"05 June 2011" Archive

Excise Duty on Articles of Jewellery- History, Contradictions, Confusions & Clarifications

What were the conditions for levy of duty on articles of jewellery? In order to attract this levy the following conditions were required to be fulfilled: a. The articles of jewellery must be of the type covered under heading 7113 of Central Excise Tariff Act and such articles must have brand name or trade name indelibly affixed or embo...

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When the mandatory provision not followed leading to evasion of tax by way of excess relief granted to the assessee, the remedy open to the officer is to revise the assessment by invoking powers under Section 147

M/s IVL India Pvt. Ltd. Vs. Commissioner of Income Tax (Kerela High Court)

M/s IVL India Pvt. Ltd. Vs. Commissioner of Income Tax (High Court of Kerala at Ernakulam) - - Assessee while working out the eligible deduction did not exclude 90% of the income received by way of consultancy charges which is to be specifically excluded by virtue of mandatory provision contained in Explanation (d) of Section 80HHE of the...

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Assessee would not get benefit of exemption if duty had not been paid on inputs

M/s Jai Ganesh Processors Vs. CCE (High Court of Punjab and Haryana)

M/s Jai Ganesh Processors Vs. CCE, C, Chandigarh (High Court of Punjab and Haryana at Chandigarh) - Even though the Hon’ble Supreme Court held that the assessee would not get benefit of exemption if duty had not been paid on inputs, the assessee held a bonafide view about interpretation of the notification. Thus, it may not be a case o...

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Jurisdiction of HC over a case whose cause of action arose from an order delivered by an appellate authority which is situated in the territorial jurisdiction of the Court

M/s. Sterling Agro Industries Ltd. Vs. Union of India & Ors. (Delhi High Court)

M/s. Sterling Agro Industries Ltd. Vs. Union of India & Ors. (Delhi High Court - Full Bench) The three-judge Bench of the Delhi High Court in this case was considering the issue of whether it would have jurisdiction over a case whose cause of action arose from an order delivered by an appellate authority which is situated in the territori...

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Allowability of Foreign Tour expenses of wife of Managing Director

J.K. Industries Ltd. Vs. Commissioner of Income Tax (Calcutta High Court)

J.K. Industries Ltd. Vs. Commissioner of Income Tax (Calcutta High Court)- When the Board of Directors of the assessee had thought it fit to spend on the foreign tour of the accompanying wife of the Managing Director for commercial expediency, the reasons being reflected in its resolution quoted by us, it was not within the province of t...

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Health Services no more taxable

In just recent past i.e. 01.07.2010 Service tax on Health Services (Section 65(105)(zzzo) of Finance Act, 1994) was introduced and without any doubt it was caught by all uncertainty and mystery. Taxable health services meant – any service provided or to be provided by any hospital, nursing home or multi-specialty clinic,- (i) to an empl...

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Posted Under: Excise Duty |

Gutkha pouch manufacturer given bail in excise evasion case

A gutkha pouch manufacturer, arrested for evading excise duty, has been granted bail by a Delhi court on the condition that he would deposit Rs 30 lakh as penalty with the Central Excise and Customs Department. In the facts and circumstances, I find that applicant (accused) deserves to be granted bail particularly where there is no antece...

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Posted Under: Excise Duty |

Sebi wants stock exchanges to go through 'stress test'

Sebi may soon frame a policy for the stock exchanges to go through a stress test to prepare them for handling 'flash crash'-like situations, where a sharp plunge in some stocks leads to across-the-board panic sale. The market regulator is currently working out a policy on the stress test for the stock exchanges, as well as other market i...

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Posted Under: Excise Duty |

Investment bankers to reveal client names to manage PSU disinvestment

The government is likely to make it mandatory for the investment bankers to reveal name of their existing clients while bidding for managing share sale offer of a state-run firm.The Finance Ministry is expected to come out with a notification this week making the disclosure mandatory....

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Posted Under: Excise Duty |

Income Tax department probing fund transfer through ATMs along Indo-Nepal border

The Income Tax department is probing a 'treacherous' and secretive channel of money transfer through ATMs along the 'open'' Indo-Nepal border which is suspected to have 'national security' implications. The department, which stumbled across the stealth money transfers during the recently conducted Assembly polls in five states, has sent a...

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Posted Under: Excise Duty |

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