Notification No.52 – Income Tax It is notified for general information that enterprise/industrial undertaking, listed at para (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 2002-03, 2003-04 and 2004-05
Circular No.702/18/2003-CX I am directed to say that a doubt has arisen whether the refund claims of unutilized deemed credit of duty on procurement of grey fabrics used in the making of processed fabrics ultimately exported can be refunded in the background of the objection raised by C&AG about the admissibility of deemed credit on grey fabrics. C&AG has raised an objection that since grey fabrics is not mentioned as ‘declared inputs’ in the notification No.29/96-CE(NT) dated 03.09.96 (relevant at the material time),
For rule 12 of the said rules, the following rule shall be substituted, namely:- 12. Recovery of CENVAT credit wrongly taken or erroneously refunded.- Where the CENVAT credit has been taken or utilised wrongly or has been erroneously refunded, the same along with interest shall be recovered from the manufacturer and the provisions of sections 11A and 11AB of the Act shall apply mutatis mutandis for effecting such recoveries.
The invoice shall be serially numbered and shall contain the registration number, name of the consignee, description, classification, time and date of removal, rate of duty, quantity and value, of goods and the duty payable there on.
