I am directed to invite your attention to the landmark judgement of the CESTAT Larger Bench in the case of Vandana Global Ltd. V/s CCE, Raipur [2010-TIOL-624-CESTAT-DEL-LB] delivered on 30.04.10, on admissibility of credit on capital goods and inputs and to state that the Tribunal has ruled that ‘capital goods’ defined in the CENVAT Credit Rules, in the context of providing credit of duty paid, have to be excisable goods.
Calling it the biggest litigant in the entire Government, Finance Minister Pranab Mukherjee has asked the Income Tax Department to reexamine the way it handles tax disputes. He said, the Department is filing appeals in a routine manner without careful thought and examination leading to the Income Tax Department earning the dubious distinction of being the biggest litigant in the Government of India.
As the last date for filing tax returns nears, those who earned income abroad (‘global income’) may have to make some extra effort while computing their tax liability. In case of employees on deputation abroad, the Income Tax (I-T) Department computes the tax on the basis of their residence status over a certain period of time.
The sources said the alleged duty evasion in import of raw materials for production of copper products was detected during a raid in the factory premises here for the past two days. They said Varadharajan has been remanded to 15 days judicial custody.
Revised Citizens’ Charter Released. I-T Department Celebrates 150 Years of Income Tax in India. The Finance Minister Shri Pranab Mukherjee has asked the income tax department to make double digit contribution to GDP by collecting high revenues and help in building strong nation. He was addressing the senior officials of the Department on the occasion of 150 years of income tax in India, here today.
The procedure prescribed in Company Law Board regulations is not too technical like the provisions of Civil Procedure Code, and the procedure is based on the logic and reason. I did personally feel that even the Company Law Board normally do not rely on technicalities and I personally feel that substance is to be looked into over technicalities by the Company Law Board in a petition under section 397/398 of the Companies Act, 1956.
M/s Flextronics Technologies (India) Pvt. Ltd. Vs. Commissioner of Central Excise (CESTAT Bangalore)- On a conjoint reading of Section 11AB of the Act and that of Rules 3 and 4 of the Credit Rules, we hold that interest cannot be claimed from the date of wrong availment of CENVAT credit. The interest shall be payable from the date CENVAT credit is wrongly utilized.
As per the procedure agreed, Department of Commerce takes responsibility of having consultation with all concerned Department of the Government of India to create consensus among them and send its recommendation alongwith the no objection of different Departments of the Government of India to MHA for final approval. Ministry of Home Affairs would get the President on the Bill. Development Commissioner of SEZ are advised to send a copy of the communication to the nodal Department of the respective State Government.
