The representations from various Trade and Association have been received with a request to extend the due date for submission of Audit Report in Form-704. The issue has been examined. Accordingly, it has been decided to extend the due date for submission of the Audit Report in Form 704 for the period 2009-10 from 31st January 2011 to 15th February 2011.
M/s Shree Balaji Alloys vs. CIT (J&K High Court)- The finding of the Tribunal on the first issue that the Excise Duty Refund, Interest Subsidy and Insurance Subsidy were Production Incentives, hence Revenue Receipt, cannot be sustained, being against the law laid down by Honble Supreme Court of India in Sahney Steel and Ponni Sugars cases (supra). The finding of the Tribunal that the incentives were Revenue Receipt is, accordingly, set aside holding the incentives to be Capital Receipt in the hands of the assesses.
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further
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