"01 September 2011" Archive

Marketability is essential criteria for charging excise duty and product must be marketable in the condition in which it emerges – SC

Commissioner of Central Excise, Meerut- II Vs. M/s. Sundstrand Forms Pvt. Ltd. (Supreme Court of India)

Commissioner of Central Excise, Meerut- II Vs. M/s. Sundstrand Forms Pvt. Ltd. (Supreme Court of India)- We have a recent decision of this Court in the case of Medley Pharmaceuticals Ltd. Vs. The Commissioner of Central Excise and Customs, Daman, reported in (2011) 2 SCC 601. This Court in the said decision has very carefully considered ...

Read More

Helium Gas purchased in bulk, processed and sold in cylinders – liable to excise duty – Supreme Court

Air Liquid North India Pvt. Ltd. Vs Commissioner Central Excise (Supreme Court of India)

Air Liquid North India Pvt. Ltd Vs Commissioner Central Excise (Supreme Court of India)- Relabelling would not mean mere fixing of another label. When the appellant was selling different cylinders with different marking or different certificates to its different customers, we can say that the appellant was virtually giving different marks...

Read More

Comments invited on draft ‘Bill of Entry (Electronic Declaration) Regulations, 2011’ and draft ‘Shipping Bill (Electronic Declaration) Regulations, 2011

F.No.450/26/2011-Cus.IV (01/09/2011)

`Self-Assessment’ has been introduced in Customs vide Finance Act, 2011. Further, it has been made mandatory for importers and exporters to file declarations electronically. These changes necessitated a re-look at the extant regulations / forms. Accordingly, draft ‘Bill of Entry (Electronic Declaration) Regulations, 2011’ and dra...

Read More

ITAT lay down principles on ‘splitting of turnkey contracts’, role of PE and taxability of profits from offshore supply

Samsung Heavy Industries Co. Ltd. Vs ADIT (International Taxation) (ITAT Delhi)

Samsung Heavy Industries Co. Ltd. Vs ADIT (International Taxation)- It is held that the turnkey contract is not divisible and therefore, the offshore supply and offshore services can be attributed to the Indian permanent establishment; as the project office was opened for coordination and execution of project, the same is held to be a fix...

Read More

Circular specifying monetary limit for appeal filing should not be applied ipso facto, when the matter has a cascading effect – SC

CIT Vs Surya Herbal Ltd. (Supreme Court of India)

CIT Vs Surya Herbal Ltd. (Supreme Court of India)- Liberty is given to the Department to move the High Court pointing out that the Circular dated 9th February, 2011, should not be applied ipso facto, particularly, when the matter has a cascading effect. There are cases under the Income Tax Act, 1961, in which a common principle may be inv...

Read More

If work undertaken by petitioner is ‘works contract’ which is defined under Section 2(55) of the VAT Act, 2005, it cannot be said that the respondents have imposed any tax without authority of law

Asso tech Super Tech (J.V.) Vs. State of Uttarakhand (Uttarakhand High Court)

Asso tech Super Tech (J.V.) Vs. State of Uttarakhand- Petitioner’s case is that he is not constructing the dwelling units on behalf of anyone else and the same is undertaken by the petitioner on his own behalf....

Read More

Six Year after Income Tax Official jailed for taking bribe

Six years after a senior income tax assistant was caught accepting a bribe of Rs 500, a special CBI court on Wednesday sentenced him to one year's rigorous imprisonment. Vijay Karekar was arrested by the CBI on October 17, 2005, on charges of accepting the bribe from a person, an income tax assessee, for clearing his tax refund order....

Read More
Posted Under: Excise Duty |

Cost Accounting Standard Board invites comments on Exposure Draft Guidance Note-Cost Accounting Standards(CAS-4)

The Cost Accounting Standards Board Secretariat has prepared a revised Guidance Note on CAS-4. It has been decided to expose the same for the public comments. The proposed Exposure Draft may be modified in light of comments received before being issued in the final form....

Read More
Posted Under: Excise Duty |

Annual quota for import of marble from Bhutan increased to 5,882 MTs

Notification No. 69 (RE-2010)/2009-14 (01/09/2011)

NOTIFICATION No. 69 (RE-2010)/2009-14 The annual quota for import of marble from Bhutan will now be 5,882 MTs. Previously it was 1847 MTs....

Read More

Constitution of new Dispute Resolution Panel at Mumbai – ORDER NO. 7/FT&TR/2011

ORDER NO. 7/FT&TR/2011 (01/09/2011)

ORDER NO. 7/FT&TR/2011 [F.NO.500/15/2011-FT&TR-I], DATED 1-9-2011 In partial modification of Order No. 6/FT&TR/2011, dated 24-8-2011 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby reconstitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Director...

Read More