Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!
Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!
The matter has been examined. Excisability of bagasse and similar waste products arising during the course of manufacture has been under dispute for a long period of time. There are number of Tribunal’s judgments that being waste, these are not excisable products. Departmental appeal in respect of excisability of bagasse in one such case i.e Balrampur Chinni Mills Ltd. is reportedly still pending in the Supreme Court.
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 146/2009-CUSTOMS (N.T.), dated the 25 th September, 2009 vide number S.O. 2460 (E), dated the 25 th September 2009, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1 st November, 2009 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
Fed up of being made to run around for 15 years, the Income Tax (I-T ) department has been quick to seize an opportunity to extract its dues totalling Rs 114.17 crore from the Bhagats. The department recently filed a plea before the special MCOCA court, requesting it not to defreeze the bank accounts of Hitesh Bhagat who along with his mother Jaya Chheda allegedly plotted his father Matka king Suresh Bhagats murder until it gets a chance to recover its dues.
