For the purposes of this notification “rate of exchange” applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 111 of the Finance (No 2) Act, 1998 ( 21 of 1998) the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts 10% ethanol blended petrol that is a blend.
Lafarge India Pvt. Ltd. V. CCE (CESTAT Delhi) – Merely credit was taken by the assessee and not utilized and not taken any advantage of such credit, payment of interest is not sustainable. There is no allegation that the appellant utilized or taken any advantage of the credit and therefore recovery of interest is set aside.
Srivatsan Surveyors Pvt. Ltd. (‘Appellant’) is engaged in the business of licensed surveyors and loss assessors under the Insurance Act, 1938. The Appellant entered into a non-compete covenant with its director, Mr. Srivatsan and paid a sum of Rs.10 million, on which depreciation was claimed, treating it as an intangible asset. As per the covenant, Mr. Srivatsan agreed not to carry on his individual business of general insurance survey, loss assessment, valuation of assets, etc. for a period of seven years and also to abstain from other activities which might jeopardize the business interests of the Appellant in any manner.
We have heard the rival submissions in the light of the material placed before us and the precedents relied upon. The assessee company was carrying on the business as licensed surveyors and loss assessors under the Insurance Act, 1938. During the relevant year the assessee did claim depreciation amounting to Rs. 12,50,000/- in relation to payment of non compete fee arising out of a restrictive covenants
