78 is not justified - new levy on coaching centre and there was a dispute regarding availability of the exemption benefit and the respondent paid the tax before issue of SCN so imposition of penalty u/s 76 is excessive, so it is reduced
Service Tax - COMMISSIONER OF C. EX., LUDHIANA Versus BHANDARI HOSIERY EXPORTS LTD. = 2008 Date of Decision: February 19, 2008 - CESTAT, NEW DELHI
Import of services – assessee, service recipient - demand for the period from 9.2.2004 to February, 2006 prior to introduction of Section 66A - provisions of Section 66A of the Finance Act introduced w.e.f. 18.4.06, provides that the recipient of taxable service (provided by a person who is residing outside India) is liable to service tax - In the present case as the period of demand is prior to the introduction of Section 66A, Therefore, demand is not sustainable and, hence, set aside
Recent INCOME TAX Cases
Income Tax - THE COMMISSIONER OF INCOME TAX-V versus RELIANCE ELECTRONICS INDUSTRIES INDIA LIMITED = 2008
Date of Decision: July 16, 2008 - HIGH COURT DELHI
Addition on account of obsolete stock - assessee was in the business of mfg. television sets which required electronic components in respect of which technical obsolescence was a well-known fact - tribunal is justified in concluding that the assessee had valued its closing stock at the approximate market value as estimated by a qualified Chartered Engineer and AO could not point out any defect in the valuation report - no substantial question of law arises – revenue appeal dismissed
Income Tax - THE COMMISSIONER OF INCOME TAX DELHI (CENTRAL)-III versus M/S D. D. SALES CORPORATION = 2008 - TMI - 30048Date of Decision: July 22, 2008 - HIGH COURT DELHI
Question was with regard to the bar of limitation in making an assessment order u/s 158 BC - search having been conducted on 29.08.96 /30.08.96, the assessment made on 31.10.1997, is barred by limitation in view of the provisions contained in Section 158 BE - impugned order having been passed beyond the period of one year from the end of the month in which the last authorization for search had been executed - no substantial question of law arises – revenue’s appeal is dismissed
Income Tax - M/S KESHAV SHARES and STOCKS LIMITED versus INCOME TAX OFFICER AND OTHERS = 2008 Date of Decision: July 2, 2008 - HIGH COURT DELHI
Assessment u/s 143 - demand on account of income tax & interest raised - prior to the making of assessment order, no speaking order was passed by AO in respect of the objections taken by the assessee in its letter dated 17.09.07– in view of decision in Smt Kamlesh Sharma v. B.L. Meena, Income-Tax Officer case & inasmuch as the directives of the Supreme Court in GKN Driveshafts we set aside the assessment order – AO is directed to pass a speaking order and then proceed with assessment
Income Tax - COMMISSIONER OF INCOME TAX, DELHI-V. versus RBG INVESTMENT and FINANCE LTD. = 2008 Date of Decision: July 21, 2008 - HIGH COURT DELHI
Arrangement made between assessee & certain mutual funds with regard to subscription of fully convertible debentures, offered as a rights issue by the assessee’s sister concern - mutual funds were assured fixed rates of returns & assessee was able to obtain the fully convertible debentures of sale debentures only to make profits – so these can’t be treated as non business transaction - service charges were allowable expenses u/s 37 as they were wholly and exclusively expended for the business
Income Tax - COMMISSIONER OF INCOME TAX DELHI (CENTRAL)-III versus J.P.M FARMS (PVT.) LTD. = 2008 Date of Decision: July 18, 2008 - HIGH COURT DELHI
Levy of surcharge - proviso to Section 113 of the Income Tax Act, 1961 was inserted w.e.f 1.6.2002 whereby surcharge was sought to be levied by revenue on tax payable on undisclosed income determined in a block assessment year (1.4.1990 to 19.3.2001) - ITAT was correct in law in holding that the surcharge U/S 113 of the Income Tax Act, 1961 was not leviable in the present case - issue does not require any further investigation
Income Tax - COMMISSIONER OF INCOME TAX, DELHI-X versus M/S PRIMA INDIA PRODUCTS = 2008 Date of Decision: July 11, 2008 - HIGH COURT DELHI
Commissioner’s order u/s 263 requiring further investigation as Income-tax Officer had failed to enquire into the source of deposits/investments – Commissioner’s order merely raise doubts & suspicion - Tribunal is justified in concluding that the investments made by the assessee and its partners had a direct nexus with the sum disclosed by the assessee before the Settlement Commission - no further examination was required by the Income-tax Officer – revenue appeal dismissed
Income Tax - MALABAR AND PIONEER HOSIERY P. LTD. Versus COMMISSIONER OF INCOME-TAX = 2008 Date of Decision: January 16, 2008 - KERALA HIGH COURT
Preliminary expenditure incurred for construction of a shopping complex cannot be anything other than a capital expenditure as it goes to add to the capital of the project - Obviously, impugned expenditure is capital in nature & cannot be treated as revenue expenditure - rectification carried out u/s 154 of the Income-tax Act is perfectly justified - Tribunal rightly dismissed the assessee’s appeal on the validity of rectification as well as against disentitlement for the claim
Income Tax - COMMISSIONER OF INCOME-TAX Versus KARTAR SINGH AND CO. = 2008 Date of Decision: January 29, 2008 - PUNJAB AND HARYANA HIGH COURT
Issue whether deduction of interest & salary paid to partners could be disallowed or not in a case where the assessment was completed u/s 144(on status of registered firm), is highly debatable – AO rectified the assessment order on ground that since assessment was completed u/s 144, the status of firm was required to be taken as association of persons & hence disallowed deduction claim of assessee – impugned mistake is not apparent from record, hence rectification order is not valid
Postal Index Number (PIN) is a 6 digit code.There are 8 PIN regions in the country. The first digit indicates one of the regions. The first 2 digits together indicate the sub region or one of the postal circles. The first 3 digits together indicate a sorting / revenue district. The last 3 digits refer to the delivery Post Office.The Leave Applications
From H.A.L. Administration Dept: "As my mother-in-law has expired and I am only one responsible for it, please grant me 10 days leave."
Another leave letter written to the headmaster: "As my headache is paining, please grant me leave for the day."
Covering note: "I am enclosed herewith..."
READ MORE IN FUN BOX TOMORROW.......
